Rivian Automotive, Inc. / DE

Well-capitalized but deeply unprofitable EV maker burning cash ahead of its pivotal R2 launch.

Strengths

• $6.1B cash (75th pct), current ratio 2.3 (84.6th), quick ratio 1.9 (92nd) — strong near-term liquidity
• VW joint venture, vertically integrated tech stack, and R2 deliveries expected Q2 2026

Risks

• Operating margin -66.5%, net margin -67.7%, ROA -24.5%; FCF -$2.5B with ~9.8-quarter runway
• Customer/partner concentration (Amazon, VW), need for further financing, and regulatory-credit uncertainty

Notable findings

• Net lossNet loss (net margin -67.7%)
• Cash burnNegative free cash flow (-2489.0M)
• Chronic dilutionShare count +76%/yr over 4y (dilution)
• Strong balance sheetStrong balance sheet — $6.1B cash & investments, ~10 quarters of runway