Li Auto vs Thor Industries
Li Auto is the larger business, with $15.63bn of revenue in fiscal 2025 against $9.61bn for Thor Industries (1.6 times as much). Thor Industries grew faster (0.3% against -22.2%). Thor Industries kept more of each dollar of sales as profit: a net margin of 1.8% against 1.0%. Thor Industries carries less debt relative to equity (21.8% against 27.8%).
| Latest fiscal year | Li AutoLI, 2025 | Thor IndustriesTHO, 2026 |
|---|---|---|
| Revenue | $15.63bn | $9.61bn |
| Revenue growth | -22.2% | 0.3% |
| Net income | $156m | $178m |
| Operating margin | -0.5% | — |
| Net margin | 1.0% | 1.8% |
| Return on equity | 1.6% | 4.2% |
| Free cash flow | −$1.78bn | $169m |
| Cash | $8.11bn | $482m |
| Total debt | $2.88bn | $929m |
| Debt to equity | 27.8% | 21.8% |
| Dividend per share | — | $2.08 |
| Dividend yield | — | — |
| Share buybacks | — | $115m |
| Employees | — | 19,500 |
| Market value | $11.35bn | $4.03bn |
| Price vs our value range | Below our value range | Below our value range |
| Moat score | — | 54 (Moderate) |
| Insider trades, 12 months | 0 buys, 0 sales | 1 buys, 2 sales |