NIO Inc. NIO

Consumer DiscretionaryAutomobiles & Auto PartsChina

Last close 3.19 USD on Nov 3, 2026, −37.5% year to date

Quant rating

Quant rating D Rank 216 of 297 in Consumer Discretionary

Growth A 6 of 297
Valuation D 242 of 297
Quality B 87 of 297
Revisions D 235 of 297
Momentum D 270 of 297

Wall Street consensus Buy (2.16)Average target 6.38 USD +100.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.9B
Enterprise value: 5.6B
52-week range: 3.17 – 7.53
3-year range: 3.14 – 9.43
Dividend yield: –
Beta (5 years): 0.89
Shares outstanding: 2,477M
Next earnings: Nov 23, 2026

About the company

NIO Inc is a holding company mainly engaged in the design, development, manufacturing and sales of smart electric vehicles. The Company offers premium smart electric vehicles under the NIO brand, family-oriented smart electric vehicles through the ONVO brand, and small smart high-end electric cars with the FIREFLY brand. The Company focuses on building in-house capabilities including battery swapping, assisted and intelligent driving, digital technologies, electric powertrain and battery, vehicle engineering and design, among others, to control the design and development of the vehicle software and hardware architecture and the critical components.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,511	9,005	7,836	7,143	5,689	–
Revenue growth	38.9%	14.9%	9.7%	25.6%	128.3%	38.1%
EPS (basic, normalized)	−0.80	−1.37	−1.51	−1.07	−1.06	–
EPS growth	–	–	–	–	–	–
Gross margin	13.6%	9.9%	5.5%	10.4%	18.9%	11.7%
Net margin	−17.8%	−34.5%	−38.0%	−29.6%	−29.3%	−29.8%
ROE	−307.5%	−143.8%	−85.6%	−49.7%	−34.2%	−124.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	6,350
Current ratio	1.02x
Long-term debt (mil)	1,260
Net debt (mil)	−2,251
Total equity (mil)	599
Net debt / equity	−3.76x
Net debt / EBITDA	3.54x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	12,511	+38.9%	0.4x	−635	+70.8%	−8.8x	−0.80	+41.9%	−4.0x
2026	19,156	+53.1%	0.3x	834	+231.3%	6.7x	−0.11	+86.8%	−30.3x
2027	22,274	+16.3%	0.3x	1,311	+57.3%	4.3x	0.03	+127.9%	108.7x
2028	24,903	+11.8%	0.2x	1,726	+31.6%	3.3x	0.21	+626.7%	15.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	19,156	−0.3%	−6.2%	−3.9%	−0.11	−4.8%	−58.8%	+35.6%
2027	22,274	−1.1%	−6.4%	−5.6%	0.03	−39.2%	−70.7%	−46.4%
2028	24,903	−1.0%	−3.8%	−2.3%	0.21	−2.2%	−15.2%	+5.3%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	9,909	17,446	18,674	19,703	12,035	19,009	21,794	34,650	25,533	32,137
Sales mean (mil)	10,431	17,378	19,193	20,163	12,538	19,918	22,110	33,316	25,397	33,489
Surprise	−5.0%	+0.4%	−2.7%	−2.3%	−4.0%	−4.6%	−1.4%	+4.0%	+0.5%	−4.0%
EPS reported	−2.39	−2.21	−2.14	−3.17	−3.01	−1.85	−1.14	0.29	0.02	0.01
EPS mean	−2.18	−2.21	−2.16	−2.26	−2.56	−2.22	−1.65	−0.01	−0.35	−0.21
Surprise	−9.5%	0.0%	+0.7%	−40.3%	−17.5%	+16.5%	+30.9%	−5,214.6%	−105.7%	−104.8%

Peer comparison Automobiles & Auto Parts

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NIO NIO Inc.	7.9B	3.54x	−17.8%	13.12x	−30.3x	108.7x	6.7x	4.3x
TSLA Tesla Inc	1.58T	−2.42x	4.0%	17.64x	237.4x	188.9x	108.5x	88.5x
1211 BYD Company Limited	103.4B	0.41x	4.0%	2.11x	15.6x	12.2x	5.6x	4.9x
2338 Weichai Power Co Ltd	25.2B	0.07x	4.7%	1.81x	11.6x	8.9x	4.8x	3.9x
3606 Fuyao Glass Industry Group Co Ltd	20.7B	–	20.3%	3.05x	12.9x	10.5x	10.1x	8.9x
0175 Geely Automobile Holdings Ltd	19.1B	−1.15x	4.9%	1.28x	6.1x	5.2x	2.5x	2.2x
Mean		0.09x	3.4%	6.50x	42.2x	55.7x	23.0x	18.8x
Median		0.07x	4.4%	2.58x	12.3x	11.3x	6.2x	4.6x

