Recent News
On October 31, 2025 the Chinese regulator announced a recall of 11,411 MEGA 2024 vehicles over coolant corrosion that could, under extreme conditions, cause battery thermal runaway; the company issued a public apology following a related fire incident.
On September 26–30, 2025 Li Auto launched and began deliveries of the Li i6 battery-electric SUV and reported September deliveries of 33,951 units, bringing third-quarter deliveries to 93,211 and cumulative deliveries to about 1.43 million as of September 30, 2025.
In late November 2025 reporting on November deliveries, Li Auto’s monthly units declined relative to a year earlier and the company targeted a December delivery cadence that remains critical to fourth-quarter volumes.
Technical Analysis
ADX at 45.41 indicates a very strong trend environment; such strength raises the probability that an established directional move will persist rather than dissipate quickly. Given the current valuation, a strong trend can amplify short-term mean reversion attempts or extend losses if support fails.
DI+ at 12.62 shows a dip & reversal, which implies renewed bullish directional pressure from buyers. DI- at 36.88 shows a peak & reversal, which also implies bullish directional pressure via a retreat in negative directional force. The simultaneous DI+ dip & reversal and DI- peak & reversal point toward a shift in directional momentum supportive of near-term upside attempts against the backdrop of a strong ADX.
MACD sits at -1.03 with the MACD signal at -1.05 and the MACD trend labeled dip & reversal; the MACD has crossed above its signal line, a classic bullish momentum confirmation. That crossover, while occurring from negative territory, favors short-term momentum moves toward the 20-day and 50-day averages unless momentum promptly weakens.
MRO equals -20.38 with a dip & reversal trend. The negative MRO signals price below the model target and therefore potential for price to move upward back toward the target; the dip & reversal indicates that momentum divergence has started to resolve in favor of a corrective increase rather than continued undershoot.
RSI at 33.8 with a dip & reversal indicates a near-oversold condition that has begun to recover; that supports the possibility of a bounce toward the middle Bollinger band or the 20-day average while the RSI remains below 50.
Price structure: the $18.39 close trades below the 20-day average ($18.92), the 50-day average ($21.87) and the 200-day average ($25.34). The 12-day EMA shows a decreasing trend and the 26-day EMA sits at $19.77; price remains nearer the lower Bollinger boundary ($17.86–$16.81 for 1x/2x lower bands) which limits immediate downside but leaves substantial overhead resistance toward $21–$25. Ichimoku baseline values (KijunSen $20.06, Senkou A $24.41, Senkou B $24.60) highlight sizable resistance above the current price and compress the path for sustained recovery.
Fundamental Analysis
Profitability: Li Auto reported EBIT of $-706,267,000 and EBITDA of $-706,267,000, producing an EBIT margin of -2.58%. That margin sits well below the industry peer mean of 6.31% and the industry peer median of 6.59%, indicating the company currently operates with a material profitability deficit versus peer performance.
Revenue and top-line trends: total revenue measured $27,364,662,000 with year-over-year revenue growth of -9.53% and quarter-over-quarter revenue change of -157.18% as reported. Those declines align with reported delivery weaknesses earlier in the quarter and compress operational leverage.
Earnings: EPS actual at $-0.62 versus an estimate of $0.56 produced an EPS surprise of -210.71% (EPS difference $-1.18). Net income equaled $-624,976,000 and income before tax stood at $-738,930,000, confirming controlled losses in the period that directly affect valuation multiples.
Cash and liquidity: cash on hand reached $51,107,522,000 with cash and short-term investments totaling $98,677,983,000. Current ratio measured 1.80 and quick ratio 1.67, while the cash ratio sits at 1.58. The cash conversion cycle stands at -127.58 days driven by long payable cycles (days payables outstanding 165.55). Those metrics demonstrate strong near-term liquidity that can fund operations and recalls but coexist with negative operating cash flow and negative free cash flow of $-7,395,580,000, producing a free cash flow yield of -16.59%.
Leverage and returns: total debt equals $17,891,789,000 with debt-to-assets of 11.69% and debt-to-equity of 24.61%. Return on equity registered -0.86% and return on assets -0.40%, reflecting current unprofitable operations and limited returns on invested capital.
Operational metrics: gross margin sits at 16.33% (down YoY and QoQ), asset turnover at 0.174 indicating low asset efficiency, and inventory turnover at 2.29. Research and development spend totaled $2,974,338,000, consistent with continued product development and EV platform investment.
