NASDAQ : HSAI
Hesai Group — Financial statements
Consumer Discretionary · Auto Parts · China
Last price 12.97 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.03B
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Financial statements
Hesai Group (HSAI) reported revenue of 3.34B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.34B | 3.03B | 2.08B | 1.88B | 1.20B | 720.77M |
| Cost of Revenue | 1.98B | 1.76B | 1.19B | 1.22B | 730.68M | 338.97M |
| Gross Profit | 1.36B | 1.27B | 884.59M | 661.38M | 471.99M | 381.80M |
| Selling, General & Admin | 480.97M | 480.82M | 509.94M | 468.94M | 305.84M | 305.98M |
| Research & Development | 850.26M | 796.94M | 855.64M | 790.55M | 555.18M | 368.44M |
| Other Operating Expenses | 43.12M | 9.27M | -72.77M | 30.93M | -10.82M | -27.33M |
| Operating Expenses | 1.37B | 1.29B | 1.29B | 1.29B | 850.20M | 647.08M |
| Operating Income | -17.70M | -21.93M | -408.23M | -629.04M | -378.22M | -265.29M |
| Interest Expense | -17.30M | -18.92M | -12.83M | -3.07M | ||
| Interest & Investment Income | 241.09M | 130.24M | 104.40M | 99.81M | 58.73M | 32.58M |
| Earnings From Equity Investments | -51.00K | -74.00K | -13.00K | -45.00K | -45.00K | -84.00K |
| Currency Exchange Gain (Loss) | -53.18M | 2.16M | 14.58M | -452.00K | 20.86M | -13.28M |
| Other Non Operating Income (Expenses) | 185.48M | 184.57M | -2.48M | 34.00K | -2.16M | 118.00K |
| EBT Excluding Unusual Items | 338.34M | 276.03M | -304.56M | -532.76M | -300.83M | -245.94M |
| Gain (Loss) on Sale of Investments | 175.56M | 175.56M | ||||
| Gain (Loss) on Sale of Assets | 36.97M | 36.97M | 12.24M | |||
| Asset Writedown | -21.84M | -21.84M | ||||
| Legal Settlements | 45.21M | |||||
| Other Unusual Items | 203.32M | |||||
| Pretax Income | 529.02M | 466.71M | -101.25M | -475.31M | -300.83M | -245.94M |
| Income Tax Expense | 30.81M | 30.84M | 1.13M | 658.00K | -66.00K | -1.11M |
| Net Income | 498.21M | 435.88M | -102.38M | -475.97M | -300.76M | -244.83M |
| Preferred Dividends & Other Adjustments | 446.42M | 2.21B | ||||
| Net Income to Common | 498.21M | 435.88M | -102.38M | -475.97M | -747.18M | -2.46B |
| Shares Outstanding (Basic) | 151.37M | 139.15M | 129.19M | 124.78M | 115.53M | 104.99M |
| Shares Outstanding (Diluted) | 158.45M | 146.44M | 129.19M | 124.78M | 115.53M | 104.99M |
| EPS (Basic) | 3.29 | 3.13 | -0.79 | -3.81 | -6.47 | -23.39 |
| EPS (Diluted) | 3.19 | 2.98 | -0.79 | -3.81 | -6.47 | -23.39 |
| Free Cash Flow | -55.92M | -192.38M | -196.04M | -349.49M | -927.23M | -448.48M |
| Free Cash Flow Per Share | -0.35 | -1.31 | -1.52 | -2.80 | -8.03 | -4.27 |
| Gross Margin | 40.65% | 41.79% | 42.59% | 35.24% | 39.25% | 52.97% |
| Operating Margin | -0.53% | -0.72% | -19.65% | -33.51% | -31.45% | -36.81% |
| Profit Margin | 14.93% | 14.40% | -4.93% | -25.36% | -62.13% | -340.77% |
| Free Cash Flow Margin | -1.68% | -6.35% | -9.44% | -18.62% | -77.10% | -62.22% |
| EBITDA | 90.50M | 101.86M | -276.42M | -542.77M | -324.58M | -237.05M |
| EBITDA Margin | 2.71% | 3.36% | -13.31% | -28.92% | -26.99% | -32.89% |
