The company's financial position appears increasingly vulnerable, evidenced by a debt-to-equity ratio that surged to 4.68 in 2025Q2 alongside a current ratio of 0.84.
| Total Current Assets | 52.51B | 76.68B | 61.89B | 70.38B | 59.15B | 63.64B | 46.21B | 4.93B | 12.17B | 8.31B | 875.03M |
| Cash & Short-Term Investments | 17.8B | 45.81B | 22.09B | 49.75B | 39.06B | 52.39B | 42.38B | 973.84M | 8.29B | 7.51B | 581.3M |
| Cash Only | 7.11B | 26.04B | 19.33B | 32.94B | 19.89B | 15.33B | 38.43B | 862.84M | 3.13B | 7.51B | 581.3M |
| Short-Term Investments | 10.69B | 19.77B | 2.77B | 16.81B | 19.17B | 37.06B | 3.95B | 111M | 5.15B | 0 | 8.53M |
| Accounts Receivable | 15.71B | 17.48B | 1.68B | 4.66B | 5.12B | 2.8B | 1.24B | 1.35B | 756.51M | 493.42M | 182.87M |
| Days Sales Outstanding | 45.99 | 74.99 | 9.31 | 30.57 | 37.92 | 28.26 | 27.9 | 63.07 | 55.77 | - | - |
| Inventory | 8.24B | 8.54B | 7.09B | 5.28B | 8.19B | 2.06B | 1.08B | 889.53M | 1.47B | 89.46M | 0 |
| Days Inventory Outstanding | 45.19 | 42.38 | 43.67 | 36.65 | 67.76 | 25.6 | 27.44 | 35.98 | 102.71 | - | - |
| Other Current Assets | 9.26B | 4.86B | 29.9B | 9.88B | 5.89B | 6.14B | 1.38B | 1.55B | 1.3B | 23.19M | 0 |
| Total Non-Current Assets | 47.54B | 47.8B | 45.72B | 47B | 37.11B | 19.24B | 8.44B | 9.65B | 6.67B | 2.16B | 895.45M |
| Property, Plant & Equipment | 42.76B | 37.56B | 40B | 37.48B | 23.03B | 10.39B | 6.35B | 7.53B | 4.85B | 1.96B | 849.61M |
| Fixed Asset Turnover | 1.74x | 2.27x | 1.64x | 1.48x | 2.14x | 3.48x | 2.56x | 1.04x | 1.02x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 228.99M | 29.67M | 231.64M | 236.95M | 212.6M | 199.12M | 204.58M | 210.34M | 217.13M | 4.46M | 6.34M |
| Long-Term Investments | 12.45B | 2.57B | 3.13B | 5.49B | 6.36B | 3.06B | 300.12M | 115.33M | 148.3M | 47.13M | 0 |
| Other Non-Current Assets | 1.84B | 7.64B | 2.36B | 3.8B | 7.51B | 5.6B | 1.58B | 1.8B | 1.45B | 14.38M | 39.5M |
| Total Assets | 100.05B | 124.48B | 107.6B | 117.38B | 96.26B | 82.88B | 54.64B | 14.58B | 18.84B | 10.47B | 1.77B |
| Asset Turnover | 0.68x | 0.68x | 0.61x | 0.47x | 0.51x | 0.44x | 0.30x | 0.54x | 0.26x | - | - |
| Asset Growth % | -14.58% | 15.68% | -8.33% | 21.94% | 16.14% | 51.69% | 274.72% | -22.61% | 80% | 491.25% | - |
| Total Current Liabilities | 62.28B | 78.63B | 62.31B | 57.8B | 45.85B | 29.2B | 13.98B | 9.5B | 8.59B | 1.62B | 726.57M |
| Accounts Payable | 34.95B | 53.34B | 34.39B | 29.77B | 12.71B | 12.64B | 6.37B | 3.11B | 2.87B | 234.01M | 0 |
| Days Payables Outstanding | 191.8 | 264.86 | 211.88 | 206.69 | 105.13 | 157.37 | 161.59 | 125.86 | 201.18 | - | - |
| Short-Term Debt | 6.23B | 7.52B | 9.13B | 9.82B | 5.28B | 7.3B | 1.93B | 1.21B | 2.07B | 83.81M | 19.58M |
| Deferred Revenue (Current) | 8.1B | 0 | 4.07B | 2.86B | 2.11B | 1.38B | 1B | 486.27M | 342.02M | 68.44M | 0 |
| Other Current Liabilities | 682.48M | 17.33B | 652.63M | 709.29M | 13.18B | 550.68M | 358.14M | 204.66M | 133.9M | 0 | 0 |
| Current Ratio | 0.84x | 0.98x | 0.99x | 1.22x | 1.29x | 2.18x | 3.31x | 0.52x | 1.42x | 5.13x | 1.20x |
| Quick Ratio | 0.71x | 0.87x | 0.88x | 1.13x | 1.11x | 2.11x | 3.23x | 0.43x | 1.25x | 5.08x | 1.20x |
| Cash Conversion Cycle | -100.62 | -147.49 | -158.9 | -139.47 | 0.55 | -103.5 | -106.25 | -26.81 | -42.7 | - | - |
| Total Non-Current Liabilities | 31.15B | 33.15B | 31.79B | 29.99B | 22.77B | 18.9B | 13.49B | 11.36B | 3.43B | 20.44B | 4.96B |
| Long-Term Debt | 9.11B | 8.63B | 11.44B | 13.04B | 10.89B | 9.74B | 5.94B | 7.15B | 1.17B | 642.4M | 37.5M |
| Capital Lease Obligations | 46.06B | 10.1B | 11.3B | 10.09B | 6.53B | 2.35B | 1.07B | 1.69B | 0 | 0 | 0 |
| Deferred Tax Liabilities | 590.41M | 112.76M | 127.47M | 212.35M | 218.19M | 25.2M | 3.69B | 819.21M | 783.78M | 0 | 4.9B |
| Other Non-Current Liabilities | 5.81B | 14.3B | 5.49B | 3.27B | 2.53B | 5.02B | 1.79B | 1.06B | 930.81M | 19.77B | 478K |
| Total Liabilities | 93.43B | 111.78B | 94.1B | 87.79B | 68.62B | 48.1B | 27.47B | 20.86B | 12.02B | 22.06B | 5.69B |
| Total Debt | 30.96B | 26.25B | 33.82B | 34.73B | 23.71B | 20.1B | 9.52B | 10.7B | 3.24B | 726.22M | 57.08M |
| Net Debt | 23.85B | 210.03M | 14.49B | 1.79B | 3.82B | 4.77B | -28.91B | 9.71B | 103.02M | -6.78B | -524.21M |
| Debt / Equity | 4.68x | 2.07x | 2.50x | 1.17x | 0.86x | 0.58x | 0.35x | - | 0.47x | - | - |
