NASDAQ : LI
Li Auto Inc. — Financial statements
Consumer Discretionary · Auto Manufacturers · China
Last price 11.14 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 10.93B
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Financial statements
Li Auto Inc. (LI) reported revenue of 104.79B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 104.79B | 112.31B | 144.46B | 123.85B | 45.29B | 27.01B |
| Cost of Revenue | 90.55B | 91.33B | 114.80B | 96.35B | 36.50B | 21.25B |
| Gross Profit | 14.24B | 20.99B | 29.66B | 27.50B | 8.79B | 5.76B |
| Selling, General & Admin | 9.74B | 10.66B | 12.23B | 9.77B | 5.67B | 3.55B |
| Research & Development | 11.49B | 11.31B | 11.07B | 10.59B | 6.78B | 3.23B |
| Other Operating Expenses | -236.56M | -559.76M | -635.54M | -133.23M | -55.88M | |
| Operating Expenses | 21.00B | 21.42B | 22.67B | 20.22B | 12.39B | 6.78B |
| Operating Income | -6.75B | -434.99M | 6.99B | 7.28B | -3.60B | -1.02B |
| Interest Expense | -226.99M | -168.08M | -187.75M | -86.25M | -106.34M | -63.24M |
| Interest & Investment Income | 1.76B | 1.92B | 1.82B | 2.08B | 976.23M | 740.43M |
| Other Non Operating Income (Expenses) | 74.88M | 67.45M | 664.30M | 1.05B | 625.63M | 187.32M |
| EBT Excluding Unusual Items | -5.15B | 1.38B | 9.29B | 10.32B | -2.10B | -152.81M |
| Gain (Loss) on Sale of Assets | -167.67M | -86.13M | 28.11M | 130.98M | -55.88M | |
| Pretax Income | -5.32B | 1.30B | 9.32B | 10.45B | -2.16B | -152.81M |
| Income Tax Expense | -730.88M | 157.71M | 1.27B | -1.36B | -127.01M | 168.64M |
| Earnings From Continuing Operations | -4.59B | 1.14B | 8.05B | 11.81B | -2.03B | -321.45M |
| Net Income to Company | -4.59B | 1.14B | 8.05B | 11.81B | -2.03B | -321.45M |
| Minority Interest in Earnings | -26.73M | -14.99M | -12.90M | -104.99M | 20.13M | |
| Net Income | -4.61B | 1.12B | 8.03B | 11.70B | -2.01B | -321.45M |
| Net Income to Common | -4.61B | 1.12B | 8.03B | 11.70B | -2.01B | -321.45M |
| Shares Outstanding (Basic) | 1.01B | 1.01B | 996.60M | 983.93M | 970.62M | 926.66M |
| Shares Outstanding (Diluted) | 1.01B | 1.07B | 1.06B | 1.06B | 970.62M | 926.66M |
| EPS (Basic) | -4.57 | 1.12 | 8.06 | 11.90 | -2.07 | -0.35 |
| EPS (Diluted) | -4.57 | 1.08 | 7.58 | 11.10 | -2.08 | -0.35 |
| Free Cash Flow | -15.13B | -12.82B | 8.20B | 44.19B | 2.25B | 4.90B |
| Free Cash Flow Per Share | -14.98 | -11.96 | 7.71 | 41.78 | 2.32 | 5.28 |
| Gross Margin | 13.59% | 18.68% | 20.53% | 22.20% | 19.41% | 21.33% |
| Operating Margin | -6.44% | -0.39% | 4.84% | 5.88% | -7.95% | -3.77% |
| Profit Margin | -4.40% | 1.00% | 5.56% | 9.45% | -4.44% | -1.19% |
| Free Cash Flow Margin | -14.44% | -11.41% | 5.68% | 35.68% | 4.97% | 18.13% |
| EBITDA | -1.12B | 4.20B | 10.05B | 9.08B | -2.39B | -426.92M |
| EBITDA Margin | -1.07% | 3.74% | 6.96% | 7.33% | -5.27% | -1.58% |
| D&A For EBITDA | 5.63B | 4.64B | 3.06B | 1.81B | 1.21B | 590.40M |
| EBIT | -6.75B | -434.99M | 6.99B | 7.28B | -3.60B | -1.02B |
| EBIT Margin | -6.44% | -0.39% | 4.84% | 5.88% | -7.95% | -3.77% |
| Effective Tax Rate | 12.16% | 13.64% | ||||
