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NIO · NYSE · United States · Motor Vehicles & Passenger Car Bodies
In shortNIO Inc. is loss-making, burns cash and holds more cash than debt, with revenue growing (+33.1% last year).
Financial health
Weak
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | -16.0% | 0/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | -17.8% | 0/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | -307.5% | 0/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | -82.5% | 0/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 0.98× | 15/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 2.23× | 0/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | Net cash | 100/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | -15.86× | 0/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | -4.18 | 0/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | -3.5% | 6/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | – | n/a |
| Years with positive free cash flow (last 5) | 0 of 5 | 0/100 |
Weight in the score: 20%
| Profitable years (last 5) | 0 of 5 | 0/100 |
|---|---|---|
| Years of revenue decline (last 5) | 0 of 5 | 100/100 |
| Revenue growth volatility | 44.5% | 0/100 |
| Operating margin volatility | 12.1% | 0/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 21.1% | 100/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
CNY millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 36,136 | 49,269 | 55,618 | 65,732 | 87,488 |
| Cost of revenue | 29,315 | 44,125 | 52,566 | 59,239 | 75,572 |
| Gross profit | 6,821 | 5,144 | 3,052 | 6,493 | 11,916 |
| Research & development | 4,592 | 10,836 | 13,431 | 13,037 | 10,605 |
| Selling, general & admin | 6,878 | 10,537 | 12,885 | 15,741 | 16,088 |
| Operating income | (4,496) | (15,641) | (22,655) | (21,874) | (14,041) |
| Interest expense | 637 | 333 | 404 | 798 | 885 |
| Pre-tax income | (3,975) | (14,382) | (20,459) | (22,425) | (14,821) |
| Income tax | 42 | 55 | 261 | (23) | 122 |
| Net income | (10,572) | (14,559) | (21,147) | (22,658) | (15,571) |
| Diluted EPS | −¥6.72 | −¥8.89 | −¥12.44 | −¥11.03 | −¥6.85 |
| Diluted shares (millions) | 1,573 | 1,637 | 1,700 | 2,055 | 2,273 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
−4.18 Distress zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
6/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Apr 10, 2026