XPEVNYSEMotor Vehicles & Passenger Car BodiesFiscal year ends December 31Also trades as XPNGF
XPENG INC.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 16, 2026
$9.21−0.02 (-0.22%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
18.9%+14.3 pts over 5 years
Operating margin
-3.6%+69.9 pts over 5 years
Net margin
-1.5%+45.3 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 | +87.7% | +41.9% | +67.4% | – | |
| Gross profit | +147.6% | +67.3% | +122.4% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -19.8% | -3.7% | |
| Return on assets | – | -10.1% | -1.2% | |
| Current ratio | – | 5.06 | 1.09 | |
| Debt to equity | – | 0.05 | 0.42 | |
| Interest coverage | – | -191.2× | -7.3× | |
| Inventory turnover | – | 6.2× | 7.8× | |
| Capex to revenue | – | 13.8% | 4.1% | |
| Diluted shares | – | 754M | 1.90B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Xpeng generated CN¥20.55B from operations and spent CN¥14.05B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
CN¥20.55B
Used
CN¥14.05B
Capital expenditureCN¥14.05B100%DividendsCN¥00%Share buybacksCN¥00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-1.5%
×Asset turnover0.83×
×Equity multiplier3.02×
=Return on equity, FY2025-3.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -1.5% | 0.83× | 3.02× | -3.7% |
| FY2024 | -14.2% | 0.49× | 2.47× | -17.1% |
| FY2023 | -33.8% | 0.39× | 2.13× | -28.3% |
| FY2022 | -34.0% | 0.39× | 1.73× | -23.1% |
| FY2021 | -23.2% | 0.38× | 1.44× | -12.7% |
| FY2020 | -46.7% | 0.22× | 1.96× | -19.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-CN¥1.14B
- Cash generatingOperating cash flow above zeroCN¥8.26B
- Return on assets improvedROA up on the prior year-6.9% → -1.4%
- Earnings backed by cashOperating cash flow above net incomeCN¥8.26B vs -CN¥1.14B
- Less leverageLong-term debt to assets fell6.8% → 6.4%
- Better liquidityCurrent ratio rose1.25 → 1.09
- No dilutionShare count did not rise1.89B → 1.90B
- Gross margin improvedGross margin up on the prior year14.30% → 18.86%
- More efficientAsset turnover rose0.49 → 0.93