LI vs XPEV
Li Auto Inc. and Xpeng Inc., side by side — 7 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | LI | XPEV |
|---|---|---|
| Revenue | CNY 112.3B | CNY 76.7B |
| Net income | CNY 1.1B | CNY -1.1B |
| Gross margin | 18.7% | 18.9% |
| Net margin | 1.0% | −1.5% |
| Return on equity | 1.6% | −3.7% |
| Diluted EPS | CNY 0.54 | −CNY 0.60 |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | CNY -12.8B | CNY 5.1B |
| Equity | CNY 72.6B | CNY 30.4B |
| Net debt / equity | −0.65× | −0.29× |
| Current ratio | 1.81× | 1.09× |
| Revenue CAGR 5y | 64.0% | 67.4% |
| Profit CAGR 5y | · | · |
LI bills 1.5× the revenue of XPEV, and XPEV 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 | XPEV |
|---|---|---|
| FY2025 | CNY 112.3B | CNY 76.7B |
| FY2024 | CNY 144.5B | CNY 40.9B |
| FY2023 | CNY 123.9B | CNY 30.7B |
| FY2022 | CNY 45.3B | CNY 26.9B |
| FY2021 | CNY 27.0B | CNY 21.0B |
| FY2020 | CNY 9.5B | CNY 5.8B |
| FY2019 | CNY 284.4M | CNY 2.3B |
Bottom line
| Fiscal year | LI | XPEV |
|---|---|---|
| FY2025 | CNY 1.1B | CNY -1.1B |
| FY2024 | CNY 8.0B | CNY -5.8B |
| FY2023 | CNY 11.8B | CNY -10.4B |
| FY2022 | CNY -2.0B | CNY -9.1B |
| FY2021 | CNY -321.5M | CNY -4.9B |
| FY2020 | CNY -151.7M | CNY -2.7B |
| FY2019 | CNY -2.4B | CNY -3.7B |
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CNY 35,592,769,000 | LI |
| FY2024 | +CNY 103,593,637,000 | LI |
| FY2023 | +CNY 93,175,265,000 | LI |
| FY2022 | +CNY 18,431,697,000 | LI |
| FY2021 | +CNY 6,021,648,000 | LI |
| FY2020 | +CNY 3,612,288,000 | LI |
| FY2019 | −CNY 2,036,852,000 | XPEV |
The higher-revenue side has changed between LI and XPEV over this period. The gap has widened since the earliest year compared.
7 of 8 comparable fiscal years — a year missing data on either side is not counted.
6 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +2.5 pp | LI |
| FY2024 | +19.7 pp | LI |
| FY2023 | +43.4 pp | LI |
| FY2022 | +29.5 pp | LI |
| FY2021 | +22.0 pp | LI |
| FY2020 | +45.1 pp | LI |
LI has kept the higher net margin in every one of these 6 fiscal years.
6 of 7 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
XPEV's net margin has been more volatile than LI's over the 6 comparable fiscal years — 14.7 percentage points of standard deviation against 4.7.
6 of 7 comparable fiscal years — a year missing data on either side is not counted.
Year by year
LI led in net margin in every one of the 6 comparable fiscal years — a structural lead, not a recent swing.
6 of 7 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
LI's return on equity has been more volatile than XPEV's over the 5 comparable fiscal years — 9.9 percentage points of standard deviation against 8.5.
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.