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NIO Inc.

NYSE · Consumer Cyclical
NIO Inc.
NIO · Auto Manufacturers
$6.09
▲ 0.18 (3.13%)
Data cached · refreshes every 10 min
Insufficient data to generate a complete Graham analysis.
Overall Grade
F
Defensive
F
Enterprising
Profitability F
Gross Profit Margin 13.6%
Operating Margin -16.0%
Net Income Margin -17.8%
Fin. Health F
Years to Pay Off Debt -2.0 yrs
Working Capital vs Long-Term Debt -$10.6B
Working Capital -$1.9B
Valuation F
Price-to-Book 3.45x
Cash Flow F
Free Cash Flow -$3.1B
Owner Earnings -$130M
1/6
Graham Score
Speculative
Defensive — Graham's strict criteria (P/B, P/E, dividends, stability)  ·  Enterprising — Profitability & cash flow focused, accepts higher valuations for quality
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies. Negative P/B indicates book equity has been reduced by buybacks — common in highly profitable capital-return businesses.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Market Data
Market Cap $15.3B
Enterprise Value $23.3B
P/E (TTM) -307.79
Dividend Yield N/A
Exchange NYSE
Key Margins
Gross Profit 13.6%
Operating Margin -16.0%
Net Margin -17.8%
Company Info
Sector Consumer Cyclical
Industry Auto Manufacturers
Employees 35032
Country China
Visit website
About NIO Inc.

NIO Inc. designs, develops, manufactures, and sells smart electric vehicles in China, Europe, and internationally. It offers five and six-seater electric SUVs, as well as smart electric sedans. The company also offers power solutions, including Power Home, a home charging solution; Power Swap, a battery-swapping service; Power Charger and Destination Charger; Power Mobile, a mobile charging service through charging vans; Power Map, an application that provides access to a network of public chargers and their real-time information; and One Click for power valet service. In addition, it provides repair, maintenance, car beauty, and inspection services through its service centers and authorized third-party service centers; vehicle transportation and delivery, pre-delivery inspections, guidance on vehicle features, assistance with vehicle registration, and insurance processing services; insurance, maintenance, repairs, accident rescue, car washing, chauffeur services, and valet parking services; and remote monitoring and real-time diagnostics services, as well as technical, warranty, and auto financing arrangements. Further, the company is involved in the provision of energy and service packages to its users; design and technology development activities; manufacture of electric powertrains, battery packs, and components; and sales and after-sales management activities. Additionally, it operates in app NIO Auto Mall where users can select from various accessories and value added services; and online auction platform. The company was formerly known as NextEV Inc. and changed its name to NIO Inc. in July 2017. NIO Inc. was incorporated in 2014 and is headquartered in Shanghai, China.

