NIO Consumer Cyclical

NIO Inc.

$3.19+0.00%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Consumer Cyclical
Industry: Auto Manufacturers
Country: China
Market cap: 8.0B USD
Enterprise value: 5.9B USD
Full-time employees: 35,032

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.92 vs a peer median of 0.63), though less than the overall market, less short-term liquidity (current ratio 0.98 vs a peer median of 1.48) and more debt relative to equity (3.36× vs a peer median of 0.46×)higher risk: bigger price swings (beta 0.92 vs peers 0.63), less liquidity (current ratio 0.98 vs peers 1.48) and more debt vs equity (3.36× vs peers 0.46×)

Ranks #1,338 of 1,502 consumer cyclical companies (bottom 11%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 49% from December 2022 to December 2025.
NIO had 49% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.NIO had 49% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Much more borrowing than peers. Debt is 3.4× equity vs a peer median of 0.5×.Debt is 3.4× equity vs peers 0.5×.
Debt is 3.4× shareholders' equity, against a peer median of 0.5×, among the highest 10% of its peer group.Debt is 3.4× shareholders' equity, vs peers 0.5×, among the highest 10% of its peer group.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -16%).
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

StockQuotient Score

26/ 100

Oct 5 26 → Nov 4 26

Valuation

Is the price right?

6/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-28.3%

SEC filings · 12 months to Dec 2025 · CNY→USD at the current rateNegative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.34Sector median: 0.0439 · MAD: 0.0329

EBITDA yield-19.2%

SEC filings · 12 months to Dec 2025 · CNY→USD at the current rateNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.90Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield-5.8%

SEC filings · 12 months to Dec 2025 · CNY→USD at the current rate · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.13Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield7.9%

SEC filings · latest balance sheet · CNY→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

91/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 26.0%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.33Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth21.1%

SEC filings · 3 years to Dec 2025Reported value33% base weight · Z-score 2.65Sector median: 0.0425 · MAD: 0.0636

Revenue growth33.1%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score 4.50Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

0/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 16.5 points to -16.0%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-16.0%

SEC filings · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.25Sector median: 0.0638 · MAD: 0.0461

Return on assets-12.0%

SEC filings · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.27Sector median: 0.0331 · MAD: 0.0254

Return on invested capital-161.7%

SEC filings · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.50Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin13.6%

SEC filings · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity-359.2%

SEC filings · 12 months to Dec 2025Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.92

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.94Sector median: 0.6345 · MAD: 0.2980

Current ratio0.98×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.91Sector median: 1.4800 · MAD: 0.5570

Debt / equity3.36×

SEC filings · latest balance sheetReported value33% base weight · Z-score -8.14Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about NIO

Is NIO getting weaker?: Its latest SEC filing (Apr 10, 2026) got stronger: operating margin rose 16.5 points to -16.0%. Its overall score is unchanged at 26/100 since Oct 28, 2026.
How is NIO valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 6/100 against 1,612 consumer cyclical peers. Earnings yield -28.3% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -28.3% vs peers 4.4% (weaker than 100% of peers).
Is NIO growing?: Yes, faster than most of its peers. Growth scores 91/100 against 1,612 consumer cyclical peers. Revenue growth 33.1% vs a peer median of 3.7% (stronger than 95% of peers).Revenue growth 33.1% vs peers 3.7% (stronger than 95% of peers).
How profitable is NIO?: Less profitable than most of its peers. Profitability scores 0/100 against 1,612 consumer cyclical peers. Operating margin -16.0% vs a peer median of 6.4% (weaker than 100% of peers).Operating margin -16.0% vs peers 6.4% (weaker than 100% of peers).
How risky is NIO?: Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Debt / equity 3.36× vs a peer median of 0.46× (weaker than 91% of peers).Debt / equity 3.36× vs peers 0.46× (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Apr 10, 2026 · compared with the quarter ended Jun 30, 2025

