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Li Auto Inc. (LI) stock

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NASDAQ: LI Nasdaq Automobile Manufacturers Next results ~November 25, 2026

C+ Fundamentals grade

Li Auto Inc. is a US-listed company in the automobile manufacturers industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($34.07) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($34.07) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating. We'll show the comparison once resolved.

Li Auto Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds86 adding, 89 cuttingOf 21 active managers that changed their stake, 15 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Li Auto files

Where Li Auto stands after its latest Filing

Revenue for the twelve months was $15.6bn, down 22.2% on a year earlier, against growth of 14.7% a quarter earlier. Free-cash-flow margin fell to -11.4% from 18.1% a year earlier. Operating margin widened to -0.5% from -3.8%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 7 financial-health checks.

Our model value for Li Auto is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 25, 2026 (estimated)

Li Auto Inc.'s trailing-twelve-month revenue fell 22.2% year on year, with a free-cash-flow margin of -11.4%. Where it stands out: long-term debt as % of assets of 2.1% ranks 3 of 18 automobile manufacturers companies we cover. Where it lags: change in growth rate of -36.9pp ranks 21 of 23 automobile manufacturers companies we cover.

Our discounted-cash-flow model values the business at ~$34 per share in the base case (~$27–$43 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -22.2% (-36.9pp vs the prior quarter), the 2nd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $7.6bn.

Things to watch

  • Revenue shrinking. Revenue fell 22.2% over the last 12 months.
  • Growth slowing. The growth rate is 36.9 points lower than a quarter earlier.
  • Loss-making. Operating margin is -0.5%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 5.3 points on a year ago.
  • Burning cash. Free cash flow was -11.4% of revenue over the last 12 months.
  • Weak cash conversion. Free cash flow was -1140% of net income over the last 12 months.

Latest results

Earnings per share
-$1.49 against an average estimate of -$1.47: missed by 1.6%
Next report
November 25, 2026

Li Auto's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.4%
  • 1 week-1.5%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$15.6B
Operating margin
-0.5%
Net margin
1.0%
EPS (TTM, diluted)
$0.15

Growth

Revenue growth
−22.2%
Change in growth rate
−36.9 pts
Share count change
+0.6%

Cash

Free cash flow (TTM)
-$1.8B
FCF margin
-11.4%
Stock pay % of revenue
1.1%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for LI from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Li Auto Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($34.07) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Li Auto Inc.'s free cash flow after stock-based pay ( $1.4B, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Li Auto Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.23 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$34 ~$27–$43 Left out: far from the other models (more than 3x away from their median)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$3.0 ~$3.0–$4.1 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$5.5 ~$3.7–$8.4 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$4.2 ~$3.7–$4.9 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Li Auto Inc. with Automobile Manufacturers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

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

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

Forecasts and guidance

Next results: November 25, 2026, before the open.

Analysts' consensus

No analyst estimates are published for Li Auto Inc.: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$1.47 −$1.49 −1.6%
Mar 2026 −$2.08 −$2.09 −0.2%
Dec 2025 $0.22 $0.25 +15.2%
Sept 2025 $0.64 −$0.36 −156.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

24 analysts, Nov 2026
Buy938%
Hold1458%
Sell14%

Monthly trend

  1. Nov 2026361424
  2. Oct 2026381426
  3. Sep 2026381426

Counts of recommendations published by analysts covering Li Auto Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.6%
of tradable shares
Days to cover
9.42
at average volume
Short interest, 1 month
−0%
to October 15, 2026
Held by institutions
5%
of shares
Held by insiders
0.0%
of shares
Employees
27,048
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Li Auto Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Li Auto Inc.
$0 $10B $20B $30B FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY19 Q4: $41.2M Revenue (TTM), FY20 Q4: $1.4B Revenue (TTM), FY21 Q4: $4.2B Revenue (TTM), FY22 Q4: $6.7B Revenue (TTM), FY23 Q4: $17.5B Revenue (TTM), FY24 Q4: $20.1B Revenue (TTM), FY25 Q4: $15.6B $15.6B