Showing Key Metrics
Income Highlights
Metric 2025 2024 2023 2022 2021
Gross Profit % 13.6% ▲ 9.9% 5.5% 10.4% N/A
Operating Margin % -16.0% ▲ -33.3% -40.7% -31.7% N/A
Net Income % -17.8% ▲ -34.5% -38.0% -29.6% N/A
Diluted EPS -6.85 ▲ -11.03 -12.44 -8.89 N/A
Balance Sheet Highlights
Metric 2025 2024 2023 2022 2021
Total Assets $124.4B $107.6B $117.4B $96.3B N/A
Total Debt $31.3B ↓ $33.8B $34.7B $36.3B N/A
Working Capital -$1.9B ▼ -$425M $12.6B $13.3B N/A
Years to Pay Debt -2.01 -1.49 -1.64 -2.49 N/A
Cash Flow Highlights
Metric 2025 2024 2023 2022 2021
Free Cash Flow -$3.1B ▲ -$17.0B -$15.7B -$10.8B N/A
Owner Earnings -$130M -$5.8B -$1.9B -$3.6B N/A
CapEx % of Net Income N/A N/A N/A N/A N/A
These metrics estimate what NIO Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.
Graham's Fair Value
N/A (negative EPS)
Margin of Safety
—
Market Cap ÷ Company Value
1.01
P/B Ratio
3.45
Warren's Owner Earnings
-$130M
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
1/6 — Speculative Investor
✅ Adequate Size
$87.5B
vs > $1.5B revenue
❌ Strong Financial Condition
0.98x
vs Current Ratio > 2.0x
❌ Earnings Stability
4 loss years (4 yrs data)
vs No negative EPS years
❌ Dividend Record
No dividend
vs Uninterrupted dividends
❌ Moderate P/E Ratio
-307.8x
vs P/E ≤ 15.0x
❌ Moderate Price-to-Book
3.45x P/B (P/E×P/B: -1063.1)
vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 7 Criteria — Explained
What each criterion measures and why it may or may not apply to modern businesses.
✅ Adequate Size — $87.5B vs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
❌ Strong Financial Condition — 0.98x vs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
❌ Earnings Stability — 4 loss years (4 yrs data) vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
❌ Dividend Record — No dividend vs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
❌ Moderate P/E Ratio — -307.8x vs P/E ≤ 15.0x
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
"The price-earnings ratio should be no more than 15 times average earnings."
❌ Moderate Price-to-Book — 3.45x P/B (P/E×P/B: -1063.1) vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
"The price should not be more than 1½ times book value. P/E × P/B ≤ 22.5."
Net Current Asset Value
$-14.88
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
$-66.19
Per share, no-growth floor. Compare to current price.
Cash Flow Analysis
Metric 2025 2024 2023 2022 2021
Capital Expenditure % of Net Income N/A N/A N/A N/A N/A
Repurchase of Capital Stock N/A N/A N/A N/A N/A
Free Cash Flow -$3.1B ▲ -$17.0B ▼ -$15.7B ▼ -$10.8B • N/A •
Warren's Owner Earnings -$130M -$5.8B -$1.9B -$3.6B N/A
Peers & Industry Comparison
Auto Manufacturers — Auto-detected peers
Company Price Market Cap P/E Gross Margin Net Margin Revenue
NIO $6.09 $15.3B -307.79 13.6% -17.8% $87.5B
TSLA
Tesla, Inc.		 $392.70 $1,474.9B 360.3 19.1% 3.9% $97.9B
F
Ford Motor Company		 $11.53 $46.2B N/A 7.1% -3.2% $189.9B
GM
General Motors Company		 $75.72 $68.3B 27.6 11.1% 1.4% $184.6B
TM
Toyota Motor Corporation		 $188.35 $223.0B 10.6 17.6% 7.3% $50,450.8B
STLA
Stellantis N.V.		 $7.11 $20.6B N/A 5.8% -13.9% $155.8B
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.00%
Low — management has little skin in the game
Return on Equity (ROE)
-374.3%
Weak — poor returns on equity
Return on Assets (ROA)
-12.5%
Poor — assets are not generating adequate returns
Debt Trend YoY
-7.6% YoY
Debt is declining — management is deleveraging
Leadership Team
Bin Li
Co-Founder, Chairman & CEO
Age 51
Lihong Qin
Co-Founder, President & Director
Age 52
Yu Qu
Chief Financial Officer
Age 45
Feng Shen
Executive Vice President
Age 60
Xin Zhou
Executive Vice President
Age 54
Top Institutional Holders
Institution % Owned Shares
Shaw D.E. & Co., Inc. 2.47% 48,172,443
UBS Group AG 1.26% 24,549,713
BNP Paribas Financial Markets 1.11% 21,619,358
Jane Street Group, LLC 1.00% 19,532,583
Morgan Stanley 0.78% 15,269,286
Goldman Sachs Group Inc 0.74% 14,367,913
Voloridge Investment Management, LLC 0.69% 13,498,709
Aspex Management (HK) Ltd 0.68% 13,141,609
⚠️ Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
0.97
Low volatility — more stable than the market
Short Interest
7.2% of float
Moderate short interest
Debt-to-Equity
2.46x
High leverage — significant financial risk
Current Ratio
0.97x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $3.34 Current: $6.09 High: $8.02
Currently at 59% of 52-week range

NIO Inc. (NIO) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's Fair Value: N/A (negative EPS). Gross profit margin: 13.6%. Operating margin: -16.0%. Net margin: -17.8%. Market cap: $15.3B. Sector: Consumer Cyclical. Industry: Auto Manufacturers. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett principles.

Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.

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