NASDAQ : EH

EHang Holdings Limited — Financial statements

Industrials · Aerospace & Defense · China

Last price 3.67 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 278.35M

Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports

Financial statements

EHang Holdings Limited (EH) reported revenue of 382.12M CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.

Income statement

Fiscal year January - December; amounts in CNY.

TTMFY2025FY2024FY2023FY2022FY2021
Revenue382.12M417.98M456.15M117.43M44.32M56.81M
Cost of Revenue147.20M160.83M176.21M42.12M15.10M20.78M
Gross Profit234.92M257.15M279.95M75.31M29.22M36.03M
Selling, General & Admin413.40M391.67M364.43M210.48M204.18M230.62M
Research & Development223.59M194.58M199.47M167.31M135.08M137.15M
Other Operating Expenses-15.65M-12.38M-29.87M-6.23M-6.09M-11.20M
Operating Expenses621.34M573.87M534.02M371.56M333.17M356.57M
Operating Income-386.42M-316.71M-254.07M-296.25M-303.95M-320.54M
Interest Expense-8.42M-5.98M-3.38M-14.95M-3.82M-1.80M
Interest & Investment Income54.25M58.59M30.60M8.48M4.67M5.14M
Earnings From Equity Investments-9.40M-5.25M-4.35M-1.56M196.00K-276.00K
Currency Exchange Gain (Loss)-6.00M1.17M-1.19M394.00K-1.49M-827.00K
Other Non Operating Income (Expenses)1.13M-12.65M2.75M1.75M-21.48M5.36M
EBT Excluding Unusual Items-354.85M-280.82M-229.65M-302.13M-325.88M-312.94M
Gain (Loss) on Sale of Assets-820.00K
Legal Settlements-3.38M
Pretax Income-354.85M-280.82M-229.65M-302.13M-329.25M-313.76M
Income Tax Expense-5.18M-4.41M386.00K206.00K79.00K134.00K
Earnings From Continuing Operations-349.68M-276.41M-230.03M-302.34M-329.33M-313.90M
Minority Interest in Earnings862.00K434.00K256.00K641.00K1.11M-63.00K
Net Income-348.81M-275.98M-229.78M-301.70M-328.22M-313.96M
Net Income to Common-348.81M-275.98M-229.78M-301.70M-328.22M-313.96M
Shares Outstanding (Basic)75.12M73.33M67.18M60.75M57.35M56.49M
Shares Outstanding (Diluted)75.12M73.33M67.18M60.75M57.35M56.49M
EPS (Basic)-4.64-3.76-3.42-4.97-5.72-5.56
EPS (Diluted)-4.64-3.76-3.42-4.97-5.72-5.56
Free Cash Flow-327.41M118.99M-96.24M-185.62M-137.27M
Free Cash Flow Per Share-4.461.77-1.58-3.24-2.43
Gross Margin61.48%61.52%61.37%64.13%65.93%63.42%
Operating Margin-101.13%-75.77%-55.70%-252.29%-685.85%-564.25%
Profit Margin-91.29%-66.03%-50.37%-256.93%-740.62%-552.68%
Free Cash Flow Margin-78.33%26.09%-81.96%-418.86%-241.65%
EBITDA-363.38M-296.79M-240.38M-283.02M-295.03M-312.76M
EBITDA Margin-95.10%-71.00%-52.70%-241.02%
D&A For EBITDA23.04M19.93M13.70M13.23M8.92M7.77M
EBIT-386.42M-316.71M-254.07M-296.25M-303.95M-320.54M
EBIT Margin-101.13%-75.77%-55.70%-252.29%
Revenue as Reported417.98M417.98M456.15M117.43M44.32M56.81M
Advertising Expenses3.38M3.65M2.92M2.94M2.11M

Balance sheet

Fiscal year January - December; amounts in CNY.

