Financials NIO Inc.

Equities

NIO

US62914V1061

Auto & Truck Manufacturers

Market Closed - Nyse Other stock markets 04:00:02 2026-01-16 pm EST			After hours 07:59:48 pm
4.710 ^USD	+1.51%		4.780	+1.49%

Jan. 15	Macquarie Upgrades NIO to Outperform From Neutral, Price Target is $6.10	MT
Jan. 15	Chinese Sales of New Cars Rise 9% in 2025, Association Says	MT

Projected Income Statement: NIO Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	16,258	36,136	49,269	55,618	65,732	86,896	126,822	146,433
Change	-	122.27%	36.34%	12.89%	18.18%	32.2%	45.95%	15.46%
EBITDA ¹	-3,561	-2,788	-10,492	-16,908	-14,070	-10,036	687.2	5,132
Change	-	21.7%	-276.3%	-61.15%	16.79%	28.67%	106.85%	646.76%
EBIT ¹	-4,608	-4,496	-15,641	-20,286	-19,946	-15,790	-7,121	-3,298
Change	-	2.42%	-247.86%	-29.7%	1.68%	20.84%	54.9%	53.69%
Interest Paid ¹	-426	-637.4	-333.2	-403.5	-798.4	-934.2	-787.1	-727.2
Earnings before Tax (EBT) ¹	-5,298	-3,975	-14,382	-20,459	-22,425	-16,185	-6,802	-2,497
Change	-	24.97%	-261.84%	-42.25%	-9.61%	27.82%	57.98%	63.29%
Net income ¹	-5,611	-10,572	-14,559	-21,147	-22,658	-16,247	-6,869	-3,026
Change	-	-88.43%	-37.71%	-45.25%	-7.14%	28.29%	57.72%	55.95%
Announcement Date	3/1/21	3/24/22	3/1/23	3/5/24	3/21/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	6,641	7,982	8,448	9,805	9,901	9,911	10,292	13,002	16,064	10,676	8,772	19,067	17,103	9,909	17,446	18,674	19,703	12,035	19,009	21,794	33,109	26,014	31,823	36,290	39,049	32,194	34,581	36,986
Change	-	20.2%	5.83%	16.07%	0.97%	0.1%	3.85%	26.33%	23.55%	-33.54%	-17.84%	117.36%	-10.3%	-42.07%	76.07%	7.04%	5.52%	-38.92%	57.95%	14.65%	51.92%	-21.43%	22.33%	14.03%	7.6%	-17.56%	7.41%	6.96%
EBITDA ¹	-634.6	-	-	-	-1,883	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	870.5	121.6	-305.8	194.2	46.53	-717	352	1,110
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-86.03%	-351.4%	163.51%	-76.04%	-1,640.89%	149.09%	215.41%
EBIT ¹	-931.4	-199.4	-511.9	-726.3	-2,445	-1,716	-2,355	-3,258	-6,736	-6,016	-5,464	-4,240	-6,059	-5,113	-4,699	-4,591	-5,544	-5,544	-4,909	-3,522	-489.2	-1,546	116.2	-154.5	-223.9	-	-	-
Change	-	78.59%	-156.69%	-41.88%	-236.64%	29.84%	-37.27%	-38.36%	-106.73%	10.7%	9.17%	22.4%	-42.89%	15.62%	8.1%	2.3%	-20.76%	0%	11.45%	28.26%	86.11%	-215.96%	107.52%	-233.02%	-44.92%	-	-	-
Charge d'intérêts	-93.84	-423.8	-60.53	-77.19	-75.94	-77.34	-64.71	-100.6	-70.67	-68.66	-82.44	-88.55	-163.9	-170.9	-176.1	-203.8	-247.6	-244.9	-212.7	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-1,387	-447.1	-585.4	-832.1	-2,110	-1,752	-2,759	-4,101	-5,769	-4,732	-6,037	-4,555	-5,135	-5,178	-5,044	-5,021	-7,182	-6,745	-4,952	-3,423	-432.3	-1,389	-1,161	-849.4	-627.6	-1,865	-799.9	-113.3
Change	-	67.76%	-30.93%	-42.14%	-153.61%	16.96%	-57.48%	-48.63%	-40.67%	17.98%	-27.58%	24.55%	-12.73%	-0.83%	2.58%	0.45%	-43.02%	6.07%	26.59%	30.87%	87.37%	-221.35%	16.45%	26.82%	26.12%	-197.14%	57.11%	85.84%
Net income ¹	-1,492	-4,875	-659.3	-2,859	-2,179	-1,825	-2,745	-4,142	-5,847	-4,804	-6,122	-4,629	-5,593	-5,258	-5,126	-5,142	-7,132	-6,891	-5,141	-3,661	-288.3	-1,734	-533.2	-434.5	85.27	-	-	-
Change	-	-226.7%	86.48%	-333.63%	23.77%	16.25%	-50.41%	-50.9%	-41.15%	17.85%	-27.44%	24.39%	-20.83%	5.99%	2.5%	-0.3%	-38.71%	3.38%	25.39%	28.8%	92.12%	-501.53%	69.26%	18.5%	119.62%	-	-	-
Announcement Date	3/1/21	4/29/21	8/11/21	11/9/21	3/24/22	6/9/22	9/7/22	11/10/22	3/1/23	6/9/23	8/29/23	12/5/23	3/5/24	6/6/24	9/5/24	11/20/24	3/21/25	6/3/25	9/2/25	11/25/25	-	-	-	-	-	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2021 S2	2023 S1
Net sales	19,706	-
Change	-	-
EBITDA	-	-
Change	-	-
EBIT	-3,437	-
Change	-	-
Charge d'intérêts	-	-
Earnings before Tax (EBT)	-2,942	-
Change	-	-
Net income ¹	-5,038	-10,926
Change	-	-116.86%
Announcement Date	3/24/22	8/29/23

