LI

MKT CAP:$18B

Li Auto Inc.

Market Cap

$18B

Consumer Cyclical·Auto - Manufacturers·🇨🇳 China·NASDAQ

Consumer Cyc.·Auto·🇨🇳·NASDAQ

Stock Price

$18.59+$1.34 (+7.77%)

Apr 23, 2026

Company Details

Li Auto Inc. operates in the energy vehicle market in the People's Republic of China. It designs, develops, manufactures, and sells premium smart electric vehicles. The company's product line comprises MPVs and sport utility vehicles. It of...

CEO

Xiang Li

IPO Date

Jul 30, 2020

Website

www.lixiang.com

Key Metrics TTM

Revenue

$16.9B

+29.6% YoY

Net Income

$325M

EPS (Diluted)

$0.30

Free Cash Flow

-$2.5B

Revenue / Share

$16.70

Gross Margin

19.1%

Operating Margin

-0.1%

Net Margin

1.9%

FCF Margin

-15.0%

P/S

1.1x

P/E

56.0x

Earnings Reports

Q3 2025

Nov 26, 2025

$4.0BEPS -$0.09

Q2 2025

Aug 28, 2025

$4.4B-4.1%EPS $0.15

Q1 2025

May 29, 2025

$3.8B+1.4%EPS $0.09

FY 2024

Apr 10, 2025

$21.1B+16.7%EPS $1.10

Q2 2024

Aug 28, 2024

$4.6BEPS $0.15

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$0	-$3M	-$50M
Q2 20	$283M	$38M	-$26M
Q2 21	$737M	$139M	-$78M
Q3 21	$1.1B	$264M	-$14M
Q4 21	$1.5B	$346M	$4M
Q1 22	$1.4B	$316M	-$60M
Q1 23	$2.8B	$562M	$49M
Q3 23	$5.1B	$1.1B	$336M
Q1 24	$3.7B	$772M	-$108M
Q2 24	$4.6B	$901M	$49M
Q1 25	$3.8B	$779M	$40M
Q2 25	$4.4B	$890M	$79M
Q3 25	$4.0B	$654M	-$186M

Valuation

Quarter	P/S	P/E
Q4 18	—	—
Q2 20	—	—
Q2 21	—	—
Q3 21	11.7x	—
Q4 21	8.4x	—
Q1 22	5.3x	6693.5x
Q1 23	3.5x	136.4x
Q3 23	3.2x	58.7x
Q1 24	2.3x	47.8x
Q2 24	1.2x	23.8x
Q1 25	1.5x	33.4x
Q2 25	1.6x	54.1x
Q3 25	1.5x	78.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	-$49M	-$101M
Q2 20	$66M	$44M
Q2 21	$206M	$144M
Q3 21	$317M	$170M
Q4 21	$561M	$318M
Q1 22	$268M	$73M
Q1 23	$1.1B	$979M
Q3 23	$2.1B	$1.9B
Q1 24	-$488M	-$488M
Q2 24	-$63M	-$521M
Q1 25	-$249M	-$249M
Q2 25	-$444M	-$683M
Q3 25	-$1.1B	-$1.1B

Capital Expenditures

Quarter	CapEx
Q4 18	$52M
Q2 20	$22M
Q2 21	$62M
Q3 21	$147M
Q4 21	$242M
Q1 22	$195M
Q1 23	$158M
Q3 23	$187M
Q1 24	$0
Q2 24	$458M
Q1 25	$0
Q2 25	$239M
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	—	+2965.4%
Q1 22	+393.5%	+372.1%
Q1 23	+274.1%	+232.2%
Q3 23	+350.7%	+315.8%
Q1 24	+142.3%	+149.9%
Q2 24	+230.7%	+213.7%
Q1 25	+37.7%	+38.7%
Q2 25	-13.2%	-8.7%
Q3 25	+6.9%	+8.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	-$3M	—
Q2 20	$0	0.0%
Q2 21	$25M	3.4%
Q3 21	$52M	4.6%
Q4 21	$57M	3.7%
Q1 22	$71M	5.1%
Q1 23	$70M	2.5%
Q3 23	$96M	1.9%
Q1 24	$100M	2.7%
Q2 24	$59M	1.3%
Q1 25	$54M	1.4%
Q2 25	$54M	1.2%
Q3 25	$39M	1.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 18	$30M	$17M
Q2 20	$29M	$34M
Q2 21	$96M	$122M
Q3 21	$129M	$149M
Q4 21	$179M	$164M
Q1 22	$201M	$176M
Q1 23	$272M	$242M
Q3 23	$415M	$375M
Q1 24	$445M	$435M
Q2 24	$442M	$411M
Q1 25	$368M	$371M
Q2 25	$412M	$399M
Q3 25	$435M	$405M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$4.7B	$2.4B	$7.1B
Q2 22	$5.0B	$2.4B	$7.4B
Q3 22	$5.5B	$2.1B	$7.6B
Q4 22	$5.6B	$2.6B	$8.3B
Q1 23	$6.4B	$2.9B	$9.3B
Q2 23	$8.9B	$1.7B	$10.6B
Q3 23	$10.7B	$2.1B	$12.8B
Q4 23	$13.3B	$1.7B	$15.1B
Q1 24	$12.4B	$2.0B	$14.4B
Q2 24	$11.8B	$2.4B	$14.2B
Q3 24	$11.3B	$4.2B	$15.6B
Q4 24	$9.6B	$6.9B	$16.5B
Q1 25	$7.8B	$8.4B	$16.2B
Q2 25	$7.3B	$8.3B	$15.6B
Q3 25	$7.5B	$7.0B	$14.4B
Q4 25	$8.3B	$6.5B	$14.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	905M	—	—
Q2 20	846M	-6.5%	—
Q2 21	905M	+7.0%	—
Q3 21	934M	+3.2%	—
Q4 21	1.03B	+10.1%	+13.6%
Q1 22	965M	-6.1%	+14.1%
Q1 23	1.05B	+9.1%	+16.3%
Q3 23	1.06B	+0.7%	+13.5%
Q1 24	1.07B	+0.6%	+3.8%
Q2 24	1.06B	-0.4%	+10.1%
Q1 25	1.07B	+0.6%	+1.6%
Q2 25	1.07B	+0.2%	+1.1%
Q3 25	1.01B	-5.8%	-5.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	—	—
Q2 20	—	—
Q2 21	$517.7K	1K
Q3 21	$795.8K	1K
Q4 21	$452.5K	3K
Q1 22	$409.4K	3K
Q1 23	$570.1K	5K
Q3 23	$1M	5K
Q1 24	$556.7K	7K
Q2 24	$687.4K	7K
Q1 25	$195.8K	19K
Q2 25	$228.7K	19K
Q3 25	$206.4K	19K

Revenue / Employee