XPENG INC.
XPEV, XPNGF · Motor Vehicles & Passenger Car Bodies · EDGAR filings ↗
Grade
C67Fast-scaling Chinese smart-EV maker, now FCF-positive with sharply improving gross margin though still slightly unprofitable.
Strengths
- Revenue up 88% (89th pct) with deliveries up 126%; gross margin expanded to 18.9% from 14.3%
- Positive FCF $5.1B (84th pct) and OCF margin 10.8% (71st pct); large $19.9B cash balance
Risks
- Still net-loss-making (operating margin -3.6%, net income down 80%) with negative interest coverage
- China/HFCAA, dividend-transfer and subsidy-dependence risks plus thin current ratio (1.09)
Notable findings
- No interest coverageInterest coverage -7.29 (cannot cover interest)
- Net lossNet loss (net margin -1.5%)
- Strong balance sheetStrong balance sheet — $2.8B cash & investments
Key metrics
Gross margin
18.9%
Operating margin
-3.6%
Net margin
-1.5%
Return on equity
-3.8%
Return on assets
-1.1%
ROIC
-5.1%
Revenue growth (QoQ)
95.8%
Debt / equity
0.4×
Interest coverage
-7.3×
Current ratio
1.1×
Free cash flow
$729M
Tangible book value
$3.7B
Cash & investments
$2.8B
Stock comp / revenue
0.7%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-16 | 2025-12-31 | 0001193125-26-157849 ↗ |
| 20-F | 2025-04-16 | 2024-12-31 | 0001193125-25-082001 ↗ |
| 20-F | 2024-04-17 | 2023-12-31 | 0001193125-24-098519 ↗ |
| 20-F | 2023-04-12 | 2022-12-31 | 0001193125-23-098408 ↗ |
| 20-F | 2022-04-28 | 2021-12-31 | 0001193125-22-125161 ↗ |
| 20-F | 2021-04-16 | 2020-12-31 | 0001193125-21-118515 ↗ |