NIO Inc. (NIO) stock analysis

NIONYSEMotor Vehicles & Passenger Car BodiesFiscal year ends December 31Also trades as NIOIF

Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 10, 2026Score 4/30

$3.05−0.19 (-5.86%)

Close on Nov 12, 2026Market cap $7.57BP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Weak4 of 30 checks passed

NIO passes 4 of the 30 checks behind our score; 21 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 0/6
Growth: 3/6
Past performance: 0/6
Financial health: 1/6
Dividend: 0/6

What stands out

Revenue growing 10%+ a year
Revenue grew 21.1% a year over the last three fiscal years.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 21.4% of total debt.
Growing faster than the industry
Revenue grew 33.1% over the last twelve months; the Motor Vehicles and Motor Vehicle Equipment median is 5.5%.
Gross margin improving
Gross margin was 13.6% over the last twelve months, against 9.9% a year earlier.

What to watch

High debt
Debt is 336% of shareholders' equity, above the 40% we consider low.
Interest not well covered
Operating income covers interest expense -15.9 times; we look for at least 5.
Debt rising against equity
Debt to equity rose from 29.0% five years ago to 336%.
Short-term assets don't cover short-term debts
Current assets are 0.98 times current liabilities.

Valuation0/6

P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.

Growth3/6

Revenue growing 10%+ a year
Revenue grew 21.1% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 33.1% over the last twelve months; the Motor Vehicles and Motor Vehicle Equipment median is 5.5%.
Guidance issued
The latest outlook (first quarter of 2026 Total revenues, Mar 10, 2026) was issued for the first time, so it neither adds nor takes away points.
Gross margin improving
Gross margin was 13.6% over the last twelve months, against 9.9% a year earlier.

Past performance0/6

Return on equity
Needs positive equity and five years of results.
Return on invested capital
Needs operating income and invested capital.
Return on equity against the industry
Needs positive equity.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.

Financial health1/6

High debt
Debt is 336% of shareholders' equity, above the 40% we consider low.
Debt rising against equity
Debt to equity rose from 29.0% five years ago to 336%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 21.4% of total debt.
Interest not well covered
Operating income covers interest expense -15.9 times; we look for at least 5.
Short-term assets don't cover short-term debts
Current assets are 0.98 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.

Dividend0/6

No dividend
NIO has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for NIO. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day: $105.44M
Value traded per 1% price move: $67.59M

Downside

Medium risk

Typical loss in a bad month: 21.5%
Volatility (annualized): 50%
Sharpe ratio, 1 year: -1.12
Beta to the S&P 500 (5Y): 1.16

Typical bad-month loss, week by week

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

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
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