Ideanomics Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Ideanomics Inc (IDEX) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Ideanomics Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 22M vs 185,617M combined for tracked competitors (0.0% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-32.1% annualized vs trailing 12 months), vs decelerating (-7.3%) for its tracked peer group.
- Growth: Ideanomics Inc generated -77.6% revenue growth year over year in Q4 2023, vs -0.3% for its tracked competitors combined.
- Profitability: Its -1,219.9% net margin compares with 4.2% for the peer group.
- Peer revenue share: Ideanomics Inc accounted for 0.0% of combined revenue among its tracked peer group, down from 0.0% a year earlier.
- Peer differentiation: Revenue per employee of $0.08M compares with $1.18M for the peer group (0.1x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
IDEX Sales vs. its Competitors, Q4 2023
Ideanomics Inc reported revenue contraction of 77.64 % year on year in Q4 2023, below its competitors' combined revenue change of -0.28 %.
With a net margin of -1,219.94 %, Ideanomics Inc reported lower profitability than its competitors (4.17 %).
Ideanomics Inc generated 0.01 % of the combined sales of its peer group, down from 0.04 % a year earlier.
Ideanomics Inc vs. its Competitors, Q4 2023
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Ideanomics Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Ideanomics inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Ideanomics Inc's competitor groups requires a Commercial License.
For context: the EV, Auto & Truck Manufacturers industry grew revenue 4.2% year over year, combined, vs -77.6% for Ideanomics Inc. Ideanomics Inc's share of combined industry revenue moved from 0.00% to 0.00%, a gain of 0.00 percentage points.
Ideanomics Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Ideanomics inc | No | No | No | Yes |
| Competitors combined (3) | ||||
| Similar Growth & Profitability (8) | 0.00 % (0 of 8) | 50.00 % (4 of 8) | 50.00 % (4 of 8) | 50.00 % (4 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
IDEX Stock Performance relative to its Competitors
IDEX Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | General Motors Company | 282.9% | Outperformed |
| 2 | Workhorse Group Inc | 282.9% | Outperformed |
| 3 | Nikola Corporation | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Ideanomics Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Ideanomics Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Ideanomics inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Ideanomics inc | 0.20 | 22.48 |
| General Motors Company | 73,382.40 | 185,527.00 |
| Workhorse Group Inc | 31.31 | 21.89 |
| Nikola Corporation | 9.98 | 68.57 |
| SUBTOTAL | 73,423.90 | 185,639.94 |
Sources: Ideanomics inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Ideanomics inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Ideanomics Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Solectrac | Named by the company | 85% |
| Grapevine | Named by the company | 85% |
| Timios | Named by the company | 85% |
| JUSTLY | Named by the company | 85% |
| General Motors Company | Named by the company | 85% |
| Nikola Corporation | Named by the company | 85% |
| Workhorse Group Inc | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Ideanomics Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Ideanomics Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Ideanomics inc | 0 | 76,214 | -782,973 |
| General Motors Company | 73,382 | 1,189,276 | 13,410 |
| Workhorse Group Inc | 31 | 147,892 | -464,283 |
| Nikola Corporation | 10 | 72,951 | -1,019,393 |
| PEERS TOTAL | 73,424 | 1,181,615 | 6,780 |
Ideanomics Inc's Business Segment Mix vs Peers
Revenue by operating segment, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| General Motors Company | GM North America 83.10 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Ideanomics Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the EV, Auto & Truck Manufacturers industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (36 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | -12.07 % | 7.74 % (avg) | -19.8 pp |
| Operating Margin | -967.19 % | industry median | -970.0 pp |
| EBITDA Margin | -839.26 % | -10.52 % (avg) | -828.7 pp |
| Capital Intensity (Capex / Revenue) | - | 10.58 % (avg) | - |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Ideanomics Inc's Valuation vs Competitive Position
Valuation multiples vs the EV, Auto & Truck Manufacturers industry average (36 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 28.1x | - |
| EV / EBITDA | - | 22.2x | - |
| P/B | 0.5x | 3.9x | -3.5x |
| Return on Equity | -592.75 % | industry aggregate | -600.92 % |
| Return on Invested Capital | -169.46 % | 2.15 % (avg) | -171.61 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Ideanomics Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2014 | 2015 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 500.00 % | 134.71 % | -500.00 % | - | -95.28 % | 242.35 % | -13.29 % | -77.27 % |
| Operating Margin | -481.16 % | -182.59 % | -10.38 % | -157.36 % | -4,221.53 % | -227.52 % | -295.74 % | -967.19 % |
| Return on Invested Capital | -28.05 % | -39.77 % | 32.97 % | -33.76 % | -37.36 % | -27.32 % | -49.24 % | -169.46 % |
| P/E | - | - | - | - | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Ideanomics Inc's Strategic Group Map
Every company in Ideanomics Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Ideanomics Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Ideanomics Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Ideanomics Inc falls in the Low attractiveness / Low strength cell: Harvest / Divest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Ideanomics Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) — not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Operating margin 970.0 points below the industry median.
- Return on equity 600.9 points below the industry aggregate.
- Latest-quarter revenue run-rate is decelerating (-32.1% annualized vs trailing 12 months).
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
- A meaningful share of tracked competitors (33.30 %) show financial-distress signals, a possible opening to gain share.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-7.3% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Ideanomics Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Ideanomics inc | 0.05 | 0.45 | 0.42 |
| General Motors Company | 0.23 | 1.17 | 0.62 |
| Workhorse Group Inc | 0.19 | 1.30 | 1.13 |
| Nikola Corporation | 0.81 | 1.37 | 0.69 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Ideanomics Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Ideanomics inc | Q4 2023 | -77.6 % | - |
| General Motors Company | Q2 2026 | +1.9 % | -28.5 % |
| Workhorse Group Inc | Q2 2026 | -36.6 % | - |
| Nikola Corporation | Q4 2024 | -59.7 % | - |
| PEERS TOTAL | +1.9 % | -47.8 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Ideanomics Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Ideanomics inc | Q4 2023 | -87.2 % | - |
| General Motors Company | Q2 2026 | - | -9.1 % |
| Workhorse Group Inc | Q2 2026 | +423.2 % | - |
| Nikola Corporation | Q4 2024 | +52.6 % | -72.9 % |
Ideanomics Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Ideanomics inc | - | - | - |
| General Motors Company | 0.74% | 1.10% | 3.22% |
| Workhorse Group Inc | - | - | - |
| Nikola Corporation | - | - | - |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Ideanomics Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Ideanomics inc | - | 0.01 |
| General Motors Company | 46.61 | 0.40 |
| Workhorse Group Inc | - | 1.43 |
| Nikola Corporation | - | 0.15 |
| PEERS AVERAGE | 88.03 | 0.40 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.