NASDAQ · Consumer Cyclical

Rivian Automotive, Inc.

RIVN · Auto Manufacturers

$14.51

▼ -0.51 (-3.4%)

Data cached · refreshes every 10 min

Insufficient data to generate a complete Graham analysis.

Overall Grade

Defensive

Enterprising

Profitability F

Gross Profit Margin 2.7%

Operating Margin -66.5%

Net Income Margin -67.7%

Fin. Health C

Years to Pay Off Debt -1.8 yrs

Working Capital vs Long-Term Debt $459M

Working Capital $4.9B

Valuation F

Price-to-Book 4.19x

Cash Flow F

Free Cash Flow -$2.5B

Owner Earnings -$1.2B

2/6

Graham Score

Speculative

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

Market Data

Market Cap $19.2B

Enterprise Value $19.4B

P/E (TTM) -7.69

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit 2.7%

Operating Margin -66.5%

Net Margin -67.7%

Company Info

Sector Consumer Cyclical

Industry Auto Manufacturers

Employees 15232

Country United States

Visit website

About Rivian Automotive, Inc.

Rivian Automotive, Inc., together with its subsidiaries, develops, manufactures, and sells category-defining electric vehicles. It operates through two segments, Automotive, and Software and Services. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand; and a three-row, seven-passenger sport utility vehicle under the R1S name. It also provides software and services, such as vehicle electrical architecture and software development, as well as Autonomy+, remarketing, vehicle repair and maintenance services, software subscriptions, vehicle accessories, financing, insurance, and other services. In addition, the company designs, develops, and manufactures the Rivian Adventure Network Direct Current fast chargers; and FleetOS, a proprietary, end-to-end centralized fleet management subscription platform. Further, it offers Rivian Commercial Van platform for Electric Delivery Van with collaboration with Amazon.com, Inc. Rivian Automotive, Inc. was founded in 2009 and is based in Irvine, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	2.7% ▲	-24.1%	-45.8%	-188.4%	N/A
Operating Margin %	-66.5% ▲	-94.3%	-129.4%	-413.5%	N/A
Net Income %	-67.7% ▲	-95.5%	-122.5%	-407.2%	N/A
Diluted EPS	-3.07 ▲	-4.69	-5.74	-7.40	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$14.9B	$15.4B	$16.8B	$17.9B	N/A
Total Debt	$6.7B ↑	$5.7B	$5.1B	$1.8B	N/A
Working Capital	$4.9B ▼	$8.3B	$9.8B	$10.7B	N/A
Years to Pay Debt	-1.82	-1.21	-0.94	-0.27	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	-$2.5B ▲	-$2.9B	-$5.9B	-$6.4B	N/A
Owner Earnings	-$1.2B	-$2.6B	-$3.5B	-$4.7B	N/A
CapEx % of Net Income	N/A	N/A	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-39,060	-23,520	0	0
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	-2,376,000	-3,280,000	-4,274,000	-5,993,000
Total Unusual Items	-186,000	-112,000	0	0
Total Unusual Items Excluding Goodwill	-186,000	-112,000	0	0
Net Income From Continuing Operation Net Minority Interest	-3,646,000	-4,747,000	-5,432,000	-6,752,000
Reconciled Depreciation	784,000	1,031,000	937,000	652,000
Reconciled Cost Of Revenue	4,680,000	6,170,000	6,464,000	4,781,000
EBITDA	-2,562,000	-3,392,000	-4,274,000	-5,993,000
EBIT	-3,346,000	-4,423,000	-5,211,000	-6,645,000
Net Interest Income	19,000	67,000	302,000	90,000
Interest Expense	274,000	318,000	220,000	103,000
Interest Income	293,000	385,000	522,000	193,000
Normalized Income	-3,499,060	-4,658,520	-5,432,000	-6,752,000
Net Income From Continuing And Discontinued Operation	-3,646,000	-4,747,000	-5,432,000	-6,752,000
Total Expenses	8,972,000	9,659,000	10,173,000	8,514,000
Total Operating Income As Reported	-3,585,000	-4,689,000	-5,739,000	-6,856,000
Diluted Average Shares	1,186,000	1,013,000	947,000	913,000
Basic Average Shares	1,186,000	1,013,000	947,000	913,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	-3,646,000	-4,747,000	-5,432,000	-6,752,000
Net Income Common Stockholders	-3,646,000	-4,747,000	-5,432,000	-6,752,000
