NIO
NIO Inc.
NIO has the edge over THO overall, supported by stronger fundamentals and stronger modeled upside.
THO
Thor Industries, Inc.
THO's outlook is improving, though it still trails on the overall score.
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.
THO Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Stable | |
| Under pressure | |
| Healthy |
THO's balance sheet is currently healthy, and its profitability is stable, but its revenue and cash flow are under pressure.
NIO PE Valuation
NIO has no meaningful PE right now: it lost money over the past year.
THO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.6x | $18.83 | -76% |
| Fair | 19x | $63.46 | -18% |
| Forward | 20x | $77.29 | — |
| Expensive | 23x | $78.24 | +1.2% |
| Current | 23x | $77.29 | — |
Historical ranges are pointers, not guarantees.
THO's PE is in its expensive range at 23x. If earnings grow as analysts expect, today's price would be 20x next year's earnings, in its fair range.
NIO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
NIO has the edge over THO on the outlook, with more favorable profitability expectations.
THO Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for THO, with profitability holding steady. However, they disagree widely on these estimates.
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.
THO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.92 | +16% |
| Q3 2026 | $3.38 | -30% |
| Q2 2026 | $4.96 | +19% |
| Q1 2026 | $5.63 | +49% |
| Q4 2025 | $5.28 | +35% |
| Q3 2025 | $4.84 | -2% |
| Q2 2025 | $4.18 | -15% |
| Q1 2025 | $3.78 | -25% |
| Q4 2024 | $3.92 | -28% |
THO 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 has the edge over THO on sales, with more consistent year-over-year improvement.
| 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.
THO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.3B | -8.4% |
| Q2 2026 | $2.8B | -3.9% |
| Q1 2026 | $2.1B | +5.3% |
| Q4 2025 | $2.4B | +11% |
| Q3 2025 | $2.5B | -0.4% |
| Q2 2025 | $2.9B | +3.3% |
| Q1 2025 | $2B | -8.6% |
| Q4 2024 | $2.1B | -14% |
THO's revenue fell from its 2022 peak and has held roughly level since: $2.3B last quarter, down 8.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.2% | -3.4 points |
| Q2 2026 | 4.8% | -0.6 points |
| Q1 2026 | 1% | +1.1 points |
| Q4 2025 | 1.4% | +1.4 points |
| Q3 2025 | 5.7% | +0.7 points |
| Q2 2025 | 5.4% | +0.3 points |
| Q1 2025 | -0.1% | -0.4 points |
| Q4 2024 | -0.1% | -2.9 points |
THO 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 has the edge over THO on cash flow, with more consistent year-over-year improvement.
THO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $189.9M | -14% |
| Q2 2026 | $196M | -12% |
| Q1 2026 | -$145.2M | -2588% |
| Q4 2025 | -$74.8M | -1270% |
| Q3 2025 | $221.6M | -26% |
| Q2 2025 | $222.5M | -1.3% |
| Q1 2025 | $5.8M | +$146.1M |
| Q4 2024 | $6.4M | -67% |
THO still generates free cash flow, though less than at its 2023 peak: $166M over the past year.
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.
THO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +163K shares |
| 1 year | -1.6% | -838K shares |
| 3 years | -2.4% | -1.3M shares |
| 5 years | -5.6% | -3.1M shares |
| Available history | -4.8% | -2.7M shares |
THO has the edge over NIO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $34.3M |
| Q2 2026 | $50.5M |
| Q1 2026 | $25.2M |
| Q4 2025 | $5M |
| Q3 2025 | $50.9M |
| Q2 2025 | — |
| Q1 2025 | $1.7M |
| Q4 2024 | — |
THO spent $115M buying back its own shares over the past year, up 119% from the year before.
NIO Net Leverage
NIO's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
THO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.8x | Very low |
| Q2 2026 | 0.8x | Very low |
| Q1 2026 | 1.0x | Healthy |
| Q4 2025 | 0.7x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.9x | Very low |
| Q1 2025 | 1.2x | Healthy |
| Q4 2024 | 1.1x | Healthy |
THO's net debt is less than a year of its operating earnings (EBITDA).
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).
THO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.9 | Neutral |
| Stochastic | 65.0 | Neutral |
THO's weekly RSI is 51 (neutral) and its Stochastic is 65 (neutral).
NIO PE vs Consumer Cyclical Sector
NIO has no meaningful PE right now: it lost money over the past year.
THO PE vs Consumer Cyclical Sector
| Metric | THO | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 18x | 27% above |
| PE % | 82 | 47 | 35 pts above |
THO is trading at 23x earnings, a 27% premium to 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.
THO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $72.0 | 7.3% above |
| 20 week MA | $74.3 | 4% above |
| 50 week MA | $84.6 | 8.7% below |
| 100 week MA | $89.2 | 13% below |
| 200 week MA | $94.8 | 19% below |
THO 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.
THO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $74.4 | $102.4 | +38% |
| 2021 | $102.4 | $100.9 | -1.5% |
| 2022 | $100.9 | $77.3 | -23% |
| 2023 | $77.3 | $118.3 | +53% |
| 2024 | $118.3 | $95.4 | -19% |
| 2025 | $95.4 | $106.2 | +11% |
| 2026 YTD | $106.2 | $77.3 | -27% |
THO has the edge over NIO on returns for 2026, with the stronger performance.