NIO · Nio Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $12.51B | $9.01B | $7.83B | $7.14B | $5.67B | $2.49B |
| Cost of Revenue | $10.81B | $8.12B | $7.40B | $6.40B | $4.60B | $2.20B |
| Gross Profit | $1.70B | $889.50M | $429.84M | $745.81M | $1.07B | $287.11M |
| R&D | $1.52B | $1.79B | $1.89B | $1.57B | $720.56M | $381.27M |
| SG&A | $2.30B | $2.16B | $1.81B | $1.53B | $1.08B | $602.65M |
| Total Operating Expenses | $3.71B | $3.89B | $3.62B | $3.01B | $1.78B | $993.27M |
| D&A | $1.02B | $804.94M | $475.78M | $413.55M | $268.02M | $160.38M |
| Operating Income | ($2.01B) | ($3.00B) | ($3.19B) | ($2.27B) | ($705.57M) | ($706.15M) |
| Interest Expense | $126.59M | $109.38M | $56.84M | $48.31M | $100.02M | $65.29M |
| Income Tax | $17.43M | ($3.13M) | $36.74M | $7.99M | $6.63M | $976.0K |
| Net Income | ($2.23B) | ($3.10B) | ($2.98B) | ($2.11B) | ($1.66B) | ($859.89M) |
| EPS - Basic | ($0.98) | ($1.51) | ($1.75) | ($1.29) | ($1.05) | - |
| EPS - Diluted | ($0.98) | ($1.51) | ($1.75) | ($1.29) | ($1.05) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.61B | $2.65B | $4.64B | $2.88B | $2.41B | $5.89B |
| Accounts Receivable | $199.40M | $229.65M | $656.02M | $742.07M | $443.02M | $172.25M |
| Inventory | $1.22B | $970.95M | $743.35M | $1.19B | $322.69M | $165.75M |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | $10.96B | $8.48B | $9.91B | $8.58B | $9.99B | $7.08B |
| Total Assets | $17.79B | $14.74B | $16.53B | $13.96B | $13.01B | $8.37B |
| Current Liabilities | $11.24B | $8.54B | $8.14B | $6.65B | $4.58B | $2.14B |
| Long-term Debt | $1.23B | $1.57B | $1.84B | $1.58B | $1.53B | $910.08M |
| Total Liabilities | $15.97B | $12.89B | $12.36B | $9.95B | $7.03B | $3.49B |
| Stockholders' Equity | $594.79M | $817.48M | $3.60B | $3.46B | $5.45B | $4.16B |
| Retained Earnings | ($18.31B) | ($15.49B) | ($12.78B) | ($10.14B) | ($8.73B) | ($7.92B) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $427.94M | ($1.08B) | ($194.59M) | ($560.52M) | $308.57M | $298.99M |
| Investing Cash Flow | ($1.64B) | ($679.31M) | ($1.53B) | $1.51B | ($6.24B) | ($777.17M) |
| Financing Cash Flow | $978.73M | $242.83M | $3.90B | ($234.35M) | $2.84B | $6.34B |
| CapEx | $867.32M | $1.25B | $2.02B | $1.01B | $640.05M | $172.83M |
| Free Cash Flow | ($439.38M) | ($2.33B) | ($2.21B) | ($1.57B) | ($331.48M) | $126.16M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 13.6% | 9.9% | 5.5% | 10.4% | 18.9% | 11.5% |
| Operating margin | -16.0% | -33.3% | -40.7% | -31.7% | -12.4% | -28.3% |
| EBITDA margin | -7.9% | -24.3% | -34.7% | -26.0% | -7.7% | -21.9% |
| Net margin | -17.8% | -34.5% | -38.0% | -29.6% | -29.3% | -34.5% |
| Free cash flow margin | -3.5% | -25.8% | -28.3% | -22.0% | -5.8% | 5.1% |
| FCF / Net income | 0.20 | 0.75 | 0.74 | 0.74 | 0.20 | -0.15 |
| R&D / Revenue | 12.1% | 19.8% | 24.1% | 22.0% | 12.7% | 15.3% |
| SG&A / Revenue | 18.4% | 23.9% | 23.2% | 21.4% | 19.0% | 24.2% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -12.5% | -21.1% | -18.0% | -15.1% | -12.8% | -10.3% |
| Return on equity | -374.3% | -379.7% | -82.8% | -61.0% | -30.5% | -20.7% |
| Return on invested capital | -86.8% | -99.3% | -46.4% | -35.6% | -8.0% | -11.0% |
| Liquidity | ||||||
| Current ratio | 0.98 | 0.99 | 1.22 | 1.29 | 2.18 | 3.31 |
| Quick ratio | 0.87 | 0.88 | 1.13 | 1.11 | 2.11 | 3.23 |
| Cash ratio | 0.14 | 0.31 | 0.57 | 0.43 | 0.53 | 2.75 |
| Leverage | ||||||
| Debt / Equity | 2.07 | 1.92 | 0.51 | 0.46 | 0.28 | 0.22 |
| Debt / Assets | 0.07 | 0.11 | 0.11 | 0.11 | 0.12 | 0.11 |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -15.9x | -27.4x | -56.1x | -46.9x | -7.1x | -10.8x |
| Equity multiplier | 29.91 | 18.03 | 4.59 | 4.03 | 2.39 | 2.01 |
| Liabilities / Assets | 0.90 | 0.87 | 0.75 | 0.71 | 0.54 | 0.42 |
| Efficiency | ||||||
| Asset turnover | 0.70 | 0.61 | 0.47 | 0.51 | 0.44 | 0.30 |
| Inventory turnover | 8.86 | 8.36 | 9.96 | 5.39 | 14.26 | 13.30 |
| Days sales outstanding | 6d | 9d | 31d | 38d | 29d | 25d |
| Days inventory outstanding | 41d | 44d | 37d | 68d | 26d | 27d |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 38.9% | 15.0% | 9.7% | 26.0% | 127.6% | 121.7% |
| Revenue CAGR (3y) | 20.5% | 16.7% | 46.5% | 85.2% | 98.9% | - |
| Revenue CAGR (5y) | 38.1% | 51.6% | 61.2% | - | - | - |
| Gross profit growth (YoY) | 91.6% | 106.9% | -42.4% | -30.3% | 272.8% | - |
| Operating income growth (YoY) | 33.0% | 6.1% | -40.7% | -221.4% | 0.1% | 55.6% |
| Net income growth (YoY) | 28.3% | -4.2% | -41.1% | -27.2% | -92.9% | 47.5% |
| EPS growth (YoY) | 35.1% | 13.7% | -35.7% | -22.9% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 81.1% | -5.1% | -40.9% | -374.1% | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -27.2% | -77.3% | 4.0% | -36.5% | 30.8% | - |
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-0.52
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Motor Vehicles & Passenger Car Bodies
Comparing NIO Inc. against the 5 most active filers in the same SIC group.