| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 64 | — | 17.8x | Around median | |
Growth | 94 | 63.7% | 7.1% | Top tier | |
Quality | 16 | -12.9% | 4.5% | Bottom tier | |
Safety | 19 | — | 2.6x | Bottom tier | |
Capital Return | 10 | — | 2.12% | Bottom tier | |
Momentum | 10 | -21.9% | 2.9% | Bottom tier | |
Sentiment | 80 | 13 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
NIO Inc. operates in the smart electric vehicle market through three brands targeting different price segments: NIO for premium electric vehicles, ONVO for upscale family vehicles, and FIREFLY for upscale compact cars. Revenue primarily comes from vehicle sales, along with spare parts and accessories, after-sales services, used cars, and power solutions, while the company is also developing revenue streams related to smart driving subscriptions and battery swapping. In Q2 FY2026, vehicle sales accounted for RMB 29.1 billion of total revenue of RMB 32.1 billion, while other sales amounted to RMB 3.1 billion.
In Q2 FY2026, total revenue increased 69.1% year over year and 25.9% quarter over quarter to RMB 32.1 billion, driven by deliveries of 107,658 vehicles, a year-over-year increase of 49.4%. Vehicle sales rose 80.1% year over year to RMB 29.1 billion due to higher deliveries and an improved average selling price resulting from the product mix, while other sales increased 7.2% to RMB 3.1 billion. Vehicle margin reached 18.5% versus 10.3% in the comparable period, and gross margin reached 18.4% versus 10%, supported by higher-margin products and cost optimization.
NIO reduced its operating loss in Q2 FY2026 by 92.9% year over year to RMB 0.3 billion and recorded adjusted operating profit of RMB 0.2 billion and adjusted net profit of RMB 26.1 million, but remained unprofitable under accounting standards, with a net loss of RMB 0.5 billion. It generated positive operating cash flow and free cash flow, and its balance of cash and cash equivalents, restricted cash, investments, and time deposits reached RMB 56.7 billion. On an annual basis, FY2025 revenue amounted to approximately $87.5 billion and gross profit to $11.9 billion, compared with a net loss of $15.0 billion and a loss per share of $6.85, according to the provided EDGAR data.
The analyst consensus is “Buy,” with an average price target of $6.65 and a narrow range of $6 to $7, while the average is below the 52-week range high of $8.02 and above its low of $3.9899. No price-to-earnings ratio is available because of the losses, so the valuation depends on NIO's ability to stabilize vehicle margin near 18.5%, maintain positive cash flow, and convert delivery growth into sustainable accounting profit.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
Revenue reached RMB 32.1 billion, up 69.1% year over year and 25.9% quarter over quarter. Vehicle sales increased 80.1% year over year to RMB 29.1 billion due to higher deliveries and an improved average selling price driven by the product mix. The company delivered 107,658 vehicles, comprising 60,945 NIO vehicles, 29,124 ONVO vehicles, and 17,589 FIREFLY vehicles. Other sales amounted to RMB 3.1 billion, supported by spare parts and accessories and after-sales services.
The company generated adjusted operating profit of RMB 0.2 billion and adjusted net profit of RMB 26.1 million in Q2 FY2026. However, under accounting standards, it recorded an operating loss of RMB 0.3 billion and a net loss of RMB 0.5 billion. Operating loss declined 92.9% and net loss declined 89.4% year over year, despite increasing 12.4% and 59% quarter over quarter, respectively. The company also generated positive operating cash flow and free cash flow and increased its total cash balance to RMB 56.7 billion.
Management expects to deliver between 108,000 and 111,000 vehicles in Q3 FY2026, compared with 107,658 vehicles in Q2. The company delivered 35,934 vehicles in July 2026 and 35,836 vehicles in August 2026. In Q4 FY2026, it is targeting a monthly average exceeding 40,000 vehicles. Over the medium and long term, management expects annual volume growth of between 40% and 50%.
Automated analysis for informational purposes only — not investment advice.
Management estimated the impact of rising costs for memory chips, batteries, and basic materials at approximately RMB 14,000 per vehicle in Q2 FY2026 compared with late FY2025. It expects an additional increase of RMB 2,000 to RMB 3,000 per vehicle during the second half of FY2026, bringing the cumulative burden to approximately RMB 16,000–17,000. Nevertheless, vehicle margin reached 18.5% in Q2 due to stable pricing, supply chain improvements, and contributions from ES8 and ES9, each of which exceeded a 20% margin. Management aims to keep vehicle margin close to the Q2 level during Q3 and Q4 FY2026.
On June 18, 2026, NIO launched the latest version of NIO WorldModel for more than 700,000 NIO and ONVO users across multiple technology platforms. Following the update, the distance traveled using urban smart driving increased 92.8% among NIO users and 127.8% among ONVO users. Approximately 58% of owners of the Cedar platform equipped with the NX9031 chip use smart driving functions on more than half of their trips. Used-car users also pay RMB 380 per month for the subscription, with a penetration rate of approximately 20% among this group.
As of September 1, 2026, NIO's network comprised approximately 4,123 battery swap stations and 30,294 charging points and destination chargers worldwide. Station number 4,000 entered service on August 7, 2026 as the first fifth-generation station, and it is compatible with all NIO, ONVO, and FIREFLY models. The station itself costs approximately RMB 1.4 million, approximately RMB 100,000 less than the fourth generation, excluding batteries, high-voltage equipment, and power infrastructure. The company plans to build 1,000 new stations during FY2026 with financing from Power Up partners, while exploring fees for providing other manufacturers with access to the network and opportunities in electricity trading.