| Revenue as Reported | 104.79B | 112.31B | 144.46B | 123.85B | 45.29B | 27.01B |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 40.12B | 56.69B | 65.90B | 91.33B | 38.48B | 27.85B |
| Short-Term Investments | 45.47B | 44.33B | 46.90B | 11.93B | 18.03B | 19.67B |
| Cash & Short-Term Investments | 85.59B | 101.02B | 112.81B | 103.26B | 56.51B | 47.52B |
| Accounts Receivable | 206.59M | 119.82M | 135.11M | 143.52M | 48.38M | 120.54M |
| Receivables | 206.59M | 119.82M | 135.11M | 143.52M | 48.38M | 120.54M |
| Inventory | 8.33B | 8.75B | 8.19B | 6.87B | 6.80B | 1.62B |
| Restricted Cash | 14.78M | 216.31M | 6.85M | 479.00K | 1.94B | 2.64B |
| Other Current Assets | 4.32B | 5.17B | 5.18B | 4.25B | 1.69B | 480.68M |
| Total Current Assets | 98.47B | 115.29B | 126.31B | 114.53B | 66.99B | 52.38B |
| Property, Plant & Equipment | 30.78B | 31.87B | 29.46B | 21.68B | 14.73B | 6.56B |
| Long-Term Investments | 2.98B | 848.67M | 922.90M | 1.60B | 1.48B | 156.31M |
| Goodwill | 5.48M | 5.48M | 5.48M | 5.48M | 5.48M | |
| Other Intangible Assets | 1.17B | 1.19B | 914.95M | 864.18M | 832.62M | 751.46M |
| Long-Term Deferred Tax Assets | 3.76B | 3.33B | 2.54B | 1.99B | 74.77M | 19.90M |
| Other Long-Term Assets | 3.52B | 1.76B | 2.19B | 2.80B | 2.42B | 1.98B |
| Total Assets | 140.68B | 154.30B | 162.35B | 143.47B | 86.54B | 61.85B |
| Accounts Payable | 39.21B | 40.58B | 53.60B | 51.87B | 20.03B | 9.38B |
| Accrued Expenses | 4.47B | 4.64B | 5.25B | 5.39B | 2.22B | 752.87M |
| Short-Term Debt | 688.23M | |||||
| Current Portion of Long-Term Debt | 286.20M | 6.22B | 281.10M | 6.29B | 390.75M | 37.04M |
| Current Portion of Leases | 1.57B | 1.69B | 1.53B | 1.15B | 696.45M | 473.25M |
| Current Income Taxes Payable | 682.64M | 1.65B | 2.43B | 1.66B | 445.85M | 277.23M |
| Current Unearned Revenue | 1.21B | 1.62B | 1.40B | 1.53B | 569.23M | 305.09M |
| Other Current Liabilities | 7.05B | 7.15B | 4.73B | 4.18B | 3.02B | 879.62M |
| Total Current Liabilities | 54.48B | 63.55B | 69.22B | 72.74B | 27.37B | 12.11B |
| Long-Term Debt | 6.86B | 3.30B | 8.15B | 1.75B | 9.23B | 5.96B |
| Long-Term Leases | 5.97B | 6.61B | 6.38B | 3.68B | 1.95B | 1.37B |
| Long-Term Unearned Revenue | 689.87M | 1.06B | 1.17B | 1.24B | 1.01B | 389.65M |
| Long-Term Deferred Tax Liabilities | 548.42M | 691.65M | 865.00M | 200.88M | 77.81M | 153.72M |
| Other Long-Term Liabilities | 6.17B | 5.95B | 5.25B | 3.28B | 1.71B | 802.26M |
| Total Liabilities | 74.72B | 81.16B | 91.03B | 82.89B | 41.35B | 20.78B |
| Common Stock | 1.48M | 1.46M | 1.45M | 1.45M | 1.42M | 1.41M |
| Additional Paid-In Capital | 61.78B | 61.40B | 60.13B | 57.48B | 53.87B | 49.39B |
| Retained Earnings | 8.05B | 12.04B | 10.92B | 2.89B | -8.82B | -6.81B |
| Treasury Stock | -3.14B | -73.00K | -74.00K | -90.00K | -84.00K | -89.00K |
| Comprehensive Income & Other | -1.26B | -825.18M | -171.75M | -224.88M | -194.11M | -1.52B |
| Total Common Equity | 65.43B | 72.62B | 70.87B | 60.14B | 44.86B | 41.06B |
| Minority Interest | 532.91M | 520.49M | 445.50M | 432.60M | 327.61M | |
