NIO Inc. (NIO)

Price$3.41Cached quoteAs of 2026-10-09 05:23 UTC

AI: Undervalued

Price checkMarket value sits near liquid resources, while sales scale is already much larger.

NIO Inc. is confirmed as the NYSE-listed ADS under ticker NIO. Its market capitalization is about $9.3 billion, versus $8.4 billion of cash, restricted cash, short-term investments and long-term time deposits at June 30. Second-quarter revenue was $4.74 billion, implying an annualized sales pace near $19 billion. That puts the headline price-to-sales ratio around 0.5 times; price-to-sales simply compares market value with revenue. The discount is meaningful, though not all liquidity is freely deployable or surplus.

Big pictureGrowth and margins improved sharply, but durable GAAP profitability still needs proof.

Second-quarter revenue rose 69.1% year over year, vehicle margin reached 18.5%, and gross margin reached 18.4%. NIO still posted a RMB528 million GAAP net loss, while adjusted net profit was only RMB26.1 million. GAAP means standard accounting rules; adjusted profit removes items such as share-based compensation. Operating cash flow was positive, which is encouraging. Management guides third-quarter deliveries to 108,000-111,000 and revenue growth above 50%, but the investment case still depends on converting that growth into repeatable accounting profits.

Business strengthThree brands broaden demand, while liquidity and outside chip funding reduce near-term financing pressure.

Liquidity is substantial: NIO reported RMB56.7 billion of cash and related liquid resources at June 30. Interest-bearing borrowings were roughly RMB17.6 billion across short-term debt, current long-term debt and long-term borrowings. However, current assets exceeded current liabilities by only about RMB1.6 billion, so supplier credit and working-capital discipline remain important. NIO is also bringing outside capital into its Shenji chip subsidiary; recent investors committed RMB493 million, leaving NIO with a controlling 59.95% stake and sharing some development cost.

What could change the storySustained margins and cash flow support upside; renewed price wars or dilution would weaken it.

The bull case assumes deliveries keep growing above roughly 20%, vehicle margins hold near 18%-20%, operating cash flow stays positive and GAAP earnings move sustainably above break-even. The bear case assumes China demand remains weak, price competition or component inflation compresses margins, and fresh capital is needed. Dilution means each existing share owns a smaller slice: NIO's 2026 incentive plan can issue up to 248.5 million shares, equal to 10% of February shares, while a 2025 equity offering issued 209.1 million shares to raise $1.16 billion.

AI: News

Q2 margins strengthenRevenue jumped 69%, vehicle margin reached 18.5%, and adjusted profit stayed barely positive.

On September 1, 2026, NIO reported second-quarter revenue of RMB32.1 billion and 107,658 deliveries, up 49.4% year over year. Vehicle margin improved to 18.5%, while the GAAP net loss narrowed sharply from a year earlier to RMB528 million. Adjusted net profit was RMB26.1 million and operating cash flow was positive. Management also guided third-quarter revenue to roughly RMB33.3-34.1 billion, keeping growth expectations high.

August deliveries riseAugust vehicle deliveries grew 14.5% year over year, extending strong year-to-date volume growth.

On September 1, NIO said it delivered 35,836 vehicles in August and 262,893 through the first eight months of 2026, up 57.9% year over year. The mix included NIO, ONVO and FIREFLY models. The company also noted that on August 7 it opened its 4,000th battery-swap station and first fifth-generation station, expanding an infrastructure network intended to make charging and battery replacement more convenient for owners.

Analysts temper expectationsPost-earnings analyst cuts highlighted weak Chinese demand, price competition, and limited overseas diversification.

On September 2, J.P. Morgan downgraded NIO to Neutral and cut its price target, arguing that slower Chinese passenger-vehicle demand and tougher price competition could cap earnings upside despite improved margins and cash flow. The reaction matters because NIO's operational recovery is happening inside a highly competitive market where volumes can rise without guaranteeing strong returns.

Defense-list disputeNIO rejected its Pentagon designation and stressed that the listing does not restrict securities trading.

On June 9, NIO said the U.S. Department of Defense had added it to the Chinese military companies list and that the designation was unjustified. NIO emphasized that the list is not a sanctions list, does not restrict transactions in its securities, and should not affect its business through related U.S. procurement limits. The company said it would engage with the department and consider legal action to seek removal.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$12.51B	$9.01B	$7.83B	$7.14B	$5.67B	$2.49B	$1.12B	$720.1M	—	—
Gross profit	$1.70B	$889.5M	$429.8M	$745.8M	$1.07B	$287.1M	−$172.2M	−$37.2M	—	—
Gross margin	13.62%	9.88%	5.49%	10.44%	18.88%	11.52%	−15.32%	−5.17%	—	—
Research & development	$1.52B	$1.79B	$1.89B	$1.57B	$720.6M	$381.3M	$636.1M	$581.5M	—	—
Operating expenses	$3.71B	$3.89B	$3.62B	$3.01B	$1.78B	$993.3M	$1.42B	$1.36B	—	—
Operating income	−$2.01B	−$3.00B	−$3.19B	−$2.27B	−$705.6M	−$706.2M	−$1.59B	−$1.40B	—	—
Operating margin	−16.05%	−33.28%	−40.73%	−31.75%	−12.44%	−28.34%	−141.59%	−193.81%	—	—
EBITDA	−$985.9M	−$2.19B	−$2.72B	−$1.85B	−$437.5M	−$545.8M	−$1.45B	−$1.33B	—	—
EBITDA margin	−7.88%	−24.34%	−34.66%	−25.96%	−7.72%	−21.90%	−128.82%	−184.23%	—	—
Net income	−$2.14B	−$3.07B	−$2.92B	−$2.09B	−$630.3M	−$812.9M	−$1.62B	−$1.40B	—	—
Net profit margin	−17.08%	−34.08%	−37.25%	−29.30%	−11.12%	−32.62%	−144.35%	−194.68%	—	—
Basic EPSper basic share	-$0.98	-$1.51	-$1.75	-$1.29	-$1.05	-$0.73	-$1.59	-$10.21	—	—
Diluted EPSper diluted share	-$0.98	-$1.51	-$1.75	-$1.29	-$1.05	-$0.73	-$1.59	-$10.21	—	—

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of NIO
Holder	Shares held
MORGAN STANLEY	27.41M
UBS Group AG	19.27M
BANK OF AMERICA CORP /DE/	19M
D. E. Shaw & Co., Inc.	18.2M
RENAISSANCE TECHNOLOGIES LLC	16.16M
GOLDMAN SACHS GROUP INC	15.45M
Aspex Management (HK) Ltd	13.14M
BNP PARIBAS FINANCIAL MARKETS	12.4M
BlackRock, Inc.	9.46M
TWO SIGMA INVESTMENTS, LP	9.03M
CITADEL ADVISORS LLC	8.76M
SUSQUEHANNA INTERNATIONAL GROUP, LLP	8.29M
Assenagon Asset Management S.A.	7.51M
MILLENNIUM MANAGEMENT LLC	6.79M
MACKENZIE FINANCIAL CORP	6.15M
Legal & General Group Plc	5.62M
STATE STREET CORP	4.81M
MARSHALL WACE, LLP	4.73M
Ghisallo Capital Management LLC	3.5M
Point72 Asset Management, L.P.	3.38M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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