LI AUTO INC Financials
LI AUTO INC (LAAOF) reported $16.1B in revenue for fiscal year 2025, down 18.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Li Auto’s FY2025 reveals a cash-conversion break: a business that stayed profitable on paper became cash-consuming in operations as demand and margin softened.
The sharpest shift is that earnings and cash stopped agreeing: FY2025 still showed$163M of net income, yet operating cash flow was-$1.23B . That is a major reversal from FY2023’s$6.2B of free cash flow, and with gross margin slipping to18.7% while inventory kept rising, the strain looks more like working-capital absorption plus weaker unit economics than a funding problem.
The balance sheet is still cash-heavy and lightly levered: cash ended FY2025 at
Li Auto’s cost base now looks less elastic than revenue: sales fell to
Financial Health Signals
LI AUTO INC does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
LI AUTO INC scores 1.82, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
LI AUTO INC passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, LI AUTO INC used $7.56 of operating cash (-$1.2B OCF vs $162.9M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
LI AUTO INC reported an operating loss of $74.5M against $24.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
LI AUTO INC generated $16.1B in revenue in fiscal year 2025. This represents a decrease of 18.8% from the prior year.
LI AUTO INC's EBITDA was $588.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 57.4% from the prior year.
LI AUTO INC reported $162.9M in net income in fiscal year 2025. This represents a decrease of 85.2% from the prior year.
LI AUTO INC earned $0.08 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 84.6% from the prior year.
Cash & Balance Sheet
LI AUTO INC recorded an outflow of $1.8B in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 263.1% from the prior year.
LI AUTO INC held $8.1B in cash against $471.8M in long-term debt as of fiscal year 2025, with $9.1B of liabilities due within a year.
Not reported for fiscal year 2025.
Margins & Returns
LI AUTO INC's gross margin was 18.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.9 percentage points from the prior year.
LI AUTO INC's operating margin was -0.5% in fiscal year 2025, reflecting core business profitability. This is down 5.3 percentage points from the prior year.
LI AUTO INC's net profit margin was 1.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.6 percentage points from the prior year.
LI AUTO INC's ROE was 1.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 9.8 percentage points from the prior year.
Capital Allocation
LI AUTO INC invested $1.6B in research and development in fiscal year 2025. This represents an increase of 6.7% from the prior year.
LI AUTO INC invested $601.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 43.2% from the prior year.
Not reported for fiscal year 2025.
LAAOF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Revenue | $16.1B-18.8% | $19.8B+13.5% | $17.4B+165.7% | $6.6B+54.9% | $4.2B+192.4% | $1.4B |
| Cost of Revenue | $13.1B-17.0% | $15.7B+15.9% | $13.6B+156.5% | $5.3B+58.7% | $3.3B+175.1% | $1.2B |
| Gross Profit | $3.0B-26.1% | $4.1B+4.9% | $3.9B+203.9% | $1.3B+41.0% | $904.1M+280.8% | $237.4M |
| R&D Expenses | $1.6B+6.7% | $1.5B+1.7% | $1.5B+51.7% | $983.0M+90.6% | $515.7M+205.9% | $168.6M |
| SG&A Expenses | $1.5B-9.0% | $1.7B+21.8% | $1.4B+67.5% | $821.4M+49.9% | $548.0M+219.6% | $171.5M |
| Operating Income | -$74.5M-107.7% | $961.6M-7.8% | $1.0B+296.9% | -$529.9M-231.9% | -$159.6M-55.6% | -$102.6M |
| Interest Expense | $24.0M-6.6% | $25.7M+111.7% | $12.1M-21.2% | $15.4M+55.4% | $9.9M-3.2% | $10.3M |
| Income Tax | $22.6M-87.0% | $174.0M+191.0% | -$191.2M-938.2% | -$18.4M-169.6% | $26.5M+855.9% | -$3.5M |
| Net Income | $162.9M-85.2% | $1.1B-33.7% | $1.7B+664.5% | -$294.7M-484.2% | -$50.4M-117.0% | -$23.2M |
| EPS (Diluted) | $0.08-84.6% | $0.52-33.3% | $0.78+620.0% | -$0.15-400.0% | -$0.03 | N/A |
LAAOF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $22.1B-0.8% | $22.2B+10.1% | $20.2B+61.1% | $12.5B+29.3% | $9.7B+74.1% | $5.6B |
| Current Assets | $16.5B-4.7% | $17.3B+7.3% | $16.1B+66.1% | $9.7B+18.2% | $8.2B+70.9% | $4.8B |
| Cash & Equivalents | $8.1B-10.2% | $9.0B-29.8% | $12.9B+130.6% | $5.6B+27.6% | $4.4B+219.1% | $1.4B |
| Inventory | $1.3B+11.6% | $1.1B+15.9% | $967.9M-1.9% | $986.6M+288.6% | $253.9M+58.1% | $160.6M |
| Accounts Receivable | $17.1M-7.4% | $18.5M-8.4% | $20.2M+188.2% | $7.0M-62.9% | $18.9M+6.8% | $17.7M |
| Goodwill | $784K+4.4% | $751K-2.7% | $772K-2.9% | $795K | N/A | N/A |
| Total Liabilities | $11.6B-6.9% | $12.5B+6.8% | $11.7B+94.7% | $6.0B+83.8% | $3.3B+223.9% | $1.0B |
| Current Liabilities | $9.1B-4.2% | $9.5B-7.4% | $10.2B+158.2% | $4.0B+108.9% | $1.9B+187.7% | $660.4M |
| Long-Term Debt | $471.8M-57.8% | $1.1B+353.8% | $246.1M-81.6% | $1.3B+43.1% | $935.4M+1092.9% | $78.4M |