| Shareholders' Equity | 65.96B | 73.14B | 71.32B | 60.58B | 45.19B | 41.06B |
| Total Liabilities & Equity | 140.68B | 154.30B | 162.35B | 143.47B | 86.54B | 61.85B |
| Total Debt | 14.69B | 17.81B | 16.34B | 13.55B | 12.26B | 7.84B |
| Net Cash (Debt) | 70.90B | 83.21B | 96.46B | 89.72B | 44.25B | 39.68B |
| Net Cash Per Share | 70.18 | 77.67 | 90.60 | 84.82 | 45.58 | 42.82 |
| Filing Date Shares Outstanding | 986.98M | 1.01B | 1.00B | 992.83M | 977.18M | 964.78M |
| Total Common Shares Outstanding | 986.98M | 1.01B | 1.00B | 992.83M | 977.18M | 964.78M |
| Working Capital | 43.99B | 51.74B | 57.09B | 41.78B | 39.62B | 40.27B |
| Book Value Per Share | 66.29 | 71.63 | 70.60 | 60.58 | 45.91 | 42.56 |
| Tangible Book Value | 64.26B | 71.42B | 69.95B | 59.27B | 44.02B | 40.31B |
| Tangible Book Value Per Share | 65.11 | 70.45 | 69.69 | 59.70 | 45.05 | 41.78 |
| Buildings | 6.71B | 6.43B | 4.75B | 2.73B | 2.36B | 706.29M |
| Machinery | 24.98B | 22.29B | 16.61B | 10.13B | 7.19B | 2.23B |
| Construction In Progress | 346.50M | 921.62M | 3.29B | 4.58B | 2.75B | 1.94B |
| Leasehold Improvements | 3.29B | 3.39B | 2.80B | 2.00B | 1.07B | 660.90M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -4.61B | 1.12B | 8.03B | 11.70B | -2.01B | -321.45M |
| Depreciation & Amortization | 5.63B | 4.64B | 3.06B | 1.81B | 1.21B | 590.40M |
| Loss (Gain) From Sale of Assets | 167.67M | 86.13M | -28.11M | -130.98M | 55.88M | 19.84M |
| Asset Writedown & Restructuring Costs | 27.39M | |||||
| Loss (Gain) From Sale of Investments | 13.80M | |||||
| Loss (Gain) on Equity Investments | 325.00K | 1.35M | 4.27M | 9.53M | 10.45M | 83.00K |
| Stock-Based Compensation | 893.68M | 1.26B | 2.63B | 2.38B | 2.05B | 1.10B |
| Provision & Write-off of Bad Debts | 2.14M | 1.92M | 1.26M | -1.08M | 2.91M | 6.42M |
| Other Operating Activities | -626.62M | -592.10M | 164.59M | -1.68B | 1.02B | 337.89M |
| Change in Accounts Receivable | -122.28M | 14.10M | 8.20M | -95.10M | 72.21M | -5.46M |
| Change in Inventory | 1.72B | -2.58B | -3.10B | -1.25B | -5.92B | -611.56M |
| Change in Accounts Payable | -11.18B | -13.02B | 2.21B | 31.85B | 10.59B | 6.16B |
| Change in Unearned Revenue | -193.68M | 129.14M | -220.74M | 1.19B | 5.02M | 287.58M |
| Change in Other Net Operating Assets | -1.64B | 326.72M | 3.17B | 4.92B | 284.78M | 732.10M |
| Operating Cash Flow | -9.95B | -8.61B | 15.93B | 50.69B | 7.38B | 8.34B |
| Capital Expenditures | -5.18B | -4.21B | -7.73B | -6.51B | -5.13B | -3.44B |
| Sale of Property, Plant & Equipment | 1.55B | 1.30B | 970.22M | 284.00M | 4.53M | 38.00K |
| Cash Acquisitions | 2.09M | -630.70M | ||||
| Investment in Securities | 8.86B | 2.20B | -34.38B | 6.21B | 756.62M | -182.01M |
| Investing Cash Flow | 5.22B | -703.12M | -41.14B | -12.07M | -4.36B | -4.26B |
| Long-Term Debt Issued | 1.64B | 565.88M | 1.75B | 3.74B | 6.13B | |
| Total Debt Issued | 4.33B | 1.64B | 565.88M | 1.75B | 3.74B | 6.13B |
| Long-Term Debt Repaid | -943.51M | -996.19M | -2.75B | -661.12M | -429.69M | |
| Total Debt Repaid | -5.84B | -943.51M | -996.19M | -2.75B | -661.12M | -429.69M |
