EHang Holdings Ltd
EH Nasdaq Aircraft Parts & Auxiliary Equipment, Nec Financials FY2017โFY2025
Revenue
Total sales reported in the income statement.
$58.2M
8.3%
vs prior year
Operating margin
Operating income as a share of revenue.
โ75.8%
20.1ย pts
Net income
Profit after all expenses, interest and tax.
โ$38.4M
Free cash flow
Cash from operations minus capital spending.
โ$45.6M
375.5%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ394.4%
Market cap
Last close times the latest diluted share count, so it is approximate.
โ
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
On โ$0.52 EPS (TTM)
What EHang Holdings Ltd does
No business description yet.
- Legal name
- EHang Holdings Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F ยท May 15, 2026
- Accession ยท CIK
- 0001193125-26-226608
0001759783
Revenue and margins
EHang Holdings Ltd had $58.2M of revenue in fiscal 2025, down 8.3% on the year before.
FY17
Revenue $4.7M
FY18
Revenue $10.0M
FY19
Revenue $17.6M
FY20
Revenue $26.1M
FY21
Revenue $8.8M
FY22
Revenue $6.6M
FY23
Revenue $16.6M
FY24
Revenue $63.4M
FY25
Revenue $58.2M
FY17
Gross 13.2%
Operating โ397.3%
Net โ275.9%
FCF โ158.5%
FY18
Gross 50.8%
Operating โ111.8%
Net โ119.0%
FCF โ72.1%
FY19
Gross 58.5%
Operating โ38.0%
Net โ39.9%
FCF โ47.8%
FY20
Gross 59.0%
Operating โ50.7%
Net โ48.7%
FCF โ89.1%
FY21
Gross 63.4%
Operating โ564.3%
Net โ552.7%
FCF โ241.6%
FY22
Gross 65.9%
Operating โ685.9%
Net โ740.6%
FCF โ418.9%
FY23
Gross 64.1%
Operating โ252.3%
Net โ256.9%
FCF โ82.0%
FY24
Gross 61.4%
Operating โ55.7%
Net โ50.4%
FCF 26.1%
FY25
Gross 61.5%
Operating โ75.8%
Net โ66.0%
FCF โ78.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income โ$12.9M
FY18
Net income โ$12.0M
FY19
Net income โ$7.0M
FY20
Net income โ$12.7M
FY21
Net income โ$48.7M
FY22
Net income โ$48.7M
FY23
Net income โ$42.6M
FY24
Net income โ$31.9M
FY25
Net income โ$38.4M
FY17
Diluted EPS โ$0.49
FY18
Diluted EPS โ$0.42
FY19
Diluted EPS โ$0.36
FY20
Diluted EPS โ$0.23
FY21
Diluted EPS โ$0.86
FY22
Diluted EPS โ$0.85
FY23
Diluted EPS โ$0.70
FY24
Diluted EPS โ$0.48
FY25
Diluted EPS โ$0.52
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital โ
Return on equity โ
Return on assets โ
FY18
Return on capital โ
Return on equity โ
Return on assets โ66.0%
FY19
Return on capital โ249.7%
Return on equity โ
Return on assets โ17.0%
FY20
Return on capital โ57.3%
Return on equity โ29.2%
Return on assets โ18.3%
FY21
Return on capital โ613.8%
Return on equity โ102.9%
Return on assets โ61.5%
FY22
Return on capital โ
Return on equity โ138.5%
Return on assets โ60.5%
FY23
Return on capital โ
Return on equity โ177.1%
Return on assets โ52.8%
FY24
Return on capital โ
Return on equity โ39.7%
Return on assets โ21.2%
FY25
Return on capital โ394.4%
Return on equity โ27.1%
Return on assets โ15.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ$45.6M in fiscal 2025, โ78.3% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow โ$7.4M
FY18
Free cash flow โ$7.2M
FY19
Free cash flow โ$8.4M
FY20
Free cash flow โ$23.2M
FY21
Free cash flow โ$21.3M
FY22
Free cash flow โ$27.6M
FY23
Free cash flow โ$13.6M
FY24
Free cash flow $16.5M
FY25
Free cash flow โ$45.6M
FY17
Cash from operations โ$5.7M
Capital spending $1.7M
FY18
Cash from operations โ$6.5M
Capital spending $0.7M
FY19
Cash from operations โ$8.0M
Capital spending $0.4M
FY20
Cash from operations โ$22.0M
Capital spending $1.3M
FY21
Cash from operations โ$18.9M
Capital spending $2.4M
FY22
Cash from operations โ$25.8M
Capital spending $1.8M
FY23
Cash from operations โ$12.5M
Capital spending $1.1M
FY24
Cash from operations $21.9M
Capital spending $5.4M
FY25
Cash from operations โ$25.0M
Capital spending $20.6M
Cash from operations
Capital spending
Dividends, buybacks and share count
EHang Holdings Ltd returned โ to shareholders in fiscal 2025. The diluted share count rose 9.2%.