| D&A For EBITDA | 108.21M | 123.79M | 131.81M | 86.27M | 53.63M | 28.23M |
| EBIT | -17.70M | -21.93M | -408.23M | -629.04M | -378.22M | -265.29M |
| EBIT Margin | -0.53% | -0.72% | -19.65% | -33.51% | -31.45% | -36.81% |
| Effective Tax Rate | 5.83% | 6.61% |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.51B | 1.66B | 2.84B | 1.55B | 913.28M | 449.35M |
| Short-Term Investments | 5.14B | 3.10B | 373.23M | 1.61B | 957.86M | 2.35B |
| Cash & Short-Term Investments | 6.65B | 4.77B | 3.21B | 3.16B | 1.87B | 2.80B |
| Accounts Receivable | 1.18B | 1.36B | 797.28M | 544.51M | 497.64M | 232.36M |
| Other Receivables | 50.25M | 80.34M | 33.51M | 26.90M | 11.77M | 12.90M |
| Receivables | 1.23B | 1.44B | 830.78M | 571.41M | 509.41M | 245.26M |
| Inventory | 868.50M | 670.45M | 482.14M | 495.88M | 646.85M | 376.24M |
| Prepaid Expenses | 11.44M | 23.08M | 16.37M | 10.11M | 9.12M | |
| Restricted Cash | 13.44M | 4.01M | 3.59M | 3.54M | ||
| Other Current Assets | 369.96M | 180.66M | 130.87M | 147.78M | 97.60M | 61.70M |
| Total Current Assets | 9.14B | 7.07B | 4.68B | 4.40B | 3.14B | 3.49B |
| Property, Plant & Equipment | 1.22B | 1.21B | 1.06B | 1.02B | 549.30M | 321.63M |
| Long-Term Investments | 452.30M | 2.78B | 31.80M | 31.81M | 31.86M | 1.90M |
| Goodwill | 3.82M | 3.50M | ||||
| Other Intangible Assets | 129.19M | 134.52M | 116.43M | 119.47M | 62.21M | 62.02M |
| Other Long-Term Assets | 64.27M | 67.32M | 100.25M | 90.17M | 57.10M | 69.96M |
| Total Assets | 11.00B | 11.26B | 5.99B | 5.66B | 3.84B | 3.95B |
| Accounts Payable | 750.65M | 742.76M | 355.11M | 276.69M | 206.68M | 77.27M |
| Accrued Expenses | 418.54M | 431.02M | 373.37M | 280.02M | 214.38M | 250.83M |
| Short-Term Debt | 395.49M | 331.78M | 228.80M | 109.90M | ||
| Current Portion of Long-Term Debt | 116.46M | 116.45M | 1.78M | |||
| Current Portion of Leases | 36.76M | 16.10M | 34.99M | 34.98M | ||
| Current Income Taxes Payable | 27.52M | 27.16M | ||||
| Current Unearned Revenue | 25.01M | 21.02M | 32.99M | 79.92M | 40.38M | 122.60M |
| Other Current Liabilities | 85.33M | 188.38M | 506.12M | 551.79M | 459.12M | 441.46M |
| Total Current Liabilities | 1.70B | 1.90B | 1.63B | 1.34B | 955.54M | 892.16M |
| Long-Term Debt | 242.01M | 278.73M | 269.44M | 285.90M | 18.47M | |
| Long-Term Leases | 68.19M | 85.56M | 98.37M | 119.41M | 10.14M | |
| Long-Term Deferred Tax Liabilities | 439.00K | 466.00K | ||||
| Other Long-Term Liabilities | 40.75M | 42.91M | 61.13M | 59.81M | 6.00B | 5.55B |
| Total Liabilities | 2.05B | 2.30B | 2.06B | 1.80B | 6.98B | 6.44B |
| Common Stock | 107.00K | 107.00K | 89.00K | 86.00K | 39.00K | 39.00K |
| Additional Paid-In Capital | 11.99B | 11.93B | 7.58B | 7.42B | ||
| Retained Earnings | -2.88B | -2.97B | -3.41B | -3.31B | -2.83B | -2.19B |
| Comprehensive Income & Other | -156.57M | 6.53M | -235.75M | -254.28M | -313.83M | -301.76M |
| Total Common Equity | 8.95B | 8.96B | 3.93B | 3.86B | -3.15B | -2.49B |
| Shareholders' Equity | 8.95B | 8.96B | 3.93B | 3.86B | -3.15B | -2.49B |
| Total Liabilities & Equity | 11.00B | 11.26B | 5.99B | 5.66B | 3.84B | 3.95B |
