Xpeng Inc. (XPEV)

Price$10.93Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong 2025 cash generation has not yet proved durable.

Around the observed quote, XPENG is worth roughly US$11 billion, close to 1.0 times 2025 revenue of US$10.97 billion. Free cash flow, meaning operating cash flow minus capital spending, was about RMB5.1 billion in 2025, putting the equity near 15 times that cash result. That would look cheap if repeated. But XPENG lost RMB3.12 billion across the first two quarters of 2026, so the market price already assumes the 2025 improvement can eventually become sustainable.

Big pictureXPENG grew rapidly in 2025, but vehicle demand and profits still move sharply between product cycles.

Revenue rose 87.7% to RMB76.7 billion in 2025 and gross margin improved to 18.9% from 14.3%, while the annual net loss shrank to RMB1.14 billion. The improvement was real, yet not smooth. Second-quarter 2026 deliveries were 103,295, almost unchanged from a year earlier, and vehicle margin fell to 12.1% from 14.3%. The quarter still produced a RMB1.34 billion net loss. That pattern makes earnings sensitive to new-model timing, sales mix and China's intense electric-car price competition.

Business strengthXPENG has enough liquidity to keep investing, while recent shareholder dilution remains modest.

Year-end 2025 cash and equivalents exceeded debt by about RMB4.62 billion using the supplied SEC-derived figures. By June 2026, XPENG reported a broader cash position of RMB40.48 billion, including deposits and restricted cash, while current assets of RMB61.51 billion exceeded current liabilities of RMB55.31 billion. Research spending was RMB9.49 billion in 2025. XPENG paid no dividend and reported no buybacks. Share-based compensation was RMB564 million, and the average depositary-share count rose only about 0.7%, so recent dilution was limited.

What could change the storyRobotics could reveal substantial hidden value, while weak car growth could make today's valuation too generous.

The bull case strengthened when outside investors agreed to put more than US$900 million into XPENG's robotics unit at a post-money valuation above US$6.3 billion. Because XPENG owned the unit before the financing and will retain control, a simple minimum-value illustration implies a retained stake worth roughly US$5.4 billion, though exact post-deal ownership was not disclosed. The bear case is autos: third-quarter revenue guidance of RMB21.7-23.4 billion sits about 15% below the analyst-consensus midpoint cited by Reuters, challenging near-term profit recovery.

AI: News

Weak third-quarter outlookSecond-quarter margins held up, but a wider loss and weak third-quarter outlook lowered near-term expectations.

On August 24, XPENG reported second-quarter revenue of RMB19.74 billion, up 8.0% year over year, with gross margin at 20.7%. Net loss widened to RMB1.34 billion from RMB0.48 billion a year earlier. Management guided third-quarter revenue to RMB21.7-23.4 billion versus an analyst average of RMB26.61 billion cited by Reuters. U.S.-listed shares fell 3.1% in premarket trading. The results and guidance were plausible contributors, although price movement alone cannot prove a single cause.

Robotics funding roundA large outside funding round gave XPENG's robotics business a visible private-market valuation.

On August 24, XPENG said its robotics unit agreed to raise more than US$900 million at a post-money valuation above US$6.3 billion. The company will retain controlling ownership, and the proceeds are intended for robot hardware, software, model training, production facilities and global expansion. XPENG expects IRON mass production by the end of 2026 and commercial deliveries in 2027. This financing can reduce the parent's funding burden and establish a valuation reference, but commercialization remains unproven.

Loading local price history

Revenue

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018
Revenue	¥76.72B	¥40.87B	¥30.68B	¥26.86B	¥20.99B	¥5.84B	¥2.32B	¥9.7M
Gross profit	¥14.47B	¥5.85B	¥451.2M	¥3.09B	¥2.62B	¥266.0M	−¥558.1M	−¥2.4M
Gross margin	18.86%	14.30%	1.47%	11.50%	12.50%	4.55%	−24.05%	−24.33%
Research & development	¥9.49B	¥6.46B	¥5.28B	¥5.21B	¥4.11B	¥1.73B	¥2.07B	¥1.05B
Operating expenses	¥17.24B	¥12.50B	¥11.34B	¥11.90B	¥9.42B	¥4.65B	¥3.23B	¥1.69B
Operating income	−¥2.77B	−¥6.66B	−¥10.89B	−¥8.71B	−¥6.58B	−¥4.29B	−¥3.78B	−¥1.69B
Operating margin	−3.61%	−16.29%	−35.50%	−32.42%	−31.35%	−73.47%	−162.87%	−17,459.65%
EBITDA	−¥399.4M	−¥4.55B	−¥9.01B	−¥7.72B	−¥5.98B	−¥3.97B	−¥3.65B	−¥1.64B
EBITDA margin	−0.52%	−11.13%	−29.38%	−28.76%	−28.49%	−67.94%	−157.13%	−16,871.64%
Net income	−¥1.14B	−¥5.79B	−¥10.38B	−¥9.14B	−¥4.86B	−¥2.73B	−¥3.69B	−¥1.40B
Net profit margin	−1.49%	−14.17%	−33.82%	−34.03%	−23.17%	−46.75%	−159.04%	−14,411.94%
Basic EPSper basic share	-CN¥0.60	-CN¥3.06	-CN¥5.96	-CN¥5.34	-CN¥2.96	-CN¥6.48	-CN¥13.29	-CN¥6.83
Diluted EPSper diluted share	-CN¥0.60	-CN¥3.06	-CN¥5.96	-CN¥5.34	-CN¥2.96	-CN¥6.48	-CN¥13.29	-CN¥6.83

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of XPEV
Holder	Shares held
Alibaba Group Holding Ltd	33.54M
PRIMECAP MANAGEMENT CO/CA/	12.52M
TMT General Partner Ltd	10.29M
MORGAN STANLEY	9.59M
Ghisallo Capital Management LLC	7.5M
UBS Group AG	5.58M
CITADEL ADVISORS LLC	4.04M
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	3.94M
SUSQUEHANNA INTERNATIONAL GROUP, LLP	3.67M
Primavera Capital Management Ltd	3.31M
GOLDMAN SACHS GROUP INC	2.27M
BlackRock, Inc.	2.23M
BANK OF AMERICA CORP /DE/	2.16M
EXCHANGE TRADED CONCEPTS, LLC	1.91M
SIH Partners, LLLP	1.85M
Legal & General Group Plc	1.67M
BARCLAYS PLC	1.46M
CITIGROUP INC	1.35M
MILLENNIUM MANAGEMENT LLC	1.29M
Walleye Trading LLC	1.21M

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 ↗

Community posts

View community

It’s quiet here.

No posts about XPEV yet. Start the conversation.

Write the first post

Xpeng Inc. (XPEV)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.