# Lucid Group, Inc. (LCID)

> Source: Nexqual · https://nexqual.com/LCID · data as of 2026-10-23 13:31 UTC · cite as "Nexqual, Lucid Group, Inc. (LCID), nexqual.com/LCID" · informational, not investment advice.

**Price:** USD 3.36 (-2.89% today) · US market open, as of October 23, 2026 at 13:31 UTC; quotes may be delayed. Prev close 3.46 · day 3.35–3.42 · 52w 2.37–19.48 · market cap $1.32B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.55B, net income -$3.86B (-249.2% margin), free cash flow -$5.11B (SEC filings).
- Analysts: Hold (mean 3.36 on a 1–5 scale) (11 analysts), mean target USD 7.39 (range 3–17).
- Total return with dividends: 1Y -82.0% vs S&P 500 +14.9%; 5Y -99.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD -2.21, revenue estimate $399M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $27.1M | $608M | $595M | $808M | $1.35B | $1.55B |
| Gross profit | -$128M | -$1.04B | -$1.34B | -$923M | -$1.26B | — |
| Operating income | -$1.53B | -$2.59B | -$3.10B | -$3.02B | -$3.50B | -$4.08B |
| Net income | -$2.58B | -$1.30B | -$2.83B | -$2.71B | -$2.70B | -$3.86B |
| EPS (diluted) | -$64.10 | -$15.10 | -$13.59 | -$12.52 | -$12.09 | — |
| Free cash flow | -$1.48B | -$3.30B | -$3.40B | -$2.90B | -$3.80B | -$5.11B |
| Gross margin | -471.3% | -170.7% | -225.2% | -114.3% | -92.8% | — |
| Operating margin | -5645.1% | -426.5% | -520.7% | -373.9% | -258.7% | -263.6% |
| Net margin | -9515.6% | -214.5% | -475.1% | -336.0% | -199.3% | -249.2% |
| Revenue growth | +581.9% | +2143.3% | -2.1% | +35.7% | +67.6% | — |
| Cash + short-term investments | $6.26B | $3.91B | $3.86B | $4.03B | $1.63B | — |
| Total debt | $1.99B | $2.00B | $2.07B | $2.13B | $2.72B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.9x · EV/Sales 2.5x · FCF yield -386.08% · Earnings yield -291.19% · Net debt $2.49B · EV $3.82B

## Analysts
Consensus Hold (mean 3.36 on a 1–5 scale), 11 analysts; mean target USD 7.39 (low 3, high 17).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Morgan Stanley | Target lowered | Underweight | $5 → $3 |
| 2026-10-12 | RBC Capital | Target lowered | Sector Perform | $7 → $4 |
| 2026-08-19 | Citigroup | Target lowered | Buy | $14 → $11 |
| 2026-07-13 | RBC Capital | Target lowered | Sector Perform | $8 → $7 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -82.0% | -99.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -82.0% | -61.0% |
| Volatility (annualized) | 83.8% | 78.2% |
| Max drawdown | -83.4% (Oct 2025→Oct 2026) | -99.4% (Nov 2021→Oct 2026) |

## Peers (Auto Manufacturers)
VFS (VinFast Auto Ltd.) USD 2.96 -0.17% · NIO (NIO Inc.) USD 3.39 +2.42% · XPEV (XPeng Inc.) USD 9.42 +3.86% · LI (Li Auto Inc.) USD 11.63 +1.39% · STLA (Stellantis N.V.) USD 4.07 -4.68% · RIVN (Rivian Automotive, Inc.) USD 11.82 -1.99%

## More
Full page: https://nexqual.com/LCID · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LCID's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1811210/000162828026011053/lcid-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | GRAVITY Co., Ltd. (GRVY) | "Lucid designed, developed, manufactures and sells two groundbreaking EVs: The Lucid Air sedan, for which customer deliveries began in late 2021, and the Lucid Gravity SUV, which arrived on the road in late 2024." |
| Customer | Tesla (TSLA) | "On January 31, 2025, our customers gained access to Tesla's supercharging network in addition to the vast CCS infrastructure, which is expected to significantly enhance convenience and reduce concerns related to range an…" |
| Partner | Uber (UBER) | "•our ability to enter into or maintain partnerships with original equipment manufacturers, vendors and technology providers, including our ability to realize the anticipated benefits of our partnerships with Aston Martin…" |
| Partner | Nuro | "•our ability to enter into or maintain partnerships with original equipment manufacturers, vendors and technology providers, including our ability to realize the anticipated benefits of our partnerships with Aston Martin…" |
| Partner | NVIDIA (NVDA) | "•our ability to enter into or maintain partnerships with original equipment manufacturers, vendors and technology providers, including our ability to realize the anticipated benefits of our partnerships with Aston Martin…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Vehicle Sales Without RVG | $350.6M | 86.5% | +57.4% |
| Regulatory Credit | $25.4M | 6.3% | +35.8% |
| Sale and Leaseback Transactions | $16.6M | 4.1% | -12.6% |
| Total revenue | $405.3M | 100% | — |
The lines above cover 96.9% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $293.2M | 72.3% | +34.3% |
| United States | $284.4M | 70.2% | +33.7% |
| Middle East | $98.2M | 24.2% | +168.1% |
| Saudi Arabia | $98.2M | 24.2% | +173.5% |
| Other international | $13.9M | 3.4% | +214.4% |
| Total revenue | $405.3M | 100% | — |
The lines above cover 194.4% of total revenue.

## Company outlook (8-K filed 2026-10-05)

- "These forward-looking statements include, but are not limited to, statements regarding Lucid's expectations related to production and delivery volume outlook and Lucid's finalized production and delivery totals for the quarter ended September 30, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-2.21 | $-1.93 | +14.4% | $399.1M | 4 |
| Next quarter (ends 2026-12-31) | $-2.07 | $-1.58 | +30.8% | $487.5M | 3 |
| Current fiscal year (ends 2026-12-31) | $-9.49 | $-7.97 | +19.1% | $1.55B | 4 |
| Next fiscal year (ends 2027-12-31) | $-5.02 | $-4.75 | +5.7% | $3.49B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-09): ±23.5%; earnings reaction alone ±16.4%; last 8 reports averaged ±6.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 104.2% | ±12.4% |
| 2026-11-06 | 14 | 86.6% | ±14.1% |
| 2026-11-13 | 21 | 119.5% | ±23.5% |
| 2026-11-20 | 28 | 120.7% | ±27.1% |
| 2026-11-27 | 35 | 95.4% | ±24.1% |
| 2026-12-04 | 42 | 103.9% | ±28.4% |
| 2026-12-18 | 56 | 122.6% | ±38.0% |
| 2027-01-15 | 84 | 129.3% | ±48.3% |