Lucid Group vs Rivian Automotive

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KIRA’s take AI analyst

I put Lucid Group and Rivian Automotive side by side, using each one’s latest annual report. Here is what stands out:

Rivian Automotive is the larger business, with $5.4B of revenue in fiscal 2025 against $1.4B for Lucid Group, about 4.0 times as much.
Lucid Group grew revenue faster (67.6%, against 8.4%).
Rivian Automotive kept more of each dollar of sales as operating profit (−66.6% operating margin, against −258.7%).
Rivian Automotive turned more of its sales into free cash flow (−46.2% FCF margin, against −280.7%).
Rivian Automotive earned a higher return on the capital invested in it (−88.0%, against −136.7%).

Who comes out ahead

Of the 9 measures where higher (or lower) is clearly better, how many each company leads.

Lucid Group

LCID

1/9

Revenue growth

Rivian Automotive

RIVN

8/9

Gross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreShare count change

Side by side

Best in the row

Latest fiscal year	LCID FY25	RIVN FY25
Size
Market cap	$1.3B	$15.1B
Revenue	$1.4B	$5.4B
Free cash flow	−$3.8B	−$2.5B
Net income	−$2.7B	−$3.6B
Growth
Revenue growth	67.6%	8.4%
5-year growth	220.6%	—
Share count change	28.2%	17.1%
Profitability
Gross margin	−92.8%	2.7%
Operating margin	−258.7%	−66.6%
Net margin	−199.3%	−67.7%
FCF margin	−280.7%	−46.2%
Return on capital	−136.7%	−88.0%
Return on equity	−117.6%	−65.4%
Balance sheet
Net debt	$1.3B	−$1.5B
Net debt / EBITDA	—	—
Dividends and buybacks	$0.0M	$0.0M
Valuation & quality
P/E	—	—
Piotroski F-score	3	4

Ten years

Revenue

FY19

LCID $4.6M

RIVN $0.0M

FY20

LCID $4.0M

RIVN $0.0M

FY21

LCID $27.1M

RIVN $55.0M

FY22

LCID $608M

RIVN $1.7B

FY23

LCID $595M

RIVN $4.4B

FY24

LCID $808M

RIVN $5.0B

FY25

LCID $1.4B

RIVN $5.4B

LCID RIVN

Operating margin

FY19

LCID −5,619.5%

RIVN —

FY20

LCID −15,071.1%

RIVN —

FY21

LCID −5,645.1%

RIVN −7,672.7%

FY22

LCID −426.5%

RIVN −413.5%

FY23

LCID −520.7%

RIVN −129.4%

FY24

LCID −373.9%

RIVN −94.4%

FY25

LCID −258.7%

RIVN −66.6%

LCID RIVN

Free cash flow

FY19

LCID −$340M

RIVN −$552M

FY20

LCID −$1.0B

RIVN −$1.8B

FY21

LCID −$1.5B

RIVN −$4.4B

FY22

LCID −$3.3B

RIVN −$6.4B

FY23

LCID −$3.4B

RIVN −$5.9B

FY24

LCID −$2.9B

RIVN −$2.9B

FY25

LCID −$3.8B

RIVN −$2.5B

LCID RIVN

Return on capital

FY19

LCID —

RIVN —

FY20

LCID —

RIVN —

FY21

LCID —

RIVN —

FY22

LCID −188.6%

RIVN −178.5%

FY23

LCID −86.3%

RIVN −117.1%

FY24

LCID −91.8%

RIVN −96.6%

FY25

LCID −136.7%

RIVN −88.0%

LCID RIVN

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.