NIO Inc.
NIO, NIOIF · Motor Vehicles & Passenger Car Bodies · EDGAR filings ↗
Grade
C60Fast-growing China EV maker with a large cash war chest but persistent deep operating losses.
Strengths
- Revenue growth 33% (74th pct) and $33.5B cash (76.7th pct)
- Slightly positive OCF margin (3.4%) and gross margin recovering to 13.6%
Risks
- Operating margin -16% and ROIC -86.8% (15th pct); interest coverage -15.9
- High leverage (D/E 2.07), current ratio 0.98, and China VIE/regulatory overhang
Notable findings
- No interest coverageInterest coverage -15.86 (cannot cover interest)
- High leverageHigh leverage (debt/equity 2.07)
- Net lossNet loss (net margin -17.1%)
- Weak liquidityCurrent ratio 0.98 (<1)
Quarterly revenue
Last 3 quarters · from SEC filings.
Key metrics
Gross margin
13.6%
Operating margin
-16.0%
Net margin
-17.1%
Return on equity
-359.2%
Return on assets
-12.0%
ROIC
-86.8%
Revenue growth (QoQ)
49.0%
Debt / equity
2.1×
Interest coverage
-15.9×
Current ratio
1.0×
EBITDA
-$986M
Tangible book value
$591M
Cash & investments
$4.8B
Stock comp / revenue
2.0%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-10 | 2025-12-31 | 0001104659-26-041765 ↗ |
| 20-F | 2025-04-08 | 2024-12-31 | 0001410578-25-000661 ↗ |
| 20-F | 2024-04-09 | 2023-12-31 | 0001104659-24-044923 ↗ |
| 20-F | 2023-04-28 | 2022-12-31 | 0001104659-23-051990 ↗ |
| 20-F | 2022-04-29 | 2021-12-31 | 0001104659-22-052718 ↗ |
| 20-F | 2021-04-06 | 2020-12-31 | 0001104659-21-046834 ↗ |
| 20-F | 2020-05-14 | 2019-12-31 | 0001104659-20-061585 ↗ |
| 20-F | 2019-04-02 | 2018-12-31 | 0001144204-19-017601 ↗ |