Li Auto LI

Nasdaq · Motor Vehicles & Passenger Car Bodies · $12.4B

$11.92+2.94%Nov 5 close · Databento

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LI Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $11.921D +2.94%3M −7.17%SMA20 $11.42SMA50 $11.58RSI(14) 58.6

11.92

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 58.6

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$12.4B

Enterprise value$5.8B

Revenue$16.1B −18.8%

Gross margin18.7%

ROIC-1.7%

EPS, diluted$0.08 −84.6%

Modern Valuation (EOD)

Market Cap$12.4B

Enterprise Value$5.8B

EV / True FCF—

EV / FCF—

EV / Gross Profit1.92

EV / EBIT—

EV / Sales0.36

P / E (GAAP)76.14

P / FCF—

P / Oper. CF—

P / Book1.19

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield1.3%

Shareholder Yield—

Buyback Yield—

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh—

EPS (diluted)$0.08

Compounder & Returns

Rule of 40—

ROIC-1.7%

Cash ROIC (CROIC)—

GP / Assets13.6%

ROE1.6%

ROA0.7%

Gross Margin18.7%

Oper. Margin-0.5%

Net Margin1.0%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio+6.3%

SBC % of FCF—

SBC % of Rev1.1%

Reinvest. Rate—

Sales Growth Y/Y−18.8%

Sales 3Y CAGR+34.7%

EPS Growth Y/Y−84.6%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y+0.6%

Balance Sheet & Scale

Revenue (FY)$16.1B

Gross Profit (FY)$3.0B

Oper. Income (FY)$-74.5M

GAAP Net Income$162.9M

True FCF (ex-SBC)—

Cash & Equiv$8.1B

Total Debt$1.5B

Net Cash (Debt)$6.7B

Net Cash % MCap+53.6%

Debt / FCF (yrs)—

Current Ratio1.81

Price & Technicals (EOD)

Perf Week+7.00%

Perf Month+8.46%

Perf Quarter−7.95%

Perf Half Y−32.27%

Perf YTD−36.29%

SMA 20 Dist+4.39%$11.42

SMA 50 Dist+2.93%$11.58

SMA 100 Dist−1.26%$12.07

Window High−40.46%$20.02

Window Low+11.51%$10.69

RSI (14) · Vol58.642%v

Income Distribution & Cash Flow ConversionHow every dollar of LI revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$13.1B ($81.3 / $100)

R&D Reinvestment$1.6B ($10.1 / $100)

SG&A & Other OpEx$1.5B ($9.5 / $100)

Tax & Non-Operating$0 ($0.0 / $100)

Net Profit Kept$162.9M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$162.9M (1.0% margin)

Operating Cash Flow (OCF)$-1.2B(-7.7% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$179.9M

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$4.2B	$6.6B	$17.4B	$19.8B	$16.1B	−18.8%	+39.5%
Cost of Revenue (COGS)	$3.3B	$5.3B	$13.6B	$15.7B	$13.1B	−17.0%	+40.7%
Gross Profit	$904.1M	$1.3B	$3.9B	$4.1B	$3.0B	−26.1%	+35.0%
Research & Development (R&D)	$515.7M	$983.0M	$1.5B	$1.5B	$1.6B	+6.7%	+33.1%
Selling, General & Admin (SG&A)	$548.0M	$821.4M	$1.4B	$1.7B	$1.5B	−9.0%	+29.2%
Total Operating Expenses	$1.1B	$1.8B	$2.8B	$3.1B	$3.1B	−0.8%	+30.4%
Operating Income (EBIT)	$-159.6M	$-529.9M	$1.0B	$961.6M	$-74.5M	−107.7%	—
Interest Expense	$9.9M	$15.4M	$12.1M	$25.7M	$24.0M	−6.6%	+24.7%
Income Tax Expense	$26.5M	$-18.4M	$-191.2M	$174.0M	$22.6M	−87.0%	−3.9%
GAAP Net Income	$-50.4M	$-294.7M	$1.7B	$1.1B	$162.9M	−85.2%	—
Diluted EPS	$-0.03	$-0.15	$0.78	$0.52	$0.08	−84.6%	—
Diluted Shares	1.85B	1.94B	2.12B	2.13B	2.14B	+0.6%	+3.7%
Balance Sheet
Cash & Equivalents	$4.8B	$5.6B	$12.9B	$9.0B	$8.1B	−10.2%	+14.1%
Inventory	$253.9M	$986.6M	$967.9M	$1.1B	$1.3B	+11.6%	+49.0%
Total Current Assets	$8.2B	$9.7B	$16.1B	$17.3B	$16.5B	−4.7%	+19.0%
Total Assets	$9.7B	$12.5B	$20.2B	$22.2B	$22.1B	−0.8%	+22.8%
Total Current Liabilities	$1.9B	$4.0B	$10.2B	$9.5B	$9.1B	−4.2%	+47.9%
Total Debt (Short + Long Term)	$941.2M	$1.4B	$1.2B	$2.1B	$1.5B	−30.7%	+11.5%
Total Liabilities	$3.3B	$6.0B	$11.7B	$12.5B	$11.6B	−6.9%	+37.3%
Stockholders' Equity	$6.4B	$6.6B	$8.5B	$9.8B	$10.5B	+7.0%	+12.9%
Net Cash / (Net Debt)	$3.8B	$4.2B	$11.6B	$6.9B	$6.7B	−4.0%	+14.7%
Invested Capital	$2.6B	$2.4B	$-3.1B	$2.8B	$3.8B	+33.9%	+10.0%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$1.3B	$1.1B	$7.1B	$2.2B	$-1.2B	−156.4%	—
Depreciation & Amortization (D&A)	$92.6M	$176.0M	$254.2M	$418.9M	$662.8M	+58.2%	+63.5%
Stock-Based Compensation (SBC)	$172.8M	$297.7M	$335.0M	$360.4M	$179.9M	−50.1%	+1.0%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what LI did at the next close after each story

