NIO Inc. key statistics and ratios

In fiscal 2025, NIO Inc. had an operating margin of -16.0%, debt equal to 336.0% of equity and a current ratio of 0.98. 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.

NIO Inc.: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	—	—	−5.2%	−15.3%	11.5%	18.9%	10.4%	5.5%	9.9%	13.6%
Operating margin	—	—	−193.8%	−141.6%	−28.3%	−12.4%	−31.7%	−40.7%	−33.3%	−16.0%
Net margin	—	—	−471.2%	−145.9%	−34.5%	−29.3%	−29.6%	−38.0%	−34.5%	−17.8%
Free-cash-flow margin	—	—	−213.2%	−133.3%	5.1%	−5.8%	−22.0%	−28.3%	−25.8%	−3.5%
Return on equity	—	—	—	—	−49.9%	−34.1%	−48.7%	−84.7%	−142.6%	—
Return on assets	—	−69.6%	−162.6%	−68.4%	−15.5%	−15.3%	−16.1%	−19.6%	−20.1%	−13.3%
Asset turnover	—	—	0.34	0.47	0.45	0.52	0.54	0.52	0.58	0.75
Current ratio	—	5.13	1.42	0.52	3.31	2.18	1.29	1.22	0.99	0.98
Debt to equity	—	—	47.3%	—	29.0%	49.1%	103.2%	130.9%	344.7%	336.0%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	—	—	80.7%	56.6%	15.3%	12.7%	22.0%	24.1%	19.8%	12.1%
SG&A as % of revenue	—	—	107.9%	69.7%	24.2%	19.0%	21.4%	23.2%	23.9%	18.4%
Capital spending as % of revenue	—	—	53.4%	21.8%	6.9%	11.3%	14.2%	25.8%	13.9%	6.9%

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

3 of 7 checks passed · December 31, 2025

What it owns · $17.8bn

Short-term assets $11.0bnLonger-term assets $6.8bn

What it owes, and who funded it · $16.6bn

Short-term liabilities $11.2bnLonger-term liabilities $4.7bnShareholders' equity $595m

Short-term assets cover short-term liabilities $11.0bn of assets due within a year against $11.2bn of liabilities due within a year.
Short-term assets cover long-term liabilities $11.0bn short-term assets against $4.7bn of longer-dated liabilities.
More cash than debt $1.6bn of cash against $1.3bn of debt.
Debt below 40% of shareholders' equity Debt is 223% of equity.
Debt burden no higher than five years ago Debt to equity moved from 22% to 223% over five years.
A year's operating cash flow covers at least 20% of debt $416m of operating cash flow against $1.3bn of debt.
Operating profit covers interest at least five times over Operating income of −$2.0bn against $123m of interest.

From NIO 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

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