The company's debt-to-equity ratio has climbed to 1.01 in 2025Q2, reflecting a rapid expansion of total liabilities to $62.1B to fund capital-intensive operations.
| Total Current Assets | 54.77B | 63.29B | 49.74B | 54.52B | 43.53B | 48.83B | 39.68B | 4.96B | 6.11B |
| Cash & Short-Term Investments | 33.87B | 38.93B | 32.72B | 31.67B | 31.22B | 39.72B | 33.01B | 2.35B | 4.63B |
| Cash Only | 18.81B | 24.02B | 18.59B | 21.13B | 14.61B | 11.02B | 29.21B | 1.95B | 1.63B |
| Short-Term Investments | 15.06B | 14.91B | 14.14B | 10.54B | 16.61B | 28.69B | 3.8B | 407.84M | 3.01B |
| Accounts Receivable | 4.49B | 9.16B | 7.33B | 6.18B | 5.17B | 4.16B | 1.28B | 585.03M | 1.09B |
| Days Sales Outstanding | 31.77 | 44.79 | 65.51 | 73.54 | 70.23 | 72.28 | 80.25 | 91.99 | 40.9K |
| Inventory | 6.6B | 10.39B | 5.56B | 5.53B | 4.52B | 2.66B | 1.34B | 454.12M | 169.33M |
| Days Inventory Outstanding | 43.61 | 62.61 | 57.98 | 66.74 | 69.44 | 52.9 | 87.88 | 57.57 | 5.12K |
| Other Current Assets | 8.73B | 3.63B | 3.63B | 2B | 1.94B | 2.89B | 4.04B | 1.57B | 1.24B |
| Total Non-Current Assets | 37.66B | 39.93B | 32.97B | 29.64B | 27.96B | 16.82B | 5.03B | 4.29B | 1.56B |
| Property, Plant & Equipment | 15.75B | 17.27B | 12.78B | 12.41B | 12.56B | 6.99B | 3.54B | 3.68B | 1.23B |
| Fixed Asset Turnover | 4.27x | 4.32x | 3.20x | 2.47x | 2.14x | 3.00x | 1.65x | 0.63x | 0.01x |
| Goodwill | 0 | 34.11M | 34.11M | 34.11M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 7.59B | 7.47B | 7.35B | 7.74B | 3.79B | 1.47B | 857.72M | 373.19M | 309.43M |
| Long-Term Investments | 17.73B | 10.49B | 6.45B | 2.08B | 2.3B | 1.55B | 1M | 0 | 0 |
| Other Non-Current Assets | 12.17B | 4.67B | 6.35B | 7.25B | 9.32B | 1.73B | 228.63M | 240.32M | 24.74M |
| Total Assets | 92.43B | 103.23B | 82.71B | 84.16B | 71.49B | 65.65B | 44.71B | 9.25B | 7.67B |
| Asset Turnover | 0.71x | 0.72x | 0.49x | 0.36x | 0.38x | 0.32x | 0.13x | 0.25x | 0.00x |
| Asset Growth % | 41.12% | 24.81% | -1.73% | 17.72% | 8.89% | 46.85% | 383.25% | 20.57% | - |
| Total Current Liabilities | 47.96B | 58.15B | 39.86B | 36.11B | 24.11B | 18.01B | 7.84B | 3.3B | 972.99M |
| Accounts Payable | 16.96B | 18.01B | 23.08B | 22.21B | 14.22B | 12.36B | 5.11B | 953.95M | 214.89M |
| Days Payables Outstanding | 150.69 | 108.58 | 240.56 | 268.22 | 218.43 | 245.69 | 334.47 | 120.93 | 6.5K |
| Short-Term Debt | 19.19B | 7.31B | 6.47B | 5.79B | 3.18B | 106.6M | 172.9M | 479.95M | 200M |
| Deferred Revenue (Current) | 5.18B | 1.76B | 1.65B | 731.28M | 502.97M | 626.51M | 169.05M | 53.86M | 36.52M |
| Other Current Liabilities | 0 | 27.93B | 2.9B | 4.69B | 3.33B | 3.16B | 1.52B | 1.13B | 228.14M |
| Current Ratio | 1.14x | 1.09x | 1.25x | 1.51x | 1.81x | 2.71x | 5.06x | 1.50x | 6.28x |
| Quick Ratio | 1.00x | 0.91x | 1.11x | 1.36x | 1.62x | 2.56x | 4.89x | 1.37x | 6.10x |
| Cash Conversion Cycle | -75.31 | -1.18 | -117.06 | -127.94 | -78.76 | -120.5 | -166.34 | 28.63 | 39.52K |
| Total Non-Current Liabilities | 14.13B | 14.69B | 11.57B | 11.72B | 10.47B | 5.49B | 2.44B | 12.78B | 8.89B |
| Long-Term Debt | 5.79B | 6.59B | 6.98B | 6.93B | 6.38B | 3.38B | 1.65B | 1.69B | 1B |
| Capital Lease Obligations | 14.77B | 4.99B | 2.12B | 2.27B | 2.65B | 1.19B | 352.5M | 361.4M | 267.36M |
| Deferred Tax Liabilities | 698.12M | 330.56M | 0 | 404.02M | 0 | 0 | 0 | 10.59B | 7.62B |
| Other Non-Current Liabilities | 1.74B | 1.57B | 2.46B | 1.33B | 424.8M | 266.07M | 442.21M | 0 | 62K |
| Total Liabilities | 62.09B | 72.84B | 51.43B | 47.83B | 34.58B | 23.5B | 10.28B | 16.08B | 9.86B |
| Total Debt | 30.67B | 37.38B | 15.94B | 15.39B | 12.83B | 5.05B | 2.29B | 2.62B | 1.55B |
| Net Debt | 11.86B | 13.37B | -2.65B | -5.74B | -3.54B | -7.79B | -26.92B | 675.16M | -75.94M |
| Debt / Equity | 1.01x | 1.23x | 0.51x | 0.42x | 0.35x | 0.12x | 0.07x | - | - |
| Debt / EBITDA | -7.82x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -3.02x | - | - | - | - | - | - | - | - |