TTMFY2025FY2024FY2023FY2022FY2021
Cash & Equivalents209.20M256.40M610.88M228.25M249.31M246.86M
Short-Term Investments692.74M843.54M529.76M73.26M65.11M
Cash & Short-Term Investments901.94M1.10B1.14B301.51M249.31M311.97M
Accounts Receivable86.77M111.67M58.18M34.79M31.10M56.19M
Other Receivables2.23M1.36M
Receivables86.77M115.97M58.18M36.95M35.10M57.55M
Inventory132.23M134.36M95.73M61.66M79.27M86.36M
Prepaid Expenses24.72M6.73M6.70M11.16M1.67M
Restricted Cash160.00K
Other Current Assets152.90M108.53M55.73M46.23M12.32M19.44M
Total Current Assets1.27B1.48B1.36B453.05M387.15M477.15M
Property, Plant & Equipment398.61M374.52M188.66M119.15M120.54M33.82M
Long-Term Investments117.88M74.18M33.76M18.37M9.84M6.14M
Other Intangible Assets13.82M14.06M2.62M2.43M1.96M745.00K
Long-Term Deferred Tax Assets6.97M6.97M
Other Long-Term Assets35.51M38.29M2.44M1.44M1.39M2.37M
Total Assets1.85B1.99B1.58B598.64M530.87M535.43M
Accounts Payable124.24M132.51M127.45M35.10M35.46M45.56M
Accrued Expenses169.89M170.47M124.80M71.68M61.66M49.23M
Short-Term Debt292.52M229.61M64.25M69.80M107.63M10.00M
Current Portion of Long-Term Debt18.00M9.80M10.50M3.54M13.15M3.00M
Current Portion of Leases26.79M16.28M12.53M5.59M5.52M
Current Income Taxes Payable221.00K1.82M150.00K29.00K7.00K4.00K
Current Unearned Revenue60.01M62.34M65.27M41.87M22.81M16.03M
Other Current Liabilities92.97M65.40M22.47M36.10M12.62M
Total Current Liabilities691.67M715.80M470.34M250.07M282.34M136.45M
Long-Term Debt121.00M82.70M20.50M9.31M3.85M17.00M
Long-Term Leases119.75M114.25M125.72M75.31M69.91M
Long-Term Unearned Revenue1.49M2.93M2.17M
Long-Term Deferred Tax Liabilities292.00K292.00K292.00K292.00K292.00K292.00K
Other Long-Term Liabilities9.01M10.16M11.83M7.96M6.87M5.48M
Total Liabilities941.73M923.19M628.68M344.43M366.19M161.39M
Common Stock93.00K92.00K90.00K80.00K75.00K75.00K
Additional Paid-In Capital3.46B3.34B2.92B1.95B1.56B1.46B
Retained Earnings-2.51B-2.26B-1.98B-1.75B-1.45B-1.12B
Treasury Stock-13.74M-10.09M-10.09M
Comprehensive Income & Other-23.12M2.60M25.54M15.08M15.01M-5.89M
Total Common Equity906.43M1.07B955.64M213.79M124.26M332.60M
Minority Interest-1.54M-585.00K171.00K40.43M40.42M41.45M
Shareholders' Equity904.89M1.07B955.81M254.22M164.68M374.05M
Total Liabilities & Equity1.85B1.99B1.58B598.64M530.87M535.43M
Total Debt578.07M452.63M233.50M163.55M200.06M30.00M
Net Cash (Debt)323.87M647.30M907.15M137.97M49.24M281.97M
Net Cash Per Share4.318.8313.502.270.864.99
Filing Date Shares Outstanding75.95M75.85M71.93M63.29M58.17M56.93M
Total Common Shares Outstanding75.95M75.12M71.93M63.29M58.17M56.93M
Working Capital582.16M767.72M886.68M202.97M104.81M340.70M
Book Value Per Share11.9314.2313.293.382.145.84
Tangible Book Value892.61M1.05B953.03M211.37M122.30M331.86M
Tangible Book Value Per Share11.7514.0413.253.342.105.83
Buildings84.09M
Machinery129.28M48.66M42.88M37.24M28.70M
Construction In Progress12.53M16.98M1.52M1.89M1.72M
Leasehold Improvements86.65M30.24M35.02M32.63M30.25M

