NYSE · Consumer Cyclical

NIO Inc.

NIO · Auto Manufacturers

$5.02

▼ -0.03 (-0.59%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

F⤢

Gross Profit Margin 19.0%

Operating Margin -1.2%

Net Income Margin -1.9%

Fin. Health

D⤢

Years to Pay Off Debt -53.6 yrs

Working Capital vs Long-Term Debt -$7.7B

Working Capital $736M

Valuation

D⤢

Price-to-Book 2.73x

Cash Flow

N/A⤢

Profitability

Gross Profit Margin 19.0%

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 -1.2%

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 -1.9%

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.

Financial Health

Years to Pay Off Debt -53.6 yrs

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 -$7.7B

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 $736M

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.

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

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.

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $12.6B

Enterprise Value $17.4B

P/E (TTM) 33.71

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit 19.0%

Operating Margin -1.2%

Net Margin -1.9%

Company Info

Sector Consumer Cyclical

Industry Auto Manufacturers

Employees 35032

Country China

Visit website

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	19.0%▲	17.5%•	N/A
Operating Margin %	-1.2%▼	2.3%•	N/A
Net Income %	-1.9%▼	0.4%•	N/A
Diluted EPS	-0.20▼	0.05•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$126.2B	$124.4B	N/A
Total Debt	$26.6B▼	$31.3B•	N/A
Working Capital	$736M▲	-$1.9B•	N/A
Years to Pay Debt	-53.56	255.33	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	0	0
Tax Rate For Calcs	0	0
Normalized EBITDA	-105,559	505,131
Total Unusual Items	0		6,846
Total Unusual Items Excluding Goodwill	0		6,846
Net Income From Continuing Operation Net Minority Interest	-496,008	122,443
Reconciled Cost Of Revenue	20,673,518	28,576,182
EBITDA	-105,559	505,131
EBIT	-105,559	505,131
Net Interest Income	-98,511	-78,613
Interest Expense	214,405	205,130
Interest Income	115,894	126,517
Normalized Income	-496,008	122,443
Net Income From Continuing And Discontinued Operation	-496,008	122,443
Total Expenses	25,841,466	33,842,971
Total Operating Income As Reported	-308,811	807,270
Diluted Average Shares	2,481,180	2,510,928
Basic Average Shares	2,481,180	2,469,499
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	-496,008	122,443
Net Income Common Stockholders	-496,008	122,443
Net Income	-496,008	122,443
Minority Interests	-163,926	-160,275
Net Income Including Noncontrolling Interests	-332,082	282,718
Net Income Continuous Operations	-332,082	282,718
Tax Provision	12,118	17,283
Pretax Income	-319,964	300,001
Other Income Expense	87,358	-428,656
Other Non Operating Income Expenses	125,266	100,586
Special Income Charges	0		6,846
Other Special Charges
Earnings From Equity Interest	-37,908	-529,242
Net Non Operating Interest Income Expense	-98,511	-78,613
Interest Expense Non Operating	214,405	205,130
Interest Income Non Operating	115,894	126,517
Operating Income	-308,811	807,270
Operating Expense	5,167,948	5,266,789
Other Operating Expenses	-214,382	-296,553
Research And Development	1,885,024	2,025,954
Selling General And Administration	3,497,306	2,695,474
Gross Profit	4,859,137	6,074,059
Cost Of Revenue	20,673,518	28,576,182
Total Revenue	25,532,655	34,650,241
Operating Revenue	22,783,708	31,606,179

