LINasdaqMotor Vehicles & Passenger Car BodiesFiscal year ends December 31Also trades as LAAOF
Li Auto Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 10, 2026
$11.29−0.05 (-0.44%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
18.7%+2.3 pts over 5 years
Operating margin
-0.5%+6.6 pts over 5 years
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -22.3% | +35.4% | +64.0% | – | |
| Gross profit | -29.2% | +33.6% | +68.4% | – | |
| EPS, diluted | -85.8% | – | – | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -1.3% | – | |
| Return on assets | – | -0.7% | – | |
| Current ratio | – | 7.28 | 1.81 | |
| Debt to equity | – | 0.02 | 0.13 | |
| Net debt to EBITDA | – | 24.19× | -11.47× | |
| Interest coverage | – | -10.0× | -3.1× | |
| Inventory turnover | – | 10.1× | 10.8× | |
| Capex to revenue | – | 7.1% | 3.7% | |
| Diluted shares | – | 870M | 2.14B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Li Auto generated CN¥90.96B from operations and spent CN¥27.02B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
CN¥90.96B
Used
CN¥27.02B
Capital expenditureCN¥27.02B100%DividendsCN¥00%Share buybacksCN¥00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-1.2%
×Asset turnover0.55×
×Equity multiplier1.39×
=Return on equity, FY2021-0.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2021 | -1.2% | 0.55× | 1.39× | -0.9% |
| FY2020 | -1.6% | 0.41× | 1.90× | -1.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
1of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero-CN¥8.61B
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income-CN¥8.61B vs –
- Less leverageLong-term debt to assets fell5.0% → 2.1%
- Better liquidityCurrent ratio rose1.82 → 1.81
- No dilutionShare count did not rise2.13B → 2.14B
- Gross margin improvedGross margin up on the prior year20.53% → 18.68%
- More efficientAsset turnover rose1.01 → 0.69