Li Auto Inc. Sponsored ADR (LI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.42	-$1.69	-302.4%	—	$25.7B	—
Q1 26	-$2.02	-$2.26	-11.9%	—	$23B	—
Q4 25	$0.15	$0.01	-93.3%	—	$28.8B	—
Q3 25	$0.56	-$0.62	-210.7%	—	$27.4B	—
Q2 25	$1.42	$1.03	-27.5%	—	$30.2B	—
Q1 25	$0.64	$0.96	+50.0%	—	$25.9B	—
Q4 24	$2.67	$3.31	+24.0%	—	$44.3B	—
Q3 24	$2.92	$2.66	-8.9%	—	$6.1B	—
Q2 24	$1.36	$1.42	+4.4%	—	$4.4B	—
Q1 24	$1.46	$1.21	-17.1%	—	$25.6B	—
Q4 23	$2.32	$4.23	+82.3%	—	$41.7B	—
Q3 23	$2.38	$3.29	+38.2%	—	$34.7B	—
Q2 23	$0.88	$2.18	+147.7%	—	$28.7B	—
Q1 23	$0.63	$1.35	+114.3%	—	$18.8B	—
Q4 22	-$0.25	$0.25	+200.0%	—	$17.6B	—
Q3 22	-$0.64	-$1.27	-98.4%	—	$9.3B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.12	—	—	$112.3B	—
FY24	—	$8.06	—	—	$144.5B	—
FY23	—	$11.9	—	—	$123.9B	—
FY22	—	-$2.08	—	—	$45.3B	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$0	$284.4M	$9.5B	$27B	$45.3B	$123.9B	$144.5B	$112.3B
YoY change	—	+InfinityT%	+3.2K%	+185.6%	+67.7%	+173.5%	+16.6%	-22.3%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	0	284.4M	9.5B	27B	45.3B	123.9B	144.5B	112.3B
Cost of revenue	0	284.5M	7.9B	21.2B	36.5B	96.4B	114.8B	91.3B
Gross profit	0	-95K	1.5B	5.8B	8.8B	27.5B	29.7B	21B
Gross margin	—	-0.03%	16.4%	21.3%	19.4%	22.2%	20.5%	18.7%
Research & development	793.7M	1.2B	1.1B	3.3B	6.8B	10.6B	11.1B	11.3B
Selling, general & administrative	296.2M	613.7M	1.1B	3.5B	5.7B	9.8B	12.2B	10.7B
Operating expenses	1.1B	1.8B	2.2B	6.8B	12.4B	20.1B	22.6B	21.5B
Operating income	-1.1B	-1.8B	-669.3M	-1B	-3.7B	7.4B	7B	-521.1M
Operating margin	—	-647.2%	-7.08%	-3.77%	-8.07%	5.98%	4.86%	-0.46%
Non-operating income, net	25.5M	-573.3M	292.5M	187.3M	625.6M	1B	664.3M	67.4M
Pretax income	-1.2B	-2.4B	-188.9M	-152.8M	-2.2B	10.5B	9.3B	1.3B
Income tax	0	0	-22.8M	168.6M	-127M	-1.4B	1.3B	157.7M
Net income	-1.5B	-2.4B	-151.7M	-321.5M	-2B	11.8B	8B	1.1B
Net margin	—	-857.5%	-1.6%	-1.19%	-4.49%	9.53%	5.57%	1.01%
EBITDA	-1.1B	-1.8B	-73.3M	500.8M	-839.2M	10.5B	12.6B	6.1B
EPS	-2.04	-3.63	-1.82	-0.34	-2.08	11.9	8.06	1.12
Diluted EPS	-2.04	-3.63	-1.82	-0.34	-2.08	11.1	7.58	1.08