Valuation summary: WMDST values the stock as over-valued given current profitability, negative free cash flow, and stretched enterprise metrics (enterprise multiple 51.27 and enterprise value reported negative in the data inputs). Liquidity and recent technical momentum may produce rallies, but fundamental shortfalls suggest price appreciation requires margin recovery or a material shift in revenue trajectory.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-26 |
| NEXT REPORT DATE: | 2026-02-25 |
| CASH FLOW | Begin Period Cash Flow | $ 49.8 B |
| Operating Cash Flow | $ -7.40 B | |
| Capital Expenditures | — | |
| Change In Working Capital | $ -6.77 B | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 1.5 B | |
| End Period Cash Flow | $ 51.3 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 27.4 B | |
| Forward Revenue | $ -8.54 B | |
| COSTS | ||
| Cost Of Revenue | $ 22.9 B | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | $ 3.0 B | |
| Total Operating Expenses | $ 28.5 B | |
| PROFITABILITY | ||
| Gross Profit | $ 4.5 B | |
| EBITDA | $ -706.27 M | |
| EBIT | $ -706.27 M | |
| Operating Income | $ -1.18 B | |
| Interest Income | $ 475.4 M | |
| Interest Expense | $ 32.7 M | |
| Net Interest Income | $ 442.8 M | |
| Income Before Tax | $ -738.93 M | |
| Tax Provision | $ -114.53 M | |
| Tax Rate | 15.5 % | |
| Net Income | $ -624.98 M | |
| Net Income From Continuing Operations | $ -624.98 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.56 | |
| EPS Actual | $ -0.62 | |
| EPS Difference | $ -1.18 | |
| EPS Surprise | -210.714 % | |
| Forward EPS | $ 0.39 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 153.1 B | |
| Intangible Assets | $ 943.3 M | |
| Net Tangible Assets | $ 71.7 B | |
| Total Current Assets | $ 112.7 B | |
| Cash and Short-Term Investments | $ 98.7 B | |
| Cash | $ 51.1 B | |
| Net Receivables | $ 100.9 M | |
| Inventory | $ 8.2 B | |
| Long-Term Investments | $ 1.9 B | |
| LIABILITIES | ||
| Accounts Payable | $ 37.8 B | |
| Short-Term Debt | $ 6.3 B | |
| Total Current Liabilities | $ 62.5 B | |
| Net Debt | — | |
| Total Debt | $ 17.9 B | |
| Total Liabilities | $ 79.9 B | |
| EQUITY | ||
| Total Equity | $ 72.7 B | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 35.87 | |
| Shares Outstanding | 2.027 B | |
| Revenue Per-Share | $ 13.50 | |
| VALUATION | Market Capitalization | $ 44.6 B |
| Enterprise Value | $ -36.21 B | |
| Enterprise Multiple | 51.272 | |
| Enterprise Multiple QoQ | -283.508 % | |
| Enterprise Multiple YoY | -452.44 % | |
| Enterprise Multiple IPRWA | high: 120.84 LI: 51.272 median: 45.873 mean: 22.848 low: -145.554 |
|
| EV/R | -1.323 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.106 | |
| Asset To Liability | 1.916 | |
| Debt To Capital | 0.198 | |
| Debt To Assets | 0.117 | |
| Debt To Assets QoQ | 11.413 % | |
| Debt To Assets YoY | 1818.719 % | |
| Debt To Assets IPRWA | high: 0.637 mean: 0.144 LI: 0.117 median: 0.103 low: 0.01 |
|
| Debt To Equity | 0.246 | |
| Debt To Equity QoQ | 6.398 % | |
| Debt To Equity YoY | 1639.505 % | |
| Debt To Equity IPRWA | high: 7.532 mean: 0.439 LI: 0.246 median: 0.172 low: -0.581 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.613 | |
| Price To Book QoQ | -14.751 % | |
| Price To Book YoY | -25.779 % | |
| Price To Book IPRWA | high: 20.986 median: 16.24 mean: 14.076 LI: 0.613 low: -6.474 |
|
| Price To Earnings (P/E) | -35.476 | |
| Price To Earnings QoQ | -239.572 % | |
| Price To Earnings YoY | -552.885 % | |
| Price To Earnings IPRWA | high: 217.378 mean: 51.981 median: 25.83 LI: -35.476 low: -140.479 |
|
| PE/G Ratio | 0.221 | |
| Price To Sales (P/S) | 1.629 | |
| Price To Sales QoQ | -6.332 % | |
| Price To Sales YoY | 26.931 % | |
| Price To Sales IPRWA | high: 46.227 median: 46.227 mean: 38.948 LI: 1.629 low: 0.0 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 66.378 | |
| Forward PE/G | -0.414 | |
| Forward P/S | -5.219 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 16.037 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.174 | |
| Asset Turnover Ratio QoQ | -7.014 % | |
| Asset Turnover Ratio YoY | -39.113 % | |
| Asset Turnover Ratio IPRWA | high: 0.522 median: 0.214 mean: 0.206 LI: 0.174 low: 0.038 |
|
| Receivables Turnover | 293.353 | |
| Receivables Turnover Ratio QoQ | -25.203 % | |
