Li Auto Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Li Auto Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,449	4,238	6,566	17,444	19,791	16,060
Cost of revenue	1,212	3,334	5,291	13,571	15,728	13,060
Gross profit	237	904	1,274	3,873	4,063	3,001
Research and development	169	516	983	1,491	1,517	1,618
Selling, general and administrative	171	548	821	1,376	1,675	1,525
Operating expenses	340	1,064	1,804	2,830	3,101	3,075
Operating income	-103	-160	-530	1,043	962	-74.5
Interest expense	10.3	9.92	15.4	12.1	25.7	24
Other non-operating income	4.5	29.4	90.7	148	91	9.65
Pre-tax income	-28.9	-24	-313	1,472	1,276	185
Income tax	-3.5	26.5	-18.4	-191	174	22.6
Income from continuing operations	-25.4	-50.4	-295
Net income to minority interests			-2.92	14.8	1.77	2.14
Net income	-23.2	-50.4	-292	1,648	1,100	161
EBITDA	-53.4	-67	-354	1,297	1,381	588
EPS, basic	-0.14	-0.03	-0.15	0.84	0.55	0.08
EPS, diluted	-0.14	-0.03	-0.15	0.78	0.52	0.08
Shares, basic (weighted)	870	1,853	1,941	1,968	1,993	2,015
Shares, diluted (weighted)	870	1,853	1,941	2,115	2,129	2,143

Balance sheet

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,370	4,371	5,579	12,863	9,028	8,107
Receivables	17.7	18.9	7.02	20.2	18.5	17.1
Inventory	161	254	987	968	1,121	1,252
Other current assets	54.2	75.4	245	598	709	740
Total current assets	4,811	8,220	9,713	16,131	17,304	16,486
Property, plant and equipment	380	706	1,622	2,218	2,896	3,257
Lease right-of-use assets	196	323	513	837	1,140	1,301
Goodwill			0.8	0.77	0.75	0.78
Intangible assets	105	118	121	122	125	170
Long-term investments	25	24.5	215	225	126	121
Other non-current assets	49.2	311	351	395	300	251
Total assets	5,574	9,705	12,547	20,207	22,242	22,064
Deferred revenue	41.6	47.9	82.5	215	191	232
Short-term debt		5.81	56.7	982	38.5	889
Total current liabilities	660	1,900	3,969	10,246	9,483	9,087
Long-term debt		935	1,338	246	1,117	472
Lease liabilities	157	215	282	518	786	895
Other non-current liabilities	28.3	126	311	523	780	913
Total liabilities	1,007	3,262	5,995	11,675	12,471	11,605
Total debt	78.4	935	1,338	246	1,117	472
Paid-in capital	5,715	7,750	7,810	8,096	8,237	8,780
Retained earnings	-993	-1,068	-1,278	344	1,392	1,598
Treasury stock		-0.01	-0.01	-0.01	-0.01	-0.01
Other comprehensive income	-154	-239	-28.1	-31.7	-23.5	-118
Shareholders' equity	4,568	6,444	6,504	8,471	9,710	10,384
Minority interests			47.5	60.9	61	74.4
Total equity	4,568	6,444	6,551	8,532	9,771	10,459
Total liabilities and equity	5,574	9,705	12,547	20,207	22,242	22,064
Shares outstanding	1,809	1,930	1,954	1,986	2,008	2,028

Cash flow statement

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-23.2	-50.4	-295	1,663	1,102	163
Depreciation and amortization	49.2	92.6	176	254	419	663
Stock-based compensation	21.9	173	298	335	360	180
Deferred income tax	-3.5	26.5	-18.6	-254	-6.82	-132
Change in receivables	-16.4	-0.86	10.5	-13.4	1.12	2.02
Change in inventory	-79.2	-96	-858	-176	-425	-369
Cash from operations	481	1,309	1,070	7,140	2,183	-1,231
Capital expenditures	-103	-541	-743	-917	-1,059	-601
Acquisitions	-5.43
Purchases of investments	-16,135	-34,656	-8,448	-2,087	-1,762	-4,630
Cash from investing	-2,872	-668	-633	-1.7	-5,636	-101
Debt issued			542	247	64.6	234
Stock issued	1,531	0.01		0
Cash from financing	3,787	2,622	818	26.1	-56.9	110
Net change in cash	1,339	3,189	1,439	7,171	-3,483	-1,287
Free cash flow	378	768	327	6,224	1,124	-1,833
Interest paid			12.7	5.84	13.2	20.4
Income taxes paid				8.26	88.4	209

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $11.71 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.7%	Gross profit / revenue.
Operating margin	-0.5%	Operating income / revenue.
EBITDA margin	3.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.2%	Pre-tax income / revenue.
Net margin	1.0%	Net income / revenue.
FCF margin	-11.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-7.7%	Cash from operations / revenue.
Effective tax rate	12.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.7%	Net income / average total assets.
Return on invested capital (ROIC)	-2.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	10.1%	Research and development expense / revenue.
SG&A / revenue	9.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	4.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-18.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	34.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	61.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-26.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	33.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	66.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-107.7%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-57.4%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-85.4%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-84.6%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-156.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-263.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	6.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	20.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	31.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	19.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.81x	Current assets / current liabilities.
Quick ratio	0.89x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.89x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.05x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	2.1%	Total debt / total assets.
Liabilities / assets	52.6%	Total liabilities / total assets.
Net debt	-$7.64B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-13.0x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-3.10x	Operating income / interest expense.
Working capital	$7.40B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$10.21B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.72x	Revenue / average total assets.
Fixed asset turnover	5.22x	Revenue / average property, plant and equipment.
Inventory turnover	11.0x	Cost of revenue / average inventory.
Days inventory	33 days	365 x average inventory / cost of revenue.
Receivables turnover	901x	Revenue / average receivables.
Days sales outstanding	0 days	365 x average receivables / revenue.
FCF conversion	-1,140.0%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.08	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.08	Net income per basic share, as reported (split-adjusted).
Revenue per share	$7.50	Revenue / diluted weighted shares.
FCF per share	-$0.86	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.57	Cash from operations / diluted weighted shares.
Book value per share	$5.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.04	Tangible book value / shares outstanding.
Cash per share	$4.00	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$12.51B	Share price x shares outstanding.
Enterprise value	$4.87B	Market cap + total debt - cash - short-term investments.
P/E	77.8x	Market cap / net income. Only when net income is positive.
P/S	0.78x	Market cap / revenue.
P/B	1.20x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.22x	Market cap / tangible book value, when positive.
EV/Sales	0.30x	Enterprise value / revenue.
EV/EBITDA	8.29x	Enterprise value / EBITDA, when both are positive.
FCF yield	-14.7%	Free cash flow / market cap.
Earnings yield	1.3%	Net income / market cap (the inverse of P/E).

What was Li Auto Inc.'s revenue in fiscal 2025?

Li Auto Inc. reported revenue of $16.06B for fiscal 2025, 18.8% lower than the year before.

Was Li Auto Inc. profitable in fiscal 2025?

Yes. Net income was $160.8M, a net margin of 1%.

How much free cash flow did Li Auto Inc. generate in fiscal 2025?

Cash from operations of $1.23B minus capital expenditures of $601.4M left free cash flow of -$1.83B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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