FY17
Dividends โ
Buybacks โ
FY18
Dividends โ
Buybacks โ
FY19
Dividends โ
Buybacks โ
FY20
Dividends โ
Buybacks โ
FY21
Dividends โ
Buybacks โ
FY22
Dividends โ
Buybacks โ
FY23
Dividends โ
Buybacks โ
FY24
Dividends โ
Buybacks โ
FY25
Dividends โ
Buybacks โ
Dividends
Buybacks
FY17
Diluted shares 0.03B
FY18
Diluted shares 0.03B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.00B
FY22
Diluted shares 0.00B
FY23
Diluted shares 0.00B
FY24
Diluted shares 0.00B
FY25
Diluted shares 0.00B
Balance sheet
Cash, debt and the ratios that show how comfortably EHang Holdings Ltd can carry it.
FY17
Cash $9.4M
Debt โ
FY18
Cash $8.9M
Debt โ
FY19
Cash $47.3M
Debt $4.7M
FY20
Cash $28.6M
Debt $4.6M
FY21
Cash $49.1M
Debt $3.1M
FY22
Cash $36.1M
Debt $2.5M
FY23
Cash $40.2M
Debt $1.8M
FY24
Cash $154M
Debt $4.2M
FY25
Cash $157M
Debt $13.2M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $49.1M | $36.1M | $40.2M | $154M | $157M |
| Debt incl. finance leases | $3.1M | $2.5M | $1.8M | $4.2M | $13.2M |
| Debt / equity | 0.1x | 0.1x | 0.1x | 0.0x | 0.1x |
| Interest coverage | โ177.8x | โ141.7x | โ101.1x | โ75.3x | โ53.0x |
| Current ratio | 3.5x | 1.4x | 1.8x | 2.9x | 2.1x |
| Quick ratio | 2.9x | 1.1x | 1.6x | 2.7x | 1.9x |
| Total assets | $84.3M | $77.0M | $84.3M | $217M | $284M |
| Total liabilities | $31.7M | $58.9M | $54.1M | $86.1M | $132M |
| Shareholders' equity | $52.4M | $18.0M | $30.1M | $131M | $153M |
| Net debt (โ = net cash) | โ$46.0M | โ$33.7M | โ$38.4M | โ$150M | โ$144M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 5 | 4 / 8 | 3 / 9 | 4 / 9 | 3 / 9 | 5 / 9 | 6 / 9 | 3 / 9 |
| Accruals ratio | โ | โ30.1% | 2.4% | 13.4% | โ37.7% | โ28.5% | โ37.4% | โ35.8% | โ5.4% |
| Altman Z'' | โ | โ27.85 | 1.38 | โ1.63 | โ4.89 | โ11.23 | โ10.08 | 0.09 | โ1.00 |
9 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $4.7M | $10.0M | $17.6M | $26.1M | $8.8M | $6.6M | $16.6M | $63.4M | $58.2M |
| Gross profit | $0.6M | $5.1M | $10.3M | $15.4M | $5.6M | $4.3M | $10.6M | $38.9M | $35.8M |
| Research and development | $10.2M | $9.1M | $8.3M | $15.2M | $21.3M | $20.1M | $23.6M | $27.7M | $27.1M |
| Operating income | โ$18.6M | โ$11.2M | โ$6.7M | โ$13.2M | โ$49.7M | โ$45.1M | โ$41.8M | โ$35.3M | โ$44.1M |
| Interest expense | โ | $0.1M | $0.1M | $0.3M | $0.3M | $0.3M | $0.4M | $0.5M | $0.8M |
