The company maintains a conservative financial profile with a debt-to-equity ratio of 0.24, supported by a substantial $56.9 billion cash reserve as of 2025Q4.
| Total Current Assets | 115.36B | 126.31B | 114.53B | 66.99B | 52.38B | 31.39B | 5.07B | 2.29B |
| Cash & Short-Term Investments | 101.3B | 112.81B | 103.26B | 56.51B | 47.52B | 28.64B | 3.57B | 930.11M |
| Cash Only | 56.94B | 65.9B | 91.33B | 38.48B | 27.85B | 8.94B | 1.3B | 70.19M |
| Short-Term Investments | 44.36B | 46.9B | 11.93B | 18.03B | 19.67B | 19.7B | 2.27B | 859.91M |
| Accounts Receivable | 119.9M | 135.11M | 143.52M | 48.38M | 120.54M | 115.55M | 8.3M | 0 |
| Days Sales Outstanding | 0.4 | 0.34 | 0.42 | 0.38 | 1.65 | 4.72 | 10.69 | - |
| Inventory | 8.76B | 8.19B | 6.87B | 6.8B | 1.62B | 1.05B | 518.09M | 155K |
| Days Inventory Outstanding | 35.98 | 26.01 | 26.04 | 66.63 | 27.98 | 50.64 | 496.68 | 0.63 |
| Other Current Assets | 5.18B | 5.18B | 4.25B | 1.94B | 3.12B | 1.56B | 902.61M | 1.36B |
| Total Non-Current Assets | 39.03B | 36.04B | 28.94B | 19.55B | 9.47B | 4.98B | 4.45B | 3.49B |
| Property, Plant & Equipment | 31.89B | 29.46B | 20.43B | 14.73B | 6.56B | 3.76B | 3.13B | 2.12B |
| Fixed Asset Turnover | 3.43x | 4.90x | 6.06x | 3.13x | 4.06x | 2.38x | 0.09x | - |
| Goodwill | 5.48M | 5.48M | 5.48M | 5.48M | -289.81M | -181.5M | 0 | 0 |
| Intangible Assets | 2.7B | 2.44B | 864.18M | 832.62M | 1.04B | 864.79M | 857.25M | 850.5M |
| Long-Term Investments | 849.21M | 922.9M | 1.6B | 1.48B | 156.31M | 162.85M | 126.18M | 177.14M |
| Other Non-Current Assets | 248.1M | 667.78M | 4.79B | 2.42B | 1.98B | 321.18M | 33.84M | 43.32M |
| Total Assets | 154.39B | 162.35B | 143.47B | 86.54B | 61.85B | 36.37B | 9.51B | 5.78B |
| Asset Turnover | 0.71x | 0.89x | 0.86x | 0.53x | 0.43x | 0.25x | 0.03x | - |
| Asset Growth % | -4.9% | 13.16% | 65.79% | 39.92% | 70.04% | 282.34% | 64.57% | - |
| Total Current Liabilities | 63.59B | 69.22B | 72.74B | 27.37B | 12.11B | 4.31B | 4.68B | 1.75B |
| Accounts Payable | 23.71B | 40.04B | 34.84B | 15.41B | 7.09B | 2.99B | 633.91M | 342.25M |
| Days Payables Outstanding | 97.43 | 127.25 | 131.99 | 150.89 | 122.59 | 144.55 | 607.72 | 1.39K |
| Short-Term Debt | 6.22B | 281.1M | 6.98B | 390.75M | 37.04M | 0 | 931.48M | 20M |
| Deferred Revenue (Current) | 1.63B | 1.29B | 1.61B | 579.73M | 315.35M | 271.51M | 87.44M | 1.58B |
| Other Current Liabilities | 192.02M | 114.79M | 7.36B | -1.55B | -570.88M | -193.03M | 2.26B | -301.06M |
| Current Ratio | 1.81x | 1.82x | 1.57x | 2.45x | 4.33x | 7.28x | 1.08x | 1.31x |
| Quick Ratio | 1.68x | 1.71x | 1.48x | 2.20x | 4.19x | 7.04x | 0.97x | 1.31x |
| Cash Conversion Cycle | -61.05 | -100.9 | -105.53 | -83.88 | -92.96 | -89.19 | -100.35 | - |
| Total Non-Current Liabilities | 17.62B | 21.81B | 10.15B | 13.98B | 8.68B | 2.26B | 252.57M | 6.43B |
| Long-Term Debt | 3.3B | 8.15B | 1.75B | 9.23B | 5.96B | 511.64M | 0 | 644.6M |
| Capital Lease Obligations | 6.61B | 6.38B | 3.68B | 1.95B | 1.37B | 1.39B | 241.11M | 583.7M |
| Deferred Tax Liabilities | 692.09M | 865M | 200.88M | 77.81M | 153.72M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 5.95B | 5.25B | 4.72B | 2.14B | 1.35B | 356.68M | 11.46M | 5.2B |
| Total Liabilities | 81.21B | 91.03B | 82.89B | 41.35B | 20.78B | 6.57B | 4.93B | 8.18B |
| Total Debt | 17.83B | 16.34B | 13.55B | 12.26B | 7.84B | 2.11B | 1.71B | 1.36B |
| Net Debt | -39.12B | -49.56B | -77.78B | -26.21B | -20.01B | -6.82B | 414.68M | 1.29B |
| Debt / Equity | 0.24x | 0.23x | 0.22x | 0.27x | 0.19x | 0.07x | 0.37x | - |
| Debt / EBITDA | 4.86x | 1.74x | 1.52x | - | - | - | - | - |
| Net Debt / EBITDA | -10.67x | -5.26x | -8.72x | - | - | - | - | - |
| Interest Coverage | 8.72x | 50.62x | 122.18x | -19.31x | -1.42x | -1.78x | -25.95x | -16.80x |
| Total Equity | 73.19B | 71.32B | 60.58B | 45.19B | 41.06B | 29.8B | 4.58B | -2.4B |
| Equity Growth % | 2.62% | 17.74% | 34.06% | 10.04% | 37.78% | 550.57% | 291.22% | - |
| Book Value per Share | 68.31 | 66.99 | 57.27 | 46.55 | 44.31 | 32.93 | 5.06 | -2.65 |
| Total Shareholders' Equity | 72.67B | 70.87B | 60.14B | 44.86B | 41.06B | 29.8B | 4.58B | -2.4B |
