Recent News
On March 24, 2026 Li Auto announced a US$1.0 billion share repurchase program authorized through March 31, 2027.
On March 27, 2026 the company notified holders of its 0.25% Convertible Senior Notes due 2028 of a holder put right exercisable for repurchase on May 1, 2026, with aggregate principal outstanding about $862.5 million.
Li Auto filed its 2025 Form 20-F and scheduled its 2026 Annual General Meeting for May 29, 2026; the AGM materials cite proposals to renew issuance and repurchase mandates and to update corporate articles.
Delivery updates show ongoing volume: February 2026 deliveries reported roughly 26,421 units, continuing monthly reporting of deliveries and network expansion.
Technical Analysis
Directional indicators present conflicting directional cues with limited trend strength: ADX at 13.62 indicates no trend, DI+ decreasing signals bearish directional pressure while DI- showing a peak-and-reversal signals a bullish reduction in downside pressure; together these imply rangebound action with offsetting directional forces that lessen conviction in a sustained move.
MACD sits negative at -0.08 but shows a dip-and-reversal pattern; momentum improved relative to recent lows but the MACD remains below its signal line (-0.01), so momentum recovery lacks confirmation from a bullish crossover and suggests tentative upside rather than confirmed bullish continuation.
MRO reads -13.21, indicating price below the model target and therefore technical room for upward mean reversion; the negative value implies potential upward pressure if mean-reversion drivers appear, but magnitude suggests moderate potential rather than an extreme overshoot.
RSI at 49.5 sits near neutral; the recent dip-and-reversal pattern indicates short-term momentum recovery toward neutral territory rather than overbought conditions, supporting a view of consolidation rather than impulsive trend continuation.
Price relationships: the close at $18.00 sits below the 200-day average ($20.14) and near the 20-day and 50-day averages (~$17.98 and $17.92), so short-term averages align with the current price while the longer-term average remains higher, reinforcing a neutral-to-cautious bias until price clears the 200‑day average. Bollinger bandwidth shows the stock trading inside the 1x bands (lower ~$17.58, upper ~$18.39), consistent with low volatility and rangebound action.
Fundamental Analysis
Profitability metrics convey compression relative to peers and to prior periods. EBIT margin stands at 0.035%, far below the industry peer mean of 8.903% and industry peer median of 12.991%; quarter-over-quarter change in EBIT margin registers a decline of -101.36% and year-over-year change -99.62%, reflecting heavy margin contraction versus prior periods. Operating margin at -1.538% confirms operating-level pressure despite positive gross margin of 17.83%.
Top-line and cash-flow dynamics present divergent signals. Reported total revenue equals $28,775,422,000; the reported revenue growth for the recent period is 5.16%, while revenue growth year-over-year registers -85.41%, indicating a sharp YoY swing in the reported series. Cash and short-term investments total $101,023,172,000 with cash of $56,691,765,000, producing a negative enterprise value of -$46,671,583,508 and a market capitalization of $36,536,821,492; the negative enterprise value reflects a net cash position materially larger than market cap.
Cash-flow generation weakens: free cash flow equals -$4,997,494,000 and free cash flow yield reads -13.678%, with free cash flow contraction of -32.426% YoY. Operating cash flow sits at -$791,977,000 and the cash conversion ratio equals 0.556, signaling diminished cash conversion relative to earnings. Interest coverage near 0.269 and debt-to-EBITDA roughly 1,768 reflect low operating coverage and the effect of small operating earnings versus nominal interest and financing lines despite modest absolute debt ($17,814,767,000).