¹CNY in Million

Estimates

Forecast Balance Sheet: NIO Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-34,507	-37,422	-22,896	-26,881	-2,159	3,245	4,392	6,299
Change	-	-8.45%	38.82%	-17.4%	91.97%	250.33%	35.35%	43.42%
Announcement Date	3/1/21	3/24/22	3/1/23	3/5/24	3/21/25	-	-	-

¹CNY in Million

Estimates

Cash Flow Forecast: NIO Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,128	4,079	6,973	14,341	9,142	7,364	6,654	6,576
Change	-	261.69%	70.96%	105.67%	-36.25%	-19.45%	-9.64%	-1.18%
Free Cash Flow (FCF) ¹	823.2	-2,112	-10,839	-15,722	-16,991	-23,872	-4,023	2,633
Change	-	-356.6%	-413.11%	-45.06%	-8.07%	-40.49%	83.15%	165.44%
Announcement Date	3/1/21	3/24/22	3/1/23	3/5/24	3/21/25	-	-	-

¹CNY in Million

Estimates

Forecast Financial Ratios: NIO Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-21.9%	-7.72%	-21.3%	-30.4%	-21.41%	-11.55%	0.54%	3.5%
EBIT Margin (%)	-28.34%	-12.44%	-31.75%	-36.47%	-30.34%	-18.17%	-5.62%	-2.25%
EBT Margin (%)	-32.59%	-11%	-29.19%	-36.78%	-34.12%	-18.63%	-5.36%	-1.71%
Net margin (%)	-34.51%	-29.26%	-29.55%	-38.02%	-34.47%	-18.7%	-5.42%	-2.07%
FCF margin (%)	5.06%	-5.85%	-22%	-28.27%	-25.85%	-27.47%	-3.17%	1.8%
FCF / Net Income (%)	-14.67%	19.98%	74.45%	74.35%	74.99%	146.93%	58.56%	-87.01%
Profitability
ROA	-16.21%	-15.38%	-16.25%	-17.29%	-18.12%	-15.09%	-7.09%	-1.94%
ROE	-53.77%	-34.17%	-49.71%	-74.77%	-129.35%	-209.57%	-99.91%	-33.18%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-0.32x	6.39x	1.23x
Debt / Free cash flow	-	-	-	-	-	-0.14x	-1.09x	2.39x
Capital Intensity
CAPEX / Current Assets (%)	6.94%	11.29%	14.15%	25.78%	13.91%	8.47%	5.25%	4.49%
CAPEX / EBITDA (%)	-31.67%	-146.28%	-66.46%	-84.82%	-64.98%	-73.38%	968.37%	128.15%
CAPEX / FCF (%)	136.99%	-193.09%	-64.33%	-91.21%	-53.81%	-30.85%	-165.42%	249.78%
Items per share
Cash flow per share ¹	1.65	1.25	-2.362	-0.8126	-3.82	-2.1	5.522	-0.4162
Change	-	-24.21%	-288.88%	65.59%	-370.14%	45.03%	362.97%	-107.54%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	17.31	21.12	14.58	15.03	2.904	-3.89	-5.108	-4.24
Change	-	21.96%	-30.96%	3.05%	-80.67%	-233.96%	-31.31%	17.01%
EPS ¹	-4.74	-6.72	-8.89	-12.44	-11.03	-7.477	-3.502	-1.747
Change	-	-41.77%	-32.29%	-39.93%	11.33%	32.21%	53.16%	50.12%
Nbr of stocks (in thousands)	1,562,643	1,590,573	1,652,453	2,079,974	2,076,918	2,528,452	2,528,452	2,528,452
Announcement Date	3/1/21	3/24/22	3/1/23	3/5/24	3/21/25	-	-	-