Latest Ratios: P/E Ratio -26.1x · EV/EBITDA N/A · ROE -3.6%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.8B | $9.7B | $11.2B | $12.7B | $8.5B | $41.3B | $36.6B | — | — |
| Enterprise Value | $10.8B | $23.0B | $8.5B | $7.0B | $5.0B | $33.6B | $9.7B | — | — |
| P/E Ratio → | -26.06 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.79 | 0.13 | 0.27 | 0.41 | 0.32 | 1.97 | 6.27 | — | — |
| P/B Ratio | 0.97 | 0.32 | 0.36 | 0.35 | 0.23 | 0.98 | 1.06 | — | — |
| P/FCF | 12.00 | 1.97 | — | — | — | — | — | — | — |
| P/OCF | 7.13 | 1.17 | — | 13.28 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.31 | 0.21 | 0.23 | 0.19 | 1.60 | 1.66 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 4.69 | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.9% | 18.9% | 14.3% | 1.5% | 11.5% | 12.5% | 4.6% | -24.0% | -24.3% |
| Operating Margin | -5.8% | -5.8% | -16.3% | -35.5% | -32.4% | -31.3% | -73.5% | -162.9% | -17459.7% |
| Net Profit Margin | -1.5% | -1.5% | -14.2% | -33.8% | -34.0% | -23.2% | -46.7% | -159.0% | -14411.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.6% | -3.6% | -17.1% | -28.3% | -23.1% | -12.7% | -19.8% | — | — |
| ROA | -1.2% | -1.2% | -6.9% | -13.3% | -13.3% | -8.8% | -10.1% | -43.6% | -18.2% |
| ROIC | -8.9% | -8.9% | -16.9% | -24.9% | -18.3% | -22.6% | -475.3% | — | — |
| ROCE | -9.8% | -9.8% | -14.7% | -22.8% | -18.3% | -15.6% | -20.1% | -59.8% | -25.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.23 | 1.23 | 0.51 | 0.42 | 0.35 | 0.12 | 0.07 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.44 | -0.08 | -0.16 | -0.10 | -0.18 | -0.78 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 2.72 | — | — | — | — | — | — | — |
| Interest Coverage | -1.96 | -1.96 | -15.95 | -37.69 | -67.98 | -86.41 | -120.63 | -114.30 | -239.27 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.09 | 1.09 | 1.25 | 1.51 | 1.81 | 2.71 | 5.06 | 1.50 | 6.28 |
| Quick Ratio | 0.91 | 0.91 | 1.11 | 1.36 | 1.62 | 2.56 | 4.89 | 1.37 | 6.10 |
| Cash Ratio | 0.67 | 0.67 | 0.82 | 0.88 | 1.29 | 2.20 | 4.21 | 0.71 | 4.76 |
| Asset Turnover | — | 0.72 | 0.49 | 0.36 | 0.38 | 0.32 | 0.13 | 0.25 | 0.00 |
| Inventory Turnover | 5.83 | 5.83 | 6.30 | 5.47 | 5.26 | 6.90 | 4.15 | 6.34 | 0.07 |
| Days Sales Outstanding | — | 44.79 | 65.51 | 73.54 | 70.23 | 72.28 | 80.25 | 91.99 | 40901.74 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | 8.3% | 50.9% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $476M | $946M | $870M | $856M | $821M | $855M | $855M | $855M |
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying XPEV stock.
XPeng Inc.'s current P/E ratio is -26.1x. This places it at the 50th percentile of its historical range.
XPeng Inc.'s return on equity (ROE) is -3.6%. The historical average is -17.4%.
Based on historical data, XPeng Inc. is trading at a P/E of -26.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
XPeng Inc. has 18.9% gross margin and -5.8% operating margin.
Key Metrics
Top Statement Risk
Leverage surge amid persistent losses
Margin Recovery Masked by Operating Leverage
XPeng's gross margin has recovered to 20.7% in Q2 2026, a significant improvement from negative levels in 2023, yet operating losses have widened in absolute terms, suggesting that cost growth is outpacing revenue gains and the path to profitability remains elusive.
The gross margin expansion appears driven by a favorable product mix and high-margin technical service revenue from the Volkswagen partnership, but the operating margin of -6.7% indicates that R&D and SG&A expenses are consuming the gross profit. This dynamic suggests that while the core manufacturing business is improving, the company's heavy investment in autonomous driving technology is preventing operating leverage from materializing, a critical concern for investors awaiting a clear path to net profitability.
Negative Returns Persist Despite Revenue Surge
XPeng's ROIC has improved from -7.2% in Q3 2023 to -2.2% in Q2 2026, yet remains firmly negative, indicating that the company is still destroying value on invested capital despite a sharp reacceleration in revenue growth.
The negative ROIC trend, while improving, underscores that the company's significant capital investments in manufacturing and R&D have not yet generated positive returns. The improvement is likely driven by higher asset turnover as production scales, but the persistent negative margin profile means that each dollar of invested capital continues to erode value. This suggests that the business model is not yet self-sustaining and remains dependent on external financing to fund its growth and technology development.
Leverage Surge Erodes Financial Flexibility
XPeng's debt-to-equity ratio has ballooned from 0.51 in Q4 2024 to 1.51 in Q2 2026, as reported in recent financial statements, indicating a fundamental shift in capital structure that has significantly increased financial risk.
The rapid increase in leverage, coupled with a negative interest coverage ratio of -10.66, suggests that the company is borrowing to fund operations and growth rather than generating sufficient cash flow to service its debt. This shift from a low-leverage to a highly leveraged position reduces financial flexibility and increases vulnerability to rising interest rates or a downturn in the Chinese auto market. The trend warrants close monitoring, as it may indicate that the company's cash burn is being financed by debt rather than equity, which could lead to covenant pressures or refinancing risk.
Working Capital Dynamics Signal Operational Strain
XPeng's cash conversion cycle has deteriorated to -56 days in Q2 2026, driven by a sharp increase in days inventory outstanding to 238 days, which suggests potential challenges in inventory management and sales velocity.
The significant increase in DIO from 38 days in Q2 2025 to 238 days in Q2 2026 is a red flag, indicating that vehicles are sitting in inventory for much longer periods. This could be a result of the model transition to the SEPA 2.0 platform or weakening demand for certain models. While the negative CCC is typically a sign of supplier financing strength, the extreme DIO suggests that the company is tying up significant capital in unsold inventory, which could pressure cash flow and indicate underlying demand issues.
The Misleading Signal of Gross Margin Recovery
The most commonly misapplied ratio to XPeng's business model is the gross margin, which appears to be recovering strongly but is heavily influenced by the high-margin, non-recurring technical service revenue from the Volkswagen partnership.
Investors may be tempted to extrapolate the 20.7% gross margin as a sustainable baseline for the core automotive business. However, this metric is significantly inflated by the near-100% margin technical service fees, which are a one-time or project-based revenue stream. The underlying automotive gross margin is likely much lower, and the sustainability of this mix is questionable. A more appropriate metric would be to analyze the automotive gross margin separately from the services segment to assess the true earning power of the manufacturing business, which remains under significant pressure from pricing competition and high battery costs.