Valuation multiples show a meaningful spread between reported trailing metrics and consensus forward metrics: trailing P/E reads 1,802.9 due to near-breakeven reported EPS ($0.01) while forward P/E equals ~82.18 based on forward EPS; price-to-book at 0.50 sits above the industry peer mean of 0.1802 and above the industry peer median of 0.07226. PEG ratios register negative values on both trailing and forward bases. WMDST classifies the current valuation as over-valued, a judgment supported by the combination of extreme trailing multiples, negative free cash flow yield, and compressed operating margins despite a large cash reserve.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-03-12 |
| NEXT REPORT DATE: | 2026-06-11 |
| CASH FLOW | Begin Period Cash Flow | $ 51.3 B |
| Operating Cash Flow | $ -791.98 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ -798.50 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 5.6 B | |
| End Period Cash Flow | $ 56.9 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 28.8 B | |
| Forward Revenue | $ 519.7 B | |
| COSTS | ||
| Cost Of Revenue | $ 23.6 B | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | $ 3.0 B | |
| Total Operating Expenses | $ 29.2 B | |
| PROFITABILITY | ||
| Gross Profit | $ 5.1 B | |
| EBITDA | $ 10.1 M | |
| EBIT | $ 10.1 M | |
| Operating Income | $ -442.59 M | |
| Interest Income | $ 430.7 M | |
| Interest Expense | $ 37.4 M | |
| Net Interest Income | $ 393.3 M | |
| Income Before Tax | $ -27.34 M | |
| Tax Provision | $ -47.59 M | |
| Tax Rate | 25.0 % | |
| Net Income | $ 6.5 M | |
| Net Income From Continuing Operations | $ 6.5 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.02 | |
| EPS Actual | $ 0.01 | |
| EPS Difference | $ 0.03 | |
| EPS Surprise | 150.0 % | |
| Forward EPS | $ 0.23 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 154.3 B | |
| Intangible Assets | $ 2.7 B | |
| Net Tangible Assets | $ 69.9 B | |
| Total Current Assets | $ 115.3 B | |
| Cash and Short-Term Investments | $ 101.0 B | |
| Cash | $ 56.7 B | |
| Net Receivables | $ 119.8 M | |
| Inventory | $ 8.8 B | |
| Long-Term Investments | $ 1.8 B | |
| LIABILITIES | ||
| Accounts Payable | $ 23.7 B | |
| Short-Term Debt | $ 6.2 B | |
| Total Current Liabilities | $ 63.5 B | |
| Net Debt | — | |
| Total Debt | $ 17.8 B | |
| Total Liabilities | $ 81.2 B | |
| EQUITY | ||
| Total Equity | $ 72.6 B | |
| Retained Earnings | $ 11.2 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 35.83 | |
| Shares Outstanding | 2.028 B | |
| Revenue Per-Share | $ 14.20 | |
| VALUATION | Market Capitalization | $ 36.5 B |
| Enterprise Value | $ -46.67 B | |
| Enterprise Multiple | -4632.415 | |
| Enterprise Multiple QoQ | -9135.002 % | |
| Enterprise Multiple YoY | 42680.0 % | |
| Enterprise Multiple IPRWA | high: 98.341 mean: 13.189 median: 12.002 low: -53.382 LI: -4632.415 |
|
| EV/R | -1.622 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.125 | |
| Asset To Liability | 1.901 | |
| Debt To Capital | 0.197 | |
| Debt To Assets | 0.115 | |
| Debt To Assets QoQ | -1.19 % | |
| Debt To Assets YoY | 14.68 % | |
| Debt To Assets IPRWA | high: 0.666 median: 0.412 mean: 0.304 LI: 0.115 low: 0.031 |
|
| Debt To Equity | 0.245 | |
| Debt To Equity QoQ | -0.333 % | |
| Debt To Equity YoY | 6.379 % | |
| Debt To Equity IPRWA | high: 9.341 median: 1.081 mean: 0.834 LI: 0.245 low: -1.267 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.503 | |
| Price To Book QoQ | -17.951 % | |
| Price To Book YoY | -31.488 % | |
| Price To Book IPRWA | high: 5.468 LI: 0.503 mean: 0.18 median: 0.072 low: -4.708 |
|
| Price To Earnings (P/E) | 1802.891 | |
| Price To Earnings QoQ | -5182.009 % | |
| Price To Earnings YoY | 22919.313 % | |
| Price To Earnings IPRWA | LI: 1802.891 high: 172.68 mean: 38.707 median: 35.134 low: -128.535 |
|
| PE/G Ratio | -17.743 | |
| Price To Sales (P/S) | 1.27 | |
| Price To Sales QoQ | -22.051 % | |
| Price To Sales YoY | 8.006 % | |
| Price To Sales IPRWA | high: 15.82 LI: 1.27 mean: 0.383 median: 0.209 low: 0.009 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 82.179 | |
| Forward PE/G | -0.809 | |
| Forward P/S | 0.074 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -19.674 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.187 | |
| Asset Turnover Ratio QoQ | 7.549 % | |
| Asset Turnover Ratio YoY | -32.943 % | |
| Asset Turnover Ratio IPRWA | high: 0.293 LI: 0.187 mean: 0.154 median: 0.135 low: 0.053 |