| Total Debt | 705.68M | 849.28M | 729.16M | 551.99M | 63.59M | |
| Net Cash (Debt) | 5.94B | 3.92B | 2.48B | 2.61B | 1.81B | 2.80B |
| Net Cash Per Share | 37.52 | 26.74 | 19.22 | 20.92 | 15.65 | 26.68 |
| Filing Date Shares Outstanding | 156.55M | 156.44M | 132.47M | 127.48M | 125.53M | 115.53M |
| Total Common Shares Outstanding | 156.55M | 156.15M | 131.16M | 127.03M | 115.53M | 60.98M |
| Working Capital | 7.43B | 5.17B | 3.05B | 3.06B | 2.18B | 2.60B |
| Book Value Per Share | 57.17 | 57.37 | 29.98 | 30.41 | -27.22 | -40.84 |
| Tangible Book Value | 8.82B | 8.82B | 3.82B | 3.74B | -3.21B | -2.56B |
| Tangible Book Value Per Share | 56.35 | 56.51 | 29.09 | 29.46 | -27.79 | -41.92 |
| Land | 42.44M | 39.31M | 39.31M | |||
| Buildings | 342.71M | 342.67M | ||||
| Machinery | 908.85M | 689.58M | 384.70M | 260.54M | 94.08M | |
| Construction In Progress | 77.44M | 65.40M | 534.40M | 264.75M | 218.46M | |
| Leasehold Improvements | 112.87M | 81.43M | 67.68M | 63.99M | 48.90M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 498.21M | 435.88M | -102.38M | -475.97M | -300.76M | -244.83M |
| Depreciation & Amortization | 123.79M | 123.79M | 131.81M | 86.27M | 53.63M | 28.23M |
| Loss (Gain) From Sale of Assets | -30.38M | -30.38M | 1.89M | -6.13M | 369.00K | 169.00K |
| Asset Writedown & Restructuring Costs | 21.84M | 21.84M | ||||
| Loss (Gain) From Sale of Investments | -173.84M | -173.84M | 4.88M | -7.72M | ||
| Loss (Gain) on Equity Investments | 74.00K | 74.00K | 13.00K | 45.00K | 45.00K | 84.00K |
| Stock-Based Compensation | 114.65M | 114.65M | 116.06M | 234.62M | 105.22M | 54.28M |
| Provision & Write-off of Bad Debts | 34.89M | 34.89M | 15.62M | 43.00M | -1.81M | 2.56M |
| Other Operating Activities | 166.46M | 65.91M | 36.81M | 28.54M | 63.82M | 27.55M |
| Change in Accounts Receivable | -524.78M | -524.78M | -243.34M | -97.84M | -256.62M | -140.43M |
| Change in Inventory | -231.53M | -231.53M | 26.70M | 145.98M | -305.55M | -237.75M |
| Change in Accounts Payable | 248.56M | 248.56M | 75.01M | 61.53M | 128.86M | 21.83M |
| Change in Unearned Revenue | -11.97M | -11.97M | -46.94M | 39.55M | -91.74M | 113.27M |
| Change in Income Taxes | -9.00K | |||||
| Change in Other Net Operating Assets | 43.88M | 43.88M | 52.25M | -2.30M | -96.34M | 154.50M |
| Operating Cash Flow | 279.86M | 116.99M | 63.50M | 57.26M | -696.01M | -228.39M |
| Capital Expenditures | -335.78M | -309.37M | -259.54M | -406.75M | -231.21M | -220.10M |
| Sale of Property, Plant & Equipment | 4.22M | 4.22M | 22.00K | |||
| Cash Acquisitions | -54.45M | |||||
| Divestitures | 14.41M | |||||
| Sale (Purchase) of Intangibles | 14.74M | 4.14M | -11.82M | -7.92M | -9.18M | -61.51M |
| Investment in Securities | -5.17B | -5.25B | 1.23B | -621.57M | 1.36B | -1.70B |
| Other Investing Activities | 15.89M | -1.96M | ||||
| Investing Cash Flow | -5.49B | -5.55B | 955.88M | -1.06B | 1.12B | -1.98B |
| Short-Term Debt Issued | 331.78M | 234.10M | 111.68M | 1.95B | ||
| Long-Term Debt Issued | 127.73M | 120.28M | 264.91M | 18.47M | ||