| Common Stock | 1.46M | 1.45M | 1.45M | 1.42M | 1.41M | 1.25M | 165K | 165K |
| Retained Earnings | 11.18B | 10.92B | 2.44B | -8.82B | -6.81B | -6.48B | -5.69B | -2.41B |
| Treasury Stock | -73K | -74K | -90K | -84K | -89K | 0 | 0 | 0 |
| Accumulated OCI | 41.53M | -171.75M | 219.71M | -194.11M | -1.52B | -1.01B | 15.54M | 12.69M |
| Minority Interest | 520.82M | 445.5M | 432.6M | 327.61M | 0 | 0 | 0 | 0 |
Capital intensity versus revenue
As reported in recent financial statements, Li Auto's total assets reached $154.4 billion in 2025Q4, reflecting a persistent expansion of the balance sheet despite the company's recent revenue contraction, which suggests that capital deployment is continuing even as top-line growth momentum has stalled.
The divergence between asset growth and revenue performance indicates that the company is aggressively investing in infrastructure and production capacity despite a cooling market. Investors should monitor whether this capital-heavy trajectory leads to diminishing returns on invested capital as the competitive landscape in China intensifies.
Based on the latest quarterly filings, Li Auto maintains a robust cash position of $56.9 billion, which, despite a decline from the $91.3 billion peak in 2023Q4, continues to provide a significant liquidity buffer against the current period of operational volatility and revenue headwinds.
The current ratio of 1.81 suggests that the company remains well-positioned to meet its short-term obligations without immediate reliance on external financing. This liquidity strength is a critical differentiator, allowing the firm to absorb potential shocks while navigating the transition toward pure electric vehicle architectures.
According to the provided balance sheet data, Li Auto maintains a disciplined debt-to-equity ratio of 0.24, indicating that the company has successfully avoided over-leveraging its balance sheet despite the significant capital requirements inherent in the automotive manufacturing sector and its recent expansionary phase.
The relatively low debt load relative to equity suggests that the company retains significant financial flexibility to fund future R&D or strategic pivots. This conservative capital structure appears to be a deliberate strategy to mitigate interest rate sensitivity and maintain solvency during periods of cyclical downturns.
As evidenced by the 2025Q4 data, net property, plant, and equipment (PPE) has grown to $31.9 billion, representing a substantial portion of the asset base and highlighting the company's transition toward a more capital-intensive manufacturing model as it scales its production capabilities.
The steady increase in PPE suggests that the company is prioritizing long-term manufacturing control, which may improve margins over time but currently weighs on free cash flow. Analysts should evaluate whether this asset-heavy approach provides a sustainable competitive moat or if it creates excessive depreciation pressure on future earnings.
Based on the quarterly figures, the significant fluctuation in retained earnings and working capital accounts warrants further investigation, as the shift from $12.7 billion in 2025Q2 to $11.2 billion in 2025Q4 suggests potential volatility in the underlying quality of the company's reported equity.
The rapid changes in these accounts may indicate aggressive inventory management or shifts in revenue recognition timing that could mask underlying operational pressures. Investors should remain cautious, as these balance sheet movements may not fully reflect the cash-generative capacity of the core vehicle business.
Quick answers to the most common questions about buying LI stock.
As of 2025, Li Auto Inc. (LI) had total assets of $154.39B including $115.36B in current assets.
Li Auto Inc. (LI) carries total debt of $17.83B, offset by $101.30B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Li Auto Inc. (LI) has total shareholders' equity (book value) of $72.67B ($68.31 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Li Auto Inc. (LI) reported a current ratio of 1.81x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.