Net Income	-3,646,000	-4,747,000	-5,432,000	-6,752,000
Minority Interests	-20,000	-1,000	0
Net Income Including Noncontrolling Interests	-3,626,000	-4,746,000	-5,432,000	-6,752,000
Net Income Continuous Operations	-3,626,000	-4,746,000	-5,432,000	-6,752,000
Tax Provision	6,000	5,000	1,000	4,000
Pretax Income	-3,620,000	-4,741,000	-5,431,000	-6,748,000
Other Income Expense	-54,000	-119,000	6,000	18,000
Other Non Operating Income Expenses	31,000	-7,000	6,000	18,000
Special Income Charges	-186,000	-112,000	0	0
Other Special Charges	186,000	112,000			441,000
Earnings From Equity Interest	101,000
Gain On Sale Of Security					-441,000
Net Non Operating Interest Income Expense	19,000	67,000	302,000	90,000
Interest Expense Non Operating	274,000	318,000	220,000	103,000
Interest Income Non Operating	293,000	385,000	522,000	193,000
Operating Income	-3,585,000	-4,689,000	-5,739,000	-6,856,000
Operating Expense	3,729,000	3,489,000	3,709,000	3,733,000
Other Operating Expenses					663,000
Depreciation Amortization Depletion Income Statement	221,000
Depreciation And Amortization In Income Statement	221,000
Research And Development	1,668,000	1,613,000	1,995,000	1,944,000
Selling General And Administration	1,840,000	1,876,000	1,714,000	1,789,000
General And Administrative Expense	1,840,000
Other Gand A	1,516,000
Salaries And Wages	324,000
Gross Profit	144,000	-1,200,000	-2,030,000	-3,123,000
Cost Of Revenue	5,243,000	6,170,000	6,464,000	4,781,000
Total Revenue	5,387,000	4,970,000	4,434,000	1,658,000
Operating Revenue	5,387,000	4,970,000	4,434,000	1,658,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	1,240,000	1,131,000	933,825	926,000
Share Issued	1,240,000	1,131,000	933,825	926,000
Net Debt	861,000
Total Debt	6,651,000	5,737,000	5,116,000	1,812,000
Tangible Book Value	4,566,000	6,558,000	9,141,000	13,799,000
Invested Capital	9,006,000	10,999,000	13,572,000	15,030,000
Working Capital	4,899,000	8,332,000	9,826,000	10,706,000
Net Tangible Assets	4,566,000	6,558,000	9,141,000	13,799,000
Capital Lease Obligations	2,211,000	1,296,000	685,000	581,000
Common Stock Equity	4,566,000	6,558,000	9,141,000	13,799,000
Total Capitalization	9,006,000	10,999,000	13,572,000	15,030,000
Total Equity Gross Minority Interest	4,594,000	6,562,000	9,141,000	13,799,000
Minority Interest	28,000	4,000	0
Stockholders Equity	4,566,000	6,558,000	9,141,000	13,799,000
Gains Losses Not Affecting Retained Earnings	8,000	-4,000	3,000	-2,000
Other Equity Adjustments	8,000	-4,000	3,000	-2,000
Retained Earnings	-26,951,000	-23,305,000	-18,558,000	-13,126,000
Additional Paid In Capital	31,508,000	29,866,000	27,695,000	26,926,000
Capital Stock	1,000	1,000	1,000	1,000
Common Stock	1,000	1,000	1,000	1,000
Total Liabilities Net Minority Interest	10,270,000	8,848,000	7,637,000	4,077,000
Total Non Current Liabilities Net Minority Interest	6,577,000	6,597,000	5,150,000	1,653,000
Other Non Current Liabilities	1,586,000	1,777,000	395,000	111,000
Long Term Debt And Capital Lease Obligation	4,991,000	4,820,000	4,755,000	1,542,000
Long Term Capital Lease Obligation	551,000	379,000	324,000	311,000
Long Term Debt	4,440,000	4,441,000	4,431,000	1,231,000
Current Liabilities	3,693,000	2,251,000	2,487,000	2,424,000
Current Deferred Liabilities					74,000
Current Deferred Revenue					74,000
Current Debt And Capital Lease Obligation	1,660,000	917,000	361,000	270,000
Current Capital Lease Obligation	1,660,000	917,000	361,000	270,000
Payables And Accrued Expenses	2,033,000	1,334,000	2,126,000	2,154,000
Current Accrued Expenses	1,438,000	835,000	1,145,000	1,154,000
Payables	595,000	499,000	981,000	1,000,000
Accounts Payable	595,000	499,000	981,000	1,000,000
Total Assets	14,864,000	15,410,000	16,778,000	17,876,000
Total Non Current Assets	6,272,000	4,827,000	4,465,000	4,746,000
Other Non Current Assets	582,000	446,000	235,000	658,000
