LI vs NIO
Li Auto Inc. and NIO Inc., side by side — 7 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | LI | NIO |
|---|---|---|
| Revenue | CNY 112.3B | CNY 87.5B |
| Net income | CNY 1.1B | CNY -14.9B |
| Gross margin | 18.7% | 13.6% |
| Net margin | 1.0% | −17.1% |
| Return on equity | 1.6% | −295.1% |
| Diluted EPS | CNY 0.54 | −CNY 6.85 |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | CNY -12.8B | CNY -3.1B |
| Equity | CNY 72.6B | CNY 4.2B |
| Net debt / equity | −0.65× | −0.48× |
| Current ratio | 1.81× | 0.98× |
| Revenue CAGR 5y | 64.0% | 40.0% |
| Profit CAGR 5y | · | · |
LI bills 1.3× the revenue of NIO, and NIO closed the last reported year at a loss.
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
7 years side by side
| Fiscal year | LI | NIO |
|---|---|---|
| FY2025 | CNY 112.3B | CNY 87.5B |
| FY2024 | CNY 144.5B | CNY 65.7B |
| FY2023 | CNY 123.9B | CNY 55.6B |
| FY2022 | CNY 45.3B | CNY 49.3B |
| FY2021 | CNY 27.0B | CNY 36.1B |
| FY2020 | CNY 9.5B | CNY 16.3B |
| FY2019 | CNY 284.4M | CNY 7.8B |
Bottom line
| Fiscal year | LI | NIO |
|---|---|---|
| FY2025 | CNY 1.1B | CNY -14.9B |
| FY2024 | CNY 8.0B | CNY -22.4B |
| FY2023 | CNY 11.8B | CNY -20.7B |
| FY2022 | CNY -2.0B | CNY -14.4B |
| FY2021 | CNY -321.5M | CNY -4.0B |
| FY2020 | CNY -151.7M | CNY -5.3B |
| FY2019 | CNY -2.4B | CNY -11.3B |
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CNY 24,825,001,000 | LI |
| FY2024 | +CNY 78,728,387,000 | LI |
| FY2023 | +CNY 68,233,399,000 | LI |
| FY2022 | −CNY 3,981,745,000 | NIO |
| FY2021 | −CNY 9,126,644,000 | NIO |
| FY2020 | −CNY 6,801,324,000 | NIO |
| FY2019 | −CNY 7,540,537,000 | NIO |
The higher-revenue side has changed between LI and NIO over this period. The gap has widened since the earliest year compared.
7 of 10 comparable fiscal years — a year missing data on either side is not counted.
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +18.1 pp | LI |
| FY2024 | +39.6 pp | LI |
| FY2023 | +46.8 pp | LI |
| FY2022 | +24.8 pp | LI |
| FY2021 | +9.9 pp | LI |
| FY2020 | +31.0 pp | LI |
| FY2019 | −713.2 pp | NIO |
The higher net margin has changed hands between LI and NIO over this period.
7 of 8 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
LI's net margin has been more volatile than NIO's over the 7 comparable fiscal years — 300.6 percentage points of standard deviation against 42.0.
7 of 8 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between LI and NIO over these 7 fiscal years — LI led in 6 and NIO in 1.
7 of 8 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
NIO's return on equity has been more volatile than LI's over the 5 comparable fiscal years — 98.9 percentage points of standard deviation against 9.9.
5 of 5 comparable fiscal years — a year missing data on either side is not counted.
Year by year
LI led in return on equity in every one of the 5 comparable fiscal years — a structural lead, not a recent swing.
5 of 5 comparable fiscal years — a year missing data on either side is not counted.