Lucid Group, Inc. key statistics and ratios

In fiscal 2025, Lucid Group, Inc. had return on equity of -117.6%, an operating margin of -258.7%, debt equal to 379.0% of equity and a current ratio of 1.25. 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.

Lucid Group, Inc.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	14.5%	22.8%	—	—	—	—	−92.8%	−96.6%
Operating margin	<−999%	<−999%	<−999%	−426.5%	−520.7%	−373.9%	−258.7%	−263.6%
Net margin	<−999%	<−999%	<−999%	−214.5%	−475.1%	−336.0%	−199.3%	−249.2%
Free-cash-flow margin	<−999%	<−999%	<−999%	−542.8%	−571.2%	−359.4%	−280.7%	−330.4%
Return on equity	—	—	−199.2%	−31.6%	−61.5%	−62.2%	−117.6%	—
Return on assets	—	−51.3%	−55.6%	−16.6%	−34.5%	−29.9%	−29.9%	−47.9%
Asset turnover	—	0.00	0.01	0.08	0.07	0.09	0.15	0.19
Current ratio	—	3.58	16.43	5.24	4.72	4.18	1.25	1.14
Debt to equity	—	—	50.8%	46.0%	42.7%	58.2%	379.0%	—
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	>999%	>999%	>999%	135.1%	157.4%	145.6%	89.5%	86.8%
SG&A as % of revenue	836.1%	>999%	>999%	120.8%	133.9%	111.5%	76.4%	75.6%
Capital spending as % of revenue	>999%	>999%	>999%	176.7%	153.0%	109.4%	64.1%	66.7%

US$ thousands unless shown otherwise. Fiscal quarters.

Lucid Group, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	—	−89.0%	−97.2%	—	−99.1%	−80.7%	—	—
Operating margin	−385.2%	−312.6%	−294.4%	−309.5%	−279.9%	−203.7%	−350.3%	−267.0%
Net margin	−496.1%	−169.4%	−155.8%	−207.9%	−290.7%	−155.7%	−364.1%	−255.3%
Free-cash-flow margin	−311.2%	−351.8%	−251.0%	−390.4%	−283.9%	−237.6%	−509.4%	−364.1%
Current ratio	3.71	4.18	3.32	2.58	1.81	1.25	1.02	1.14
Debt to equity	76.3%	55.0%	69.0%	94.4%	130.7%	379.0%	—	—
R&D as % of revenue	162.2%	119.5%	106.9%	105.6%	96.7%	69.1%	118.8%	79.3%
SG&A as % of revenue	116.8%	104.0%	90.3%	99.0%	84.1%	53.9%	107.7%	74.1%

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 · June 30, 2026

What it owns · $7.7bn

Short-term assets $2.8bnLonger-term assets $4.9bn

What it owes, and who funded it · $5.9bn

Short-term liabilities $2.4bnLonger-term liabilities $3.4bnShareholders' equity $-1.1bn

Short-term assets cover short-term liabilities $2.8bn of assets due within a year against $2.4bn of liabilities due within a year.
Short-term assets cover long-term liabilities $2.8bn short-term assets against $3.4bn of longer-dated liabilities.
More cash than debt $733m of cash against $3.3bn 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 −$4.1bn of operating cash flow against $3.3bn of debt.
Operating profit covers interest at least five times over Operating income of −$4.1bn against $148m of interest.

From Lucid Group, 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

8 /100

Weak moat

How hard Lucid Group's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Cash operating profit has been a median -22.4% of total assets over 5 years.
Pricing power 0 / 20

Gross margin has been a median -130.9%, moving by 95.0 percentage points (standard deviation) across 6 years.
Durability 10 / 20

Operating margin has been a median -427.2%; its worst year was -20415.8%.
Cash conversion 0 / 20

Free cash flow was positive in 0 of 5 years, at a median -435.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (12 before it).

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 Lucid Group, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Lucid Group, Inc.