| Pretax income | โ$12.0M | โ$12.1M | โ$6.8M | โ$13.3M | โ$48.6M | โ$48.9M | $42.7M | $31.9M | โ$38.3M |
| Income tax | $0.8M | $0.0M | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M | $0.1M | โ$0.6M |
| Net income | โ$12.9M | โ$12.0M | โ$7.0M | โ$12.7M | โ$48.7M | โ$48.7M | โ$42.6M | โ$31.9M | โ$38.4M |
| Net income to common | โ$14.1M | โ$12.0M | โ$11.0M | โ$12.7M | โ$48.7M | โ | โ | โ | โ |
| Diluted EPS | โ$0.49 | โ$0.42 | โ$0.36 | โ$0.23 | โ$0.86 | โ$0.85 | โ$0.70 | โ$0.48 | โ$0.52 |
| Diluted shares | 0.03B | 0.03B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B |
| Cash flow | |||||||||
| Cash from operations | โ$5.7M | โ$6.5M | โ$8.0M | โ$22.0M | โ$18.9M | โ$25.8M | โ$12.5M | $21.9M | โ$25.0M |
| Capital expenditure | $1.7M | $0.7M | $0.4M | $1.3M | $2.4M | $1.8M | $1.1M | $5.4M | $20.6M |
| Free cash flow | โ$7.4M | โ$7.2M | โ$8.4M | โ$23.2M | โ$21.3M | โ$27.6M | โ$13.6M | $16.5M | โ$45.6M |
| Depreciation and amortization | $0.7M | $0.8M | $0.8M | $0.9M | $1.2M | $1.3M | $1.8M | $1.8M | $2.6M |
| Stock-based compensation | $4.8M | $3.4M | $2.1M | $7.9M | $18.8M | $14.4M | $21.4M | $38.0M | $34.2M |
| Balance sheet | |||||||||
| Cash and short-term investments | $9.4M | $8.9M | $47.3M | $28.6M | $49.1M | $36.1M | $40.2M | $154M | $157M |
| Total debt | โ | โ | $4.7M | $4.6M | $3.1M | $2.5M | $1.8M | $4.2M | $13.2M |
| Current assets | โ | $14.8M | $61.6M | $64.9M | $75.1M | $56.1M | $63.8M | $186M | $212M |
| Current liabilities | โ | $8.3M | $13.7M | $24.2M | $21.5M | $40.9M | $35.2M | $64.4M | $102M |
| Inventory | โ | $0.6M | $2.7M | $7.2M | $12.3M | $10.5M | $8.4M | $10.4M | $14.5M |
| Property and equipment, net | โ | $2.8M | $2.3M | $3.2M | $5.3M | $6.8M | $6.3M | $8.3M | $36.9M |
| Intangible assets | โ | $0.1M | $0.2M | $0.2M | $0.1M | $0.3M | $0.3M | $0.4M | $0.4M |
| Total assets | โ | $18.1M | $64.6M | $74.1M | $84.3M | $77.0M | $84.3M | $217M | $284M |
| Total liabilities | โ | $9.1M | $19.3M | $31.6M | $31.7M | $58.9M | $54.1M | $86.1M | $132M |
| Shareholders' equity | โ$75.3M | โ$79.3M | $44.8M | $42.3M | $52.4M | $18.0M | $30.1M | $131M | $153M |
| Margins | |||||||||
| Gross margin | 13.2% | 50.8% | 58.5% | 59.0% | 63.4% | 65.9% | 64.1% | 61.4% | 61.5% |