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY19 Q4 $41.2M
FY20 Q4 $1.4B
FY21 Q4 $4.2B
FY22 Q4 $6.7B
FY23 Q4 $17.5B
FY24 Q4 $20.1B
FY25 Q4 $15.6B
Revenue growth, TTM YoY Li Auto Inc.
-1000% 0% 1000% 2000% 3000% 4000% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY20 Q4: 3228.2% Revenue growth, TTM YoY, FY21 Q4: 205.5% Revenue growth, TTM YoY, FY22 Q4: 61.1% Revenue growth, TTM YoY, FY23 Q4: 159.5% Revenue growth, TTM YoY, FY24 Q4: 14.7% Revenue growth, TTM YoY, FY25 Q4: -22.2% -22.2%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY20 Q4 3228.2%
FY21 Q4 205.5%
FY22 Q4 61.1%
FY23 Q4 159.5%
FY24 Q4 14.7%
FY25 Q4 -22.2%
Operating margin (TTM) Li Auto Inc.
-800% -600% -400% -200% 0% 200% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY19 Q4: -653.6% Operating margin (TTM), FY20 Q4: -7.1% Operating margin (TTM), FY21 Q4: -3.8% Operating margin (TTM), FY22 Q4: -8.1% Operating margin (TTM), FY23 Q4: 6.0% Operating margin (TTM), FY24 Q4: 4.9% Operating margin (TTM), FY25 Q4: -0.5% -0.5%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY19 Q4 -653.6%
FY20 Q4 -7.1%
FY21 Q4 -3.8%
FY22 Q4 -8.1%
FY23 Q4 6.0%
FY24 Q4 4.9%
FY25 Q4 -0.5%
FCF margin (TTM) Li Auto Inc.
-1000% -500% 0% 500% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY19 Q4: -965.9% FCF margin (TTM), FY20 Q4: 26.1% FCF margin (TTM), FY21 Q4: 18.1% FCF margin (TTM), FY22 Q4: 5.0% FCF margin (TTM), FY23 Q4: 35.7% FCF margin (TTM), FY24 Q4: 5.7% FCF margin (TTM), FY25 Q4: -11.4% -11.4%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY19 Q4 -965.9%
FY20 Q4 26.1%
FY21 Q4 18.1%
FY22 Q4 5.0%
FY23 Q4 35.7%
FY24 Q4 5.7%
FY25 Q4 -11.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

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

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 0.0 1.4 4.2 6.7 17.5 20.1 15.6
Gross profit −0.0 0.2 0.9 1.3 3.9 4.1 2.9
EBITDA −0.3 −0.1 −0.1 −0.4 1.3 1.4 0.6
Operating income −0.3 −0.1 −0.2 −0.5 1.0 1.0 −0.1
Net income −0.4 −0.0 −0.0 −0.3 1.7 1.1 0.2
Diluted EPS — — −$0.05 −$0.31 $1.57 $1.05 $0.15
Growth (year on year)
Revenue — +>999% +205.5% +61.1% +159.5% +14.7% −22.2%
EBITDA — — — — — +7.6% −59.1%
Operating income — — — — — −6.8% −107.4%
Net income — — — — — −32.5% −86.0%
Diluted EPS — — — — — −32.8% −85.7%
Margins
Gross margin −0.0% 16.4% 21.3% 19.4% 22.2% 20.5% 18.7%
EBITDA margin −612.7% −3.7% −1.6% −5.4% 7.4% 7.0% 3.7%
Operating margin −653.6% −7.1% −3.8% −8.1% 6.0% 4.9% −0.5%
Net margin −857.5% −1.6% −1.2% −4.4% 9.5% 5.6% 1.0%
Free-cash-flow margin −965.9% 26.1% 18.1% 5.0% 35.7% 5.7% −11.4%
Cash flow
Cash from operations −0.3 0.5 1.3 1.1 7.2 2.2 −1.2
Capital spending 0.1 0.1 0.5 0.8 0.9 1.1 0.6
Free cash flow −0.4 0.4 0.8 0.3 6.2 1.1 −1.8
Stock-based pay — 0.0 0.2 0.3 0.3 0.4 0.2
Free cash flow after stock pay — 0.3 0.6 0.0 5.9 0.8 −2.0
Balance sheet
Cash 0.2 1.4 4.4 5.6 12.9 9.0 8.1
Total debt 0.1 0.1 1.3 2.1 3.6 3.0 2.9
Net debt (negative = net cash) −0.1 −1.3 −3.1 −3.5 −9.2 −6.1 −5.2
Diluted shares 128m 435m 927m 971m 1,058m 1,065m 1,071m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · December 31, 2025
What it owns · $22.1bn
Short-term assets $16.5bnLonger-term assets $5.6bn
What it owes, and who funded it · $22.0bn
Short-term liabilities $9.1bnLonger-term liabilities $2.5bnShareholders' equity $10.4bn
  • Short-term assets cover short-term liabilities $16.5bn of assets due within a year against $9.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $16.5bn short-term assets against $2.5bn of longer-dated liabilities.
  • More cash than debt $8.1bn of cash against $1.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 13% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 2% to 13% over five years.
  • A year's operating cash flow covers at least 20% of debt −$1.2bn of operating cash flow against $1.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$73m against $23m of interest.

From Li Auto 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.