Cash flow statement

Fiscal year January - December; amounts in CNY.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income-275.98M-229.78M-301.70M-328.22M-313.96M
Depreciation & Amortization29.99M19.80M21.36M20.89M7.77M
Other Amortization12.02M1.67M
Loss (Gain) From Sale of Assets34.00K682.00K138.00K-103.00K820.00K
Asset Writedown & Restructuring Costs1.63M
Loss (Gain) on Equity Investments5.25M4.35M1.56M-196.00K276.00K
Stock-Based Compensation246.16M273.12M151.49M96.90M121.13M
Provision & Write-off of Bad Debts7.94M12.79M13.69M47.78M56.52M
Other Operating Activities-53.75M-11.10M-3.94M-2.18M2.16M
Change in Accounts Receivable-61.43M-30.09M-20.52M-10.07M42.14M
Change in Inventory-35.67M-21.59M7.82M-3.26M-38.61M
Change in Accounts Payable5.02M92.34M5.45M-10.10M-7.75M
Change in Unearned Revenue-2.94M21.93M17.38M7.54M6.56M
Change in Income Taxes1.67M121.00K22.00K3.00K4.00K
Change in Other Net Operating Assets-45.82M25.37M6.83M5.89M-323.00K
Operating Cash Flow-179.51M157.96M-88.41M-173.46M-121.63M
Capital Expenditures-147.90M-38.97M-7.83M-12.17M-15.64M
Sale of Property, Plant & Equipment188.00K
Cash Acquisitions-6.92M
Sale (Purchase) of Intangibles-12.48M-1.11M-1.25M-1.65M-51.00K
Investment in Securities-345.12M-446.89M-80.95M70.03M-17.70M
Other Investing Activities-1.64M4.46M-33.44M
Investing Cash Flow-507.14M-482.51M-128.69M56.40M-33.40M
Short-Term Debt Issued249.14M154.25M69.09M119.66M10.00M
Long-Term Debt Issued75.00M25.00M10.00M20.00M
Total Debt Issued324.14M179.25M79.09M119.66M30.00M
Short-Term Debt Repaid-83.76M-159.09M-119.66M-10.00M-15.00M
Long-Term Debt Repaid-13.50M-6.85M-14.15M-3.00M-5.00M
Total Debt Repaid-97.26M-165.94M-133.81M-13.00M-20.00M
Net Debt Issued (Repaid)226.88M13.31M-54.72M106.66M10.00M
Issuance of Common Stock166.81M698.13M250.20M256.95M
Repurchase of Common Stock-10.09M
Other Financing Activities-56.26M85.00K
Financing Cash Flow337.43M701.36M195.48M106.74M266.95M
Foreign Exchange Rate Adjustments-5.26M5.82M562.00K12.61M-5.07M
Net Cash Flow-354.48M382.63M-21.06M2.29M106.85M
Free Cash Flow-327.41M118.99M-96.24M-185.62M-137.27M
Free Cash Flow Margin-78.33%26.09%-81.96%-418.86%-241.65%
Free Cash Flow Per Share-4.461.77-1.58-3.24-2.43
Levered Free Cash Flow-176.06M239.02M-17.30M-26.79M-5.68M
Unlevered Free Cash Flow-172.33M241.13M-19.98M-26.07M-4.56M
Cash Interest Paid6.66M3.40M2.18M1.50M1.18M
Cash Income Tax Paid879.00K101.00K184.00K79.00K342.00K
Change in Working Capital-139.15M88.08M16.97M-10.01M2.02M

Ratios

Fiscal year January - December; amounts in CNY.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization272.28M948.00M996.43M977.23M488.46M827.00M
Enterprise Value224.61M859.61M892.96M965.76M484.45M782.55M
Last Close Price3.5913.1815.7416.808.5814.92
Forward PE203.6291.5960.7760.7760.77
PS Ratio4.8415.8615.9459.0176.0292.48
PB Ratio2.046.217.6127.2620.4614.04
P/TBV Ratio2.076.297.6332.7827.5515.83
P/FCF Ratio61.12
P/OCF Ratio46.04
EV/Sales Ratio3.9914.3814.2958.3275.4087.51
EV/FCF Ratio54.77
Debt / Equity Ratio0.640.420.240.641.220.08
Debt / FCF Ratio1.96
Net Debt / Equity Ratio-0.36-0.61-0.95-0.54-0.30-0.75
Net Debt / EBITDA Ratio0.892.183.770.490.170.90
Net Debt / FCF Ratio1.98-7.621.430.272.05
Asset Turnover0.210.230.420.210.080.11
Inventory Turnover1.231.402.240.600.180.31
Quick Ratio1.431.702.551.340.992.71
Current Ratio1.842.072.881.811.373.50
Return on Equity (ROE)-36.53%-27.31%-38.02%-144.35%-122.26%-90.75%
Return on Assets (ROA)-13.33%-11.07%-14.55%-32.78%-35.63%-39.28%
Return on Capital Employed (ROCE)-33.50%-24.80%-22.80%-85.00%-122.30%-80.30%
Earnings Yield-19.04%-4.16%-3.16%-4.35%-9.74%-5.98%
FCF Yield-18.06%-4.94%1.64%-1.39%-5.51%-2.61%
Buyback Yield / Dilution-5.82%-9.15%-10.60%-5.93%-1.51%-3.12%