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Financial statements

XPENG INC. financial statements

Income statement, balance sheet and cash flow statement for the last 1 fiscal years, taken from the XBRL data XPENG 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
Revenue896
Cost of revenue855
Gross profit40.8
Research and development265
Selling, general and administrative448
Operating expenses712
Operating income-658
Interest expense3.44
Interest income20.4
Other non-operating income13.8
Pre-tax income-419
Income tax0.19
Net income-419
EBITDA-612
EPS, basic-0.99
EPS, diluted-0.99
Shares, basic (weighted)754
Shares, diluted (weighted)754

Balance sheet

FY2020
Cash and equivalents4,477
Short-term investments432
Receivables173
Inventory206
Other current assets246
Total current assets6,081
Property, plant and equipment472
Lease right-of-use assets70.7
Intangible assets93.1
Long-term investments0.15
Other non-current assets35
Total assets6,852
Accounts payable783
Accrued liabilities346
Deferred revenue25.1
Short-term debt6.9
Total current liabilities1,201
Long-term debt252
Lease liabilities54
Other non-current liabilities45.6
Total liabilities1,575
Total debt259
Paid-in capital7,124
Retained earnings-1,735
Other comprehensive income-112
Shareholders' equity5,277
Total equity5,277
Total liabilities and equity6,852

Cash flow statement

FY2020
Net income-419
Depreciation and amortization46.4
Stock-based compensation153
Change in receivables-91.3
Change in inventory-150
Change in payables637
Cash from operations-21.4
Capital expenditures-124
Cash from investing-675
Debt issued158
Debt repaid-212
Cash from financing5,261
Net change in cash4,465
Free cash flow-145
Interest paid11.7

Key metrics

Worked out from the statements above. Latest values use fiscal 2020. Valuation uses the share price of $9.95 on September 28, 2026.

Profitability

MetricValueHow it is calculated
Gross margin4.6%Gross profit / revenue.
Operating margin-73.5%Operating income / revenue.
EBITDA margin-68.3%EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin-46.7%Pre-tax income / revenue.
Net margin-46.7%Net income / revenue.
FCF margin-16.2%Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin-2.4%Cash from operations / revenue.
Return on equity (ROE)-7.9%Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)-6.1%Net income / average total assets.
Return on invested capital (ROIC)-49.1%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 / revenue29.5%Research and development expense / revenue.
SG&A / revenue50.0%Selling, general and administrative expense / revenue.
Stock-based pay / revenue17.0%Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue13.8%Capital expenditures / revenue.
D&A / revenue5.2%Depreciation and amortization / revenue.

Balance sheet health

MetricValueHow it is calculated
Current ratio5.06xCurrent assets / current liabilities.
Quick ratio4.23x(Cash + short-term investments + receivables) / current liabilities.
Cash ratio4.09x(Cash + short-term investments) / current liabilities.
Debt / equity0.05xTotal debt / shareholders' equity. Not shown when equity is negative.
Debt / assets3.8%Total debt / total assets.
Liabilities / assets23.0%Total liabilities / total assets.
Net debt-$4.65BTotal debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage-191xOperating income / interest expense.
Working capital$4.88BCurrent assets - current liabilities.
Goodwill and intangibles / assets1.4%(Goodwill + intangible assets) / total assets.
Tangible book value$5.18BShareholders' equity - goodwill - intangible assets.

Efficiency

MetricValueHow it is calculated
Asset turnover0.13xRevenue / average total assets.
Fixed asset turnover1.90xRevenue / average property, plant and equipment.
Inventory turnover4.15xCost of revenue / average inventory.
Days inventory88 days365 x average inventory / cost of revenue.
Receivables turnover5.18xRevenue / average receivables.
Days sales outstanding71 days365 x average receivables / revenue.
Days payables334 days365 x average accounts payable / cost of revenue.
Cash conversion cycle-176 daysDays inventory + days sales outstanding - days payables.

Per share

MetricValueHow it is calculated
EPS, diluted-$0.99Net 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-$0.99Net income per basic share, as reported (split-adjusted).
Revenue per share$1.19Revenue / diluted weighted shares.
FCF per share-$0.19Free cash flow / diluted weighted shares.
Operating cash flow per share-$0.03Cash from operations / diluted weighted shares.
Book value per share$7.00Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share$6.87Tangible book value / shares outstanding.
Cash per share$6.51(Cash + short-term investments) / shares outstanding.

Valuation

MetricValueHow it is calculated
Market cap$9.51BShare price x shares outstanding.
Enterprise value$4.86BMarket cap + total debt - cash - short-term investments.
P/S10.6xMarket cap / revenue.
P/B1.80xMarket cap / shareholders' equity. Only when equity is positive.
Price / tangible book1.83xMarket cap / tangible book value, when positive.
EV/Sales5.43xEnterprise value / revenue.
FCF yield-1.5%Free cash flow / market cap.
Earnings yield-4.4%Net income / market cap (the inverse of P/E).
What was XPENG INC.'s revenue in fiscal 2020?

XPENG INC. reported revenue of $895.7M for fiscal 2020.

Was XPENG INC. profitable in fiscal 2020?

No. It reported a net loss of $418.7M.

How much free cash flow did XPENG INC. generate in fiscal 2020?

Cash from operations of $21.4M minus capital expenditures of $123.5M left free cash flow of -$145.0M.

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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