Lucid Group, Inc. LCID

Consumer DiscretionaryAutomobiles & Auto PartsUnited States of America

Last close 3.02 USD on Nov 3, 2026, −71.4% year to date

Quant rating

Quant rating D Rank 311 of 344 in Consumer Discretionary

Growth A 7 of 344
Valuation D 279 of 344
Quality D 269 of 344
Revisions D 265 of 344
Momentum D 337 of 344

Wall Street consensus Hold (2.92)Average target 8.07 USD +167.3%

Historical valuation

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

Key data

Market cap: 1.2B
Enterprise value: 6.7B
52-week range: 2.37 – 18.09
3-year range: 2.37 – 51.40
Dividend yield: –
Beta (5 years): 0.87
Shares outstanding: 394M
Next earnings: Nov 9, 2026

About the company

Lucid Group, Inc. is a technology company, which designs, engineers, and manufactures electric vehicles (EVs), EV powertrains, and battery systems in-house using its equipment and factories. It sells vehicles directly to consumers through its retail sales network and through online channels. Its vehicles include Lucid Air and Lucid Gravity. Lucid Air is an advanced sedan, featuring powertrain technology. It offers 420 miles of Environmental Protection Agency (EPA)-estimated range, with an 84-kWh battery pack. The Lucid Air Sapphire is the highest-performance version of the Lucid Air, boasting 1,234 horsepower from three motors, 427 miles of an EPA-estimated range. The Lucid Gravity provides the interior space and practicality of a full-size sport utility vehicle (SUV) within the exterior footprint of a mid-size SUV. It provides space for up to seven adults. It has engineered the Lucid Gravity Grand Touring to deliver up to 450 miles of EPA-estimated range.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,354	808	595	608	27.1	–
Revenue growth	67.6%	35.7%	−2.1%	2,143.3%	581.9%	220.9%
EPS (basic, normalized)	−11.81	−10.40	−13.90	−15.10	−49.20	–
EPS growth	–	–	–	–	–	–
Gross margin	−92.8%	−114.3%	−225.2%	−170.7%	−471.3%	−214.9%
Net margin	−279.9%	−379.0%	−475.1%	−420.7%	−17,509.8%	−3,812.9%
ROE	−66.0%	−54.1%	−61.5%	−31.6%	−101.5%	−62.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	761
Current ratio	1.14x
Long-term debt (mil)	2,649
Net debt (mil)	5,506
Total equity (mil)	1,848
Net debt / equity	2.98x
Net debt / EBITDA	−1.98x

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	1,354	+67.6%	4.9x	−2,788	−14.5%	−2.4x	−11.81	−13.6%	−0.3x
2026	1,563	+15.5%	4.3x	−2,948	−5.7%	−2.3x	−10.23	+13.4%	−0.3x
2027	3,482	+122.8%	1.9x	−1,790	+39.3%	−3.7x	−6.15	+39.9%	−0.5x
2028	6,276	+80.2%	1.1x	−997	+44.3%	−6.7x	−4.16	+32.4%	−0.7x

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	1,563	−3.8%	−14.8%	−24.1%	−10.23	+0.5%	−4.8%	−9.4%
2027	3,482	+3.3%	−4.8%	−16.3%	−6.15	−4.5%	−6.7%	−9.7%
2028	6,276	−0.6%	−1.0%	+1.7%	−4.16	−3.6%	−11.0%	−11.1%

Earnings surprises

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)	173	201	200	234	235	259	337	523	282	405
Sales mean (mil)	157	192	198	214	249	280	379	468	440	416
Surprise	+10.0%	+4.4%	+1.0%	+9.5%	−5.6%	−7.3%	−11.2%	+11.7%	−35.9%	−2.6%
EPS reported	−3.00	−2.90	−2.80	−2.20	−2.00	−2.40	−2.65	−3.62	−3.46	−3.30
EPS mean	−2.49	−2.65	−3.03	−2.54	−2.29	−2.13	−2.25	−2.61	−2.65	−2.46
Surprise	−20.6%	−9.6%	+7.7%	+13.4%	+12.5%	−12.7%	−17.7%	−38.8%	−30.3%	−34.4%

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
LCID Lucid Group, Inc.	1.2B	−1.98x	−279.9%	0.64x	−0.3x	−0.5x	−2.3x	−3.7x
TSLA Tesla Inc	1.58T	−2.42x	4.0%	17.64x	237.4x	188.9x	108.5x	88.5x
GM General Motors Co	74.5B	4.15x	1.7%	1.19x	6.6x	6.0x	7.8x	7.2x
F Ford Motor Co	49.2B	8.83x	−4.4%	1.41x	6.5x	6.6x	11.5x	11.6x
RIVN Rivian Automotive, Inc.	19.4B	0.45x	−67.7%	3.42x	−5.9x	−7.8x	−10.1x	−19.0x
MGA Magna International Inc.	16.4B	0.92x	2.0%	1.41x	8.9x	8.0x	4.6x	4.6x
Mean		1.66x	−57.4%	4.29x	42.2x	33.5x	20.0x	14.8x
Median		0.68x	−1.3%	1.41x	6.5x	6.3x	6.2x	5.9x