| Operating margin | โ397.3% | โ111.8% | โ38.0% | โ50.7% | โ564.3% | โ685.9% | โ252.3% | โ55.7% | โ75.8% |
| EBITDA margin | โ383.3% | โ103.4% | โ33.4% | โ47.3% | โ550.6% | โ666.7% | โ241.7% | โ52.9% | โ71.2% |
| Net margin | โ275.9% | โ119.0% | โ39.9% | โ48.7% | โ552.7% | โ740.6% | โ256.9% | โ50.4% | โ66.0% |
| FCF margin | โ158.5% | โ72.1% | โ47.8% | โ89.1% | โ241.6% | โ418.9% | โ82.0% | 26.1% | โ78.3% |
| Returns | |||||||||
| Return on capital | โ | โ | โ249.7% | โ57.3% | โ613.8% | โ | โ | โ | โ394.4% |
| Return on capital employed | โ | โ113.9% | โ13.2% | โ26.5% | โ79.1% | โ125.3% | โ85.3% | โ23.1% | โ24.2% |
| Return on equity | โ | โ | โ | โ29.2% | โ102.9% | โ138.5% | โ177.1% | โ39.7% | โ27.1% |
| Return on assets | โ | โ66.0% | โ17.0% | โ18.3% | โ61.5% | โ60.5% | โ52.8% | โ21.2% | โ15.3% |
| Return on tangible equity | โ | โ | โ24.6% | โ30.2% | โ93.2% | โ275.0% | โ143.2% | โ24.5% | โ25.2% |
| Growth | |||||||||
| Revenue growth | โ | 114.2% | 75.4% | 48.0% | โ66.2% | โ25.3% | 151.9% | 282.3% | โ8.3% |
| FCF growth | โ | โ | โ | โ | โ | โ | โ | โ | โ375.5% |
| Share count change | โ | 0.0% | โ99.9% | 79.1% | 3.1% | 1.6% | 5.9% | 10.5% | 9.2% |
| Financial health | |||||||||
| Debt / equity | โ | โ | 0.1x | 0.1x | 0.1x | 0.1x | 0.1x | 0.0x | 0.1x |
| Interest coverage | โ | โ131.9x | โ55.4x | โ39.1x | โ177.8x | โ141.7x | โ101.1x | โ75.3x | โ53.0x |
| Current ratio | โ | 1.8x | 4.5x | 2.7x | 3.5x | 1.4x | 1.8x | 2.9x | 2.1x |
| Quick ratio | โ | 1.7x | 4.3x | 2.4x | 2.9x | 1.1x | 1.6x | 2.7x | 1.9x |
| Capital allocation | |||||||||
| Capex / revenue | 37.3% | 7.4% | 2.2% | 4.9% | 27.5% | 27.5% | 6.7% | 8.5% | 35.4% |
| Stock comp / revenue | 101.5% | 33.5% | 12.1% | 30.5% | 213.2% | 218.6% | 129.0% | 59.9% | 58.9% |
| Quality scores | |||||||||
| Piotroski F-score | โ | โ | 4.0 | 3.0 | 4.0 | 3.0 | 5.0 | 6.0 | 3.0 |
| Altman Z'' | โ | โ27.8 | 1.4 | โ1.6 | โ4.9 | โ11.2 | โ10.1 | 0.1 | โ1.0 |
| Accruals ratio | โ | โ30.1% | 2.4% | 13.4% | โ37.7% | โ28.5% | โ37.4% | โ35.8% | โ5.4% |
Source: SEC EDGAR XBRL filings (CIK 0001759783). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. Per-share figures are per US-listed share (1 ADS = 2 ordinary shares). For information only โ not investment advice. Check the original filings before relying on any figure.