Latest Ratios: P/E Ratio -5.0x · EV/EBITDA N/A · ROE -111.1%. (2016–2025 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.5B | $11.6B | $9.0B | $15.4B | $16.0B | $49.8B | $57.6B | $4.1B | $6.6B | — | — |
| Enterprise Value | $11.5B | $11.8B | $23.5B | $17.2B | $19.8B | $54.6B | $28.7B | $13.8B | $6.7B | — | — |
| P/E Ratio → | -4.99 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.92 | 0.14 | 0.14 | 0.28 | 0.32 | 1.38 | 3.55 | 0.53 | 1.34 | — | — |
| P/B Ratio | 5.93 | 0.91 | 0.66 | 0.52 | 0.58 | 1.43 | 2.12 | — | 0.97 | — | — |
| P/FCF | — | — | — | — | — | — | 70.02 | — | — | — | — |
| P/OCF | 26.11 | 3.87 | — | — | — | 25.34 | 29.55 | — | — | — | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.14 | 0.36 | 0.31 | 0.40 | 1.51 | 1.77 | 1.77 | 1.36 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | 34.91 | — | — | — | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.6% | 13.6% | 9.9% | 5.5% | 10.4% | 18.9% | 11.5% | -15.3% | -5.2% | — | — |
| Operating Margin | -16.9% | -16.9% | -33.3% | -40.7% | -31.7% | -12.4% | -28.3% | -141.6% | -193.8% | — | — |
| Net Profit Margin | -17.1% | -17.1% | -34.5% | -38.0% | -29.6% | -29.3% | -34.5% | -145.9% | -195.1% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -111.1% | -111.1% | -105.1% | -73.9% | -46.6% | -34.1% | -53.7% | -4199.5% | -141.6% | — | — |
| ROA | -12.5% | -12.5% | -20.1% | -19.8% | -16.3% | -15.4% | -16.2% | -68.3% | -65.9% | -81.5% | -143.3% |
| ROIC | -52.7% | -52.7% | -55.2% | -54.1% | -33.0% | -17.8% | -379.0% | -158.5% | -103.9% | — | — |
| ROCE | -31.5% | -31.5% | -41.7% | -41.2% | -30.1% | -9.5% | -20.1% | -144.5% | -100.5% | -100.1% | -249.3% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.07 | 2.07 | 2.50 | 1.17 | 0.86 | 0.58 | 0.35 | — | 0.47 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.02 | 1.07 | 0.06 | 0.14 | 0.14 | -1.06 | — | 0.02 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | -35.11 | — | — | — | — |
| Interest Coverage | -15.74 | -15.74 | -27.09 | -49.70 | -42.16 | -5.24 | -11.44 | -29.46 | -76.78 | -276.27 | -47207.02 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.98 | 0.98 | 0.99 | 1.22 | 1.29 | 2.18 | 3.31 | 0.52 | 1.42 | 5.13 | 1.20 |
| Quick Ratio | 0.87 | 0.87 | 0.88 | 1.13 | 1.11 | 2.11 | 3.23 | 0.43 | 1.25 | 5.08 | 1.20 |
| Cash Ratio | 0.58 | 0.58 | 0.35 | 0.86 | 0.85 | 1.79 | 3.03 | 0.10 | 0.96 | 4.64 | 0.81 |
| Asset Turnover | — | 0.68 | 0.61 | 0.47 | 0.51 | 0.44 | 0.30 | 0.54 | 0.26 | — | — |
| Inventory Turnover | 8.61 | 8.61 | 8.36 | 9.96 | 5.39 | 14.26 | 13.30 | 10.14 | 3.55 | — | — |
| Days Sales Outstanding | — | 74.99 | 9.31 | 30.57 | 37.92 | 28.26 | 27.90 | 63.07 | 55.77 | — | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | 1.4% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | — | — |
| Shares Outstanding | — | $2.3B | $2.1B | $1.7B | $1.6B | $1.6B | $1.2B | $1.0B | $1.0B | $1.1B | $1.1B |
Liquidity and solvency risk
Based on current market data, NIO trades at a price-to-sales ratio of 0.91, which appears to discount the company's aggressive infrastructure expansion relative to peers like Li Auto, suggesting that investors remain skeptical of the firm's ability to achieve sustainable profitability in the near term.
The negative P/E ratio underscores the company's persistent inability to generate positive net income, a stark contrast to the premium valuation multiples often assigned to high-growth EV manufacturers. This valuation gap suggests that the market is currently pricing NIO as a distressed asset rather than a technology-led growth story, warranting caution regarding future equity dilution.
As reported in recent financial statements, NIO's ROIC has remained consistently negative, reaching -14.0% in 2025Q2, which indicates that the company is currently destroying shareholder value through its heavy investment in capital-intensive battery-swapping infrastructure that has yet to reach a critical mass of utilization.
The persistent negative return on capital suggests that the company's massive R&D and infrastructure spending is not yet yielding the expected operational efficiencies. Investors should monitor whether the introduction of the ONVO sub-brand can improve asset turnover, as the current trajectory indicates a fundamental mismatch between capital deployment and returns.
According to quarterly filings, NIO's cash conversion cycle has remained deeply negative, reaching -68 days in 2025Q2, which suggests that the company is heavily reliant on extended supplier payment terms to manage its liquidity in the face of significant operational cash outflows.
While a negative CCC can sometimes indicate strong bargaining power, in NIO's case, it appears to be a defensive mechanism to preserve cash rather than a sign of operational efficiency. The high DPO relative to historical norms warrants further investigation into whether suppliers may eventually tighten credit terms, which would exacerbate the company's liquidity constraints.
Based on the latest balance sheet data, NIO's current ratio has compressed to 0.84 as of 2025Q2, signaling that the company's short-term assets are insufficient to cover its immediate liabilities, thereby increasing its vulnerability to external financing shocks or sudden shifts in market sentiment.
The decline in the quick ratio to 0.71 further highlights the company's dependence on inventory turnover to meet short-term obligations. This liquidity profile suggests that the company may face significant challenges in maintaining its current pace of infrastructure expansion without further capital injections or debt restructuring.
The price-to-sales ratio is frequently misapplied to NIO, as it fails to account for the accounting nuances of the Battery-as-a-Service model, which can artificially inflate top-line revenue figures through the upfront recognition of battery sales to third-party asset entities.
Analysts should instead focus on vehicle-only revenue and gross margins to better understand the underlying unit economics of the core business. Relying on headline P/S multiples obscures the true cost of the battery-swapping ecosystem and may lead to an overestimation of the company's revenue quality and long-term margin potential.
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying NIO stock.
NIO Inc.'s current P/E ratio is -5.0x. This places it at the 50th percentile of its historical range.
NIO Inc.'s return on equity (ROE) is -111.1%. The historical average is -80.9%.
Based on historical data, NIO Inc. is trading at a P/E of -5.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NIO Inc. has 13.6% gross margin and -16.9% operating margin.