Xpeng Inc. key statistics and ratios

In fiscal 2025, Xpeng Inc. had return on equity of -3.7%, an operating margin of -3.6%, debt equal to 41.8% of equity and a current ratio of 1.09. 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.

Xpeng Inc.: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	−24.3%	−24.0%	4.6%	12.5%	11.5%	1.5%	14.3%	18.9%
Operating margin	<−999%	−162.9%	−73.5%	−31.3%	−32.4%	−35.5%	−16.3%	−3.6%
Net margin	<−999%	−159.0%	−46.7%	−23.2%	−34.0%	−33.8%	−14.2%	−1.5%
Free-cash-flow margin	<−999%	−232.4%	−16.2%	−16.2%	−46.6%	−3.7%	−10.4%	6.7%
Return on equity	—	—	−18.4%	−12.7%	−22.7%	−28.0%	−17.1%	−3.7%
Return on assets	—	−40.2%	−9.7%	−8.8%	−13.2%	−13.2%	−6.9%	−1.2%
Asset turnover	—	0.25	0.21	0.38	0.39	0.39	0.49	0.82
Current ratio	—	1.50	5.06	2.71	1.80	1.51	1.25	1.09
Debt to equity	—	—	5.3%	4.0%	21.1%	30.0%	38.8%	41.8%
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%	89.2%	29.5%	19.6%	19.4%	17.2%	15.8%	12.4%
SG&A as % of revenue	>999%	50.2%	50.0%	25.3%	24.9%	21.4%	16.8%	12.3%
Capital spending as % of revenue	>999%	78.9%	13.8%	11.0%	15.9%	6.8%	5.4%	4.1%

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

4 of 7 checks passed · December 31, 2025

What it owns · $14.8bn

Short-term assets $9.0bnLonger-term assets $5.7bn

What it owes, and who funded it · $14.8bn

Short-term liabilities $8.3bnLonger-term liabilities $2.1bnShareholders' equity $4.3bn

Short-term assets cover short-term liabilities $9.0bn of assets due within a year against $8.3bn of liabilities due within a year.
Short-term assets cover long-term liabilities $9.0bn short-term assets against $2.1bn of longer-dated liabilities.
More cash than debt $2.5bn of cash against $1.8bn of debt.
Debt below 40% of shareholders' equity Debt is 42% of equity.
Debt burden no higher than five years ago Debt to equity moved from 5% to 42% over five years.
A year's operating cash flow covers at least 20% of debt $1.1bn of operating cash flow against $1.8bn of debt.
Operating profit covers interest at least five times over Operating income of −$386m against $53m of interest.

From Xpeng 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.

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Figures from Xpeng 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 Xpeng Inc.