Also trades as: 9866.HK (HKSE) · $vol 17M · 0A1K.L (LSE) · $vol 1M · N3IA.F (FSX) · $vol 0M · NIOIF (OTC) · $vol 0M

$3.29

+0.03 (+0.92%)

Weekly Expected Move ±5.8%

$3 $3 $3 $3 $4

NYSE · Consumer Cyclical · Auto - Manufacturers · Tech Score Sell · Power 36 · $7.9B mcap · 1.90B float · 1.59% daily turnover · Short 51% of daily vol

Credit Risk of going bust: higher than 66% of companies Debt: 35.5% of company value Bonds: $65.0M held by 9 funds, 19 bp over Treasuries → details ▾

If the stock fell to about $0.16 (down 95%), NIO Inc. would be worth roughly what it owes.
Total debt $4.36B against a stock market value of $7.91B.
Distance to default 3.75 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $2.30B (short-term plus half of long-term), stock volatility 49.4%; Altman Z'' -0.06. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.

Overview Chart Smart Money Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ESG Institutions ETF Exposure Dark Pool Short Interest

Revenue Segmentation

By Product / Service

Revenue by Segment (5-Year Trend)

Income Trends

Revenue

$85.1B +29.5% ▲

5Y CAGR: +39.2%

Gross Profit

$11.6B +78.5% ▲

5Y CAGR: +44.0%

Operating Income

-$14.4B +34.3% ▲

Net Income

-$14.6B +35.8% ▲

EPS (Diluted)

$-6.64 +39.8% ▲

EBITDA

-$14.4B -3.2% ▼

Profit Margins

Year-over-Year Growth

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$36.1B	$49.3B	$55.6B	$65.7B	$85.1B
YoY Growth	+122.3%	+36.3%	+12.9%	+18.2%	+29.5%
Cost of Revenue	$29.3B	$44.1B	$52.6B	$59.2B	$73.5B
Gross Profit	$6.8B	$5.1B	$3.1B	$6.5B	$11.6B
Gross Margin	18.9%	10.4%	5.5%	9.9%	13.6%
R&D Expenses	$4.6B	$10.8B	$13.4B	$13.0B	$10.3B
SG&A Expenses	$6.3B	$9.7B	$11.9B	$14.5B	$15.6B
Operating Expenses	$11.3B	$20.8B	$25.7B	$28.4B	$26.0B
Operating Income	-$4.5B	-$15.6B	-$22.7B	-$21.9B	-$14.4B
Operating Margin	-12.4%	-31.7%	-40.7%	-33.3%	-16.9%
Interest Expense	$637M	$333M	$404M	$798M	$861M
Income Before Tax	-$4.0B	-$14.4B	-$20.5B	-$22.4B	-$14.4B
Tax Expense	$42M	$55M	$261M	-$23M	$119M
Net Income	-$10.6B	-$14.6B	-$21.1B	-$22.7B	-$14.6B
Net Margin	-29.3%	-29.6%	-38.0%	-34.5%	-17.1%
EPS (Diluted)	$-6.72	$-8.89	$-12.44	$-11.03	$-6.64
EBITDA	-$985M	-$10.1B	-$15.1B	-$13.9B	-$14.4B
Shares Outstanding	1.57B	1.64B	1.70B	2.06B	2.27B

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$18.7B	$19.7B	$12.0B	$19.0B	$21.8B	$34.2B	$25.5B	$32.2B
Cost of Revenue	$16.7B	$17.4B	$11.1B	$17.1B	$18.8B	$28.2B	$20.7B	$26.3B
Gross Profit	$2.0B	$2.3B	$920M	$1.9B	$3.0B	$6.0B	$4.9B	$5.9B
Gross Margin	10.7%	11.7%	7.6%	10.0%	13.9%	17.5%	19.0%	18.4%
R&D Expenses	$3.3B	$3.6B	$3.2B	$3.0B	$2.4B	$2.0B	$1.9B	$2.1B
SG&A Expenses	$4.1B	$3.6B	$4.4B	$3.5B	$4.2B	$3.5B	$3.5B	$4.4B
Operating Expenses	$7.2B	$8.3B	$7.3B	$6.8B	$6.5B	$5.5B	$5.2B	$6.6B
Operating Income	-$5.2B	-$6.0B	-$6.4B	-$4.9B	-$3.5B	$504M	-$309M	-$664M
Operating Margin	-28.0%	-30.6%	-53.3%	-25.8%	-16.2%	1.5%	-1.2%	-2.1%
Interest Expense	$204M	$248M	$245M	$213M	$223M	$202M	$214M	$243M
Income Before Tax	-$5.0B	-$7.2B	-$6.7B	-$5.0B	-$3.4B	$296M	-$320M	-$496M
Tax Expense	$38M	-$70M	$5M	$43M	$57M	$17M	$12M	$33M
Net Income	-$5.1B	-$7.1B	-$6.9B	-$5.1B	-$3.7B	$280M	-$496M	-$530M
Net Margin	-27.5%	-36.2%	-57.3%	-27.0%	-16.8%	0.8%	-1.9%	-1.6%
EPS (Diluted)	$-2.50	$-3.47	$-3.29	$-2.31	$-1.51	$0.05	$-0.20	$-0.29
EBITDA	-$4.8B	-$6.9B	-$6.5B	-$4.7B	-$3.2B	$498M	-$106M	-$664M
Shares Outstanding	2.06B	2.06B	2.09B	2.23B	2.43B	2.51B	2.48B	2.50B

NIO NYSE