MMYT
MakeMyTrip Limited
MMYT offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NIO
NIO Inc.
NIO has the edge over MMYT overall, supported by stronger fundamentals and stronger valuation.
MMYT Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Under pressure | |
| Weak |
MMYT's profitability is currently healthy, and its revenue is stable, but its cash flow and balance sheet are under pressure.
NIO Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| Stable | |
| Unavailable |
NIO's revenue is currently strong, and its profitability and cash flow are stable. There isn't enough data to rate its balance sheet.
MMYT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 41x | $51.01 | — |
| Cheap | 56x | $18.60 | -64% |
| Fair | 113x | $37.14 | -27% |
| Expensive | 155x | $51.30 | +0.6% |
| Current | 156x | $51.01 | — |
Historical ranges are pointers, not guarantees.
MMYT's PE is in its expensive range at 156x. If earnings grow as analysts expect, today's price would be 41x next year's earnings, in its cheap range.
NIO PE Valuation
NIO has no meaningful PE right now: it lost money over the past year.
MMYT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for MMYT, with profitability improving.
NIO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect NIO's losses to shrink, with revenue growing.
MMYT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.24 | +276% |
| Q3 2026 | $0.33 | -48% |
| Q2 2026 | $0.33 | -62% |
| Q1 2026 | $0.47 | -43% |
| Q4 2025 | $0.49 | -73% |
| Q3 2025 | $0.64 | -65% |
| Q2 2025 | $0.86 | -49% |
| Q1 2025 | $0.83 | -50% |
| Q4 2024 | $1.84 | +300% |
MMYT has the edge over NIO on earnings quality, reporting a profit while its opponent remains loss making.
NIO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$0.29 | +$1.45 |
| Q1 2026 | -$0.60 | +$1.16 |
| Q4 2025 | -$1.06 | +$0.60 |
| Q3 2025 | -$1.59 | +$0.02 |
| Q2 2025 | -$1.74 | -$0.10 |
| Q1 2025 | -$1.76 | +$0.06 |
| Q4 2024 | -$1.66 | +$0.21 |
| Q3 2024 | -$1.61 | +$0.32 |
NIO is still losing money, but far less than before: $0.29 per share over the past year, against $1.93 at its worst in late 2023.
MMYT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $229.3M | 0% |
| Q2 2026 | $285.6M | +6.2% |
| Q1 2026 | $250.1M | +1.9% |
| Q4 2025 | $295.7M | +11% |
| Q3 2025 | $229.3M | +8.7% |
| Q2 2025 | $268.8M | +5.6% |
| Q1 2025 | $245.5M | +21% |
| Q4 2024 | $267.4M | +25% |
MMYT's revenue is growing: $229M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | 0 points |
| Q2 2026 | 15% | +0.3 points |
| Q1 2026 | 16% | +3.3 points |
| Q4 2025 | 14% | +0.9 points |
| Q3 2025 | 15% | +2.6 points |
| Q2 2025 | 15% | +4.1 points |
| Q1 2025 | 13% | +4.5 points |
| Q4 2024 | 13% | +2.4 points |
MMYT has the edge over NIO on profitability, with a higher operating margin.
NIO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $4.8B | +69% |
| Q1 2026 | $3.8B | +112% |
| Q4 2025 | $5.2B | +76% |
| Q3 2025 | $3.3B | +17% |
| Q2 2025 | $2.9B | +9% |
| Q1 2025 | $1.8B | +21% |
| Q4 2024 | $3B | +15% |
| Q3 2024 | $2.8B | -2.1% |
NIO has the edge over MMYT on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -2.1% | +24 points |
| Q1 2026 | -1.2% | +52 points |
| Q4 2025 | 2.3% | +33 points |
| Q3 2025 | -16% | +12 points |
| Q2 2025 | -26% | +4 points |
| Q1 2025 | -53% | +1.1 points |
| Q4 2024 | -31% | +8.1 points |
| Q3 2024 | -28% | -2.6 points |
NIO's operating margin was −2.1% last quarter, up 24 points from the same quarter a year ago.
MMYT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $0 | -100% |
| Q2 2026 | $0 | -100% |
| Q1 2026 | $0 | -100% |
| Q4 2025 | $45.6M | +$56.1M |
| Q3 2025 | $48.7M | +37% |
| Q2 2025 | $41.8M | -42% |
| Q1 2025 | $87.8M | +$94.4M |
| Q4 2024 | -$10.5M | -115% |
MMYT generated $46M in free cash flow over the past year, down 73% from the year before.
