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) Piotroski F-score
NIO Inc.'s Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, up from 4 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | 2.00 |
| FY2024 | 4 | 3.00 |
| FY2023 | 1 | (1.00) |
| FY2022 | 2 | (4.00) |
| FY2021 | 6 | (1.00) |
| FY2020 | 7 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (13.69%) | (19.85%) | Fail | 0 |
| Positive operating cash flow | 427.94m | (1.08b) | Pass | 1 |
| Rising return on assets | (13.69%) | (19.85%) | Pass | 1 |
| Cash flow above net income | 2.65b | 2.03b | Pass | 1 |
| Falling long-term leverage | 0.08 | 0.10 | Pass | 1 |
| Rising current ratio | 0.98 | 0.99 | Fail | 0 |
| No new shares issued | 2,272,636,000 | 2,054,615,000 | Fail | 0 |
| Rising gross margin | 13.62% | 9.88% | Pass | 1 |
| Rising asset turnover | 0.77 | 0.58 | Pass | 1 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| NIO NIO Inc. | 6 |
| XPEV XPeng Inc. Sponsored ADR compare | 5 |
| RIVN Rivian Automotive, Inc. compare | 4 |
| VFS VinFast Auto Ltd. compare | 4 |
| STLA Stellantis N.V. compare | 3 |
| F Ford Motor Company compare | 3 |
| HMC Honda Motor Co., Ltd. compare | 3 |
| LCID Lucid Group, Inc. compare | 3 |
| LI Li Auto Inc. Sponsored ADR compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover