Question 1

What is Li Auto's P/FCF ratio?

Accepted Answer

Li Auto (LI) P/FCF ratio is 15.6× as of November 25, 2025. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Li Auto?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Li Auto specifically, the relevant sector benchmark is the current sector median of 17.1×.

Question 5

Is Li Auto's P/FCF ratio high or low?

Accepted Answer

Li Auto's P/FCF ratio of 15.6× is below its own 5-year average of 31.2× and below the sector median of 17.1×. That places the current reading at the 35th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Li Auto's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Li Auto (LI) P/FCF ratio has ranged from a low of 4.0× in 2024 to a high of 574.4× in 2020. The 5-year average is 31.2× and the 5-year median is 21.7×.

Question 7

What was Li Auto's P/FCF ratio in 2024?

Accepted Answer

Li Auto (LI) P/FCF ratio at the end of 2024 was 26.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Li Auto's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$17.1B	-$1.6B	—	—	Dec 31, 2025
2024	$24B	$910M	26.4×	+20.4×	Dec 31, 2024
2023	$37.1B	$6.2B	6.0×	-56.3×	Dec 31, 2023
2022	$19.9B	$320M	62.3×	+21.7×	Dec 31, 2022
2021	$30.9B	$761M	40.6×	-27.4×	Dec 31, 2021
2020	$24.9B	$366M	68.0×	—	Dec 31, 2020
2019	$14.9B	-$403M	—	—	Dec 31, 2019


DraftKings (DKNG)	15.5×
Avery Dennison (AVY)	15.2×
Wynn Resorts (WYNN)	15.1×
NVR (NVR)	14.9×
Booking Holdings (BKNG)	14.7×
D.R. Horton (DHI)	14.2×
V.F. (VFC)	12.6×
Deckers Outdoor (DECK)	12.0×
Carnival Corporation (CCL)	11.9×
Lululemon Athletica (LULU)	11.6×
Toll Brothers (TOL)	11.1×
Hasbro (HAS)	9.8×
PDD Holdings (PDD)	9.5×
LKQ (LKQ)	9.3×
KB Home (KBH)	8.8×
Mohawk Industries (MHK)	8.4×
MercadoLibre (MELI)	8.2×
Best Buy Co. (BBY)	7.9×
Etsy (ETSY)	7.2×
Leggett & Platt (LEG)	6.6×
Weyco Group (WEYS)	6.2×
Expedia Group (EXPE)	6.0×
MGM Resorts (MGM)	5.5×
Ford Motor (F)	4.8×
General Motors (GM)	4.3×

P/FCF Ratio for Li Auto (LI) 2020-2026

P/FCF Ratio daily chart for Li Auto (LI)

Historical P/FCF Ratio for Li Auto (LI) from 2019 to 2025

About P/FCF Ratio at Li Auto (LI)

Li Auto P/FCF Ratio by Year

Li Auto P/FCF Ratio 2024: 26.4×

Li Auto P/FCF Ratio 2023: 6.0×

Li Auto P/FCF Ratio 2022: 62.3×

Li Auto P/FCF Ratio 2021: 40.6×

Li Auto P/FCF Ratio 2020: 68.0×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Li Auto (LI) Key Financials