NIO Inc. (NIO) Key Metrics
NIO key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Chinese yuanNIO returns How much profit the business earns on the capital it uses.
Return on equity−151.6 pts
−295.4%
2025 · hover or tap a bar for each year
20162025
Return on assets+7.2 pts
−12.9%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin+22.3 pts
−3.5%
2025 · hover or tap a bar for each year
20162025
Asset turnover+29.0%
0.75
2025 · hover or tap a bar for each year
20162025
NIO financial health Debt, liquidity and how easily interest is covered.
Debt / equity+11.3%
6.31
2025 · hover or tap a bar for each year
20162025
Net debt−CN¥31.3B
−CN¥19.56B
2025 · hover or tap a bar for each year
20162025
Current ratio−1.8%
0.98
2025 · hover or tap a bar for each year
20162025
Interest coverage
-15.9
2025 · hover or tap a bar for each year
20162025
Debt / assets−32.9%
0.21
2025 · hover or tap a bar for each year
20162025
NIO efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+22 days
40 days
2025 · hover or tap a bar for each year
20162025
Days of inventory0 days
38 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding+14 days
212 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle+8 days
-134 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue−7.0 pts
6.9%
2025 · hover or tap a bar for each year
20162025
NIO returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NIO debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NIO cash returned to shareholders
DividendsBuybacksFree cash flow
NIO key metrics in Chinese yuan
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −295.4% | −143.8% | −85.6% | −49.7% | −34.2% | −53.8% | — | — | — | — |
| Return on invested capital (ROIC) | — | −122.5% | −188.0% | −226.0% | — | — | −335.9% | — | — | — |
| Return on assets (ROA) | −12.9% | −20.1% | −19.8% | −16.3% | −15.4% | −16.2% | −68.3% | −65.9% | −81.5% | −143.3% |
| Return on tangible assets | −12.0% | −21.1% | −18.1% | −15.2% | −12.8% | −10.3% | −79.4% | −51.9% | −47.6% | −143.8% |
| Free cash flow margin | −3.5% | −25.8% | −28.3% | −22.0% | −5.8% | 5.1% | −133.3% | −213.2% | — | — |
| Financial health | ||||||||||
| Total debt | CN¥26.25B | CN¥33.82B | CN¥34.73B | CN¥23.71B | CN¥20.10B | CN¥9.52B | CN¥10.70B | CN¥3.24B | CN¥726.2M | CN¥57.1M |
| Cash & short-term investments | CN¥45.81B | CN¥22.09B | CN¥49.75B | CN¥39.06B | CN¥52.39B | CN¥42.38B | CN¥973.8M | CN¥8.29B | CN¥7.51B | CN¥581.3M |
| Net debt | −CN¥19.56B | CN¥11.73B | −CN¥15.02B | −CN¥15.35B | −CN¥32.29B | −CN¥32.86B | CN¥9.73B | −CN¥5.05B | −CN¥6.78B | −CN¥524.2M |
| Debt / equity | 6.31 | 5.67 | 1.36 | 0.99 | 0.58 | 0.35 | — | 0.47 | — | — |
| Debt / assets | 0.21 | 0.31 | 0.30 | 0.25 | 0.24 | 0.17 | 0.73 | 0.17 | 0.07 | 0.03 |
| Current ratio | 0.98 | 0.99 | 1.22 | 1.29 | 2.18 | 3.31 | 0.52 | 1.42 | 5.13 | 1.20 |
| Quick ratio | 0.87 | 0.88 | 1.13 | 1.11 | 2.11 | 3.23 | 0.43 | 1.25 | 5.08 | 1.26 |
| Interest coverage | -15.9 | -27.4 | -56.1 | -46.9 | -7.1 | -10.8 | -29.9 | -77.6 | -273.9 | — |
| Working capital | −CN¥1.95B | −CN¥425.0M | CN¥12.58B | CN¥13.30B | CN¥34.44B | CN¥32.23B | −CN¥4.57B | CN¥3.58B | CN¥6.69B | CN¥148.5M |
| Invested capital | −CN¥15.40B | CN¥17.70B | CN¥10.53B | CN¥8.52B | CN¥2.42B | −CN¥5.69B | CN¥3.43B | CN¥1.79B | −CN¥18.38B | −CN¥4.43B |
| Tangible asset value | CN¥12.67B | CN¥13.27B | CN¥29.36B | CN¥27.43B | CN¥34.59B | CN¥26.97B | −CN¥6.49B | CN¥6.60B | −CN¥11.60B | −CN¥3.92B |