|
| Receivables Turnover | 260.777 | |
| Receivables Turnover Ratio QoQ | -11.105 % | |
| Receivables Turnover Ratio YoY | 4.696 % | |
| Receivables Turnover Ratio IPRWA | LI: 260.777 high: 32.246 mean: 2.627 median: 0.828 low: 0.363 |
|
| Inventory Turnover | 2.785 | |
| Inventory Turnover Ratio QoQ | 21.398 % | |
| Inventory Turnover Ratio YoY | -35.43 % | |
| Inventory Turnover Ratio IPRWA | high: 3.57 LI: 2.785 median: 2.343 mean: 2.072 low: 0.332 |
|
| Days Sales Outstanding (DSO) | 0.35 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -88.33 | |
| Cash Conversion Cycle Days QoQ | -30.765 % | |
| Cash Conversion Cycle Days YoY | -13.607 % | |
| Cash Conversion Cycle Days IPRWA | high: 278.075 median: 103.012 mean: 69.514 LI: -88.33 low: -183.253 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.556 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 75.9 B | |
| Net Invested Capital | $ 82.1 B | |
| Invested Capital | $ 82.1 B | |
| Net Tangible Assets | $ 69.9 B | |
| Net Working Capital | $ 51.7 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.59 | |
| Current Ratio | 1.814 | |
| Current Ratio QoQ | 0.63 % | |
| Current Ratio YoY | -0.586 % | |
| Current Ratio IPRWA | high: 4.626 LI: 1.814 mean: 1.595 median: 1.26 low: 0.031 |
|
| Quick Ratio | 1.676 | |
| Quick Ratio QoQ | 0.308 % | |
| Quick Ratio YoY | -1.767 % | |
| Quick Ratio IPRWA | high: 3.953 LI: 1.676 mean: 1.354 median: 1.118 low: 0.296 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1768.215 | |
| Cost Of Debt | 0.159 % | |
| Interest Coverage Ratio | 0.269 | |
| Interest Coverage Ratio QoQ | -101.245 % | |
| Interest Coverage Ratio YoY | -99.739 % | |
| Interest Coverage Ratio IPRWA | high: 89.923 median: 46.196 mean: 32.818 LI: 0.269 low: -115.028 |
|
| Operating Cash Flow Ratio | -0.23 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 122.512 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.771 % | |
| Revenue Growth | 5.155 % | |
| Revenue Growth QoQ | -154.121 % | |
| Revenue Growth YoY | -85.414 % | |
| Revenue Growth IPRWA | high: 100.0 % median: 8.721 % LI: 5.155 % mean: 1.256 % low: -62.993 % |
|
| Earnings Growth | -101.613 % | |
| Earnings Growth QoQ | -36.569 % | |
| Earnings Growth YoY | -515.833 % | |
| Earnings Growth IPRWA | high: 31.974 % median: 31.974 % mean: -0.438 % LI: -101.613 % low: -178.71 % |
|
| MARGINS | ||
| Gross Margin | 17.83 % | |
| Gross Margin QoQ | 9.179 % | |
| Gross Margin YoY | -11.998 % | |
| Gross Margin IPRWA | high: 54.33 % mean: 18.381 % LI: 17.83 % median: 17.771 % low: -54.88 % |
|
| EBIT Margin | 0.035 % | |
| EBIT Margin QoQ | -101.356 % | |
| EBIT Margin YoY | -99.622 % | |
| EBIT Margin IPRWA | high: 28.125 % median: 12.991 % mean: 8.903 % LI: 0.035 % low: -149.08 % |
|
| Return On Sales (ROS) | -1.538 % | |
| Return On Sales QoQ | -64.249 % | |
| Return On Sales YoY | -116.602 % | |
| Return On Sales IPRWA | high: 28.238 % median: 8.851 % mean: 6.851 % LI: -1.538 % low: -203.691 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -5.00 B | |
| Free Cash Flow Yield | -13.678 % | |
| Free Cash Flow Yield QoQ | -17.558 % | |
| Free Cash Flow Yield YoY | -849.069 % | |
| Free Cash Flow Yield IPRWA | high: 4.162 % mean: -10.432 % LI: -13.678 % median: -17.36 % low: -46.067 % |
|
| Free Cash Growth | -32.426 % | |
| Free Cash Growth QoQ | -122.584 % | |
| Free Cash Growth YoY | -64.515 % | |
| Free Cash Growth IPRWA | high: 269.569 % median: 139.565 % mean: 58.057 % LI: -32.426 % low: -240.778 % |
|
| Free Cash To Net Income | -766.604 | |
| Cash Flow Margin | -50.708 % | |
| Cash Flow To Earnings | -2238.309 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.0 % | |
| Return On Assets QoQ | -100.0 % | |
| Return On Assets YoY | -100.0 % | |
| Return On Assets IPRWA | high: 3.974 % median: 1.258 % mean: 0.918 % LI: 0.0 % low: -24.485 % |
|
| Return On Capital Employed (ROCE) | 0.011 % | |
| Return On Equity (ROE) | 0.0 | |
| Return On Equity QoQ | -100.0 % | |
| Return On Equity YoY | -100.0 % | |
| Return On Equity IPRWA | high: 0.097 median: 0.032 mean: 0.019 LI: 0.0 low: -0.383 |
|
| DuPont ROE | 0.0 % | |
| Return On Invested Capital (ROIC) | 0.0 % | |
| Return On Invested Capital QoQ | -100.0 % | |
| Return On Invested Capital YoY | -100.0 % | |
| Return On Invested Capital IPRWA | high: 5.915 % median: 1.637 % mean: 1.297 % LI: 0.0 % low: -26.323 % |
|