NYSE · Consumer Cyclical

XPeng Inc.

XPEV · Auto Manufacturers

$13.21

▼ -0.23 (-1.71%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

F⤢

Gross Profit Margin 20.6%

Operating Margin -14.8%

Net Income Margin -13.7%

Fin. Health

D⤢

Years to Pay Off Debt -23.3 yrs

Working Capital vs Long-Term Debt -$1.7B

Working Capital $7.3B

Valuation

A⤢

Price-to-Book 0.36x

Cash Flow

N/A⤢

Profitability

Gross Profit Margin 20.6%

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 -14.8%

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 -13.7%

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 -23.3 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 -$1.7B

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 $7.3B

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 XPeng Inc.

XPeng Inc. designs, develops, manufactures, and markets smart electric vehicles (EVs) in the People's Republic of China. The company offers P7 and P7i, a four-door sports sedan; G9, a smart EV and a mid- to large-sized sport utility vehicle (SUV); G7 for families and individual consumers seeking advanced technology and comfort; G6, a smart EV and a coupe SUV; X9, Smart EV and a large seven-seater multi-purpose vehicle (MPV); MONA M03, an all-electric hatchback coupe; Next P7, an all-new coupe sports sedan; and P7+, smart EV of XPeng series. It also provides XOS Tianji, smart in-car operating system; Powertrain; and SEPA 2.0, a smart electric platform architecture. In addition, the company offers various services, including services embedded in a sales contract, supercharging, maintenance, technical support, technical research and development, and second-hand vehicle sales services; and insurance technology support, and automotive loan referral and auto financing services. XPeng Inc. was founded in 2015 and is headquartered in Guangzhou, the People's Republic of China.

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $12.6B

Enterprise Value $6.3B

P/E (TTM) 22.91

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit 20.6%

Operating Margin -14.8%

Net Margin -13.7%

Company Info

Sector Consumer Cyclical

Industry Auto Manufacturers

Employees 19884

Country China

Visit website

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025
Gross Profit %	20.6%▼	21.3%
Operating Margin %	-14.8%▼	-0.4%
Net Income %	-13.7%▼	1.7%
Diluted EPS	-1.86▼	0.40

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$100.8B	$103.2B	N/A
Total Debt	$41.5B▲	$19.6B•	N/A
Working Capital	$7.3B▲	$5.1B•	N/A
Years to Pay Debt	-23.26	51.03	N/A

Income Statement

	2026	2025
Tax Effect Of Unusual Items	28,560	15,565
Tax Rate For Calcs	0	0
Normalized EBITDA	-1,669,380	200,090
Total Unusual Items	71,401	293,114
Total Unusual Items Excluding Goodwill	71,401	293,114
Net Income From Continuing Operation Net Minority Interest	-1,784,100	383,208
Reconciled Cost Of Revenue	10,351,188	17,511,953
EBITDA	-1,597,979	493,204
EBIT	-1,597,979	493,204
Net Interest Income	92,172	186,434
Interest Expense	164,994	76,485
Interest Income	257,166	262,919
Normalized Income	-1,826,941	105,659
Net Income From Continuing And Discontinued Operation	-1,784,100	383,208
Total Expenses	14,959,368	22,338,761
Total Operating Income As Reported	-1,874,474	-44,258
Diluted Average Shares	955,284	967,360
Basic Average Shares	955,284	954,326
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	-1,784,100	383,208
Net Income Common Stockholders	-1,784,100	383,208
Net Income	-1,784,100	383,208
Net Income Including Noncontrolling Interests	-1,784,100	383,208
Net Income Continuous Operations	-1,784,100	383,208
Earnings From Equity Interest Net Of Tax	-11,876	-11,383
Tax Provision	9,251	22,128
Pretax Income	-1,762,973	416,719
Other Income Expense	70,442	315,287
Other Non Operating Income Expenses	-959	22,173
Special Income Charges	51,113	40,744
Restructuring And Mergern Acquisition	-51,113	-40,744
Gain On Sale Of Security	20,288	252,370
Net Non Operating Interest Income Expense	92,172	186,434
Interest Expense Non Operating	164,994	76,485
Interest Income Non Operating	257,166	262,919
Operating Income	-1,925,587	-85,002
Operating Expense	4,608,180	4,826,808
Other Operating Expenses	-182,249	-839,694
Research And Development	2,906,991	2,874,248
Selling General And Administration	1,883,438	2,792,254
Gross Profit	2,682,593	4,741,806
Cost Of Revenue	10,351,188	17,511,953
Total Revenue	13,033,781	22,253,759
Operating Revenue	13,033,781	22,253,759