| Receivables Turnover Ratio YoY | 29.433 % | |
| Receivables Turnover Ratio IPRWA | LI: 293.353 high: 24.217 median: 6.579 mean: 6.244 low: 0.674 |
|
| Inventory Turnover | 2.294 | |
| Inventory Turnover Ratio QoQ | 3.556 % | |
| Inventory Turnover Ratio YoY | -43.781 % | |
| Inventory Turnover Ratio IPRWA | high: 2.738 LI: 2.294 median: 1.717 mean: 1.698 low: 0.18 |
|
| Days Sales Outstanding (DSO) | 0.311 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -127.581 | |
| Cash Conversion Cycle Days QoQ | -27.962 % | |
| Cash Conversion Cycle Days YoY | -13.164 % | |
| Cash Conversion Cycle Days IPRWA | high: 276.691 mean: 23.358 median: -41.14 LI: -127.581 low: -151.181 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.545 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 75.8 B | |
| Net Invested Capital | $ 82.2 B | |
| Invested Capital | $ 82.2 B | |
| Net Tangible Assets | $ 71.7 B | |
| Net Working Capital | $ 50.2 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.578 | |
| Current Ratio | 1.803 | |
| Current Ratio QoQ | 3.923 % | |
| Current Ratio YoY | 2.316 % | |
| Current Ratio IPRWA | high: 2.708 mean: 1.942 median: 1.923 LI: 1.803 low: 0.038 |
|
| Quick Ratio | 1.671 | |
| Quick Ratio QoQ | 6.452 % | |
| Quick Ratio YoY | 1.809 % | |
| Quick Ratio IPRWA | high: 3.115 LI: 1.671 mean: 1.57 median: 1.423 low: 0.288 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -25.333 | |
| Cost Of Debt | 0.159 % | |
| Interest Coverage Ratio | -21.623 | |
| Interest Coverage Ratio QoQ | -180.395 % | |
| Interest Coverage Ratio YoY | -147.362 % | |
| Interest Coverage Ratio IPRWA | high: 61.154 median: 26.776 mean: 24.373 LI: -21.623 low: -55.727 |
|
| Operating Cash Flow Ratio | -0.118 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 165.552 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -5.066 % | |
| Revenue Growth | -9.525 % | |
| Revenue Growth QoQ | -157.18 % | |
| Revenue Growth YoY | -126.951 % | |
| Revenue Growth IPRWA | high: 34.898 % median: 24.889 % mean: 20.34 % LI: -9.525 % low: -28.667 % |
|
| Earnings Growth | -160.194 % | |
| Earnings Growth QoQ | -342.245 % | |
| Earnings Growth YoY | -174.426 % | |
| Earnings Growth IPRWA | high: 95.745 % median: 25.0 % mean: 19.659 % low: -64.286 % LI: -160.194 % |
|
| MARGINS | ||
| Gross Margin | 16.331 % | |
| Gross Margin QoQ | -18.585 % | |
| Gross Margin YoY | -24.098 % | |
| Gross Margin IPRWA | high: 50.051 % mean: 19.307 % median: 17.989 % LI: 16.331 % low: -50.886 % |
|
| EBIT Margin | -2.581 % | |
| EBIT Margin QoQ | -158.315 % | |
| EBIT Margin YoY | -131.833 % | |
| EBIT Margin IPRWA | high: 37.423 % median: 6.591 % mean: 6.305 % LI: -2.581 % low: -137.428 % |
|
| Return On Sales (ROS) | -4.302 % | |
| Return On Sales QoQ | -257.352 % | |
| Return On Sales YoY | -153.059 % | |
| Return On Sales IPRWA | high: 35.411 % mean: 5.722 % median: 5.475 % LI: -4.302 % low: -150.403 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -7.40 B | |
| Free Cash Flow Yield | -16.591 % | |
| Free Cash Flow Yield QoQ | 187.439 % | |
| Free Cash Flow Yield YoY | -182.802 % | |
| Free Cash Flow Yield IPRWA | high: 11.454 % mean: 0.56 % median: 0.307 % low: -14.17 % LI: -16.591 % |
|
| Free Cash Growth | 143.579 % | |
| Free Cash Growth QoQ | 82.906 % | |
| Free Cash Growth YoY | -105.383 % | |
| Free Cash Growth IPRWA | LI: 143.579 % high: 129.524 % median: 5.151 % mean: -48.514 % low: -201.069 % |
|
| Free Cash To Net Income | 11.833 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 11.833 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -0.398 % | |
| Return On Assets QoQ | -158.876 % | |
| Return On Assets YoY | -121.204 % | |
| Return On Assets IPRWA | high: 3.986 % median: 1.047 % mean: 0.837 % LI: -0.398 % low: -22.607 % |
|
| Return On Capital Employed (ROCE) | -0.78 % | |
| Return On Equity (ROE) | -0.009 | |
| Return On Equity QoQ | -157.564 % | |
| Return On Equity YoY | -120.35 % | |
| Return On Equity IPRWA | high: 0.488 median: 0.017 mean: 0.017 LI: -0.009 low: -0.543 |
|
| DuPont ROE | -0.857 % | |
| Return On Invested Capital (ROIC) | -0.726 % | |
| Return On Invested Capital QoQ | -151.82 % | |
| Return On Invested Capital YoY | -73.416 % | |
| Return On Invested Capital IPRWA | high: 20.18 % median: 1.653 % mean: 1.486 % LI: -0.726 % low: -24.047 % |
|