| Total Equity | $10.4B+6.9% | $9.7B+14.6% | $8.5B+30.2% | $6.5B+0.9% | $6.4B+41.1% | $4.6B |
| Retained Earnings | $1.6B+14.8% | $1.4B+304.7% | $343.9M+126.9% | -$1.3B-19.7% | -$1.1B-7.5% | -$993.4M |
LAAOF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.2B-156.4% | $2.2B-69.4% | $7.1B+567.3% | $1.1B-18.2% | $1.3B+172.0% | $481.2M |
| Capital Expenditures | $601.4M-43.2% | $1.1B+15.5% | $916.5M+23.3% | $743.5M+37.5% | $540.5M+422.4% | $103.5M |
| Free Cash Flow | -$1.8B-263.1% | $1.1B-81.9% | $6.2B+1805.8% | $326.6M-57.5% | $768.3M+103.4% | $377.7M |
| Investing Cash Flow | -$100.5M+98.2% | -$5.6B-331415.8% | -$1.7M+99.7% | -$632.8M+5.3% | -$668.1M+76.7% | -$2.9B |
| Financing Cash Flow | $109.7M+292.7% | -$56.9M-318.1% | $26.1M-96.8% | $817.6M-68.8% | $2.6B-30.8% | $3.8B |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
LAAOF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 18.7%-1.9pp | 20.5%-1.7pp | 22.2%+2.8pp | 19.4%-1.9pp | 21.3%+4.9pp | 16.4% |
| Operating Margin | -0.5%-5.3pp | 4.9%-1.1pp | 6.0%+14.0pp | -8.1%-4.3pp | -3.8%+3.3pp | -7.1% |
| Net Margin | 1.0%-4.6pp | 5.6%-4.0pp | 9.5%+14.0pp | -4.5%-3.3pp | -1.2%+0.4pp | -1.6% |
| Return on Equity | 1.6%-9.8pp | 11.3%-8.3pp | 19.6%+24.2pp | -4.5%-3.8pp | -0.8%-0.3pp | -0.5% |
| Return on Assets | 0.7%-4.2pp | 5.0%-3.3pp | 8.2%+10.6pp | -2.4%-1.8pp | -0.5%-0.1pp | -0.4% |
| Current Ratio | 1.810.0x | 1.82+0.3x | 1.57-0.9x | 2.45-1.9x | 4.33-3.0x | 7.28 |
| Debt-to-Equity | 0.05-0.1x | 0.12+0.1x | 0.03-0.2x | 0.21+0.1x | 0.15+0.1x | 0.02 |
| FCF Margin | -11.4%-17.1pp | 5.7%-30.0pp | 35.7%+30.7pp | 5.0%-13.2pp | 18.1%-7.9pp | 26.1% |
Where LI AUTO INC Ranks
Frequently Asked Questions
What is LI AUTO INC's annual revenue?
LI AUTO INC (LAAOF) reported $16.1B in total revenue for fiscal year 2025. This represents a -18.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is LI AUTO INC's revenue growing?
LI AUTO INC (LAAOF) revenue declined by 18.8% year-over-year, from $19.8B to $16.1B in fiscal year 2025.
Is LI AUTO INC profitable?
Yes, LI AUTO INC (LAAOF) reported a net income of $162.9M in fiscal year 2025, with a net profit margin of 1.0%.
What is LI AUTO INC's EBITDA?
LI AUTO INC (LAAOF) had EBITDA of $588.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does LI AUTO INC have?
As of fiscal year 2025, LI AUTO INC (LAAOF) had $8.1B in cash and equivalents against $471.8M in long-term debt.
What is LI AUTO INC's gross margin?
LI AUTO INC (LAAOF) had a gross margin of 18.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is LI AUTO INC's operating margin?
LI AUTO INC (LAAOF) had an operating margin of -0.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is LI AUTO INC's net profit margin?
LI AUTO INC (LAAOF) had a net profit margin of 1.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is LI AUTO INC's return on equity (ROE)?
LI AUTO INC (LAAOF) has a return on equity of 1.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is LI AUTO INC's free cash flow?
LI AUTO INC (LAAOF) recorded an outflow of $1.8B in free cash flow during fiscal year 2025. This represents a -263.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is LI AUTO INC's operating cash flow?
LI AUTO INC (LAAOF) recorded an outflow of $1.2B in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are LI AUTO INC's total assets?
LI AUTO INC (LAAOF) had $22.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are LI AUTO INC's capital expenditures?
LI AUTO INC (LAAOF) invested $601.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does LI AUTO INC spend on research and development?
LI AUTO INC (LAAOF) invested $1.6B in research and development during fiscal year 2025.
What is LI AUTO INC's current ratio?
LI AUTO INC (LAAOF) had a current ratio of 1.81 as of fiscal year 2025, which is generally considered healthy.
What is LI AUTO INC's debt-to-equity ratio?
LI AUTO INC (LAAOF) had a debt-to-equity ratio of 0.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is LI AUTO INC's return on assets (ROA)?
LI AUTO INC (LAAOF) had a return on assets of 0.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is LI AUTO INC's cash runway?
Based on fiscal year 2025 data, LI AUTO INC (LAAOF) had $8.1B in cash against an annual operating cash burn of $1.2B. This gives an estimated cash runway of approximately 79 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is LI AUTO INC's Altman Z-Score?
LI AUTO INC (LAAOF) has an Altman Z-Score of 1.82, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is LI AUTO INC's Piotroski F-Score?
LI AUTO INC (LAAOF) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are LI AUTO INC's earnings high quality?
For every $1 of reported earnings, LI AUTO INC (LAAOF) used $7.56 of operating cash (-$1.2B OCF vs $162.9M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can LI AUTO INC cover its interest payments?
LI AUTO INC (LAAOF) reported an operating loss of $74.5M against $24.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.