Technical analysis

1M−5.3%
3M−33.7%
1Y−57.0%
3Y−61.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, NIO Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	12,511	9,005	7,836	7,143	5,689	2,492
Cost of revenue	10,807	8,116	7,406	6,397	4,615	2,205
Gross profit	1,704	890	430	746	1,074	287
Selling, general & administrative expenses	2,159	2,036	1,721	1,458	1,030	553
Research & development	1,415	1,650	1,791	1,523	689	342
Depreciation/amortization	243	257	196	119	86.9	89.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2.1	0.6	−24.0	−20.1	–	–
Other operating expenses	−105	−56.4	−85.8	−85.4	−24.0	9.4
Operating income	−2,010	−2,997	−3,168	−2,248	−708	−706
Net interest income (expense)	−174	−61.4	264	203	53.0	−49.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	64.5	−13.4	21.9	−41.0	29.1	−55.9
Net income before taxes	−2,119	−3,072	−2,882	−2,085	−626	−812
Provision for taxes	17.4	−3.1	36.7	8.0	6.7	1.0
Minority interest	−89.8	−35.1	−60.2	−17.7	−1,032	−47.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−2,227	−3,104	−2,979	−2,111	−1,664	−860
Extraordinary items	–	–	–	–	–	–
Net income	−2,227	−3,104	−2,979	−2,111	−1,664	−860
EBIT, normalized	−1,935	−2,972	−3,178	−2,241	−708	−702
EBITDA, normalized	−594	−1,917	−2,486	−1,658	−337	−465
Basic EPS, normalized	−0.80	−1.37	−1.51	−1.07	−1.06	–

Balance sheet in millions of USD, fiscal years

Balance sheet, NIO Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	4,437	4,585	7,009	5,663	8,248	6,494
Receivables	2,884	1,616	1,240	1,074	883	367
Total inventory	1,220	971	744	1,188	324	166
Prepaid expenses	266	115	109	143	69.4	42.0
Other current assets	2,151	1,191	815	508	494	12.1
Total current assets	10,958	8,478	9,916	8,576	10,019	7,082
Property, plant & equipment	6,183	5,309	5,115	3,347	1,646	987
Goodwill	–	–	–	–	–	–
Intangibles	32.4	31.7	33.4	30.8	31.3	31.4
Long-term investments	355	428	773	922	482	46.0
Note receivable	104	118	359	863	709	198
Other long-term assets	157	376	342	219	161	30.5
Total assets	17,789	14,742	16,538	13,957	13,048	8,374
Liabilities
Accounts payable	8,237	5,210	4,820	4,262	2,219	1,086
Payable/accrued	–	–	–	–	–	–
Accrued expenses	730	702	729	616	384	269
Short-term debt	671	785	716	586	823	238
Current portion of long-term debt	131	467	671	184	330	63.4
Other current liabilities	1,468	1,373	1,207	1,000	840	487
Total current liabilities	11,237	8,537	8,143	6,648	4,597	2,142
Long-term debt	1,916	1,572	1,841	1,580	1,538	919
Minority interest	1,220	1,033	571	548	528	719
Other liabilities	2,821	2,783	2,384	1,720	921	431
Total liabilities	17,194	13,924	12,939	10,496	7,584	4,210
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.6	0.5	0.5	0.4	0.5	0.4
Additional paid-in capital	18,837	16,260	16,585	13,715	14,557	12,089
Retained earnings (accumulated deficit)	−18,308	−15,490	−12,787	−10,137	−8,758	−7,915
Treasury stock	−17.7	−32.8	−261	−268	−291	–
Other equity	82.9	79.8	61.0	150	−43.5	−10.0
Total equity	595	817	3,599	3,461	5,464	4,164
Total liabilities & shareholders' equity	17,789	14,742	16,538	13,957	13,048	8,374

Cash flow statement in millions of USD, fiscal years

Cash flow statement, NIO Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−2,137	−3,069	−2,919	−2,093	−632	−813
Depreciation, depletion & amortization	1,341	1,055	691	579	370	237
Deferred taxes	–	–	–	–	–	–
Non-cash items	395	455	161	309	148	135
Changes in working capital	829	483	1,872	644	424	740
Cash from operations	428	−1,075	−195	−561	310	299
Investing activities
Capital expenditures	−867	−1,252	−2,020	−1,011	−642	−173
Other investing cash flows	−771	573	487	2,517	−5,618	−604
Cash from investing	−1,639	−679	−1,534	1,506	−6,260	−777
Financing activities
Financing cash flow items	52.3	451	0	−5.2	−1,244	447
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	926	−209	3,897	−229	4,098	5,891
Cash from financing	979	243	3,897	−234	2,854	6,338
Foreign exchange effects	−2.3	22.1	9.9	−17.7	−78.9	−105
Net change in cash	−234	−1,490	2,179	693	−3,175	5,756
Free cash flow	−439	−2,328	−2,215	−1,571	−333	126

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.