Net PPE	5,690,000	4,381,000	4,230,000	4,088,000
Accumulated Depreciation	-3,339,000	-2,778,000	-1,796,000	-883,000
Gross PPE	9,029,000	7,159,000	6,026,000	4,971,000
Leases	634,000	502,000	417,000	297,000
Construction In Progress	1,712,000	621,000	698,000	843,000
Other Properties	571,000	416,000	356,000	330,000
Machinery Furniture Equipment	4,851,000	4,535,000	3,583,000	2,865,000
Land And Improvements	1,261,000	1,085,000	972,000	636,000
Current Assets	8,592,000	10,583,000	12,313,000	13,130,000
Other Current Assets	361,000	192,000	164,000	112,000
Inventory	1,594,000	2,248,000	2,620,000	1,348,000
Finished Goods	797,000	897,000	1,036,000	399,000
Raw Materials	797,000	1,351,000	1,584,000	949,000
Receivables	555,000	443,000	161,000	102,000
Accounts Receivable	555,000	443,000	161,000	102,000
Cash Cash Equivalents And Short Term Investments	6,082,000	7,700,000	9,368,000	11,568,000
Other Short Term Investments	2,503,000	2,406,000	1,511,000	0
Cash And Cash Equivalents	3,579,000	5,294,000	7,857,000	11,568,000
Cash Equivalents	2,209,000	4,137,000	6,612,000	8,964,000
Cash Financial	1,370,000	1,157,000	1,245,000	2,604,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	-2,489,000	-2,857,000	-5,892,000	-6,421,000
Repayment Of Debt	-1,250,000	0	0		-86,000
Issuance Of Debt	1,250,000	1,000,000	3,195,000	0
Issuance Of Capital Stock	750,000	0	0	102,000
Capital Expenditure	-1,710,000	-1,141,000	-1,026,000	-1,369,000
Interest Paid Supplemental Data	222,000	279,000	169,000	88,000
End Cash Position	3,579,000	5,294,000	7,857,000	12,099,000
Beginning Cash Position	5,294,000	7,857,000	12,099,000	18,423,000
Effect Of Exchange Rate Changes	6,000	-3,000	5,000	-2,000
Changes In Cash	-1,721,000	-2,560,000	-4,247,000	-6,322,000
Financing Cash Flow	886,000	1,136,000	3,130,000	99,000
Cash Flow From Continuing Financing Activities	886,000	1,136,000	3,130,000	99,000
Net Other Financing Charges	75,000	74,000	-17,000	-3,000
Proceeds From Stock Option Exercised	61,000	62,000	-48,000	0
Net Common Stock Issuance	750,000	0	0	102,000
Common Stock Issuance	750,000	0	0	102,000
Net Issuance Payments Of Debt	0	1,000,000	3,195,000	0
Net Long Term Debt Issuance	0	1,000,000	3,195,000	0
Long Term Debt Payments	-1,250,000	0	0		-86,000
Long Term Debt Issuance	1,250,000	1,000,000	3,195,000	0
Investing Cash Flow	-1,828,000	-1,980,000	-2,511,000	-1,369,000
Cash Flow From Continuing Investing Activities	-1,828,000	-1,980,000	-2,511,000	-1,369,000
Net Investment Purchase And Sale	-118,000	-839,000	-1,485,000	0
Sale Of Investment	3,088,000	3,553,000	925,000	0
Purchase Of Investment	-3,206,000	-4,392,000	-2,410,000	0
Capital Expenditure Reported	-1,710,000	-1,141,000	-1,026,000	-1,369,000
Operating Cash Flow	-779,000	-1,716,000	-4,866,000	-5,052,000
Cash Flow From Continuing Operating Activities	-779,000	-1,716,000	-4,866,000	-5,052,000
Change In Working Capital	1,440,000	1,167,000	-1,414,000	-941,000
Change In Other Working Capital	503,000	1,619,000	149,000	61,000
Change In Other Current Liabilities	-53,000	316,000	141,000	144,000
Change In Other Current Assets	9,000	-221,000	-146,000	-36,000
Change In Payables And Accrued Expense	571,000	-572,000	105,000	623,000
Change In Inventory	522,000	307,000	-1,604,000	-1,657,000
Change In Receivables	-112,000	-282,000	-59,000	-76,000
Changes In Account Receivables	-112,000	-282,000	-59,000	-76,000
Other Non Cash Items	-17,000	28,000	222,000	82,000
Stock Based Compensation	741,000	692,000	821,000	987,000
Asset Impairment Charge		0	107,000	920,000	95,000
Depreciation Amortization Depletion	784,000	1,031,000	937,000	652,000
Depreciation And Amortization	784,000	1,031,000	937,000	652,000
Operating Gains Losses	-101,000	112,000			441,000
Earnings Losses From Equity Investments	-101,000	0	0
Gain Loss On Investment Securities	-101,000	112,000			441,000
Net Income From Continuing Operations	-3,626,000	-4,746,000	-5,432,000	-6,752,000