| Interest Coverage | -10.29x | -1.96x | -15.95x | -37.69x | -67.98x | -86.41x | -120.63x | -114.30x | -239.27x |
| Total Equity | 30.34B | 30.39B | 31.27B | 36.33B | 36.91B | 42.15B | 34.43B | -6.83B | -2.19B |
| Equity Growth % | -26.04% | -2.84% | -13.91% | -1.58% | -12.42% | 22.41% | 604.07% | -212.57% | - |
| Book Value per Share | 32.08 | 63.84 | 33.07 | 41.73 | 43.11 | 51.31 | 40.26 | -7.99 | -2.56 |
| Total Shareholders' Equity | 30.34B | 30.39B | 31.27B | 36.33B | 36.91B | 42.15B | 34.43B | -6.83B | -2.19B |
| Common Stock | 126K | 126.08K | 125K | 124K | 113K | 112K | 101K | 21K | 21K |
| Retained Earnings | -42.74B | -42.79B | -41.49B | -35.76B | -25.33B | -16.19B | -11.32B | -6.82B | -2.18B |
| Treasury Stock | 0 | -1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 2.16B | 1.9B | 2.09B | 1.89B | 1.55B | -1.64B | -730.38M | -5.95M | -2.98M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and liquidity
As reported in recent financial statements, XPeng's total liabilities have surged to $62.1B in 2025Q2 from $33.0B in 2023Q1, signaling a rapid expansion of the balance sheet that appears to be driven by aggressive debt accumulation rather than organic growth in retained earnings.
The consistent widening of the accumulated deficit, which reached -$42.7B in 2025Q2, suggests that the company is consuming equity to fund its operational expansion. Investors should monitor whether this trajectory of rising leverage can be stabilized before the company reaches a critical threshold of financial flexibility.
Based on the company's latest quarterly filings, the debt-to-equity ratio has climbed to 1.01 in 2025Q2, a significant increase from the 0.37 level observed in 2023Q1, which indicates that the company is increasingly relying on external financing to support its capital-intensive manufacturing and R&D requirements.
This shift toward higher leverage may imply that the company is facing greater pressure to service its debt obligations in a competitive market. The doubling of debt levels over the last ten quarters warrants further investigation into the maturity profile and the cost of capital associated with these liabilities.
According to the provided balance sheet data, the current ratio has compressed to 1.14 in 2025Q2 from a peak of 1.72 in 2023Q2, suggesting that the company's ability to cover short-term obligations with current assets is narrowing as cash reserves are deployed into operations.
While the $18.8B cash position provides a temporary cushion, the downward trend in the current ratio may indicate that the company is becoming more sensitive to working capital fluctuations. This tightening liquidity profile suggests that the company may need to secure additional financing if operational cash burn persists.
As indicated by the latest financial disclosures, net property, plant, and equipment have grown to $15.8B in 2025Q2, reflecting the company's ongoing commitment to scaling its manufacturing footprint despite the persistent challenges in achieving consistent profitability across its vehicle model lineup.
The asset mix remains heavily weighted toward capital-intensive infrastructure, which may limit the company's agility in responding to rapid shifts in consumer demand. The reliance on these fixed assets suggests that the business model will remain sensitive to capacity utilization rates for the foreseeable future.
Quick answers to the most common questions about buying XPEV stock.
As of 2025, XPeng Inc. (XPEV) had total assets of $103.23B including $63.29B in current assets.
XPeng Inc. (XPEV) carries total debt of $37.38B, offset by $38.93B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
XPeng Inc. (XPEV) has total shareholders' equity (book value) of $30.39B ($63.84 book value per share). Book value represents the net worth of the company belonging to common stock holders.
XPeng Inc. (XPEV) reported a current ratio of 1.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.