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	34.7B	41.7B	25.6B	4.4B	6.1B	44.3B	25.9B	30.2B	27.4B	28.8B	23B	25.7B
Cost of revenue	27B	31.9B	20.3B	3.6B	4.8B	35.3B	20.6B	24.2B	22.9B	23.6B	21.2B	22.8B
Gross profit	7.6B	9.8B	5.3B	866.4M	1.3B	9B	5.3B	6.1B	4.5B	5.1B	1.8B	2.8B
Gross margin	22%	23.5%	20.6%	19.5%	21.5%	20.3%	20.5%	20.1%	16.3%	17.8%	7.87%	11%
Research & development	2.8B	3.5B	3B	424.7M	365.1M	2.4B	2.5B	2.8B	3B	3B	2.7B	2.8B
Selling, general & administrative	2.5B	3.3B	3B	394.9M	474.3M	3.1B	2.5B	2.7B	2.8B	2.6B	2B	2.3B
Operating expenses	5.3B	6.8B	5.9B	800.7M	817.7M	5.3B	5B	5.2B	5.6B	5.6B	4.8B	5.1B
Operating income	2.3B	3B	-584.9M	65.6M	484.6M	3.7B	271.7M	827M	-1.2B	-442.6M	-3B	-2.3B
Operating margin	6.75%	7.28%	-2.28%	1.48%	8.01%	8.36%	1.05%	2.73%	-4.3%	-1.54%	-13%	-8.96%
Non-operating income, net	183.6M	358.8M	220.2M	53.8M	6.2M	17.1M	34.7M	15.3M	-4.5M	21.9M	44.2M	13.2M
Pretax income	3B	4.2B	675.6M	165.2M	480M	4.1B	774.4M	1.3B	-738.9M	-27.3M	-2.6B	-1.9B
Income tax	138.2M	-1.6B	84.4M	10.8M	81.8M	529M	127.8M	192M	-114.5M	-47.6M	-325.1M	-243.6M
Net income	2.8B	5.8B	591.1M	154.4M	398.2M	3.5B	646.6M	1.1B	-624.4M	20.2M	-2.3B	-1.7B
Net margin	8.11%	13.8%	2.31%	3.48%	6.58%	7.98%	2.49%	3.63%	-2.28%	0.07%	-9.9%	-6.64%
EBITDA	3B	4.2B	704.2M	171.3M	490.8M	4.1B	822.6M	1.3B	-706.3M	10.1M	-2.6B	-1.8B
EPS	2.86	5.72	0.6	1.1	2.82	3.52	0.64	1.08	-0.62	0	-2.26	-1.7
Diluted EPS	2.68	5.32	0.56	1.04	2.66	3.3	0.62	1.02	-0.62	0	-2.26	-1.7

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	143.6B	270.7B	—	17.1B	11.4B
Enterprise value	—	—	—	—	99.3B	181B	—	-66.2B	-8.8B
Shares outstanding	6.6B	6.6B	3.2B	6.7B	7B	7.2B	996.6M	1B	1B

Valuation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	22.9	—	15	93.9
P/S	—	—	—	—	3.17	2.19	—	0.15	0.11
P/B	—	—	—	—	3.18	4.47	—	0.23	1.19
EV/EBITDA	—	—	—	—	-118.3	17.2	—	-10.8	52.7
EV/Sales	—	—	—	—	2.19	1.46	—	-0.59	-0.56
Earnings yield	—	—	—	—	—	4.36%	—	6.68%	1.06%
FCF yield	—	—	—	—	1.57%	0.02%	—	-75.1%	-12.7%
PEG	—	—	—	—	—	—	—	—	-0.36

Profitability

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	—	-0.03%	16.4%	21.3%	19.4%	22.2%	20.5%	18.7%	11%
Operating margin	—	-647.2%	-7.08%	-3.77%	-8.07%	5.98%	4.86%	-0.46%	-8.5%
Net margin	—	-857.5%	-1.6%	-1.19%	-4.49%	9.53%	5.57%	1.01%	-4.4%
ROE	64%	43%	-0.51%	-0.78%	-4.5%	19.5%	11.3%	1.56%	-6.57%
ROA	-26.5%	-25.6%	-0.42%	-0.52%	-2.35%	8.23%	4.96%	0.74%	-2.79%
ROIC	57.4%	24.4%	-20.4%	-73.6%	-388.3%	-25.4%	-24.1%	4.55%	140.1%
Return on tangible assets	-37.6%	-31.3%	-0.44%	-0.54%	-2.45%	8.48%	5.11%	0.77%	-3.37%