| Total Debt Issued | 514.81M | 459.51M | 354.38M | 376.59M | 18.47M | 1.95B |
| Short-Term Debt Repaid | -347.24M | -117.68M | ||||
| Long-Term Debt Repaid | -20.16M | |||||
| Total Debt Repaid | -628.98M | -347.24M | -137.84M | |||
| Net Debt Issued (Repaid) | -114.17M | 112.27M | 216.54M | 376.59M | 18.47M | 1.95B |
| Issuance of Common Stock | 4.26B | 4.28B | 34.14M | 1.23B | 453.98M | |
| Other Financing Activities | -31.45M | -43.69M | -14.58M | -3.30M | -590.00K | |
| Financing Cash Flow | 4.12B | 4.35B | 250.68M | 1.59B | 15.18M | 2.40B |
| Foreign Exchange Rate Adjustments | -127.07M | -84.15M | 14.38M | 57.62M | 25.12M | -2.44M |
| Net Cash Flow | -1.21B | -1.18B | 1.28B | 644.85M | 463.93M | 192.66M |
| Free Cash Flow | -55.92M | -192.38M | -196.04M | -349.49M | -927.23M | -448.48M |
| Free Cash Flow Margin | -1.68% | -6.35% | -9.44% | -18.62% | -77.10% | -62.22% |
| Free Cash Flow Per Share | -0.35 | -1.31 | -1.52 | -2.80 | -8.03 | -4.27 |
| Levered Free Cash Flow | -328.20M | -782.93M | -442.97M | -192.00M | -861.17M | -818.12K |
| Unlevered Free Cash Flow | -317.39M | -771.10M | -434.95M | -190.08M | -861.17M | -818.12K |
| Cash Interest Paid | 19.01M | 19.01M | 8.05M | 3.07M | ||
| Cash Income Tax Paid | 3.51M | 3.51M | 425.00K | -1.23M | 213.00K | |
| Change in Working Capital | -475.83M | -475.83M | -136.32M | 146.88M | -621.41M | -88.72M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.99B | 3.50B | 1.76B | 1.12B | ||
| Enterprise Value | 1.12B | 2.58B | 1.49B | 727.84M | ||
| Last Close Price | 12.18 | 22.40 | 13.82 | 8.91 | ||
| PE Ratio | 27.12 | 56.12 | ||||
| Forward PE | 18.39 | 34.44 | 146.15 | 297.72 | ||
| PS Ratio | 3.88 | 8.08 | 6.19 | 4.23 | ||
| PB Ratio | 1.45 | 2.73 | 3.27 | 2.05 | ||
| P/TBV Ratio | 1.47 | 2.77 | 3.37 | 2.12 | ||
| P/OCF Ratio | 45.29 | 209.11 | 202.50 | 138.51 | ||
| EV/Sales Ratio | 2.10 | 5.96 | 5.24 | 2.75 | ||
| EV/EBITDA Ratio | 77.33 | 177.19 | ||||
| Debt / Equity Ratio | 0.08 | 0.10 | 0.18 | 0.14 | -0.02 | |
| Debt / EBITDA Ratio | 5.77 | 6.53 | ||||
| Net Debt / Equity Ratio | -0.66 | -0.44 | -0.63 | -0.68 | 0.57 | 1.12 |
| Net Debt / EBITDA Ratio | -65.68 | -38.45 | 8.98 | 4.81 | 5.57 | 11.82 |
| Net Debt / FCF Ratio | 106.29 | 20.36 | 12.67 | 7.47 | 1.95 | 6.25 |
| Asset Turnover | 0.39 | 0.35 | 0.36 | 0.40 | 0.31 | 0.27 |
| Inventory Turnover | 2.70 | 3.06 | 2.44 | 2.13 | 1.43 | 1.29 |
| Quick Ratio | 4.63 | 3.27 | 2.48 | 2.80 | 2.49 | 3.42 |
| Current Ratio | 5.37 | 3.73 | 2.88 | 3.29 | 3.28 | 3.92 |
| Return on Equity (ROE) | 7.49% | 6.76% | -2.63% | -132.74% | ||
| Return on Assets (ROA) | -0.13% | -0.16% | -4.38% | -8.28% | -6.07% | -6.30% |
| Return on Invested Capital (ROIC) | -0.47% | -0.63% | -30.23% | -30.42% | -12.73% | -16.10% |
| Return on Capital Employed (ROCE) | -0.20% | -0.20% | -9.40% | -14.50% | -13.10% | -8.70% |
| Earnings Yield | 3.69% | 1.78% | -0.80% | -6.00% | ||
| FCF Yield | -0.44% | -0.79% | -1.52% | -4.41% | ||
| Buyback Yield / Dilution | -17.75% | -13.35% | -3.53% | -8.00% | -10.05% | -16.79% |