Lucid Group
LCID Nasdaq Automobile Manufacturers Financials FY2019–FY2025
Lucid Group's revenue rose 67.6% to $1.4 billion in fiscal 2025. Its operating margin was −258.7%, up from −373.9% a year earlier. Free cash flow was −$3.8 billion. The diluted share count rose 28.2%.
About these figures. Lucid's short-term debt was relabelled in its 2025 filing, so the same loans were counted twice in 2024 and missing in 2025; its debt is now long-term debt plus the one current debt line each year. Share counts and per-share figures for earlier years are restated for a stock split (1-for-10), so every year is on today's share basis.
What Lucid Group does
Lucid designs, makes and sells electric vehicles (EVs). It sells two models: the Lucid Air sedan, first delivered to customers in late 2021, and the Lucid Gravity SUV, which arrived on the road in late 2024. It designs their powertrains, battery systems and software itself, and sells directly to consumers through its retail network and online. As of December 31, 2025, it had opened 45 Studios and service centers in North America, 12 in Europe and 5 in the Middle East.
Lucid says production of cars on its new, lower-priced Midsize platform is scheduled to start in late 2026. In 2025 it formed a partnership with Uber and Nuro to launch robotaxis based on the Gravity; along with a $300 million investment from an Uber subsidiary, it agreed to deploy a minimum of 20,000 robotaxis. It also supplies powertrain and battery technology and parts to Aston Martin. Under an agreement, the Government of Saudi Arabia may buy up to 100,000 vehicles, with a minimum of 50,000. Lucid competes with traditional automakers and with newer companies focused on electric and other alternative fuel vehicles.
Lucid builds the Air and Gravity at its plant in Casa Grande, Arizona, which has installed capacity of 90,000 vehicles per year. A plant in Saudi Arabia assembles kits made in Arizona and is being expanded to build complete Midsize vehicles. As of December 31, 2025, Lucid had approximately 9,000 employees globally. An affiliate of Saudi Arabia's sovereign wealth fund, the Public Investment Fund, is its controlling stockholder.
- Legal name
- Lucid Group, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Accession · CIK
- 0001628280-26-011053
0001811210
Revenue and margins
Lucid Group had $1.4B of revenue in fiscal 2025, up 67.6% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was −$3.8B in fiscal 2025, −280.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Lucid Group returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 28.2%.
Value Lucid Group yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$1.3B and divides by 313.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Lucid Group can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $6.3B | $3.9B | $3.9B | $4.0B | $1.6B |
| Debt incl. finance leases | $2.0B | $2.1B | $2.2B | $2.2B | $2.9B |
| Debt / equity | 0.5x | 0.5x | 0.4x | 0.6x | 4.1x |
| Interest coverage | −1,113.9x | −84.8x | −124.4x | −91.8x | −36.8x |
| Current ratio | 16.4x | 5.2x | 4.7x | 4.2x | 1.3x |
| Quick ratio | 16.1x | 4.4x | 4.0x | 3.8x | 0.8x |
| Total assets | $7.9B | $7.9B | $8.5B | $9.6B | $8.4B |
| Total liabilities | $4.0B | $3.5B | $3.7B | $4.5B | $5.4B |
| Shareholders' equity | $3.9B | $4.3B | $4.9B | $3.9B | $717M |
| Net debt (− = net cash) | −$4.3B | −$1.8B | −$1.7B | −$1.8B | $1.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
1 insider
Of sales under plans
100%
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 2 / 9 | 5 / 9 | 3 / 9 |
| Accruals ratio | −4.1% | −7.7% | 2.6% |
| Altman Z'' | −2.07 | −3.04 | −8.21 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Lucid Group LCID | $1.3B | 67.6% | −258.7% | −280.7% | −136.7% | — | 3 | |
| Winnebago Industries WGO | $814M | −3.4% | 2.5% | 5.4% | 3.3% | — | 6 | Compare → |
| Rivian Automotive RIVN | $15.7B | 8.4% | −66.6% | −46.2% | −88.0% | — | 4 | Compare → |
| Tesla TSLA | $1.32T | −2.9% | 4.6% | 6.6% | 7.2% | — | 5 | Compare → |
