NIO Inc.
NIO Consumer Cyclical Auto Manufacturers
NIO Inc.’s revenue for fiscal 2025 (year ended December 2025) was $12.5 billion, up 38.9% from fiscal 2024. Revenue growth for five consecutive years.
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NIO Inc. (NIO) Altman Z-score
NIO Inc.'s Altman Z-score for fiscal 2025 is −0.72, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −0.72 | 0.42 |
| FY2024 | −1.15 | (0.75) |
| FY2023 | −0.40 | (0.44) |
| FY2022 | 0.04 | (3.74) |
| FY2021 | 3.78 | (3.84) |
| FY2020 | 7.62 | 13.58 |
| FY2019 | −5.97 | (2.90) |
| FY2018 | −3.07 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.02) | — | −0.02 | |
| Retained earnings / total assets | (1.03) | — | −1.44 | |
| EBIT / total assets | (0.11) | — | −0.37 | |
| Market value of equity / total liabilities | 0.67 | — | 0.40 | |
| Sales / total assets | 0.70 | — | 0.70 | |
| Altman Z-score | Distress zone | −0.72 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −4.18 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| LI Li Auto Inc. Sponsored ADR compare | 2.1× |
| XPEV XPeng Inc. Sponsored ADR compare | 1.3× |
| HMC Honda Motor Co., Ltd. compare | 1.2× |
| STLA Stellantis N.V. compare | 0.9× |
| F Ford Motor Company compare | 0.8× |
| NIO NIO Inc. | −0.7× |
| RIVN Rivian Automotive, Inc. compare | −1.2× |
| LCID Lucid Group, Inc. compare | −3.5× |
| VFS VinFast Auto Ltd. compare | −3.8× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets