Li Auto Inc. key statistics and ratios

In fiscal 2025, Li Auto Inc. had return on equity of 1.6%, an operating margin of -0.5%, debt equal to 27.8% of equity and a current ratio of 1.81. 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.

Li Auto Inc.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	−0.0%	16.4%	21.3%	19.4%	22.2%	20.5%	18.7%
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%
Return on equity	—	−1.2%	−0.9%	−4.6%	22.1%	12.3%	1.6%
Return on assets	−25.8%	−0.6%	−0.7%	−2.7%	10.1%	5.3%	0.7%
Asset turnover	0.03	0.40	0.55	0.61	1.07	0.95	0.71
Current ratio	1.08	7.28	4.33	2.45	1.57	1.82	1.81
Debt to equity	—	2.3%	20.2%	31.7%	42.8%	30.6%	27.8%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	85.9x	37.4x	n/m
Effective tax rate	—	—	—	—	−13.0%	13.6%	12.2%
R&D as % of revenue	411.1%	11.6%	12.2%	15.0%	8.5%	7.7%	10.1%
SG&A as % of revenue	242.4%	11.8%	12.9%	12.5%	7.9%	8.5%	9.5%
Capital spending as % of revenue	335.1%	7.1%	12.8%	11.3%	5.3%	5.4%	3.7%
Free cash flow ÷ net income	—	—	—	—	377.5%	102.1%	<−999%

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

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.

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.

Compare with peers

Head to head: LI vs NIO LI vs XPEV LI vs THO

More: Automobile Manufacturers stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Li Auto Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Li Auto Inc.