NIO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $0 | +$2.1B |
| Q1 2026 | $0 | $0 |
| Q4 2025 | $0 | +$391.3M |
| Q3 2025 | $0 | $0 |
| Q2 2025 | -$2.1B | +$73.9M |
| Q1 2025 | $0 | $0 |
| Q4 2024 | -$391.3M | -386% |
| Q2 2024 | -$2.2B | +$337.9M |
NIO has the edge over MMYT on cash flow, with more consistent year-over-year improvement.
MMYT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -220K shares |
| 1 year | 0% | -- |
| 3 years | -13% | -14.5M shares |
| 5 years | -9.7% | -10.5M shares |
| Available history | -6.9% | -7.3M shares |
MMYT has the edge over NIO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $1.6B |
| Q3 2025 | $3B |
| Q2 2025 | — |
| Q1 2025 | $7M |
| Q4 2024 | — |
MMYT spent $1.6B buying back its own shares over the past year, down 47% from the year before.
NIO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +15.6M shares |
| 1 year | +12% | +267M shares |
| 3 years | +51% | +844M shares |
| 5 years | +60% | +933M shares |
| Available history | +143% | +1.5B shares |
NIO has 2.5B diluted shares, up 12% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
NIO hasn't bought back shares in the past year.
MMYT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.3x | High |
| Q2 2026 | 6.2x | High |
| Q1 2026 | 4.7x | High |
| Q4 2025 | 6.7x | High |
| Q3 2025 | 6.3x | High |
| Q2 2025 | 5.1x | High |
| Q1 2025 | -1.7x | Net Cash |
| Q4 2024 | -0.9x | Net Cash |
MMYT's net debt is about 6.3 years of its operating earnings (EBITDA), about the same as a year ago.
NIO Net Leverage
NIO's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
MMYT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.8 | Neutral |
| Stochastic | 37.3 | Neutral |
MMYT's weekly RSI is 50 (neutral) and its Stochastic is 37 (neutral).
NIO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.7 | Neutral |
| Stochastic | 6.9 | Oversold |
NIO's weekly RSI is 31 (neutral) and its Stochastic is 7 (oversold).
MMYT PE vs Consumer Cyclical Sector
| Metric | MMYT | Sector median | Relative |
|---|---|---|---|
| PE | 156x | 18x | 763% above |
| PE % | 83 | 47 | 36 pts above |
MMYT is trading at 156x earnings, a 763% premium to the Consumer Cyclical sector's median of 18x.
NIO PE vs Consumer Cyclical Sector
NIO has no meaningful PE right now: it lost money over the past year.
MMYT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $46.2 | 10% above |
| 20 week MA | $52.0 | 2% below |
| 50 week MA | $54.4 | 6.2% below |
| 100 week MA | $76.1 | 33% below |
| 200 week MA | $66.9 | 24% below |
MMYT has the edge over NIO on trend strength, trading above more of its moving averages.
NIO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.36 | 9.2% below |
| 20 week MA | $4.01 | 24% below |
| 50 week MA | $4.81 | 37% below |
| 100 week MA | $4.85 | 37% below |
| 200 week MA | $6.03 | 49% below |
NIO is in a downtrend: it's below all five of its weekly moving averages, and 49% below its 200-week average.
MMYT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $23.6 | $27.2 | +15% |
| 2021 | $27.2 | $28.3 | +4.1% |
| 2022 | $28.3 | $28.0 | -1.1% |
| 2023 | $28.0 | $47.0 | +68% |
| 2024 | $47.0 | $114.5 | +144% |
| 2025 | $114.5 | $83.3 | -27% |
| 2026 YTD | $83.3 | $51.0 | -39% |
MMYT has the edge over NIO on returns for 2026, with the stronger performance.
NIO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $2.42 | $45.8 | +1791% |
| 2021 | $45.8 | $30.5 | -33% |
| 2022 | $30.5 | $11.0 | -64% |
| 2023 | $11.0 | $9.07 | -17% |
| 2024 | $9.07 | $4.48 | -51% |
| 2025 | $4.48 | $5.10 | +14% |
| 2026 YTD | $5.10 | $3.05 | -40% |
NIO's yearly returns have swung widely, from +1791% in 2020 to −64% in 2022. It's down 40% so far in 2026.