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XPENG INC. (XPEV) financial health, profit and balance sheet · Scorvest

XPEV · NYSE · United States · Motor Vehicles & Passenger Car Bodies

XPENG INC.

Guangzhou · Fiscal year ends in December · Figures in CNY

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In shortXPENG INC. is loss-making, generates cash and holds more cash than debt, with revenue growing (+87.7% last year).

Financial health

Weak

Built from five areas over the last five annual reports. Tap an area to see the figures behind it.

How is this score calculated? →

Profitability5

Operating marginShare of each sale left after running the business, before interest and tax.	-3.6%	5/100
Net marginShare of each sale left as profit after every cost, interest and tax.	-1.5%	14/100
Return on equityProfit earned on the money shareholders put in. Above 15% is strong.	-3.7%	0/100
Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.	-5.1%	0/100

Weight in the score: 25%

Balance sheet42

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.	1.09×	24/100
Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.	0.42×	88/100
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.	-7.29×	0/100
Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.	-0.77	0/100

Weight in the score: 25%

Cash generation24

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.	6.7%	47/100
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)	1 of 5	0/100

Weight in the score: 20%

Stability25
Profitable years (last 5) 0 of 5 0/100
Years of revenue decline (last 5) 0 of 5 100/100
Revenue growth volatility 101.6% 0/100
Operating margin volatility 13.5% 0/100
Weight in the score: 20%
Growth100
Revenue growth, 3-year average 41.9% 100/100
EPS growth, 3-year average – n/a
Weight in the score: 10%

Profitable years (last 5)	0 of 5	0/100
Years of revenue decline (last 5)	0 of 5	100/100
Revenue growth volatility	101.6%	0/100
Operating margin volatility	13.5%	0/100

Revenue growth, 3-year average	41.9%	100/100
EPS growth, 3-year average	–	n/a

Fiscal year 2025 · change vs prior year

Revenue: ¥76.7B; ▲ 87.7%
Net income: −¥1.1B; ▲ 80.3%
Free cash flow: ¥5.1B; ▲ 220.4%
Operating margin: −3.6%; +12.7 pts
Cash & investments: ¥20.5B; –
Total debt: ¥12.7B; ▲ 4.8%
Diluted EPS: −¥0.60; ▲ 80.4%
Return on equity: −3.7%; –

Trends

Annual figures as reported. Hover a bar or point for the exact value.

3 older years available with the 10-year history. Essential plan, from €8.25/month →

Revenue and net income

RevenueNet income

Margins

Statements

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	20,988	26,855	30,676	40,866	76,720
Cost of revenue	18,366	23,767	30,225	35,021	62,247
Gross profit	2,623	3,088	451	5,846	14,473
Research & development	4,114	5,215	5,277	6,457	9,490
Selling, general & admin	5,305	6,688	6,559	6,871	9,398
Operating income	(6,579)	(8,706)	(10,889)	(6,658)	(2,771)
Interest expense	55	132	269	344	380
Pre-tax income	(4,837)	(9,118)	(10,394)	(5,831)	(1,157)
Income tax	26	25	37	(70)	14
Net income	(4,863)	(9,139)	(10,376)	(5,790)	(1,139)
Diluted EPS	−¥2.96	−¥5.34	−¥5.96	−¥3.06	−¥0.60
Diluted shares (millions)	1,643	1,713	1,741	1,891	1,904

3 older years available with the 10-year history. Essential plan, from €8.25/month →

Risk checks

Altman Z'' score

−0.77 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.

Piotroski F-score

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.

Positive net income: failed
Positive operating cash flow: passed
Return on assets improved: passed
Cash flow exceeds net income: passed
Long-term debt ratio fell: passed
Current ratio improved: failed
No share dilution: failed
Gross margin improved: passed
Asset turnover improved: passed

Sources

20-FPeriod ending Dec 31, 2025Filed Apr 16, 2026Open the report ↗
20-FPeriod ending Dec 31, 2024Filed Apr 16, 2025Open the report ↗
20-FPeriod ending Dec 31, 2023Filed Apr 17, 2024Open the report ↗
20-FPeriod ending Dec 31, 2022Filed Apr 12, 2023Open the report ↗
20-FPeriod ending Dec 31, 2021Filed Apr 28, 2022Open the report ↗
20-FPeriod ending Dec 31, 2020Filed Apr 16, 2021Open the report ↗

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 16, 2026