Technical analysis

1M−26.9%
3M−60.8%
1Y−81.9%
3Y−93.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Lucid Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,354	808	595	608	27.1	4.0
Cost of revenue	2,610	1,731	1,936	1,646	155	3.1
Gross profit	−1,256	−923	−1,341	−1,038	−128	0.9
Selling, general & administrative expenses	1,034	901	797	735	652	89.0
Research & development	1,211	1,176	937	822	750	511
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−122	20.3	24.5	0	2.7	–
Other operating expenses	0	0	0	0	0	0
Operating income	−3,380	−3,021	−3,100	−2,594	−1,533	−599
Net interest income (expense)	685	335	179	26.2	−456	−118
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−5.0	−27.4	92.8	1,264	−591	−1.9
Net income before taxes	−2,700	−2,713	−2,827	−1,304	−2,580	−720
Provision for taxes	−2.3	1.2	1.0	0.4	0	−0.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−2,698	−2,714	−2,828	−1,304	−2,580	−719
Extraordinary items	–	–	–	–	–	–
Net income	−2,698	−2,714	−2,828	−1,304	−2,580	−719
EBIT, normalized	−3,502	−3,001	−3,060	−2,594	−1,530	−599
EBITDA, normalized	−3,051	−2,705	−2,826	−2,407	−1,468	−589
Basic EPS, normalized	−11.81	−10.40	−13.90	−15.10	−49.20	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Lucid Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,629	4,031	3,860	3,913	6,263	615
Receivables	190	112	51.8	19.5	3.1	0.3
Total inventory	1,110	408	696	834	127	1.0
Prepaid expenses	59.6	53.0	69.7	63.5	70.3	21.8
Other current assets	311	270	79.7	81.5	43.3	24.5
Total current assets	3,300	4,874	4,757	4,912	6,507	663
Property, plant & equipment	4,220	3,474	3,032	2,382	1,344	713
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	512	1,050	543	530	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	355	249	181	55.3	30.6	26.9
Total assets	8,387	9,648	8,513	7,879	7,882	1,403
Liabilities
Accounts payable	488	134	109	229	41.3	17.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	629	372	230	74.6	43.4	162
Short-term debt	0	126	72.5	9.6	15.3	1.0
Current portion of long-term debt	756	6.8	8.2	10.6	4.2	–
Other current liabilities	764	526	589	614	292	4.7
Total current liabilities	2,636	1,165	1,008	938	396	185
Long-term debt	2,151	2,078	2,075	2,073	1,993	2.0
Minority interest	–	–	–	–	–	–
Other liabilities	599	1,232	578	519	1,583	40.1
Total liabilities	5,386	4,475	3,661	3,530	3,972	227
Shareholders' equity
Preferred stock	−16.2	−639	–	0	0	−1,004
Common stock	0	0.3	0.2	0.2	0.2	0
Additional paid-in capital	16,337	16,808	15,066	11,752	9,996	38.1
Retained earnings (accumulated deficit)	−15,611	−12,913	−10,199	−7,370	−6,066	−1,357
Treasury stock	−20.7	−20.7	−20.7	−20.7	−20.7	–
Other equity	2,311	1,937	4.9	−11.6	0	3,498
Total equity	3,001	5,173	4,852	4,350	3,909	1,175
Total liabilities & shareholders' equity	8,387	9,648	8,513	7,879	7,882	1,403

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Lucid Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−2,698	−2,714	−2,828	−1,304	−2,580	−719
Depreciation, depletion & amortization	451	295	234	187	62.9	10.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	401	723	1,065	−216	1,641	124
Changes in working capital	−1,086	−324	−960	−892	−183	14.6
Cash from operations	−2,932	−2,020	−2,490	−2,226	−1,058	−570
Investing activities
Capital expenditures	−868	−884	−911	−1,075	−421	−460
Other investing cash flows	2,347	−411	−36.3	−2,607	0.5	0
Cash from investing	1,478	−1,294	−947	−3,682	−421	−460
Financing activities
Financing cash flow items	−29.9	0	6.2	−169	4,362	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	917	3,550	3,065	1,516	2,774	1,291
Cash from financing	887	3,550	3,071	1,347	7,136	1,291
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−566	236	−366	−4,561	5,658	261
Free cash flow	−3,800	−2,904	−3,400	−3,301	−1,479	−1,030

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.