Got stronger

Operating margin rose 16.5 points to -16.0%

Worth watching: NIO is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	69.4B CNY	87.5B CNY	+26.0%
Net income (12 months)	−23.9B CNY	−14.9B CNY	−37.5%
Operating margin	-32.6%	-16.0%	+16.5 pts
Free cash flow (12 months)	−16.5B CNY	−3.1B CNY	−81.4%
Debt	15.3B CNY	14.0B CNY	−8.9%
Cash	7.1B CNY	11.3B CNY	+58.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in CNY, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	18.9%	10.4%	5.5%	9.9%	13.6%	▲ 3.7 pts
Operating margin	-12.4%	-31.7%	-40.7%	-33.3%	-16.0%	▲ 17 pts
Net margin	-11.1%	-29.3%	-37.3%	-34.1%	-17.1%	▲ 17 pts
Return on assets (ROA)	-4.8%	-15.0%	-17.7%	-20.8%	-12.0%	▲ 8.8 pts
Return on equity (ROE)	-11.6%	-60.5%	-81.1%	-375.4%	-359.2%	▲ 16 pts
Free cash flow margin	-5.8%	-22.0%	-28.3%	-25.8%	-3.5%	▲ 22 pts
Current ratio	2.18×	1.29×	1.22×	0.99×	0.98×	▼ 1.8%
Quick ratio	2.11×	1.11×	1.13×	0.88×	0.87×	▼ 1.5%
Debt to equity	0.49×	0.68×	0.90×	3.45×	3.36×	▼ 2.5%
Interest coverage	-7.05×	-46.94×	-56.14×	-27.40×	-15.86×	▲ 42%

NIO price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.92 vs a peer median of 0.63), though less than the overall market, less short-term liquidity (current ratio 0.98 vs a peer median of 1.48) and more debt relative to equity (3.36× vs a peer median of 0.46×)higher risk: bigger price swings (beta 0.92 vs peers 0.63), less liquidity (current ratio 0.98 vs peers 1.48) and more debt vs equity (3.36× vs peers 0.46×)

Ranks #1,338 of 1,502 consumer cyclical companies (bottom 11%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 49% from December 2022 to December 2025.

NIO had 49% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.NIO had 49% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Much more borrowing than peers. Debt is 3.4× equity vs a peer median of 0.5×.Debt is 3.4× equity vs peers 0.5×.

Debt is 3.4× shareholders' equity, against a peer median of 0.5×, among the highest 10% of its peer group.Debt is 3.4× shareholders' equity, vs peers 0.5×, among the highest 10% of its peer group.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -16%).

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Questions investors ask about NIO

Is NIO getting weaker?

Its latest SEC filing (Apr 10, 2026) got stronger: operating margin rose 16.5 points to -16.0%. Its overall score is unchanged at 26/100 since Oct 28, 2026.

How is NIO valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 6/100 against 1,612 consumer cyclical peers. Earnings yield -28.3% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -28.3% vs peers 4.4% (weaker than 100% of peers).

Is NIO growing?

Yes, faster than most of its peers. Growth scores 91/100 against 1,612 consumer cyclical peers. Revenue growth 33.1% vs a peer median of 3.7% (stronger than 95% of peers).Revenue growth 33.1% vs peers 3.7% (stronger than 95% of peers).

How profitable is NIO?

Less profitable than most of its peers. Profitability scores 0/100 against 1,612 consumer cyclical peers. Operating margin -16.0% vs a peer median of 6.4% (weaker than 100% of peers).Operating margin -16.0% vs peers 6.4% (weaker than 100% of peers).

How risky is NIO?

Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Debt / equity 3.36× vs a peer median of 0.46× (weaker than 91% of peers).Debt / equity 3.36× vs peers 0.46× (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

69.4B CNY

87.5B CNY

+26.0%

Net income (12 months)

−23.9B CNY

−14.9B CNY

−37.5%

Operating margin

-32.6%

-16.0%

+16.5 pts

Free cash flow (12 months)

−16.5B CNY

−3.1B CNY

−81.4%

Debt

15.3B CNY

14.0B CNY

−8.9%

Cash

7.1B CNY

11.3B CNY

+58.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

18.9%

10.4%

5.5%

9.9%

13.6%

▲ 3.7 pts

Operating margin

-12.4%

-31.7%

-40.7%

-33.3%

-16.0%

▲ 17 pts

Net margin

-11.1%

-29.3%

-37.3%

-34.1%

-17.1%

▲ 17 pts

Return on assets (ROA)

-4.8%

-15.0%

-17.7%

-20.8%

-12.0%

▲ 8.8 pts

Return on equity (ROE)

-11.6%

-60.5%

-81.1%

-375.4%

-359.2%

▲ 16 pts

Free cash flow margin

-5.8%

-22.0%

-28.3%

-25.8%

-3.5%

▲ 22 pts

Current ratio

2.18×

1.29×

1.22×

0.99×

0.98×

▼ 1.8%

Quick ratio

2.11×

1.11×

1.13×

0.88×

0.87×

▼ 1.5%

Debt to equity

0.49×

0.68×

0.90×

3.45×

3.36×

▼ 2.5%

Interest coverage

-7.05×

-46.94×

-56.14×

-27.40×

-15.86×

▲ 42%