| General Motors GM | $67.3B | −1.3% | 1.6% | 9.5% | 1.5% | 16.5x | 6 | Compare → |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $4.6M | $4.0M | $27.1M | $608M | $595M | $808M | $1.4B |
| Gross profit | $0.7M | $0.9M | −$128M | −$1.0B | −$1.3B | −$923M | −$1.3B |
| Research and development | $220M | $511M | $750M | $822M | $937M | $1.2B | $1.2B |
| Operating income | −$258M | −$599M | −$1.5B | −$2.6B | −$3.1B | −$3.0B | −$3.5B |
| Interest expense | $8.5M | $0.1M | $1.4M | $30.6M | $24.9M | $32.9M | $95.1M |
| Pretax income | −$277M | −$720M | −$2.6B | −$1.3B | −$2.8B | −$2.7B | −$2.7B |
| Income tax | $0.0M | −$0.2M | $0.0M | $0.4M | $1.0M | $1.2M | −$2.3M |
| Net income | −$277M | −$719M | −$2.6B | −$1.3B | −$2.8B | −$2.7B | −$2.7B |
| Diluted EPS | −$130.80 | −$284.20 | −$64.10 | −$15.10 | −$13.59 | −$12.52 | −$12.09 |
| Diluted shares | 0.00B | 0.00B | 0.07B | 0.17B | 0.21B | 0.24B | 0.31B |
| Cash flow | |||||||
| Cash from operations | −$235M | −$570M | −$1.1B | −$2.2B | −$2.5B | −$2.0B | −$2.9B |
| Capital expenditure | $104M | $460M | $421M | $1.1B | $911M | $884M | $868M |
| Free cash flow | −$340M | −$1.0B | −$1.5B | −$3.3B | −$3.4B | −$2.9B | −$3.8B |
| Depreciation and amortization | — | — | — | $187M | $234M | $295M | $451M |
| Stock-based compensation | $7.7M | $4.6M | $517M | $424M | $257M | $286M | $271M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $20.7M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $20.7M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $380M | $615M | $6.3B | $3.9B | $3.9B | $4.0B | $1.6B |
| Total debt | — | $1.0M | $2.0B | $2.0B | $2.1B | $2.1B | $2.7B |
| Finance lease liabilities | $0.0M | $0.0M | $10.3M | $91.9M | $85.9M | $82.9M | $189M |
| Current assets | — | $663M | $6.5B | $4.9B | $4.8B | $4.9B | $3.3B |
| Current liabilities | — | $185M | $396M | $938M | $1.0B | $1.2B | $2.6B |
| Inventory | $0.0M | $1.0M | $127M | $834M | $696M | $408M | $1.1B |
| Property and equipment, net | — | $713M | $1.2B | $2.2B | $2.8B | $3.3B | $4.0B |
| Total assets | — | $1.4B | $7.9B | $7.9B | $8.5B | $9.6B | $8.4B |
| Total liabilities | — | $227M | $4.0B | $3.5B | $3.7B | $4.5B | $5.4B |
| Shareholders' equity | −$621M | −$1.3B | $3.9B | $4.3B | $4.9B | $3.9B | $717M |
| Margins | |||||||
| Gross margin | 14.5% | 22.8% | −471.3% | −170.7% | −225.2% | −114.3% | −92.8% |
| Operating margin | −5,619.5% | −15,071.1% | −5,645.1% | −426.5% | −520.7% | −373.9% | −258.7% |
| EBITDA margin | — | — | — | −395.8% | −481.5% | −337.4% | −225.3% |
| Net margin | −6,042.6% | −18,093.1% | −9,515.6% | −214.5% | −475.2% | −336.0% | −199.3% |
| FCF margin | −7,398.5% | −25,899.9% | −5,456.7% | −542.8% | −571.2% | −359.4% | −280.7% |
| Returns | |||||||
| Return on capital | — | — | — | −188.6% | −86.3% | −91.8% | −136.7% |
| Return on capital employed | — | — | −35.2% | −36.0% | −42.9% | −37.8% | −49.2% |
| Return on equity | — | — | −199.2% | −31.6% | −61.5% | −62.2% | −117.6% |
| Return on assets | — | — | −55.6% | −16.6% | −34.5% | −29.9% | −29.9% |
| Growth | |||||||
| Revenue growth | — | −13.4% | 581.9% | 2,143.3% | −2.1% | 35.7% | 67.6% |
| Share count change | — | 20.5% | 2,882.3% | 128.7% | 22.9% | 17.5% | 28.2% |
| Financial health | |||||||
| Debt / equity | — | — | 0.5x | 0.5x | 0.4x | 0.6x | 4.1x |
| Interest coverage | −30.2x | −9,362.9x | −1,113.9x | −84.8x | −124.4x | −91.8x | −36.8x |
| Current ratio | — | 3.6x | 16.4x | 5.2x | 4.7x | 4.2x | 1.3x |
| Quick ratio | — | 3.6x | 16.1x | 4.4x | 4.0x | 3.8x | 0.8x |
| Capital allocation | |||||||
| Capex / revenue | 2,272.1% | 11,558.9% | 1,553.7% | 176.7% | 153.0% | 109.4% | 64.1% |
| Stock comp / revenue | 168.2% | 116.1% | 1,906.1% | 69.6% | 43.2% | 35.4% | 20.0% |
| Quality scores | |||||||
| Piotroski F-score | — | — | — | 4.0 | 2.0 | 5.0 | 3.0 |
| Altman Z'' | — | −9.9 | 2.3 | −0.7 | −2.1 | −3.0 | −8.2 |
| Accruals ratio | — | — | −32.8% | 11.7% | −4.1% | −7.7% | 2.6% |
Source: SEC EDGAR XBRL filings (CIK 0001811210). Data updated October 19, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.