| Debt / EBITDA | -2.30x | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.77x | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -25.29x | -15.74x | -27.09x | -49.70x | -42.16x | -5.24x | -11.44x | -29.46x | -76.78x | -276.27x | -47207.02x |
| Total Equity | 6.62B | 12.7B | 13.51B | 29.6B | 27.65B | 34.79B | 27.17B | -6.28B | 6.82B | -11.59B | -3.92B |
| Equity Growth % | -216.68% | -5.97% | -54.36% | 7.05% | -20.52% | 28.02% | 532.82% | -192.03% | 158.84% | -195.98% | - |
| Book Value per Share | 2.97 | 5.59 | 6.57 | 17.41 | 16.89 | 22.12 | 22.97 | -6.10 | 6.56 | -11.04 | -3.73 |
| Total Shareholders' Equity | -1.21B | 4.16B | 5.97B | 25.55B | 23.87B | 34.71B | 27.17B | -6.3B | 6.84B | -11.6B | -3.9B |
| Common Stock | 3.93M | 0 | 3.66M | 3.62M | 2.92M | 2.89M | 2.68M | 1.83M | 1.81M | 60K | 52K |
| Retained Earnings | -124.81B | 0 | -113.07B | -90.76B | -69.91B | -55.63B | -51.65B | -46.33B | -35.04B | -11.71B | -4.08B |
| Treasury Stock | -139.16M | 0 | -239.33M | -1.85B | -1.85B | -1.85B | 0 | 0 | -9.19M | -9.19M | -9.19M |
| Accumulated OCI | 843.14M | 0 | 582.66M | 432.99M | 1.04B | -276.3M | -65.45M | -203.05M | -34.71M | -13.92M | 110.45M |
| Minority Interest | 7.82B | 8.54B | 7.54B | 4.05B | 3.78B | 75.63M | 2.13M | 22.09M | -15.9M | 11.31M | -11.58M |
Insolvency and liquidity risk
According to the most recent quarterly filings, NIO's equity position has deteriorated into a negative $1.2 billion balance as of 2025Q2, marking a significant decline from the $25.5 billion reported in 2023Q4 and signaling a precarious trajectory for the company's long-term solvency.
The rapid shift from positive equity to a deficit suggests that persistent operating losses are aggressively consuming the company's net worth. Investors should monitor whether this trend necessitates further dilutive financing or if the current capital structure can be stabilized without additional external support.
Based on reported financial statements, NIO's debt-to-equity ratio has surged to 4.68 as of 2025Q2, a sharp increase from 1.32 in 2024Q1, which reflects a growing reliance on debt financing to sustain operations while the underlying equity base continues to contract.
This high leverage ratio indicates that the company is increasingly financed by creditors rather than shareholders, which may limit future financial flexibility. The reliance on debt in a capital-intensive industry warrants investigation into the maturity profile and potential refinancing risks associated with these obligations.
As indicated by the latest balance sheet data, NIO's current ratio has compressed to 0.84 in 2025Q2, down from 1.28 in 2023Q1, suggesting that current assets are no longer sufficient to cover short-term liabilities, thereby increasing the company's vulnerability to immediate liquidity shocks.
The decline in the current ratio implies that the company's ability to meet its near-term obligations is becoming increasingly strained. This liquidity profile suggests that the firm may face significant pressure to maintain sufficient cash reserves to fund its ongoing infrastructure expansion and operational requirements.
According to recent balance sheet disclosures, NIO's net property, plant, and equipment (PPE) has expanded to $42.8 billion in 2025Q2 from $25.0 billion in 2023Q1, illustrating the heavy capital commitment required to maintain its proprietary battery-swapping network and manufacturing footprint.
The significant concentration of assets in PPE highlights the company's asset-heavy business model, which requires continuous investment to remain competitive. This asset structure may limit the company's ability to pivot quickly and suggests that future profitability is heavily dependent on the successful utilization of these fixed assets.
Quick answers to the most common questions about buying NIO stock.
As of 2025, NIO Inc. (NIO) had total assets of $124.48B including $76.68B in current assets.
NIO Inc. (NIO) carries total debt of $26.25B, offset by $45.81B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NIO Inc. (NIO) has total shareholders' equity (book value) of $4.16B ($5.59 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NIO Inc. (NIO) reported a current ratio of 0.98x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.