No Wire story has named LI yet.

What happened · big days

11 big days in a year, and what we hold on each

A big day is a close more than 4.87% from the one before, three times LI’s median day (1.62%). On 0 of the 11, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±4.87%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayLIWhat we hold that dayGroup (median of 4) · each

1 Dec 19, 2025+5.07%
Before our storiesgroup +0.6%, did not move with it
1Dec 19, 2025+5.07%
Before our stories
+0.6% did not move with itGM +1.4 · F +1.1 · PCAR +0.1 · TSLA −0.5
2 Feb 6, 2026+6.63%
Before our storiesgroup +0.8%, did not move with it
2Feb 6, 2026+6.63%
Before our stories
+0.8% did not move with itTSLA +3.5 · GM +1.1 · F +0.6 · PCAR −0.1
3 Mar 16, 2026+5.25%
Before our storiesgroup +0.6%, did not move with it
3Mar 16, 2026+5.25%
Before our stories
+0.6% did not move with itTSLA +1.1 · GM +0.8 · F +0.3 · PCAR +0.3
4 Mar 18, 2026−5.12%
Before our storiesgroup −1.0%, did not move with it
4Mar 18, 2026−5.12%
Before our stories
−1.0% did not move with itTSLA −1.6 · F −1.3 · GM −0.7 · PCAR −0.6
5 Apr 10, 2026+5.03%
Before our storiesgroup −0.1%, did not move with it
5Apr 10, 2026+5.03%
Before our stories
−0.1% did not move with itTSLA +1.0 · PCAR +0.1 · GM −0.4 · F −0.9
6 May 13, 2026+6.83%
Before our storiesgroup +1.0%, did not move with it
6May 13, 2026+6.83%
Before our stories
+1.0% did not move with itF +13.2 · TSLA +2.7 · GM −0.8 · PCAR −1.1
7 May 18, 2026−9.83%
Before our storiesgroup −2.5%, did not move with it
7May 18, 2026−9.83%
Before our stories
−2.5% did not move with itTSLA −2.9 · F −2.8 · GM −2.4 · PCAR +1.2
8 Jun 2, 2026+6.12%
Before our storiesgroup +0.4%, did not move with it
8Jun 2, 2026+6.12%
Before our stories
+0.4% did not move with itPCAR +3.1 · TSLA +1.9 · GM −1.1 · F −2.9
9 Sep 21, 2026−5.11%
Nothing on LIgroup +0.9%, did not move with it
9Sep 21, 2026−5.11%
Nothing on LINo LI story, brief or results filing in our record that day
+0.9% did not move with itPCAR −1.1 · F −0.3 · GM +2.1 · TSLA +3.0
10 Oct 9, 2026+5.87%
Nothing on LIgroup −0.0%, did not move with it
10Oct 9, 2026+5.87%
Nothing on LINo LI story, brief or results filing in our record that day
−0.0% did not move with itTSLA +2.0 · GM +0.6 · F −0.7 · PCAR −1.5
11 Oct 20, 2026+5.67%
Nothing on LIgroup +0.6%, did not move with it
11Oct 20, 2026+5.67%
Nothing on LINo LI story, brief or results filing in our record that day
+0.6% did not move with itTSLA +1.5 · PCAR +1.5 · F −0.3 · GM −6.8

A story on the same day is not a cause, and a group move is not proof either. Group: the median of TSLA, GM, PCAR and F that day, the largest companies in LI’s SEC industry; “moved with LI” means the same direction and at least half the size.

Same industry

LI against four carmaker peers, a year at 100

LI is down 40.4% in a year. General Motors is up 30.6%, Paccar 5.9%, Ford Motor is down 4.1% and Tesla 10.3%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

Share this chart

LI −40.4%. General Motors +30.6%, Paccar +5.9%, Ford Motor −4.1%, Tesla −10.3%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in LI’s SEC industry (Motor Vehicles & Passenger Car Bodies) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

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TSLA	Tesla	$1.52T	−10.77%
GM	General Motors	$81.1B	−3.35%
PCAR	Paccar	$55.9B	−1.56%
F	Ford Motor	$50.4B	−1.10%
RIVN	Rivian Automotive	$16.7B	−5.48%
OSK	Oshkosh	$8.9B	−4.64%
NIO	NIO	$7.5B	−3.03%
FSS	Federal Signal	$7.2B	−4.96%