Latest Ratios: P/E Ratio 78.5x · EV/EBITDA 11.8x · ROE 1.5%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.1B | $18.1B | $25.5B | $39.6B | $19.8B | $29.7B | $26.1B | — | — |
| Enterprise Value | $6.4B | $-20980014480 | $-24015774365 | $-38192901160 | $-6413081800 | $9.7B | $19.3B | — | — |
| P/E Ratio → | 78.49 | 16.28 | 3.18 | 3.38 | — | — | — | — | — |
| P/S Ratio | 0.75 | 0.17 | 0.18 | 0.32 | 0.43 | 1.12 | 2.92 | — | — |
| P/B Ratio | 1.20 | 0.25 | 0.36 | 0.65 | 0.44 | 0.72 | 0.88 | — | — |
| P/FCF | — | — | 3.11 | 0.90 | 8.79 | 6.08 | 10.59 | — | — |
| P/OCF | — | — | 1.60 | 0.78 | 2.68 | 3.57 | 8.31 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.19 | -0.17 | -0.31 | -0.14 | 0.37 | 2.15 | — | — |
| EV / EBITDA | 11.81 | -5.72 | -2.55 | -4.28 | — | — | — | — | — |
| EV / EBIT | — | -14.72 | -2.53 | -3.62 | — | — | — | — | — |
| EV / FCF | — | — | -2.93 | -0.86 | -2.85 | 1.99 | 7.82 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.7% | 18.7% | 20.5% | 22.2% | 19.1% | 20.8% | 15.5% | -34.2% | — |
| Operating Margin | -0.9% | -0.9% | 4.4% | 5.8% | -8.1% | -3.8% | -6.8% | -647.2% | — |
| Net Profit Margin | 1.0% | 1.0% | 5.6% | 9.5% | -4.4% | -1.2% | -1.8% | -857.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.5% | 1.5% | 12.2% | 22.1% | -4.7% | -0.9% | -0.9% | -222.6% | — |
| ROA | 0.7% | 0.7% | 5.3% | 10.2% | -2.8% | -0.6% | -0.7% | -31.8% | -27.5% |
| ROIC | -2.6% | -2.6% | 209.3% | 606.7% | -13.9% | -3.4% | -3.2% | -70.9% | — |
| ROCE | -1.1% | -1.1% | 7.8% | 11.0% | -6.8% | -2.5% | -3.3% | -41.4% | -29.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.23 | 0.22 | 0.27 | 0.19 | 0.07 | 0.37 | — |
| Debt / EBITDA | 4.86 | 4.86 | 1.74 | 1.52 | — | — | — | — | — |
| Net Debt / Equity | — | -0.53 | -0.69 | -1.28 | -0.58 | -0.49 | -0.23 | 0.09 | — |
| Net Debt / EBITDA | -10.67 | -10.67 | -5.26 | -8.72 | — | — | — | — | — |
| Debt / FCF | — | — | -6.04 | -1.76 | -11.64 | -4.09 | -2.77 | — | — |
| Interest Coverage | 8.72 | 8.72 | 50.62 | 122.18 | -19.31 | -1.42 | -1.78 | -25.95 | -16.80 |
Net cash position: cash ($56.9B) exceeds total debt ($17.8B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.81 | 1.81 | 1.82 | 1.57 | 2.45 | 4.33 | 7.28 | 1.08 | 1.31 |
| Quick Ratio | 1.68 | 1.68 | 1.71 | 1.48 | 2.20 | 4.19 | 7.04 | 0.97 | 1.31 |
| Cash Ratio | 1.59 | 1.59 | 1.63 | 1.42 | 2.06 | 3.92 | 6.65 | 0.76 | 0.53 |
| Asset Turnover | — | 0.71 | 0.89 | 0.86 | 0.53 | 0.43 | 0.25 | 0.03 | — |
| Inventory Turnover | 10.14 | 10.14 | 14.03 | 14.02 | 5.48 | 13.05 | 7.21 | 0.73 | 578.70 |
| Days Sales Outstanding | — | 0.40 | 0.34 | 0.42 | 0.38 | 1.65 | 4.72 | 10.69 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 6.1% | 31.4% | 29.5% | — | — | — | — | — |
| FCF Yield | — | — | 32.1% | 111.6% | 11.4% | 16.5% | 9.4% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $1.1B | $1.1B | $1.1B | $971M | $927M | $905M | $905M | $905M |
Margin erosion and competition
According to current market data, Li Auto trades at a forward P/E of 64.39, a multiple that appears increasingly difficult to justify given the recent contraction in revenue growth and the shift toward negative operating margins observed in the most recent quarterly filings.
The current valuation suggests that the market continues to price in a recovery trajectory that may not align with the company's recent operational performance. Investors should monitor whether the compression in valuation multiples reflects a permanent re-rating of the stock from a high-growth EV play to a more cyclical automotive manufacturer.
Based on reported figures, Li Auto's ROIC has deteriorated from a peak of 158.4% in 2024Q3 to -1.1% in 2025Q4, signaling a sharp decline in the company's ability to generate value from its invested capital as competitive pressures intensify in the premium SUV segment.
This rapid decay in returns suggests that the company's recent capital deployment, particularly in new model launches and infrastructure, is not yet yielding the expected incremental returns. The transition from compounding returns to value destruction warrants further investigation into whether this is a temporary byproduct of product cycle timing or a structural shift in the business model.
As reported in recent financial statements, Li Auto's cash conversion cycle has shifted to -121 days in 2025Q4, reflecting a significant change in working capital management that appears to be driven by inventory accumulation and shifting payment terms with suppliers in a cooling demand environment.
While a negative cash conversion cycle is typically a hallmark of efficient operations, the recent trend suggests that the company may be struggling to balance inventory levels with slowing sales velocity. This shift implies that the company's historical advantage in managing its supply chain and customer leverage may be under pressure.
According to the provided balance sheet data, Li Auto maintains a disciplined debt-to-equity ratio of 0.24, which provides a substantial buffer against the current period of operational volatility and revenue headwinds compared to the higher leverage profiles of domestic peers like NIO.
The company's ability to maintain a low debt burden despite significant capital intensity is a key differentiator that supports its financial stability. However, investors should monitor whether the company's interest coverage, which has shown extreme volatility, remains sustainable if operating margins continue to face downward pressure.
The market's reliance on the price-to-sales ratio to value Li Auto often obscures the underlying quality of earnings, as this metric fails to account for the significant divergence between reported revenue and the company's ability to generate sustainable free cash flow in a competitive market.
Using P/S as a primary valuation anchor ignores the impact of the company's EREV architecture on margin structure and the volatility of its working capital. A more appropriate focus would be on free cash flow yield or normalized operating margins, which better capture the true earning power of the business model.
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Quick answers to the most common questions about buying LI stock.
Li Auto Inc.'s current P/E ratio is 78.5x. The historical average is 7.6x. This places it at the 100th percentile of its historical range.
Li Auto Inc.'s current EV/EBITDA is 11.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Li Auto Inc.'s return on equity (ROE) is 1.5%. The historical average is -27.6%.
Based on historical data, Li Auto Inc. is trading at a P/E of 78.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Li Auto Inc. has 18.7% gross margin and -0.9% operating margin.
Li Auto Inc.'s Debt/EBITDA ratio is 4.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.