Balance Sheet

	2026	2025	2024
Treasury Shares Number	2,952	2,952
Ordinary Shares Number	2,505,667	2,474,273
Share Issued	2,508,619	2,477,225
Net Debt	5,847,421	2,700,059
Total Debt	26,567,525	31,263,135
Tangible Book Value	4,115,052	3,933,121
Invested Capital	19,014,993	18,133,613
Working Capital	736,380	-1,949,526
Net Tangible Assets	4,115,052	3,933,121
Capital Lease Obligations	11,892,597	17,288,982
Common Stock Equity	4,340,065	4,159,460
Total Capitalization	12,729,550	12,785,732
Total Equity Gross Minority Interest	14,493,724	12,692,557
Minority Interest	10,153,659	8,533,097
Stockholders Equity	4,340,065	4,159,460
Gains Losses Not Affecting Retained Earnings		579,799	582,659
Other Equity Adjustments		579,799	582,659
Treasury Stock		123,910	239,328
Retained Earnings		-128,029,031	-113,068,210
Additional Paid In Capital		131,728,259	118,688,242
Capital Stock		4,343	3,660
Common Stock		4,343	3,660
Total Liabilities Net Minority Interest	111,701,285	111,708,521
Total Non Current Liabilities Net Minority Interest	33,097,414	33,125,958
Other Non Current Liabilities	14,098,969	423,334
Preferred Securities Outside Stock Equity
Dueto Related Parties Non Current	777,289	604,178
Tradeand Other Payables Non Current	0	193,845
Non Current Deferred Liabilities	118,487	3,810,093
Non Current Deferred Revenue		3,441,906	3,436,962
Non Current Deferred Taxes Liabilities	118,487	112,691
Long Term Debt And Capital Lease Obligation	18,102,669	23,488,283
Long Term Capital Lease Obligation	9,713,184	14,862,011
Long Term Debt	8,389,485	8,626,272
Long Term Provisions		4,606,225	4,068,079
Current Liabilities	78,603,871	78,582,563
Current Deferred Liabilities		4,397,565	4,074,895
Current Deferred Revenue		4,282,451	4,074,895
Current Debt And Capital Lease Obligation	8,464,856	7,774,852
Current Capital Lease Obligation	2,179,413	2,426,971
Current Debt	6,285,443	5,347,881
Other Current Borrowings	6,285,443	1,767,881
Line Of Credit		3,580,000	4,490,000
Current Provisions		856,664	652,633
Payables And Accrued Expenses	70,139,015	65,553,482
Current Accrued Expenses	15,224,724	926,890
Interest Payable		74,243	86,474
Payables	54,914,291	64,626,592
Other Payable		10,251,722	10,458,163
Dueto Related Parties Current	638,215	625,903
Total Tax Payable	306,346	439,240
Accounts Payable	53,969,730	53,309,727
Total Assets	126,195,009	124,401,078
Total Non Current Assets	46,854,758	47,768,041
Other Non Current Assets	7,445,125	98,909
Non Current Prepaid Assets		791,784	1,196,193
Non Current Accounts Receivable		713,098	804,410
Investments And Advances	2,450,240	2,480,518
Investmentin Financial Assets		1,675,222	1,850,720
Held To Maturity Securities		9,390	12,086
Available For Sale Securities		1,665,832	1,815,215
Trading Securities		0	23,419
Long Term Equity Investment		805,296	1,275,287
Goodwill And Other Intangible Assets	225,013	226,339
Other Intangible Assets	225,013	226,339
Net PPE	36,734,380	43,457,393
Accumulated Depreciation		-21,424,275	-15,561,768
Gross PPE	36,734,380	64,881,668
Leases		6,365,523	6,124,611
Construction In Progress		1,074,175	4,862,914
Other Properties	36,734,380	40,372,650
Machinery Furniture Equipment		16,157,874	12,865,740
Buildings And Improvements		911,446	913,281
Current Assets	79,340,251	76,633,037
Other Current Assets	5,154,523
Restricted Cash	16,304,820	34,115,906
Prepaid Assets		1,830,630	1,131,506
Inventory	8,579,710	8,530,854
Inventories Adjustments Allowances		-664,016	-245,902
Finished Goods		5,465,616	4,917,939
Work In Process		241,910	141,195
Raw Materials		3,487,344	2,273,991
Receivables	17,535,534	20,495,675
Receivables Adjustments Allowances		-1,450	-1,912
Other Receivables		331,945	176,892
Duefrom Related Parties Current	16,375,974	16,078,250
Taxes Receivable		2,692,485	2,326,470
Accrued Interest Receivable			16,944
Accounts Receivable	1,159,560	1,394,445
Allowance For Doubtful Accounts Receivable		-26,600	-38,500
Gross Accounts Receivable		1,421,045	1,714,746
Cash Cash Equivalents And Short Term Investments	31,765,664	11,659,972
Other Short Term Investments	22,938,157	385,878
Cash And Cash Equivalents	8,827,507	11,274,094

Cash Flow

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $12.0B ▲ $25.5B +112.2%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 7.6% ▲ 19.0% +11.4pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: -2.6% ▲ -1.2% +1.4pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: -57.3% ▲ -1.9% +55.3pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$25.5B/qtr (≈$102.1B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

1.01x current ratio

vs ≥ 2.0x

Operating Cash Flow

N/A

Latest quarter · Buffett's cash reality check

ROIC

-0.5%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

0.8x

Net Assets: $14.5B

Asset Context — Auto Manufacturers

Asset-heavy businesses (energy, industrials, utilities, REITs) have physical assets with real replacement value — book value and Net Assets are more meaningful here than for technology or consumer brand companies. A low Market Cap / Net Assets ratio may indicate genuine undervaluation.

Peers & Industry Comparison

Auto Manufacturers — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
NIO	$5.02	$12.6B	33.71	19.0%	-1.9%	$25.5B
TSLA Tesla, Inc.	$400.49	$1,504.1B	367.4	19.1%	3.9%	$97.9B
F Ford Motor Company	$14.06	$56.0B	N/A	7.1%	-3.2%	$189.9B
GM General Motors Company	$79.29	$71.5B	28.9	11.1%	1.4%	$184.6B
TM Toyota Motor Corporation	$173.94	$206.0B	9.4	16.7%	7.6%	$50,685.0B
STLA Stellantis N.V.	$6.34	$18.4B	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)

-11.4%

Weak — poor returns on equity

Return on Assets (ROA)

-0.4%

Poor — assets are not generating adequate returns

Debt Trend YoY

-15.0% 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.	1.65%	38,329,268
Morgan Stanley	0.63%	14,721,369
Renaissance Technologies, LLC	0.62%	14,452,131
Bank of America Corporation	0.61%	14,228,916
Goldman Sachs Group Inc	0.59%	13,783,828
BNP Paribas Financial Markets	0.57%	13,341,331
Two Sigma Investments, LP	0.57%	13,330,862
Citadel Advisors Llc	0.57%	13,235,171

Risk Analysis

Beta (Market Risk)

0.89

Low volatility — more stable than the market

Short Interest

7.6% of float

Moderate short interest

Debt-to-Equity

1.83x

Moderate leverage

Current Ratio

1.01x

Adequate liquidity

52-Week Price Range

Low: $3.34 Current: $5.02 High: $8.02

Currently at 36% of 52-week range