A Business at a Glance
0 of 5 daily views used (5 remaining). Sign up free for 10 daily views, or try AAPL for a full preview.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable. ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable. ITEM 3. KEY INFORMATION Our Holding Company Structure and Contractual Arrangements with the VIEs and Their Shareholders The following diagram illustrates our corporate structure, including our principal subsidiaries and the VIEs, as of the date of this annual report. Li Auto Inc. is not a Chinese operating company but a Cayman Islands holding company with no equity ownership in the VIEs and their subsidiaries. We conduct our operations in China through (i) our PRC subsidiaries and (ii) the VIEs, with which we have maintained contractual arrangements, and their subsidiaries. PRC laws and regulations restrict and impose conditions on foreign investment in value-added telecommunication services and certain other businesses.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 20.1B | 20.1B | 17.5B | 6.7B | 4.2B | 1.4B |
| Net Income | 1.1B | 1.1B | 1.7B | -298M | -50M | -115M |
| EPS | $1.34 | $1.34 | $1.99 | $-0.39 | $-0.07 | $-0.34 |
| Free Cash Flow | 1.1B | 1.1B | 6.2B | 334M | 760M | 357M |
| ROIC | 45.2% | 9.3% | 13.9% | -3.7% | -0.7% | -2.6% |
| Gross Margin | 20.5% | 20.5% | 22.2% | 19.4% | 21.3% | 16.4% |
| Debt/Equity | 0.12 | 0.12 | 0.15 | 0.21 | 0.15 | 0.02 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 977M | 977M | 1.0B | -542M | -158M | -97M |
| Operating Margin | 4.9% | 4.9% | 6.0% | -8.1% | -3.8% | -7.1% |
| ROE | 11.3% | 12.3% | 19.5% | -4.5% | -0.8% | -2.7% |
| Shares Outstanding | 834M | 834M | 830M | 762M | 744M | 802M |
| Metric | 2019 | 2020 | 2021 | 2022 | TTM | ||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | N/A | 1.4B | 4.2B | 6.7B | 17.5B | 20.1B | 20.1B |
| Gross Margin | N/A | 16.4% | 21.3% | 19.4% | 22.2% | 20.5% | 20.5% |
| R&D | 169M | 160M | 510M | 1.0B | 1.5B | 1.5B | 1.5B |
| SG&A | 100M | 162M | 542M | 840M | 1.4B | 1.7B | 1.7B |
| EBIT | -269M | -97M | -158M | -542M | 1.0B | 977M | 977M |
| Op. Margin | N/A | -7.1% | -3.8% | -8.1% | 6.0% | 4.9% | 4.9% |
| Net Income | -476M | -115M | -50M | -298M | 1.7B | 1.1B | 1.1B |
| Net Margin | N/A | -8.4% | -1.2% | -4.4% | 9.5% | 5.6% | 5.6% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | -15.4% | -2.6% | -0.7% | -3.7% | 13.9% | 9.3% | 45.2% |
| ROE | N/A | -2.7% | -0.8% | -4.5% | 19.5% | 12.3% | 11.3% |
| ROA | -34.5% | -2.2% | -0.5% | -2.3% | 8.2% | 5.3% | 4.9% |
| Cash Flow | |||||||
| Op. Cash Flow | -260M | 455M | 1.3B | 1.1B | 7.2B | 2.2B | 2.2B |
| Free Cash Flow | -398M | 357M | 760M | 334M | 6.2B | 1.1B | 1.1B |
| Owner Earnings | -277M | 388M | 1.0B | 610M | 6.6B | 1.4B | 1.4B |
| CapEx | 138M | 98M | 535M | 761M | 920M | 1.1B | 1.1B |
| Maint. CapEx | 17M | 47M | 92M | 180M | 255M | 425M | 425M |
| Growth CapEx | 121M | 51M | 443M | 581M | 665M | 650M | 650M |
| D&A | 17M | 47M | 92M | 180M | 255M | 425M | 425M |
| CapEx/OCF | N/A | 21.5% | 41.3% | 69.5% | 12.8% | 48.5% | 48.5% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | N/A | 21M | 171M | 305M | 336M | 366M | 366M |
| Debt Repayment | 0 | 21M | 0 | 98M | 389M | 139M | 139M |
| Balance Sheet | |||||||
| Net Debt | -483M | -4.1B | -6.4B | -7.0B | -13.4B | -14.5B | -8.0B |
| Cash & Equiv. | 188M | 1.3B | 4.3B | 5.7B | 12.9B | 9.2B | 9.2B |
| Long-Term Debt | N/A | 74M | 925M | 1.4B | 247M | 1.1B | 1.1B |
| Debt/Equity | -0.04 | 0.02 | 0.15 | 0.21 | 0.15 | 0.12 | 0.12 |
| Interest Coverage | -22.2 | -10.0 | -16.1 | -34.4 | 85.9 | 37.4 | 37.4 |
