Li Auto Inc. Financials
Li Auto Inc. (LI) 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 dominant mechanic shifted from profitable, cash-generative expansion to earnings without cash as demand and margins weakened in FY2025.
In FY2025, net income stayed positive at$162.9M while operating cash flow turned to-$1.23B ; reported profit therefore no longer translated into cash. With free cash flow at-$1.83B despite capital expenditures of$601M , the shortfall was not chiefly a heavier investment program but an operating cash-conversion problem.
Revenue fell
Despite the cash-flow reversal, the balance sheet remained lightly debt-funded: debt-to-equity was 0.05x and the current ratio was 1.8x in FY2025. The reported liquidity comparison equaled 80.2 months of the latest annual operating outflow, so period-end financing was more liquid than leveraged even as cash conversion deteriorated.
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Li Auto Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Li Auto Inc. has an operating margin of -0.5%, meaning the company loses less than $1 on every $100 of revenue. This results in a profitability score of 32/100. This is down from 4.9% the prior year.
Li Auto Inc.'s revenue declined 18.8% year-over-year, from $19.8B to $16.1B. This contraction results in a growth score of 20/100.
Li Auto Inc. carries a low D/E ratio of 0.05, meaning only $0.05 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Li Auto Inc.'s current ratio of 1.81 indicates adequate short-term liquidity, earning a score of 52/100. The company can meet its near-term obligations, though with limited headroom.
Li Auto Inc.'s operations used $1.2B of cash, and capex of $601.4M added to the outflow, for a free cash flow shortfall of $1.8B. This results in a cash flow score of 40/100.
Li Auto Inc.'s ROE of 1.6% shows moderate profitability relative to equity, earning a score of 37/100. This is down from 11.3% the prior year.
Li Auto Inc. scores 1.83, 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.
LI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 | Q3'22 | Q4'21 | Q4'20 |
|---|---|---|---|---|---|---|---|
| EPS (Diluted) | N/A | N/A | N/A | $0.01 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, Net Income.
LI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 | Q3'22 | Q4'21 | Q4'20 |
|---|---|---|---|---|---|---|---|
| Total Assets | $22.1B-0.8% | $22.2B+10.1% | $20.2B+61.1% | $12.5B+12.6% | $11.1B+14.8% | $9.7B+74.1% | $5.6B |
| Current Assets | $16.5B-4.7% | $17.3B+7.3% | $16.1B+66.1% | $9.7B+11.3% | $8.7B+6.2% | $8.2B+70.9% | $4.8B |
| Cash & Equivalents | $8.1B-10.2% | $9.0B-29.8% | $12.9B+130.6% | $5.6B+5.9% | $5.3B+20.5% | $4.4B+219.1% | $1.4B |
| Inventory | $1.3B+11.6% | $1.1B+15.9% | $967.9M-1.9% | $986.6M+27.2% | $775.4M+205.4% | $253.9M+58.1% | $160.6M |
| Accounts Receivable | $17.1M-7.4% | $18.5M-8.4% | $20.2M+188.2% | $7.0M+53.2% | $4.6M-75.8% | $18.9M+6.8% | $17.7M |
| Goodwill | $784K+4.4% | $751K-2.7% | $772K-2.9% | $795K | N/A | N/A | N/A |
| Total Liabilities | $11.6B-6.9% | $12.5B+6.8% | $11.7B+94.7% | $6.0B+21.6% | $4.9B+51.2% | $3.3B+223.9% | $1.0B |
| Current Liabilities | $9.1B-4.2% | $9.5B-7.4% | $10.2B+158.2% | $4.0B+28.9% | $3.1B+62.0% | $1.9B+187.7% | $660.4M |
| Long-Term Debt | $471.8M-57.8% | $1.1B+353.8% | $246.1M-81.6% | $1.3B+6.2% | $1.3B+34.7% | $935.4M+1092.9% | $78.4M |
| Total Equity | $10.4B+6.9% | $9.7B+14.6% | $8.5B+30.2% | $6.5B+5.5% | $6.2B-4.3% | $6.4B+41.1% | $4.6B |
| Retained Earnings | $1.6B+14.8% | $1.4B+304.7% | $343.9M+126.9% | -$1.3B-0.2% | -$1.3B-19.5% | -$1.1B-7.5% | -$993.4M |
LI 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 | Q4'25 | Q4'24 | Q4'23 | Q4'22 | Q3'22 | Q4'21 | Q4'20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | N/A | N/A | $724.9M | N/A | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A | $257.1M | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | $467.8M | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | -$765.5M | N/A | N/A | N/A |
| Financing Cash Flow | N/A | N/A | N/A | $60.1M | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
LI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 | Q3'22 | Q4'21 | Q4'20 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.810.0x | 1.82+0.3x | 1.57-0.9x | 2.45-0.4x | 2.83-1.5x | 4.33-3.0x | 7.28 |
| Debt-to-Equity | 0.05-0.1x | 0.12+0.1x | 0.03-0.2x | 0.210.0x | 0.20+0.1x | 0.15+0.1x | 0.02 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, FCF Margin.
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Where Li Auto Inc. Ranks
Frequently Asked Questions
What is Li Auto Inc.'s annual revenue?
Li Auto Inc. (LI) 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. (LI) 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. (LI) 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. (LI) 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. (LI) 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. (LI) 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. (LI) 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. (LI) 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. (LI) 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. (LI) 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. (LI) 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. (LI) 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. (LI) 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. (LI) invested $1.6B in research and development during fiscal year 2025.
What is Li Auto Inc.'s current ratio?
Li Auto Inc. (LI) 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. (LI) 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. (LI) had a return on assets of 0.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Li Auto Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Li Auto Inc. (LI) held $8.2B in cash, cash equivalents and investments, and reported an operating cash outflow of $1.2B over that year. Dividing the one by the other, the reported balance equals about 80 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Li Auto Inc.'s Altman Z-Score?
Li Auto Inc. (LI) has an Altman Z-Score of 1.83, 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. (LI) 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. (LI) 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. (LI) 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.
How financially healthy is Li Auto Inc.?
Li Auto Inc. (LI) scores 47 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.