Nio Inc. (NIO) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-K for FY2025, filed Apr 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NIO SEC filings page.
Nio Inc. (NIO) reported $12.5B in revenue for fiscal year 2025, up 38.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 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).
NIO's 2025 recovery rests on gross-margin improvement and cash-flow conversion, while a thin equity base keeps financing central to operations.
Cash conversion improved faster than accounting profitability: FY2025 operating cash flow turned positive at$428M even as net income remained negative at-$2.1B . Depreciation and amortization of$1.0B helped bridge that gap, but capital expenditures of$867M still left free cash flow negative at-$439M , so the improvement reflects cash timing and non-cash charges more than self-funded earnings.
The margin structure recovered from FY2023: gross margin reached
The balance sheet became more dependent on liabilities as equity fell to
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 Nio 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.
Nio Inc. has an operating margin of -16.1%, meaning the company loses $16 on every $100 of revenue. This results in a profitability score of 25/100. This is up from -33.3% the prior year.
Nio Inc.'s revenue surged 38.9% year-over-year to $12.5B, reflecting rapid business expansion. This strong growth earns a score of 88/100.
Nio Inc. has a moderate D/E ratio of 2.07. This balance of debt and equity financing earns a leverage score of 31/100.
Nio Inc.'s current ratio of 0.98 is below the typical benchmark, resulting in a score of 17/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Nio Inc. generated $427.9M in operating cash flow, capex of $867.3M consumed most of it, leaving -$439.4M in free cash flow. This results in a low score of 9/100, reflecting heavy capital investment rather than weak cash generation.
Nio Inc. posts a -359.2% return on equity (ROE), meaning it loses $359 for every $100 of shareholders' equity. This results in a returns score of 23/100. This is up from -375.4% the prior year.
Nio Inc. scores -0.77, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($9.5B) relative to total liabilities ($16.0B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Nio Inc. passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Nio Inc. reported a net loss of $2.1B while generating $427.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Nio Inc. reported an operating loss of $2.0B against $126.6M 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
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Nio Inc. held $1.6B in cash against $1.2B in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
NIO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
NIO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q2'256-K | Q4'2410-K | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q3'2110-Q | Q4'2010-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $17.8B+20.7% | $14.0B | $14.7B-10.8% | $16.5B+18.5% | $14.0B+7.3% | $13.0B+55.3% | $10.7B+111.4% | $8.4B+299.8% |
| Current Assets | $11.0B+29.3% | $7.3B | $8.5B-14.5% | $9.9B+15.6% | $8.6B-14.1% | $10.0B+41.0% | $8.4B+117.4% | $7.1B+900.4% |
| Cash & Equivalents | $1.6B-39.1% | $992.7M | $2.6B-42.9% | $4.6B+60.9% | $2.9B+19.8% | $2.4B-59.1% | $3.4B+17.7% | $5.9B+4651.5% |
| Short-Term Investments | $2.8B+45.9% | $1.5B | $1.9B-18.2% | $2.4B-14.8% | $2.8B-52.2% | $5.8B+860.4% | $3.4B+741.4% | $605.5M+3697.5% |
| Inventory | $1.2B+25.6% | $1.2B | $970.9M+30.6% | $743.4M-37.4% | $1.2B+268.0% | $322.7M+94.7% | $264.3M+72.7% | $165.8M+29.7% |
| Accounts Receivable | $199.4M-13.2% | $187.6M | $229.6M-65.0% | $656.0M-11.6% | $742.1M+67.5% | $443.0M+157.2% | $515.6M+130.3% | $172.2M-11.3% |
| Long-Term Investments | $354.7M-17.2% | $378.4M | $428.3M-44.6% | $772.9M-16.1% | $921.6M+92.0% | $480.1M+943.8% | $203.0M+304.5% | $46.0M+177.7% |
| Total Liabilities | $16.0B+23.9% | $13.0B | $12.9B+4.3% | $12.4B+24.3% | $9.9B+41.5% | $7.0B+101.5% | $6.4B+115.1% | $3.5B+25.3% |
| Current Liabilities | $11.2B+31.6% | $8.7B | $8.5B+4.9% | $8.1B+22.5% | $6.6B+45.1% | $4.6B+113.9% | $4.1B+158.0% | $2.1B+57.0% |
| Non-Current Liabilities | $4.7B+8.8% | $4.3B | $4.4B+3.1% | $4.2B+28.0% | $3.3B+34.6% | $2.5B+81.7% | $2.3B+65.3% | $1.3B-5.2% |
| Long-Term Debt | $1.2B-21.3% | $1.3B | $1.6B-14.7% | $1.8B+16.4% | $1.6B+3.3% | $1.5B+67.9% | $1.5B+53.1% | $910.1M-11.4% |
| Total Equity | $594.8M-27.2% | -$168.3M | $817.5M-77.3% | $3.6B+4.0% | $3.5B-36.5% | $5.4B+30.8% | $3.8B+220.7% | $4.2B+560.1% |
| Retained Earnings | -$18.3B-18.2% | -$17.4B | -$15.5B-21.2% | -$12.8B-26.1% | -$10.1B-16.1% | -$8.7B-10.3% | -$8.3B-12.2% | -$7.9B-19.0% |
Not reported in any period shown, so not listed: Goodwill.
