Rivian Automotive, Inc. (RIVN)
NEUTRALファンダメンタル
39
株価
$16.80
時価総額
$24.03B
パート1 · 企業の価値
概要
Rivian designs and builds electric trucks and SUVs, selling the R1T pickup and R1S SUV directly to consumers without dealers, and electric delivery vans built for Amazon under a dedicated commercial program. Unlike most legacy automakers, it develops its own vehicle software and electrical architecture in-house rather than buying it from suppliers, and now sells that software and engineering expertise to other automakers, most notably through a joint venture with Volkswagen.
収益の仕組み
Automotive revenue comes from selling vehicles at delivery, plus sales of regulatory credits that other automakers buy to comply with emissions rules — a source that has been shrinking as those credit programs are cut back. Software and Services revenue is newer and comes largely from the Volkswagen joint venture paying Rivian for its electrical architecture and software platform, alongside smaller fees for financing, insurance and connectivity services attached to Rivian-owned vehicles. Rivian is still unprofitable and spends heavily on manufacturing capacity ahead of higher-volume models.
セグメント別売上高
Sales of R1 consumer trucks and SUVs and commercial electric delivery vans, plus regulatory credits sold to other automakers.
Vehicle software, electrical architecture and engineering services sold to other automakers — chiefly the Volkswagen joint venture — plus financing and connectivity fees.
競争優位性（moat）
特許・ライセンス · 狭いRivian's in-house vehicle software and electrical architecture is valuable enough that Volkswagen pays to license it, a rare case of a young automaker selling engineering to an established one. That is a real technical edge, but it has not yet translated into vehicle-level profitability or the manufacturing scale that protects incumbents, and Tesla and Chinese EV makers have their own comparable in-house software.
需要を左右する要因
景気循環型Vehicle demand is discretionary and sensitive to interest rates, since most buyers finance a purchase, and to government incentives: automotive revenue already fell in 2025 partly because a federal EV tax credit expired. Commercial van orders depend on a single large customer's own delivery-network investment plans, adding another layer of demand risk outside Rivian's control.
主なリスク
- Heavy revenue concentration in Amazon — Roughly half of automotive revenue depends on one customer's delivery-van order; a change in Amazon's fleet electrification pace or pricing terms would have an outsized effect on results.
- Continued losses and capital intensity — Rivian still loses money on every vehicle it builds and requires large ongoing capital spending on factories and tooling ahead of higher-volume, lower-cost models like the R2.
- Dependence on the Volkswagen joint venture — Rivian shares equal board control of the joint venture with Volkswagen and cannot make unilateral decisions about it, and the venture's savings and software revenue are not guaranteed.
- Exposure to shifting government EV policy — Automotive revenue already fell after a federal tax credit for electric vehicles expired in September 2025, and Rivian's regulatory-credit sales depend on emissions rules that can change.
顧客集中度
主要顧客が売上高の52%を占める
Amazon has accounted for roughly half of Rivian's automotive revenue through its electric delivery van order, and remains a major shareholder; a slowdown in Amazon's expansion plans would hit Rivian's results directly.
強気材料
Buyers argue that Volkswagen's willingness to pay for Rivian's software and electrical architecture validates a real technical edge over legacy automakers, that Software and Services revenue tripling shows a second, higher-margin business emerging, and that the upcoming lower-cost R2 could finally bring volume and manufacturing efficiency.
弱気材料
Sellers fear that roughly half of automotive revenue rests on one customer's fleet decisions, that Rivian remains deeply unprofitable and capital-hungry years after its IPO, and that the expiration of EV tax credits and continued price competition from established automakers make the path to volume profitability longer than the R2 timeline assumes.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$5.88B
直近12か月（2026/6/30まで）
純利益
$-3.23B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$-2.49B
自己資本合計
$4.59B
負債合計
$10.27B
流動比率
2.10
利払い倍率
13.28
負債/EBITDA
-
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$19.23
現在株価
$16.80
安全マージン
+12.6%
適正価値レンジ
$18.27 - $20.19
推定方法
バリュエーション指標
P/E レシオ
-
ROE
-79.4%
P/B レシオ
4.41
P/FCF
-
粗利益率
7.5%
ROIC
-24.2%
収益性レーダー
Value Creation (Economic Moat)
ROIC
-24.2%
WACC
11.7%
ROIC − WACC
-35.9 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
ファンダメンタル分析基準
合格（8）
- EPS shows upward trend
- Debt/Equity ratio
- Current Ratio
- Interest Coverage
- Low reliance on intangibles
- Analyst Consensus 59% Buy
- Earnings Surprise avg 17.8%
- Net Margin Trend -55.0% vs -68.1%
不合格（11）
- Price CAGR -30.37%
- ROIC -24.2%
- Gross Margin 7.5%
- P/B Ratio 4.41
- Operating Margin -60.1%
- Positive Free Cash Flow
- Return on Tangible Assets
- DCF valuation (Unknown)
- ROE -67.6%
- Share Dilution 17.3%
- Piotroski F-Score 4/9
データなし（8）
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Debt/EBITDA
- Price below Graham Number
- Revenue Growth 5Y (Finnhub)
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
低品質：会計処理を調査してください
株式希薄化
新株を発行しており、所有権を希薄化している
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Dr. Robert Joseph Scaringe Ph.D. | Founder, CEO & Chairman of the Board | 41 |
| Ms. Claire Rauh McDonough | Chief Financial Officer | 43 |
| Mr. Michael J. Callahan | Chief Administrative Officer & Secretary | 56 |
| Mr. Javier Varela | Chief Operations Officer | 61 |
| Ms. Sreela Venkataratnam | Chief Accounting Officer | - |
| Ms. Marina Hoffmann | Chief Communications Officer | - |
| Mr. Robert Scott Griffin | Chief People Officer | 60 |
| Mr. Jeff Hammoud | Chief Design Officer | - |
| Mr. Jimmy Knauf | Executive Vice President of Facilities | - |
| Ms. Anisa Kamadoli Costa | Chief Sustainability Officer | - |
監査リスク
6
取締役会リスク
9
報酬リスク
10
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for RIVN, sourced from Markets Gazette.
