NIO
NIO Inc.
NIO offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
QSR
Restaurant Brands International Inc.
QSR has the edge over NIO overall, supported by stronger valuation and lower modeled downside.
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.
QSR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Healthy | |
| Weak |
QSR's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is weak.
NIO PE Valuation
NIO has no meaningful PE right now: it lost money over the past year.
QSR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 18x | $75.48 | — |
| Forward | 18x | $75.48 | — |
| Cheap | 19x | $82.16 | +8.8% |
| Fair | 23x | $99.03 | +31% |
| Expensive | 28x | $121 | +61% |
Historical ranges are pointers, not guarantees.
QSR's PE is in its cheap range at 17.6x. On analysts' estimates for next year's earnings, today's price would be 17.5x.
NIO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
NIO has the edge over QSR on the outlook, with more favorable revenue expectations.
QSR Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Stable | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect QSR's earnings to grow and its profitability to improve, with its 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 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.
QSR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.30 | +0.3% |
| Q3 2026 | $4.29 | +53% |
| Q2 2026 | $3.71 | +41% |
| Q1 2026 | $2.83 | -4.1% |
| Q4 2025 | $2.35 | -26% |
| Q3 2025 | $2.81 | -29% |
| Q2 2025 | $2.64 | -34% |
| Q1 2025 | $2.95 | -24% |
| Q4 2024 | $3.18 | -15% |
QSR has the edge over NIO on earnings quality, reporting a profit while its opponent remains loss making.
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.
QSR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.5B | +3.1% |
| Q2 2026 | $2.5B | +4.6% |
| Q1 2026 | $2.3B | +7.3% |
| Q4 2025 | $2.5B | +7.4% |
| Q3 2025 | $2.4B | +6.9% |
| Q2 2025 | $2.4B | +16% |
| Q1 2025 | $2.1B | +21% |
| Q4 2024 | $2.3B | +26% |
QSR's revenue has grown year over year for 23 quarters in a row: $2.5B last quarter, up 3.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 28% | +0.5 points |
| Q2 2026 | 28% | +8.4 points |
| Q1 2026 | 27% | +6.1 points |
| Q4 2025 | 25% | -2.5 points |
| Q3 2025 | 27% | +1.9 points |
| Q2 2025 | 20% | -12 points |
| Q1 2025 | 21% | -11 points |
| Q4 2024 | 28% | +1.9 points |
QSR 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.
QSR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $479M | -9.8% |
| Q2 2026 | $479M | +17% |
| Q1 2026 | $169M | +213% |
| Q4 2025 | $453M | +12% |
| Q3 2025 | $531M | +9.5% |
| Q2 2025 | $411M | +41% |
| Q1 2025 | $54M | -56% |
| Q4 2024 | $404M | +13% |
QSR has the edge over NIO on cash flow, with more consistent year-over-year improvement.
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.
QSR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -3M shares |
| 1 year | 0% | -- |
| 3 years | +0.7% | +3M shares |
| 5 years | -2.6% | -12M shares |
QSR has the edge over NIO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $274M |
| Q2 2026 | $138M |
| Q1 2026 | $32M |
| Q4 2024 | — |
| Q4 2023 | $385M |
| Q3 2023 | $115M |
| Q2 2023 | — |
| Q1 2023 | — |
NIO Net Leverage
NIO's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
QSR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.2x | High |
| Q2 2026 | 4.2x | High |
| Q1 2026 | 4.6x | High |
| Q4 2025 | 4.8x | High |
| Q3 2025 | 4.9x | High |
| Q2 2025 | 5.2x | High |
| Q1 2025 | 4.9x | High |
| Q4 2024 | 4.6x | High |
QSR's net debt is about 4.2 years of its operating earnings (EBITDA), down from 4.9 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).
QSR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.6 | Neutral |
| Stochastic | 48.0 | Neutral |
QSR's weekly RSI is 52 (neutral) and its Stochastic is 48 (neutral).
NIO PE vs Consumer Cyclical Sector
NIO has no meaningful PE right now: it lost money over the past year.
QSR PE vs Consumer Cyclical Sector
| Metric | QSR | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 18x | 2.4% below |
| PE % | 7 | 47 | 40 pts below |
QSR is trading at 18x earnings, in line with the Consumer Cyclical sector's median of 18x.
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.
QSR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $73.5 | 2.7% above |
| 20 week MA | $75.0 | 0.6% above |
| 50 week MA | $73.8 | 2.3% above |
| 100 week MA | $69.9 | 8% above |
| 200 week MA | $70.5 | 7% above |
QSR has the edge over NIO on trend strength, trading above more of its moving averages.
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.
QSR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $64.5 | $60.7 | -5.9% |
| 2021 | $60.7 | $59.3 | -2.3% |
| 2022 | $59.3 | $65.0 | +9.6% |
| 2023 | $65.0 | $78.1 | +20% |
| 2024 | $78.1 | $65.5 | -16% |
| 2025 | $65.5 | $69.9 | +6.6% |
| 2026 YTD | $69.9 | $75.5 | +8% |
QSR has the edge over NIO on returns for 2026, with the stronger performance.