NIONYSEMotor Vehicles & Passenger Car BodiesFiscal year ends December 31Also trades as NIOIF
NIO Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 10, 2026
$3.39−0.04 (-1.17%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
13.6%+2.1 pts over 5 years
Operating margin
-16.0%+12.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +33.1% | +21.1% | +40.0% | – | |
| Gross profit | +83.5% | +32.3% | +44.8% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Current ratio | – | 3.31 | 0.98 | |
| Debt to equity | – | 0.29 | 3.36 | |
| Net debt to EBITDA | – | 8.61× | -0.39× | |
| Interest coverage | -47318.9× | -10.8× | -15.9× | |
| Inventory turnover | – | 14.6× | 9.7× | |
| Capex to revenue | – | 6.9% | 6.9% | |
| Diluted shares | 17M | 1.18B | 2.27B |
Where the cash went
Fiscal 2021 to 2025, five years combined
NIO generated CN¥18.06B from operations and spent CN¥40.60B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
CN¥18.06B
Used
CN¥40.60B
Capital expenditureCN¥40.60B100%DividendsCN¥00%Share buybacksCN¥00%
DuPont needs revenue, assets and equity
This company does not report all three for consecutive years.
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zeroCN¥2.99B
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net incomeCN¥2.99B vs –
- Less leverageLong-term debt to assets fell10.6% → 6.9%
- Better liquidityCurrent ratio rose0.99 → 0.98
- No dilutionShare count did not rise2.05B → 2.27B
- Gross margin improvedGross margin up on the prior year9.88% → 13.62%
- More efficientAsset turnover rose0.56 → 0.81