Balance Sheet

	2026	2025	2024
Treasury Shares Number	2,953	2,953
Ordinary Shares Number	1,911,659	1,908,700
Share Issued	1,914,612	1,911,653
Net Debt	19,915,888
Total Debt	41,499,711	19,553,678
Tangible Book Value	20,848,539	22,864,790
Invested Capital	62,835,938	44,433,611
Working Capital	7,334,211	5,140,478
Net Tangible Assets	20,848,539	22,864,790
Capital Lease Obligations	7,123,393	5,488,657
Common Stock Equity	28,459,620	30,368,590
Total Capitalization	37,464,443	37,123,688
Total Equity Gross Minority Interest	28,459,620	30,368,590
Stockholders Equity	28,459,620	30,368,590
Gains Losses Not Affecting Retained Earnings	1,639,326	1,900,163
Other Equity Adjustments	1,639,326	1,900,163
Treasury Stock		1	1
Retained Earnings	-44,565,392	-42,767,710
Additional Paid In Capital	71,385,560	71,236,011
Capital Stock	126	127
Common Stock	126	127
Total Liabilities Net Minority Interest	72,352,969	72,794,040
Total Non Current Liabilities Net Minority Interest	19,019,450	14,680,691
Other Non Current Liabilities	1,696,838
Derivative Product Liabilities		0	167,940
Non Current Deferred Liabilities	1,606,101	1,826,498
Non Current Deferred Revenue	1,275,748	1,410,748
Non Current Deferred Taxes Liabilities	330,353	330,353
Long Term Debt And Capital Lease Obligation	15,716,511	11,742,273
Long Term Capital Lease Obligation	6,711,688	4,987,175
Long Term Debt	9,004,823	6,755,098
Long Term Provisions		1,111,920	809,437
Current Liabilities	53,333,519	58,113,349
Other Current Liabilities	227,709	1,813,025	1,324,083
Current Deferred Liabilities	1,753,105	1,763,901
Current Deferred Revenue	1,753,105	1,763,901
Current Debt And Capital Lease Obligation	25,783,200	7,811,405
Current Capital Lease Obligation	411,705	501,482
Current Debt	25,371,495	7,309,923
Other Current Borrowings	7,554,251	3,027,923
Line Of Credit		4,282,000	4,609,123
Current Notes Payable	17,817,244
Pensionand Other Post Retirement Benefit Plans Current		1,605,933	1,186,036
Current Provisions		682,960	389,290
Payables And Accrued Expenses	25,569,505	44,436,125
Current Accrued Expenses	12,463,653	2,584,040
Interest Payable		8,793	41,093
Payables	13,105,852	41,852,085
Other Payable		23,385,204	11,216,543
Dueto Related Parties Current	2,532	1,064
Total Tax Payable	25,921	464,142
Income Tax Payable	25,921	44,682
Accounts Payable	13,077,399	18,001,675
Total Assets	100,812,589	103,162,630
Total Non Current Assets	40,144,859	39,908,803
Other Non Current Assets	1,885,296	1,537,445
Non Current Prepaid Assets	3,354,922	128,566
Non Current Accounts Receivable	5,866,931	6,690,931
Investments And Advances	2,817,726	6,786,579
Investmentin Financial Assets		5,992,320	5,775,408
Held To Maturity Securities		1,371,630	1,034,204
Available For Sale Securities		4,620,690	4,741,204
Long Term Equity Investment		794,259	676,822
Goodwill And Other Intangible Assets	7,611,081	7,503,800
Other Intangible Assets	7,611,081	7,469,694
Goodwill		34,106	34,106
Net PPE	18,608,903	17,261,482
Accumulated Depreciation		-6,167,856	-4,638,495
Gross PPE	18,608,903	23,429,338
Leases		699,693	649,574
Construction In Progress		1,488,383	1,694,205
Other Properties	18,608,903	7,773,632
Machinery Furniture Equipment		7,652,144	6,342,815
Buildings And Improvements		5,815,486	4,207,967
Current Assets	60,667,730	63,253,827
Other Current Assets	5,707,084	602,260
Hedging Assets Current	2,203
Restricted Cash	6,660,437	6,968,240
Prepaid Assets	3,453,198	1,188,352
Inventory	13,291,855	10,380,668
Finished Goods		6,081,927	3,898,396
Work In Process		1,562,095	29,734
Raw Materials		2,736,646	1,634,792
Receivables	4,411,548	9,158,251
Other Receivables	3,213,713	3,598,049
Duefrom Related Parties Current	119,406	102,219
Taxes Receivable		3,461,066	2,221,048
Notes Receivable
Accounts Receivable	1,078,429	1,996,917
Allowance For Doubtful Accounts Receivable
Gross Accounts Receivable
Cash Cash Equivalents And Short Term Investments	27,141,405	34,956,056
Other Short Term Investments	12,680,975	17,626,444
Cash And Cash Equivalents	14,460,430	17,329,612