Dividends, buybacks and capital spending

Diluted share count
+0.6%
year over year
R&D spending
10.1%
of revenue
Sales & admin spending
9.5%
of revenue

Competitors: side by side with peers

Closest by revenue in automobile manufacturers
Last 12 months unless stated LI NIO XPEV THO RACE RIVN Median
Revenue, last 12 months $15.6bn $12.2bn $10.7bn $9.6bn $8.1bn $6.5bn $6.5bn
Revenue growth, last 12 months −22.2% 33.3% 88.0% 0.3% 11.8% 11.1% 1.7%
Revenue growth, 3-year average — — — −4.8% — 19.7% 2.7%
Revenue growth, latest quarter — — — −8.4% — 38.3% −2.0%
Gross margin 18.7% 13.6% 18.9% 12.6% 51.7% 9.2% 13.3%
Operating margin −0.5% −16.0% −3.6% — 29.5% −52.9% −16.2%
Operating margin, 3-year average — — — — 25.8% −78.2% 0.0%
Net margin 1.0% −17.8% −1.5% 1.8% 22.3% −45.9% −14.5%
Cash from operations / revenue −7.7% 3.4% 10.8% 3.3% 32.9% −40.6% 3.4%
Free-cash-flow margin −11.4% −3.5% 6.7% 1.8% 26.1% −64.7% 2.1%
Free-cash-flow margin, 3-year average — — — 3.5% 20.6% −61.8% 4.0%
Stock pay / revenue 1.1% 2.0% 0.7% 0.3% — 12.2% 1.1%
Change in share count 0.6% 10.6% 0.7% −1.6% −0.9% 14.9% 0.5%

Median of all 23 companies we cover in automobile manufacturers. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 automobile manufacturers companies
Measure Company Peer median Rank
Revenue growth Growth -22.2% 1.7% 18 of 23
Change in growth rate Growth -36.9pp -2.1pp 21 of 23
Gross margin Profitability 18.7% 13.0% 7 of 21
Operating margin Profitability -0.5% -16.0% 6 of 22
Net margin Profitability 1.0% -14.5% 7 of 23
Free-cash-flow margin Cash generation -11.4% 2.4% 15 of 22
Stock pay as % of revenue Cash generation 1.1% 1.1% 8 of 15
Long-term debt as % of assets Balance sheet 2.1% 16.3% 3 of 18
Change in share count Balance sheet 0.6% 0.5% 12 of 21

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$488M
Institutions reporting
160
Shares held vs prior quarter
▲ 16.9%
Positions opened / closed
33 / 40

Top buyers and sellers, Q2 2026: 86 institutions bought and 89 sold ; the biggest buyer was Bank Of America Corp (+1.8M shares) and the biggest seller Sih Partners, LLLP (−809K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Renaissance Technologies LLC $76.5M 6.5M 15.7% ▼ 8.4%
Xiamen Xinweidachuang Investment Partnership (Limited Partnership) $57.8M 4.9M 11.9% 0.0%
Morgan Stanley $54.5M 4.6M 11.2% ▲ 22.6%
UBS Group AG $37M 3.2M 7.6% ▲ 80.6%
Citigroup Inc $32.8M 2.8M 6.7% ▲ 0.1%
Sih Partners, LLLP $30.8M 2.6M 6.3% ▼ 23.6%
Bank Of America Corp $25.8M 2.2M 5.3% ▲ 483.2%
American Century Companies Inc $25.4M 2.2M 5.2% ▲ 10.2%
Goldman Sachs Group Inc $14.9M 1.3M 3.1% ▲ 87.5%
Blackrock, Inc. $10.7M 915K 2.2% ▼ 7.0%
Citadel Advisors LLC $10.5M 893K 2.2% ▲ 1976.0%
Deutsche Bank Ag\ $8.8M 752K 1.8% ▲ 73.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Li Auto Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Li Auto Inc. disclosed in the last 12 months; 5 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded September 11, 2025, filed October 22, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded August 13, 2025, filed September 12, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 11, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Li Auto Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Li Auto Inc. in brief

What does Li Auto Inc. do?
Li Auto Inc. is a US-listed company in the automobile manufacturers industry. Its financial year ends in December.
What is Li Auto Inc.'s stock ticker?
Li Auto Inc. trades under the ticker LI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Li Auto Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Li Auto Inc. reported revenue of $15.6B, 22.2% lower than a year earlier, according to its SEC filings.
What is Li Auto Inc.'s free cash flow?
Li Auto Inc.'s free-cash-flow margin is -11.4% of revenue over the trailing twelve months, ranking 15 of the 22 automobile manufacturers companies we cover.
Who are Li Auto Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Renaissance Technologies LLC, Xiamen Xinweidachuang Investment Partnership (Limited Partnership) and Morgan Stanley. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
How much debt does Li Auto Inc. have?
Li Auto Inc.'s debt-to-equity ratio is 13.1%, from its latest balance sheet (1.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Li Auto Inc.'s competitors?
In our Automobile Manufacturers peer group, the companies closest to Li Auto Inc. are NIO Inc., Xpeng Inc., Thor Industries Inc, Ferrari N.V. and Rivian Automotive, Inc. / DE. The side-by-side comparison below sets their revenue, margins and growth against Li Auto Inc.'s.
When is Li Auto Inc.'s next earnings date?
Around November 25, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Li Auto Inc. announces its own schedule.