Recent News
On December 1, 2025 Li Auto reported November deliveries of 33,181 units, marking a multi-month decline and 1.5 million cumulative deliveries as of November 30, 2025. In December 2025 the company delivered roughly 44,246 vehicles, a year‑over‑year decline and part of a broader 2025 delivery shortfall. On February 1–2, 2026 Li Auto disclosed January deliveries of 27,668 units, the eighth consecutive monthly year‑over‑year decline, while reporting production ramp and model updates including efforts to accelerate i‑series BEV output and upgrade L‑series models.
Technical Analysis
Directional indicators: ADX at 20.88 signals an emerging trend in place; DI+ currently at 39.14 shows a recent peak‑and‑reversal, which reads as bearish for directional conviction, while DI‑ at 24.77 shows a dip‑and‑reversal consistent with additional bearish directional pressure.
MACD and signal: MACD sits at 0.37 with a MACD trend classified as peak‑and‑reversal; that pattern indicates waning bullish momentum and a transition toward bearish momentum despite the current MACD level above its signal.
Momentum/regression (MRO): MRO at 18.69 (positive) indicates price sits above the model target and therefore carries a higher likelihood of mean reversion downward; the MRO’s recent dip‑and‑reversal accentuates short‑term momentum changes that favor a pullback toward model value.
RSI: RSI at 47.42 with an increasing trend places the stock in neutral‑zone accumulation, suggesting limited immediate upside conviction but some building buying pressure that could slow or temporarily reverse declines.
Price vs. averages and bands: Last close $18.32 trades modestly above the 20‑day average ($18.00) and above the 12‑day EMA ($18.18) but well below the 200‑day average ($22.99), indicating short‑term support near $17.84 (SuperTrend lower) while the longer‑term bias remains below the 200‑day average. Bollinger bands center near $18 with ±1σ at $17.00–$19.00; current price sits inside one standard deviation, implying limited immediate volatility breakout.
Volume and volatility: Daily volume (1,347,090) remains well below 10‑/50‑/200‑day averages, pointing to low participation during recent moves. 42‑day beta higher (1.33) vs. 52‑week beta (0.78) implies recent sensitivity to broader moves has increased.
Fundamental Analysis
Profitability and margins: Total revenue totaled $27,364,662,000. Gross margin at 16.33% contrasts with operating margin at -4.30% and EBIT margin at -2.58%, reflecting continued operating losses. QoQ, EBIT margin moved by -158.32% and YoY by -131.83% (both figures per provided QoQ/YoY values), signaling material margin compression over recent periods. The EBIT margin sits above the industry peer low (-2.83%) but remains below the industry peer mean (8.07%) and median (7.24%).
Earnings and cash flow: Reported EPS at -$0.62 missed the estimate of $0.56 by -$1.18 (surprise ratio -210.7%). Operating cash flow and free cash flow both register negative: operating cash flow -$7,395,580,000 and free cash flow -$7,395,580,000, producing a free cash flow yield of -16.59%. Cash and short‑term investments total $98,677,983,000 and the cash ratio equals 1.58, providing substantial near‑term liquidity despite negative cash conversion from operations.
Balance sheet and leverage: Total assets $153,115,695,000 versus total equity $72,690,847,000; debt to assets at 11.69% and debt to equity at 24.61% reflect modest leverage. Current ratio 1.80 and quick ratio 1.67 confirm adequate short‑term coverage.
Valuation metrics: Trailing P/E negative at -35.48; forward P/E runs near 66.38. P/B at 0.61 sits above the industry peer mean (0.18) and median (0.07). PS at 1.63 remains below the industry peer mean. Enterprise multiple reported at 51.27 and an enterprise value negative on the sheet produce elevated multiples relative to operating losses. WMDST values the stock as over‑valued given stretched valuation multiples alongside negative operating earnings and negative free cash flow.
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 | $ -4.36 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 | $ 0.20 | |
| 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 % |
|