Li Auto vs Xpeng
Li Auto is the larger business, with $15.63bn of revenue in fiscal 2025 against $10.68bn for Xpeng (1.5 times as much). Xpeng grew faster (88.0% against -22.2%). Li Auto kept more of each dollar of sales as profit: a net margin of 1.0% against -1.5%. Li Auto carries less debt relative to equity (27.8% against 41.8%).
| Latest fiscal year | Li AutoLI, 2025 | XpengXPEV, 2025 |
|---|---|---|
| Revenue | $15.63bn | $10.68bn |
| Revenue growth | -22.2% | 88.0% |
| Net income | $156m | −$159m |
| Operating margin | -0.5% | -3.6% |
| Net margin | 1.0% | -1.5% |
| Return on equity | 1.6% | -3.7% |
| Free cash flow | −$1.78bn | $710m |
| Cash | $8.11bn | $2.48bn |
| Total debt | $2.88bn | $1.82bn |
| Debt to equity | 27.8% | 41.8% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | — | — |
| Market value | $11.35bn | $9.21bn |
| Price vs our value range | Below our value range | — |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 0 sales |