Lucid Group

LCID · Nasdaq · Consumer Discretionary · Financials, fiscal 2019 to 2025

LCID · Last close · October 26, 2026

$3.40

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%.

Lucid Group, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 24, 2026 · 0001628280-26-011053 Updated October 19, 2026

Revenue

$1.4B

67.6%

Operating margin

−258.7%

115.3 pts

Net income

−$2.7B

Free cash flow

−$3.8B

Return on capital

−136.7%

44.9 pts

Market cap

$1.3B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

It has lost money every year since it started and expects substantial losses for the foreseeable future.
It depends on revenue from a small number of models, and has had delays in designing, launching and building its vehicles.
The Saudi government buying far fewer vehicles than expected, or Lucid being unable to fill its orders.
Shortages or price changes in materials, especially lithium-ion battery cells.
Its limited experience making vehicles in high volume.

From Lucid Group's annual report on Form 10-K, filed February 24, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Lucid Group lost money in fiscal 2025: a net loss of $2.7 billion.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Lucid Group yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Lucid Group's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. Lucid Group's free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Lucid Group's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 14% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $3.40
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Lucid Group's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	6,263	3,913	3,860	4,031	1,629
Debt incl. finance leases	1,997	2,093	2,155	2,212	2,907
Net debt (negative means net cash)	−4,266	−1,820	−1,704	−1,820	1,278
Net debt to EBITDA	—	—	—	—	—
Debt to equity	0.5x	0.5x	0.4x	0.6x	4.0x
Interest coverage	−1,113.9x	−84.8x	−124.4x	−91.8x	−36.8x
Current ratio	16.4x	5.2x	4.7x	4.2x	1.2x
Quick ratio	16.1x	4.3x	4.0x	3.8x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Lucid Group shares on the open market, and 1 insider sold $18,640, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 1, 2026	Ori WinitzerDirector	Sold plan	1,000	$4.80	$4,800	Form 4
Aug 3, 2026	Ori WinitzerDirector	Sold plan	1,000	$7.46	$7,460	Form 4
Jun 1, 2026	Ori WinitzerDirector	Sold plan	1,000	$6.38	$6,380	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	2 of 9	5 of 9	3 of 9
Accruals ratio	−4.1%	−7.7%	2.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Lucid Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Lucid Group	FY25	67.6%	−258.7%	−280.7%	−136.7%	—	3
Winnebago Industries	FY26	−3.4%	2.5%	5.3%	3.3%	2.1x	6	Compare
Rivian Automotive	FY25	8.4%	−66.5%	−46.2%	−88.0%	—	4	Compare
XPeng	FY25	87.7%	−3.6%	6.7%	−8.4%	—	6	Compare
NIO	FY25	33.1%	−16.1%	−3.5%	—	—	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	5	4	27	608	595	808	1,354
Revenue growth	—	−13.4%	581.9%	2,143.3%	−2.1%	35.7%	67.6%
Gross profit	1	1	−128	−1,038	−1,341	−923	−1,256
Research and development	220	511	750	822	937	1,176	1,211
Operating income	−258	−599	−1,530	−2,594	−3,100	−3,021	−3,502
Net income	−277	−719	−2,580	−1,304	−2,828	−2,714	−2,698
Diluted EPS (US$)	−130.80	−284.20	−64.10	−15.10	−13.59	−12.52	−12.09
Diluted shares (millions)	2	2	74	169	208	244	313
Cash flow
Cash from operations	−235	−570	−1,058	−2,226	−2,490	−2,020	−2,932
Capital expenditure	104	460	421	1,075	911	884	868
Free cash flow	−340	−1,030	−1,479	−3,301	−3,400	−2,904	−3,800
Dividends paid	0	0	0	0	0	0	0
Share buybacks	0	0	21	0	0	0	0
Acquisitions	0	0	0	0	0	0	0
Stock-based compensation	8	5	517	424	257	286	271
Balance sheet at fiscal year end
Cash and short-term investments	380	615	6,263	3,913	3,860	4,031	1,629
Debt incl. finance leases	—	1	1,997	2,093	2,155	2,212	2,907
Total assets	—	1,403	7,882	7,879	8,513	9,648	8,387
Total liabilities	—	227	3,972	3,530	3,661	4,475	5,386
Shareholders' equity	−621	−1,319	3,909	4,350	4,852	3,873	717
Margins and ratios
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%
Net margin	−6,042.6%	−18,093.1%	−9,515.5%	−214.5%	−475.1%	−335.9%	−199.3%
Free cash flow margin	−7,398.4%	−25,899.8%	−5,456.6%	−542.8%	−571.2%	−359.4%	−280.7%
Return on capital	—	—	—	−188.6%	−86.3%	−91.8%	−136.7%
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%
Net debt to EBITDA	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Lucid Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Lucid Group.