These metrics estimate what Rivian Automotive, 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

1.96

P/B Ratio

4.19

Warren's Owner Earnings

-$1.2B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

2/6 — Speculative Investor

✅ Adequate Size

$5.4B

vs > $1.5B revenue

✅ Strong Financial Condition

2.33x

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

-7.7x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

4.19x P/B (P/E×P/B: -32.2)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-1.27

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

$-30.19

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	-$2.5B ▲	-$2.9B ▲	-$5.9B ▲	-$6.4B •	N/A •
Warren's Owner Earnings	-$1.2B	-$2.6B	-$3.5B	-$4.7B	N/A

Peers & Industry Comparison

Auto Manufacturers — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
RIVN	$14.51	$19.2B	-7.69	2.7%	-67.7%	$5.4B
TSLA Tesla, Inc.	$392.51	$1,474.2B	360.1	19.1%	3.9%	$97.9B
F Ford Motor Company	$11.50	$46.1B	N/A	7.1%	-3.2%	$189.9B
GM General Motors Company	$75.70	$68.3B	27.6	11.1%	1.4%	$184.6B
TM Toyota Motor Corporation	$188.30	$223.0B	10.6	17.6%	7.3%	$50,450.8B
STLA Stellantis N.V.	$7.08	$20.5B	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

33.17%

High — management has strong skin in the game

Return on Equity (ROE)

-79.9%

Weak — poor returns on equity

Return on Assets (ROA)

-24.5%

Poor — assets are not generating adequate returns

Debt Trend YoY

+15.9% YoY

Debt is growing — management is leveraging up

Leadership Team

Robert Joseph Scaringe Ph.

Founder, CEO & Chairman of the Board

Age 41

Pay: $2,536,810

Claire Rauh McDonough

Chief Financial Officer

Age 43

Pay: $925,340

Jimmy Knauf

Executive Vice President of Facilities

Top Institutional Holders

Institution	% Owned	Shares
Amazon.com, Inc.	12.60%	158,363,834
Vanguard Group Inc	6.48%	81,409,278
Blackrock Inc.	4.01%	50,433,847
BAILLIE GIFFORD & CO	3.48%	43,781,355
JPMORGAN CHASE & CO	1.76%	22,066,737
Capital International Investors	1.65%	20,769,844
Two Sigma Advisers, LP	1.64%	20,659,520
State Street Corporation	1.60%	20,156,254

Risk Analysis

Beta (Market Risk)

1.65

High volatility — moves more than the market

Short Interest

13.1% of float

Moderate short interest

Debt-to-Equity

1.18x

Moderate leverage

Current Ratio

2.10x

Strong liquidity — Graham approved

52-Week Price Range

Low: $11.57 Current: $14.51 High: $22.69

Currently at 26% of 52-week range

360investing