Financial health

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.31	1.08	7.28	4.33	2.45	1.57	1.82	1.81	1.81
Quick ratio	1.31	0.97	7.04	4.19	2.2	1.48	1.71	1.68	1.65
Debt / equity	-0.57	-0.3	0.07	0.19	0.27	0.22	0.23	0.24	0.22
Debt / assets	0.23	0.18	0.06	0.13	0.14	0.09	0.1	0.12	0.1
Net debt / EBITDA	-0.39	1.05	361.9	-79.2	52.7	-8.51	-7.68	-13.6	13.9
Interest coverage	-17.4	-27.9	-1.82	-1.42	-19.3	122.2	50.6	8.72	-22.4
Effective tax rate	0%	0%	0%	0%	0%	0%	13.6%	12.2%	0%

Per share

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0	0.04	3	4.02	6.44	17.1	145	111.5	103.7
EPS (basic)	-2.04	-3.63	-1.82	-0.34	-2.08	11.9	8.06	1.12	1.12
EPS (diluted)	-2.04	-3.63	-1.82	-0.34	-2.08	11.1	7.58	1.08	-0.68
Book value per share	-0.37	-0.86	9.45	6.11	6.42	8.38	71.6	72.6	9.9
FCF per share	-0.35	-0.42	0.78	0.73	0.32	0.01	8.23	-12.7	-15
Cash per share	0.14	0.54	9.08	7.07	8.03	14.3	113.2	100.3	86.7
Capex per share	0.15	0.15	0.21	0.51	0.73	0	6.78	—	—