| Equity | -822M | 4.3B | 6.4B | 6.7B | 8.5B | 9.9B | 9.9B |
| Total Assets | 1.4B | 5.3B | 9.6B | 12.8B | 20.3B | 22.6B | 22.6B |
| Total Liabilities | 715M | 953M | 3.2B | 6.1B | 11.7B | 12.7B | 12.7B |
| Intangibles | 195M | 198M | 233M | 124M | 123M | 128M | 128M |
| Retained Earnings | -825M | -940M | -1.1B | -1.3B | 345M | 1.4B | 1.4B |
| Working Capital | 56M | 3.9B | 6.2B | 5.9B | 5.9B | 7.9B | 7.9B |
| Current Assets | 734M | 4.6B | 8.1B | 9.9B | 16.2B | 17.6B | 17.6B |
| Current Liabilities | 678M | 625M | 1.9B | 4.1B | 10.3B | 9.6B | 9.6B |
| Per Share Data | |||||||
| EPS | -4.74 | -0.34 | -0.07 | -0.39 | 1.99 | 1.34 | 1.34 |
| Owner EPS | -0.39 | 0.48 | 1.39 | 0.80 | 7.92 | 1.71 | 1.71 |
| Book Value | -1.15 | 5.39 | 8.56 | 8.74 | 10.24 | 11.82 | 11.82 |
| Cash Flow/Share | -0.36 | 0.57 | 1.74 | 1.44 | 8.63 | 2.66 | 1.85 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 712.3M | 802.4M | 744.5M | 761.7M | 830.3M | 834.4M | 834.4M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 18.5 | 19.0 | 14.0 |
| P/FCF | N/A | 60.6 | 29.2 | 42.0 | 4.9 | 18.6 | 13.7 |
| EV/EBIT | N/A | N/A | N/A | N/A | 16.4 | 6.9 | 7.9 |
| Price/Book | N/A | 5.0 | 3.5 | 2.1 | 3.6 | 2.2 | 1.6 |
| Price/Sales | N/A | 13.4 | 5.0 | 3.0 | 1.5 | 1.1 | 0.8 |
| FCF Yield | N/A | 1.6% | 3.4% | 2.4% | 20.4% | 5.4% | 7.3% |
| Market Cap | N/A | 21.7B | 22.2B | 14.0B | 30.6B | 21.3B | 15.7B |
| Avg. Price | N/A | 22.89 | 28.29 | 26.25 | 31.69 | 25.56 | 18.78 |
| Year-End Price | N/A | 27.01 | 29.84 | 18.43 | 36.83 | 25.49 | 18.78 |
Li Auto Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Li Auto Inc. trades at 14.0x trailing earnings, compared to its 15-year median P/E of 18.8x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 13.7x vs a median of 29.2x. The company's 5-year average ROIC is 3.2% with a gross margin of 20.0%. At current prices, the estimated annualized return to fair value is +55.5%.
Li Auto Inc. (LI) has a current P/E ratio of 14.0, compared to its historical median P/E of 18.8. The stock is currently considered Cheap based on its historical valuation range.
Li Auto Inc. (LI) has a 5-year average return on invested capital (ROIC) of 3.2%. This is below average and may indicate limited pricing power.
Li Auto Inc. (LI) has a market capitalization of $15.7B. It is classified as a large-cap stock.
Li Auto Inc. (LI) does not currently pay a regular dividend.
Based on historical P/E analysis, Li Auto Inc. (LI) appears cheap. The current P/E of 14.0 is 25% below its historical median of 18.8. The estimated fair value CAGR (P/E method) is 69.0%.
Li Auto Inc. (LI) operates in the Motor Vehicles & Passenger Car Bodies industry, within the Consumer Cyclical sector.
Li Auto Inc. (LI) reported annual revenue of $20.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Li Auto Inc. (LI) has a net profit margin of 5.6%. This is a modest margin.
Li Auto Inc. (LI) generated $1.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Li Auto Inc. (LI) has a debt-to-equity ratio of 0.12. This indicates a conservatively financed balance sheet.
Li Auto Inc. (LI) reported earnings per share (EPS) of $1.34 in its most recent fiscal year.
Li Auto Inc. (LI) has a return on equity (ROE) of 12.3%. This indicates moderate shareholder returns.
Li Auto Inc. (LI) has a 5-year average gross margin of 20.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 6 years of financial data for Li Auto Inc. (LI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Li Auto Inc. (LI) has a book value per share of $11.82, based on its most recent annual SEC filing.