| Net Debt Issued (Repaid) | -1.51B | 692.74M | -430.31M | -1.00B | 3.08B | 5.70B |
| Issuance of Common Stock | 15.31M | 14.66M | 14.66M | 1.19B | 2.47B | 11.01B |
| Other Financing Activities | 60.00M | 90.00M | ||||
| Financing Cash Flow | -4.37B | 767.40M | -415.65M | 185.38M | 5.64B | 16.71B |
| Foreign Exchange Rate Adjustments | -561.09M | -452.77M | 198.12M | 44.51M | 1.27B | -472.13M |
| Net Cash Flow | -9.66B | -9.00B | -25.42B | 50.91B | 9.93B | 20.32B |
| Free Cash Flow | -15.13B | -12.82B | 8.20B | 44.19B | 2.25B | 4.90B |
| Free Cash Flow Margin | -14.44% | -11.41% | 5.68% | 35.68% | 4.97% | 18.13% |
| Free Cash Flow Per Share | -14.98 | -11.96 | 7.71 | 41.78 | 2.32 | 5.28 |
| Levered Free Cash Flow | -9.75B | -11.21B | 2.75B | 39.73B | 4.89B | 2.96B |
| Unlevered Free Cash Flow | -9.61B | -11.11B | 2.87B | 39.78B | 4.95B | 3.00B |
| Cash Interest Paid | 163.64M | 142.47M | 96.67M | 41.47M | 87.94M | |
| Cash Income Tax Paid | 1.10B | 1.46B | 645.53M | 58.65M | 1.33M | |
| Change in Working Capital | -11.41B | -15.13B | 2.07B | 36.61B | 5.04B | 6.56B |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 10.96B | 17.09B | 23.93B | 37.51B | 19.91B | 32.62B |
| Enterprise Value | 527.00M | 5.81B | 11.04B | 27.15B | 14.32B | 26.60B |
| Last Close Price | 11.18 | 16.93 | 23.99 | 37.43 | 20.40 | 32.10 |
| PE Ratio | 106.29 | 21.75 | 22.73 | |||
| Forward PE | 79.36 | 59.27 | 20.52 | 19.12 | 81.08 | |
| PS Ratio | 0.71 | 1.06 | 1.21 | 2.15 | 3.03 | 7.67 |
| PB Ratio | 1.15 | 1.63 | 2.45 | 4.39 | 3.04 | 5.05 |
| P/TBV Ratio | 1.16 | 1.67 | 2.50 | 4.49 | 3.12 | 5.14 |
| P/FCF Ratio | 21.29 | 6.02 | 60.95 | 42.33 | ||
| P/OCF Ratio | 10.96 | 5.25 | 18.60 | 24.84 | ||
| PEG Ratio | 38.26 | 3.48 | 0.03 | 0.81 | ||
| EV/Sales Ratio | 0.03 | 0.36 | 0.56 | 1.55 | 2.18 | 6.26 |
| EV/EBITDA Ratio | 9.68 | 8.02 | 21.20 | |||
| EV/EBIT Ratio | 11.53 | 26.46 | ||||
| EV/FCF Ratio | 9.82 | 4.36 | 43.85 | 34.52 | ||
| Debt / Equity Ratio | 0.22 | 0.24 | 0.23 | 0.22 | 0.27 | 0.19 |
| Debt / EBITDA Ratio | 15.34 | 2.83 | 1.38 | 1.32 | ||
| Debt / FCF Ratio | 1.99 | 0.31 | 5.45 | 1.60 | ||
| Net Debt / Equity Ratio | -1.07 | -1.14 | -1.35 | -1.48 | -0.98 | -0.97 |
| Net Debt / EBITDA Ratio | 63.31 | -19.81 | -9.60 | -9.88 | 18.55 | 92.95 |
| Net Debt / FCF Ratio | 4.68 | 6.49 | -11.76 | -2.03 | -19.64 | -8.11 |
| Asset Turnover | 0.69 | 0.71 | 0.94 | 1.08 | 0.61 | 0.55 |
| Inventory Turnover | 9.03 | 10.78 | 15.25 | 14.09 | 8.67 | 15.94 |
| Quick Ratio | 1.57 | 1.59 | 1.63 | 1.42 | 2.07 | 3.94 |
| Current Ratio | 1.81 | 1.81 | 1.82 | 1.57 | 2.45 | 4.33 |
| Return on Equity (ROE) | -6.57% | 1.58% | 12.20% | 22.33% | -4.71% | -0.91% |
| Return on Assets (ROA) | -2.79% | -0.17% | 2.86% | 3.95% | -3.03% | -1.29% |
| Return on Capital Employed (ROCE) | -7.80% | -0.50% | 7.50% | 10.30% | -6.10% | -2.00% |
| Earnings Yield | -6.01% | 0.94% | 4.60% | 4.40% | -1.47% | -0.15% |
| FCF Yield | -20.72% | -10.72% | 4.70% | 16.61% | 1.64% | 2.36% |
| Buyback Yield / Dilution | 5.37% | -0.63% | -0.66% | -8.97% | -4.74% | -113.02% |