Ecarx Holdings Inc. key statistics and ratios

In fiscal 2025, Ecarx Holdings Inc. had an operating margin of -6.5% and a current ratio of 0.59. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Ecarx Holdings Inc.: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	24.6%	29.4%	27.8%	27.0%	20.8%	19.0%
Operating margin	−19.2%	−36.0%	−41.2%	−19.6%	−15.9%	−6.5%
Net margin	−19.6%	−42.2%	−43.3%	−20.1%	−16.8%	−7.8%
Free-cash-flow margin	−19.5%	−35.7%	−15.0%	−27.4%	−9.8%	−12.6%
Return on assets	—	—	−36.2%	−21.9%	−23.3%	−11.2%
Asset turnover	—	—	0.84	1.09	1.38	1.44
Current ratio	—	—	0.91	0.78	0.55	0.59
Interest cover (operating income ÷ interest)	—	—	n/m	n/m	n/m	n/m
R&D as % of revenue	—	—	34.0%	26.8%	22.7%	14.5%
SG&A as % of revenue	—	—	—	19.9%	14.0%	11.1%
Capital spending as % of revenue	3.1%	3.1%	3.6%	1.3%	2.1%	1.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 5 checks passed · December 31, 2025

What it owns · $662m

Short-term assets $483mLonger-term assets $179m

What it owes, and who funded it · $946m

Short-term liabilities $823mLonger-term liabilities $123mShareholders' equity $-283m

Short-term assets cover short-term liabilities $483m of assets due within a year against $823m of liabilities due within a year.
Short-term assets cover long-term liabilities $483m short-term assets against $123m of longer-dated liabilities.
More cash than debt $87m of cash against $316m of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$94m of operating cash flow against $316m of debt.
Operating profit covers interest at least five times over Operating income of −$55m against $24m of interest.

From Ecarx Holdings Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Ecarx Holdings Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ecarx Holdings Inc.