NIO
NIO Inc.
NIO has a slight edge over PACK overall, supported by lower modeled downside and stronger fundamentals.
PACK
Ranpak Holdings Corp.
PACK offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
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.
PACK Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Weak |
PACK's cash flow is currently healthy, and its revenue and profitability are stable, but its balance sheet is weak.
NIO PE Valuation
NIO has no meaningful PE right now: it lost money over the past year.
PACK PE Valuation
PACK has no meaningful PE right now: it lost money over the past year.
NIO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
NIO has the edge over PACK on the outlook, with more favorable revenue expectations.
PACK Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect PACK's losses to shrink, with revenue holding steady.
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 has the edge over PACK on earnings, with more consistent year-over-year improvement.
PACK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.40 | +$0.07 |
| Q2 2026 | -$0.44 | +$0.01 |
| Q1 2026 | -$0.44 | -$0.15 |
| Q4 2025 | -$0.45 | -$0.19 |
| Q3 2025 | -$0.47 | -$0.23 |
| Q2 2025 | -$0.45 | -$0.27 |
| Q1 2025 | -$0.29 | -$0.01 |
| Q4 2024 | -$0.26 | +$0.07 |
PACK is still losing money, but less than at its worst: $0.40 per share over the past year, against $0.69 at its worst in late 2019.
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's revenue has grown year over year for seven quarters in a row: $4.8B last quarter, up 69% from the same quarter a year ago.
| 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.
PACK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $101.9M | +2.3% |
| Q2 2026 | $105.2M | +14% |
| Q1 2026 | $101.2M | +11% |
| Q4 2025 | $111.9M | +6.6% |
| Q3 2025 | $99.6M | +8% |
| Q2 2025 | $92.3M | +6.8% |
| Q1 2025 | $91.2M | +6.9% |
| Q4 2024 | $105M | +16% |
PACK's revenue has grown year over year for 13 quarters in a row: $102M last quarter, up 2.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 0% | +5.7 points |
| Q2 2026 | -2.3% | +8.2 points |
| Q1 2026 | -3.8% | +5 points |
| Q4 2025 | -0.8% | -2.1 points |
| Q3 2025 | -5.7% | -1.2 points |
| Q2 2025 | -11% | -4.5 points |
| Q1 2025 | -8.8% | -3.1 points |
| Q4 2024 | 1.3% | +6.4 points |
PACK has the edge over NIO on profitability, with a higher operating margin.
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's free cash flow was $0 over the past year, against −$2.5B the year before.
PACK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $13.3M | +87% |
| Q2 2026 | $0 | +$5.5M |
| Q1 2026 | $3.5M | +$5M |
| Q4 2025 | $19.7M | +246% |
| Q3 2025 | $7.1M | -32% |
| Q2 2025 | -$5.5M | -131% |
| Q1 2025 | -$1.5M | -152% |
| Q4 2024 | $5.7M | -38% |
PACK generated $37M in free cash flow over the past year, about six times what it generated 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.
PACK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +133K shares |
| 1 year | +1.7% | +1.4M shares |
| 3 years | +4.2% | +3.4M shares |
| 5 years | +5.4% | +4.4M shares |
| Available history | +21% | +14.9M shares |
PACK has the edge over NIO on shareholder dilution, with a more favorable share count trend.
NIO Net Leverage
NIO's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
PACK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 8.0x | High |
| Q2 2026 | 9.2x | High |
| Q1 2026 | 11.1x | High |
| Q4 2025 | 13.1x | High |
| Q3 2025 | 13.0x | High |
| Q2 2025 | 12.8x | High |
| Q1 2025 | 10.7x | High |
| Q4 2024 | 8.6x | High |
PACK's net debt is about 8.0 years of its operating earnings (EBITDA), down from 13 years a year ago.
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).
PACK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.9 | Neutral |
| Stochastic | 15.1 | Oversold |
PACK's weekly RSI is 38 (neutral) and its Stochastic is 15 (oversold).
NIO PE vs Consumer Cyclical Sector
NIO has no meaningful PE right now: it lost money over the past year.
PACK PE vs Consumer Cyclical Sector
PACK has no meaningful PE right now: it lost money over the past year.
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.
PACK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.70 | 6.5% below |
| 20 week MA | $4.75 | 27% below |
| 50 week MA | $5.13 | 33% below |
| 100 week MA | $5.06 | 32% below |
| 200 week MA | $5.38 | 36% below |
PACK is in a downtrend: it's below all five of its weekly moving averages, and 36% below its 200-week average.
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.
PACK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $8.19 | $12.2 | +49% |
| 2021 | $12.2 | $35.5 | +191% |
| 2022 | $35.5 | $5.36 | -85% |
| 2023 | $5.36 | $5.82 | +8.6% |
| 2024 | $5.82 | $6.95 | +19% |
| 2025 | $6.95 | $5.77 | -17% |
| 2026 YTD | $5.77 | $3.46 | -40% |
PACK has the edge over NIO on returns for 2026, with the stronger performance.