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: $15.8B ▼ $13.0B -17.6%

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

Gross Margin

Prior year: 15.6% ▲ 20.6% +5.0pp

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

Operating Margin

Prior year: -12.2% ▼ -14.8% -2.6pp

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

Net Margin

Prior year: -4.2% ▼ -13.7% -9.5pp

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.

$13.0B/qtr (≈$52.1B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

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

1.14x current ratio

vs ≥ 2.0x

Operating Cash Flow

N/A

Latest quarter · Buffett's cash reality check

ROIC

-3.2%

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

0.4x

Net Assets: $28.5B

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.

⚠️ Net margin compressed 9.5pp vs same quarter last year. Common causes: one-time charges (restructuring, write-downs, legal settlements), tax rate changes, or rising interest expense. Check the income statement notes before drawing conclusions about operating health.

Peers & Industry Comparison

Auto Manufacturers — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
XPEV	$13.21	$12.6B	22.91	20.6%	-13.7%	$13.0B
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

4.75%

Moderate — some alignment with shareholders

Return on Equity (ROE)

-6.3%

Weak — poor returns on equity

Return on Assets (ROA)

-1.8%

Poor — assets are not generating adequate returns

Debt Trend YoY

+112.2% YoY

Debt is growing — management is leveraging up

Leadership Team

Xiaopeng He

Co-Founder, Chairman & CEO

Age 47

Pay: $247,778

Hongdi Gu

Honorary Vice Chairman of the Board & Co-President

Age 52

Pay: $1,268,015

Fengying Wang

President

Age 54

Jiaming Wu

Vice President of Finance & Accounting

Age 41

Charles Zhang

Vice President of Corporate Finance and BW Projects

Top Institutional Holders

Institution	% Owned	Shares
Alibaba Group Holding Ltd	4.28%	33,537,232
Primecap Management Company	1.63%	12,732,987
TMT General Partner Ltd	1.31%	10,285,837
Goldman Sachs Group Inc	1.00%	7,837,166
Ghisallo Capital Management, LLC	0.96%	7,500,000
Morgan Stanley	0.70%	5,448,873
UBS Group AG	0.56%	4,404,642
Mirae Asset Global ETFs Holdings Ltd.	0.48%	3,771,525

Risk Analysis

Beta (Market Risk)

1.08

Moderate volatility — moves slightly more than market

Short Interest

7.1% of float

Moderate short interest

Debt-to-Equity

0.83x

Conservative balance sheet — low financial risk

Current Ratio

1.14x

Adequate liquidity

52-Week Price Range

Low: $12.97 Current: $13.21 High: $28.23

Currently at 2% of 52-week range