Recent News
On Jan 1, 2026 the company reported December 2025 deliveries of 44,246 vehicles and fourth-quarter deliveries of 109,194, pushing cumulative deliveries past 1.5 million. On Feb 1, 2026 Li Auto announced January 2026 deliveries of 27,668, an OTA software update (version 8.2) with 40 new features and expansion of charging and retail footprints. Coverage of China EV sales for January 2026 cited Li Auto among peers showing weaker monthly demand.
Technical Analysis
Directional indicators show DI+ at 31.89 (increasing) while DI- sits at 29.40 (decreasing); that configuration signals bullish directional pressure but ADX at 14.31 indicates no established trend, implying any upside lacks strong follow-through.
MACD reads -0.10, trading above its signal line at -0.22 and trending higher; the MACD crossover signals a shift toward bullish momentum from recent bearish levels.
MRO stands at 12.48 with a peak-and-reversal behavior; the positive MRO indicates price currently sits above the model target and therefore carries potential for downward mean reversion despite recent momentum.
RSI at 42.52 and rising points to recovering buying interest without overbought pressure, supporting a scenario of short-term consolidation or modest upside rather than a strong breakout.
Price sits near short-term averages: 12-day EMA rising at $16.86 and 20-day average $16.68, while the 200-day average remains higher at $23.24; the gap to the 200-day average keeps the longer-term bias below the short-term setup, so any rally must clear longer-term resistance to shift broader sentiment.
Fundamental Analysis
Profitability shows continued strain: EBIT stood at $-706,267,000 giving an EBIT margin of -2.58%. Quarter-over-quarter change in EBIT margin registered -158.32% and year-over-year change -131.83%, reflecting steep margin erosion versus recent periods. The EBIT margin sits above the industry peer low but below the industry peer mean and median, indicating underperformance relative to typical peers.
Net income totaled $-624,976,000 and EPS came in at $-0.62 versus an estimate of $0.56, producing an EPS surprise of -210.7%.
Revenue totaled $27,364,662,000 with revenue growth year-over-year at -9.53% and QoQ change at -157.18%, demonstrating declining top-line momentum over recent reporting intervals.
Gross margin registered 16.33%, approximately in line with the industry peer median and slightly below the industry peer mean; operating margin measured -4.30% and return on equity measured -0.86%, both signaling negative operating leverage despite sizable revenue scale.
Liquidity and balance-sheet metrics present strength: cash and short-term investments equal $98,677,983,000, current ratio 1.80, quick ratio 1.67 and cash ratio 1.58, which together provide ample near-term liquidity to fund operations and product expansion.
Leverage remains modest with debt-to-assets at 11.69% and debt-to-equity at 24.61%; debt levels sit well below the industry peer mean, leaving financial flexibility intact while margins recover.
Cash flow remained strained: free cash flow amounted to $-7,395,580,000 and free cash flow yield equaled -16.59%, though free cash flow growth showed positive movement QoQ. WMDST values the stock as over-valued based on current earnings, cash-flow profile, and the gap between short-term technical momentum and long-term moving averages.
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 | $ -4.62 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 | $ 0.21 | |
| 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 mean: 17.37 median: 13.982 low: -57.947 |
|
| 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 median: 0.353 mean: 0.312 LI: 0.117 low: 0.002 |
|
| 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: 0.845 median: 0.761 LI: 0.246 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: 7.735 LI: 0.613 mean: 0.176 median: 0.068 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: 42.541 median: 42.179 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 mean: 15.179 LI: 1.629 median: 0.207 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 LI: 0.174 mean: 0.159 median: 0.13 low: 0.011 |
|
| 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 mean: 2.907 median: 0.804 low: 0.674 |
|
| Inventory Turnover | 2.294 | |
| Inventory Turnover Ratio QoQ | 3.556 % | |
| Inventory Turnover Ratio YoY | -43.781 % | |
| Inventory Turnover Ratio IPRWA | high: 2.956 LI: 2.294 median: 2.055 mean: 2.018 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: 361.737 median: 100.408 mean: 74.466 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: 4.126 LI: 1.803 mean: 1.52 median: 1.229 low: 0.038 |
|
| Quick Ratio | 1.671 | |
| Quick Ratio QoQ | 6.452 % | |
| Quick Ratio YoY | 1.809 % | |
| Quick Ratio IPRWA | high: 3.182 LI: 1.671 mean: 1.281 median: 1.065 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: 66.215 median: 61.154 mean: 49.328 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 % mean: 8.506 % median: 1.013 % LI: -9.525 % low: -54.559 % |
|
| Earnings Growth | -160.194 % | |
| Earnings Growth QoQ | -342.245 % | |
| Earnings Growth YoY | -174.426 % | |
| Earnings Growth IPRWA | high: 95.745 % mean: 11.228 % median: 6.393 % 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: 61.142 % mean: 16.976 % LI: 16.331 % median: 15.907 % low: -56.174 % |
|
| EBIT Margin | -2.581 % | |
| EBIT Margin QoQ | -158.315 % | |
| EBIT Margin YoY | -131.833 % | |
| EBIT Margin IPRWA | high: 37.423 % mean: 8.067 % median: 7.243 % LI: -2.581 % low: -283.208 % |
|
| 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 % median: 6.628 % mean: 6.309 % 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: -4.787 % median: -7.966 % 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 | high: 143.622 % LI: 143.579 % mean: -118.764 % median: -132.211 % low: -255.252 % |
|
| Free Cash To Net Income | 11.833 | |
| Cash Flow Margin | -34.112 % | |
| 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: 0.976 % mean: 0.908 % 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: 0.025 mean: 0.022 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 % mean: 1.347 % median: 1.277 % LI: -0.726 % low: -24.047 % |
|