NIO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q2'256-K | Q4'2410-K | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q3'2110-Q | Q4'2010-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | N/A | N/A | N/A | N/A | $256.4M-21.8% | N/A | $328.0M |
| Depreciation & Amortization | N/A | N/A | N/A | N/A | N/A | $90.2M+89.0% | N/A | $47.7M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | $268.4M+724.2% | N/A | $32.6M |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | -$11.9M-104.0% | N/A | $295.4M |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | -$3.0B-1144.1% | N/A | -$237.9M |
| Financing Cash Flow | N/A | N/A | N/A | N/A | N/A | $1.7B-44.5% | N/A | $3.0B |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.
NIO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Nio Inc. NIO | FY2025 | $12.5B | -$2.1B | -17.1% | $9.5B | 32/100 |
| Rivian Automotive, Inc. / De RIVN | FY2025 | $5.4B | -$3.6B | -67.7% | $22.8B | 37/100 |
| Li Auto Inc. LI | FY2025 | $16.1B | $162.9M | 1.0% | $12.1B | 46/100 |
| Xpeng Inc XPEV | FY2020 | $895.7M | -$418.7M | -46.8% | $10.5B | — |
| General Mtrs Co GM | FY2025 | $185.0B | $2.8B | 1.5% | $77.0B | 41/100 |
Where Nio Inc. Ranks
Frequently Asked Questions
What is Nio Inc.'s annual revenue?
Nio Inc. (NIO) reported $12.5B in total revenue for fiscal year 2025. This represents a 38.9% 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 Nio Inc.'s revenue growing?
Nio Inc. (NIO) revenue grew by 38.9% year-over-year, from $9.0B to $12.5B in fiscal year 2025.
Is Nio Inc. profitable?
No, Nio Inc. (NIO) reported a net income of -$2.1B in fiscal year 2025, with a net profit margin of -17.1%.
What is Nio Inc.'s EBITDA?
Nio Inc. (NIO) had EBITDA of -$985.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Nio Inc. have?
As of fiscal year 2025, Nio Inc. (NIO) had $1.6B in cash and equivalents against $1.2B in long-term debt.
What is Nio Inc.'s gross margin?
Nio Inc. (NIO) had a gross margin of 13.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Nio Inc.'s operating margin?
Nio Inc. (NIO) had an operating margin of -16.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Nio Inc.'s net profit margin?
Nio Inc. (NIO) had a net profit margin of -17.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Nio Inc.'s return on equity (ROE)?
Nio Inc. (NIO) has a return on equity of -359.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Nio Inc.'s free cash flow?
Nio Inc. (NIO) recorded an outflow of $439.4M in free cash flow during fiscal year 2025. This represents a 81.1% 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 Nio Inc.'s operating cash flow?
Nio Inc. (NIO) generated $427.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Nio Inc.'s total assets?
Nio Inc. (NIO) had $17.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Nio Inc.'s capital expenditures?
Nio Inc. (NIO) invested $867.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Nio Inc. spend on research and development?
Nio Inc. (NIO) invested $1.5B in research and development during fiscal year 2025.
What is Nio Inc.'s current ratio?
Nio Inc. (NIO) had a current ratio of 0.98 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Nio Inc.'s debt-to-equity ratio?
Nio Inc. (NIO) had a debt-to-equity ratio of 2.07 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nio Inc.'s return on assets (ROA)?
Nio Inc. (NIO) had a return on assets of -12.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Nio Inc.'s P/E ratio?
Nio Inc. (NIO) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $9.5B as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Nio Inc.'s price-to-sales ratio?
Nio Inc. (NIO) trades at 0.8x sales, its market capitalization divided by revenue of $12.5B revenue, FY2025. The market capitalization is $9.5B as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Nio Inc.'s Altman Z-Score?
Nio Inc. (NIO) has an Altman Z-Score of -0.77, placing it in the Distress Zone (elevated bankruptcy 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 Nio Inc.'s Piotroski F-Score?
Nio Inc. (NIO) has a Piotroski F-Score of 6 out of 9, indicating neutral 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 Nio Inc.'s earnings high quality?
Nio Inc. (NIO) reported a net loss of $2.1B while generating $427.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 Nio Inc. cover its interest payments?
Nio Inc. (NIO) reported an operating loss of $2.0B against $126.6M 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 Nio Inc.?
Nio Inc. (NIO) scores 32 out of 100 on our Financial Health Score, indicating weak 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.