| Net current asset value | −CN¥35.10B | −CN¥32.21B | −CN¥17.41B | −CN¥9.47B | CN¥15.54B | CN¥18.74B | −CN¥15.93B | CN¥148.2M | −CN¥13.75B | −CN¥4.81B |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | CN¥0 | CN¥2.87B | CN¥0 | CN¥0 |
| Share buybacks (net) | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥7.5M | CN¥0 | CN¥8.4M |
| Dividends + buybacks / free cash flow | — | — | — | — | — | 0.0% | — | — | — | — |
| Capex / revenue | 6.9% | 13.9% | 25.8% | 14.2% | 11.3% | 6.9% | 21.8% | 53.4% | — | — |
| Capex / operating cash flow | 202.7% | — | — | — | 207.4% | 57.8% | — | — | — | — |
| Capex / depreciation | 0.65 | 1.19 | 2.92 | 1.75 | 1.73 | 0.73 | 1.12 | 5.58 | 6.64 | 14.20 |
| Stock-based compensation / revenue | 2.0% | 2.9% | 4.3% | 4.7% | 2.8% | 1.2% | 4.3% | 13.7% | — | — |
| R&D / revenue | 12.1% | 19.8% | 24.1% | 22.0% | 12.7% | 15.3% | 56.6% | 80.7% | — | — |
| SG&A / revenue | 16.9% | 22.0% | 21.5% | 19.7% | 17.4% | 21.7% | 62.4% | 102.8% | — | — |
| Efficiency | ||||||||||
| Days sales outstanding | 40.0 | 17.6 | 32.1 | 29.3 | 20.4 | 29.1 | 49.2 | 46.1 | — | — |
| Days of inventory on hand | 37.7 | 38.1 | 46.8 | 42.4 | 19.5 | 25.0 | 47.6 | 54.5 | — | — |
| Days payables outstanding | 211.9 | 197.6 | 147.5 | 104.8 | 118.3 | 120.3 | 121.0 | 108.8 | — | — |
| Cash conversion cycle (days) | -134.2 | -142.0 | -68.6 | -33.1 | -78.4 | -66.1 | -24.2 | -8.2 | — | — |
| Receivables turnover | 9.13 | 20.76 | 11.38 | 12.45 | 17.89 | 12.53 | 7.42 | 7.92 | 0.00 | 0.00 |
| Payables turnover | 1.72 | 1.85 | 2.48 | 3.48 | 3.08 | 3.03 | 3.02 | 3.36 | 0.00 | — |
| Inventory turnover | 9.67 | 9.58 | 7.81 | 8.61 | 18.68 | 14.60 | 7.66 | 6.70 | 0.00 | — |
| Asset turnover | 0.75 | 0.58 | 0.52 | 0.55 | 0.53 | 0.47 | 0.47 | 0.34 | 0.00 | 0.00 |
| Average receivables | CN¥9.58B | CN¥3.17B | CN¥4.89B | CN¥3.96B | CN¥2.02B | CN¥1.30B | CN¥1.05B | CN¥625.0M | CN¥338.1M | CN¥182.9M |
| Average payables | CN¥43.87B | CN¥32.08B | CN¥21.24B | CN¥12.67B | CN¥9.50B | CN¥4.74B | CN¥2.99B | CN¥1.55B | CN¥117.0M | CN¥0 |
| Average inventory | CN¥7.81B | CN¥6.18B | CN¥6.73B | CN¥5.12B | CN¥1.57B | CN¥985.5M | CN¥1.18B | CN¥777.4M | CN¥23.9M | −CN¥41.6M |
| Intangibles / total assets | 0.0% | 0.2% | 0.2% | 0.2% | 0.2% | 0.4% | 1.4% | 1.2% | 0.0% | 0.4% |
Computed from NIO's annual financial statements (latest annual report filed April 10, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Chinese yuan; data from EODHD. Averages use the opening and closing balance of each year.
NIO valuation and financial ratios
NIO earned a return on equity of −295.4% in fiscal 2025. It ended the year with CN¥26.2 billion of debt and CN¥45.8 billion in cash and short-term investments, a net cash position of CN¥19.6 billion.
See the NIO income statement, the NIO chart for price history, or the NIO stock overview for the latest quote and news.
NIO key metrics FAQ
What is NIO's return on equity?
NIO's return on equity (ROE) was −295.4% in fiscal 2025: net income of -CN¥15.0 billion on average shareholders' equity of CN¥5.1 billion.
How much debt does NIO have?
NIO had total debt of CN¥26.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 6.31 and more cash than debt.
What is NIO's current ratio?
NIO's current ratio was 0.98 at the end of fiscal 2025: current assets were 0.98 times current liabilities.