Li Auto Inc. (LI) financials

NASDAQ · Consumer Cyclical · Auto - Manufacturers · 27,048 employees · CEO Xiang Li

Price: $11.03 -0.99%
Market cap: $11.2B
Enterprise value: CN¥61.1B
Last report: Q2 '26 filed 2026-08-26
Next report: 2026-11-25

Revenue (TTM)CN¥104B-26.3% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-6.7%-12.0 pp vs a year agoOperating income -CN¥6.96B

Net income (TTM)-CN¥4.59B-157.7% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-CN¥14.1B-257.0% vs a year agoCapex CN¥4.14B

Diluted EPS (TTM)-CN¥4.59-161.5% vs a year agoSum of the last 4 quarters

Net cashCN¥55.6B-38.2% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $11.2B
Revenue: CN¥104B
Revenue growth: +1%
Profit margin: -4.4%
P/E: -16.1×
P/S: 0.7×
EV / EBITDA: -17.7×
Free cash flow: -CN¥14.1B
Net income: -CN¥4.59B
Revenue estimate: CN¥113B
Earnings: 2026-11-25
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Revenue growth accelerating: -15.7% year on yearQ2 '26 revenue CN¥25.6B, against an average of -21.3% over the four quarters before.
Operating margin -6.7% (TTM), -12.0 pp on a year agoOperating income grew -193.2% while revenue grew -26.3%.
Capex 4.0% of revenue (a year ago 4.2%)CN¥4.14B invested in the last 4 quarters (-31.0% on a year earlier). Free cash flow -CN¥14.1B.
Diluted share count down 6.0% in a year1.01B diluted shares in Q2 '26, 1.07B a year earlier.
Net cash CN¥55.6BCash + short-term investments CN¥85.6B, debt incl. leases CN¥30B; a year ago net cash CN¥90B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	CN¥25.6B	CN¥30.4B	-15.7%
Gross margin	11.0%	20.1%	-9.0 pp
Operating income	-CN¥2.21B	CN¥541M	-508.8%
Operating margin	-8.6%	1.8%	-10.4 pp
Net income	-CN¥1.7B	CN¥1.1B	-255.0%
Diluted EPS	-CN¥1.70	CN¥1.02	-266.7%
Operating cash flow	CN¥15M	-CN¥3.04B	+100.5%
Capex	CN¥1.32B	CN¥1.64B	-19.5%
Free cash flow	-CN¥1.3B	-CN¥4.67B	+72.2%
R&D	CN¥2.77B	CN¥2.82B	-1.9%
Stock-based compensation	CN¥207M	CN¥371M	-44.3%

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q4 '22	y/y	Share	TTM	TTM y/y
Vehicles	–	–	–	–	–
Vehicle sales	CN¥13.8B	–	98.1%	–	–
Other Sales And Services	CN¥265M	–	1.9%	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: -CN¥9.95B
Capex: -CN¥4.14B
Buybacks: CN¥0
Dividends: CN¥0
Acquisitions: CN¥0
Net debt issued: CN¥693M
Stock-based compensation: CN¥894M
Free cash flow: -CN¥14.1B
Returned to shareholders / FCF: 0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-16.1×	49.9× 3 of 5 years	21.7× – 105.7×
EV / EBITDA	-17.7×	93.6× 4 of 5 years	9.9× – 336.5×
EV / Sales	0.6×	2.4×	0.7× – 6.3×
Price / FCF	-4.7×	31.6× 4 of 5 years	5.9× – 60.6×
Price / Book	1.1×	3.2×	1.6× – 4.6×
FCF yield	-21.2%	3.0%	-10.7% – 16.9%
Return on invested capital	-5.7%	1.3%	-5.8% – 9.1%
Return on equity	-6.5%	5.4%	-4.6% – 19.5%

Analysts

Consensus target $15.18 (+37.6%)
range $13.00 – $18.00 · rating Hold

Strong buy0

Buy7

Hold8

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	CN¥113B	+0.8%	-CN¥3.91	-476.1%	–	7
FY2027	CN¥144B	+26.9%	CN¥1.24	+131.8%	–	7
FY2028	CN¥163B	+13.1%	CN¥3.28	+163.7%	–	14

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings.

Data as of 2026-11-02 · Amounts in CNY as reported; price and market cap in USD.