- 7/7/2026NEGATIVERivian’s stock sale triggers worst rout for the shares in nearly two years
Rivian's stock plummeted 13% following news of a significant stock sale, intensifying investor concerns over the electric vehicle maker's cash reserves. This sharp decline, the worst in nearly two years, highlights the market's sensitivity to the company's financial stability. The sell-off suggests that the equity offering, intended to bolster liquidity, has instead raised fears of dilution and further financial strain, potentially impacting Rivian's ability to fund its ambitious production and development plans.
- 7/6/2026NEGATIVEElectric Vehicle Maker Rivian Offers to Sell 75 Million Shares
Rivian Automotive Inc. announced plans to offer 75 million shares, a move aimed at raising capital for equity contributions tied to a US Department of Energy loan. This secondary offering could dilute existing shareholders' value and signal potential cash flow challenges for the electric vehicle manufacturer. Investors will be closely watching the pricing of this offering and its impact on Rivian's balance sheet and future growth prospects.
- 6/14/2026POSITIVERivian CEO Says Tesla FSD-Like Driving Is Coming This Year — And Eyes-Off Driving Next Year
Rivian CEO RJ Scaringe has outlined an ambitious roadmap for the company's autonomous driving technology. Scaringe stated that Rivian aims to introduce a Level 3 autonomous driving system, similar to Tesla's Full Self-Driving (FSD) capabilities, by the end of 2022. This would allow drivers to take their eyes off the road under specific conditions. Looking further ahead, the company is targeting true driverless operation, a Level 4 system, for release in 2023. This news suggests significant technological advancements that could enhance Rivian's competitive positioning and appeal to tech-savvy consumers.
- 6/12/2026POSITIVEIs Rivian Stock A Buy Now? Inside The R2 SUV Delivery Milestone And 2026 Guidance
Rivian Automotive Inc. (NASDAQ: RIVN) experienced a significant surge in its stock price on Friday, driven by positive investor sentiment surrounding the upcoming R2 SUV and its potential market impact. The company's narrative around the R2 launch and its expansion into a broader addressable market appears to be resonating strongly with the investment community. This optimism, coupled with the company's 2026 guidance, suggests a potentially strong growth trajectory, making the stock an attractive prospect for investors focused on the electric vehicle sector's future.
- 6/9/2026NEUTRALWhat's Going On With Rivian Stock Today?
Rivian Automotive Inc. (NASDAQ:RIVN) experienced a stock decline despite announcing a significant milestone: the first public customer deliveries of its all-new R2 mid-size SUV. This event marks a crucial step in the company's product rollout and market penetration strategy. While the delivery of a new model is typically viewed positively, the market's reaction suggests investors are weighing this development against other prevailing concerns or expectations for the company's financial performance and competitive landscape.
- 6/8/2026POSITIVERivian's Momentum Score Surges As EV Maker Says AI Could Make CarPlay, Android Auto Obsolete
Rivian Automotive's stock experienced a surge in momentum following the company's announcement of an advanced AI vision that could potentially render existing in-car infotainment systems like Apple CarPlay and Android Auto obsolete. This forward-thinking strategy positions Rivian at the forefront of automotive technology integration, suggesting a future where its proprietary AI could become a standard, thereby enhancing user experience and potentially creating new revenue streams. Investors are reacting positively to this innovative direction, viewing it as a significant differentiator in the competitive electric vehicle market.
- 5/22/2026POSITIVERivian Stock Ticks Up On Improving EV Sentiment And R2 Customization Launch
Rivian Automotive Inc. shares saw an uptick on Friday, buoyed by a broader improvement in investor sentiment towards high-beta electric vehicle (EV) stocks. The positive momentum is further amplified by growing excitement surrounding the launch of the R2 customization options, which is bolstering the company's rollout narrative. This combination of improved market appetite for riskier assets and specific product-related optimism suggests a potential shift in investor perception for Rivian, potentially leading to increased demand for its shares.
- 5/6/2026POSITIVERJ Scaringe Says Rivian Wants To 'Structurally Ingest' The Technology As EV Maker Moves To Make Lidar Sensors In The US
Rivian Automotive Inc. is moving to manufacture its own lidar sensors domestically, leveraging Chinese technology and aiming for cost efficiency through strategic partnerships. This vertical integration strategy, detailed by CEO RJ Scaringe, signifies a proactive approach to controlling key components and potentially reducing reliance on external suppliers. By bringing lidar production in-house, Rivian seeks to "structurally ingest" the technology, which could lead to improved performance, faster innovation cycles, and significant cost savings in its electric vehicle production. Investors may view this move as a positive step towards enhancing operational control and long-term profitability.
via Markets Gazette