Capital allocation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	334.5%	7.13%	12.8%	11.3%	0.01%	4.68%	—	—
Capex / operating cash flow	-59.2%	-46.4%	24%	46.8%	82.4%	13.1%	47.2%	—	—
Payout ratio	—	—	—	—	—	—	—	—	0%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	930.1M	3.6B	28.6B	47.5B	56.5B	103.3B	112.8B	101B
Receivables	0	8.3M	115.5M	120.5M	48.4M	143.5M	135.1M	119.8M
Inventory	155K	518.1M	1B	1.6B	6.8B	6.9B	8.2B	8.8B
Total current assets	2.3B	5.1B	31.4B	52.4B	67B	114.5B	126.3B	115.3B
Property, plant & equipment	1.6B	2.4B	3B	6.6B	11.4B	17.7B	23.2B	23.9B
Goodwill & intangibles	1.7B	1.7B	1.7B	2.1B	3.7B	4.2B	4.9B	5.4B
Total assets	5.8B	9.5B	36.4B	61.8B	86.5B	143.5B	162.3B	154.3B
Accounts payable	22.4M	624.7M	3B	7.1B	15.4B	34.8B	40B	23.7B
Short-term debt	128M	1.5B	210.5M	510.3M	1.1B	8.1B	1.8B	7.9B
Total current liabilities	1.7B	4.7B	4.3B	12.1B	27.4B	72.7B	69.2B	63.5B
Long-term debt	1.2B	241.1M	1.9B	7.3B	11.2B	5.4B	14.5B	9.9B
Total liabilities	8.2B	15.2B	6.6B	20.8B	41.4B	82.9B	91B	81.2B
Shareholders' equity	-2.4B	-5.7B	29.8B	41.1B	45.2B	60.6B	71.3B	73.1B
Total debt	1.4B	1.7B	2.1B	7.8B	12.3B	13.5B	16.3B	17.8B
Net debt	1.3B	414.7M	-6.8B	-20B	-26.2B	-77.8B	-49.6B	-38.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	87.4B	103.3B	98.9B	13.6B	15B	112.8B	110.7B	106.9B	98.7B	101B	93.1B	85.6B
Receivables	86.8M	143.5M	77.3M	22.2M	31.1M	135.1M	68.5M	85.7M	100.9M	119.8M	129M	206.6M
Inventory	6B	6.9B	12.2B	1.2B	1.2B	8.2B	10.1B	11.7B	8.2B	8.8B	7B	8.3B
Total current assets	97.7B	114.5B	115.7B	15.4B	16.9B	126.3B	126.2B	123.5B	112.7B	115.3B	105.6B	98.5B
Property, plant & equipment	18.1B	17.7B	27.2B	4B	4B	23.2B	29B	31.1B	33.5B	23.9B	30.4B	23B
Goodwill & intangibles	1.7B	4.2B	1.8B	251.8M	258.6M	4.9B	1.9B	1.9B	1.9B	5.4B	2.4B	4.5B
Total assets	120.1B	143.5B	149.7B	20.4B	21.9B	162.3B	161.9B	161.3B	153.1B	154.3B	144.6B	140.7B
Accounts payable	40.6B	34.8B	54.6B	6.6B	7.3B	40B	52B	50B	37.8B	23.7B	36B	23.4B
Short-term debt	7.3B	8.1B	8.4B	312.2M	319.3M	1.8B	1.8B	8.1B	7.9B	7.9B	7.7B	1.9B
Total current liabilities	57.7B	72.7B	75.6B	8.8B	9.6B	69.2B	67.5B	71.2B	62.5B	63.5B	56.2B	54.5B
Long-term debt	4.2B	5.4B	6.9B	1.9B	1.9B	14.5B	14.6B	8.8B	9.9B	9.9B	10B	12.8B
Total liabilities	66.2B	82.9B	87.9B	11.5B	12.4B	91B	89.5B	87.7B	79.9B	81.2B	74B	74.7B
Shareholders' equity	53.9B	60.6B	61.8B	8.9B	9.5B	71.3B	72.3B	73.6B	73.2B	73.1B	70.6B	66B
Total debt	11.5B	13.5B	15.3B	2.2B	2.2B	16.3B	16.4B	16.9B	17.9B	17.8B	17.7B	14.7B
Net debt	-61.5B	-77.8B	-69.8B	-9.2B	-8.7B	-49.6B	-36.9B	-32.9B	-33.2B	-38.9B	-25.1B	-25.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-1.2B	-2.4B	-166M	-321.5M	-2B	11.8M	8B	1.1B
Depreciation & amortization	60.5M	116.4M	321M	590.4M	1.2B	1.8M	3.1B	4.6B
Stock-based compensation	0	0	142.8M	1.1B	2.1B	2.4M	2.6B	1.3B
Change in working capital	-598M	168.8M	2.5B	5.7B	5.1B	33.7M	808.2M	-14.5B
Operating cash flow	-1.6B	-2B	2.8B	7.4B	6.2B	47.6M	14.3B	-8.6B
Capital expenditure	-970.3M	-951.3M	-674.7M	-3.4B	-5.1B	-6.2M	-6.8B	—
Investing cash flow	-107.5M	-2.6B	-18.8B	-4.3B	-4.4B	-12.1K	-41.1B	2.2B
Dividends paid	—	—	—	—	—	—	—	—
Share repurchases	-15.1M	-3.8M	0	—	—	—	—	—
Financing cash flow	1.1B	5.7B	24.6B	16.7B	5.6B	173.4K	-430.3M	752.7M
Net change in cash	-653.4M	1B	8.6B	19.8B	7.5B	47.8M	-27.2B	-5.7B
Free cash flow	-2.3B	-2.7B	2.5B	4.9B	2.3B	44.2M	8.2B	-12.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	-1.7B	-7.4B	3.5B	-6.1B	15M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Net change in cash	—	—	—	—	—	—	—	-1.7B	-7.4B	3.5B	-6.1B	15M
Free cash flow	14.5B	-30.8B	-3.3B	-60.2M	1.6B	950.3M	-1.7B	-1.7B	-7.4B	951M	-6.1B	-2.6B

Li Auto Inc. Sponsored ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement