EH Nasdaq Aircraft Parts & Auxiliary Equipment, Nec Financials FY2017βFY2025
EHang Holdings Ltd had $58.2M of revenue in fiscal 2025, down 8.3% on the year before. Over five years, revenue changed +17.4% a year on average.
Hi! I read EHang Holdings Ltdβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β8.3%
No. Sales fell 8.3% last year.
Does it make a profit?
β66.0%
No. It lost money last year.
Does profit turn into cash?
β78.3%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 9
Weak. It passes 3 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days EHang Holdings Ltd did it, and the next one. Share prices often move a lot on those days.
Next results
November 25, 2026
Wednesday Β· in 31 days
No past results dates on file yet.
KIRA Β· EHang Holdings Ltd had $58.2M of revenue in fiscal 2025, down 8.3% on the year before. Over five years, revenue changed +17.4% a year on average. Its operating margin was β75.8%, down 20.1Β pts: of every 100 in sales, about β76 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
KIRA Β· EHang Holdings Ltd lost $38.4M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$45.6M in fiscal 2025, β78.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· EHang Holdings Ltd has $144M more cash than debt.
Cash, debt and the ratios that show how comfortably EHang Holdings Ltd can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
| 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 | β177.8x | β141.7x | β101.1x | β75.3x | β53.0x |
| 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 (β = net cash) | β$46.0M | β$33.7M | β$38.4M | β$150M | β$144M |
KIRA Β· Its return on capital was β394.4%: every 100 invested in the business earned about β394 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
KIRA Β· EHang Holdings Ltd passes 3 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 4 / 8 | 3 / 9 | 4 / 9 | 3 / 9 | 5 / 9 | 6 / 9 | 3 / 9 |
| Accruals ratio | β | β30.1% | 2.4% | 13.4% | β37.7% | β28.5% | β37.4% | β35.8% | β5.4% |
| Altman Z'' | β | β27.85 | 1.38 | β1.63 | β4.89 | β11.23 | β10.08 | 0.09 | β1.00 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β$18.6M | β$11.2M | β$6.7M | β$13.2M | β$49.7M | β$45.1M | β$41.8M | β$35.3M | β$44.1M |
| Interest expense | β | $0.1M | $0.1M | $0.3M | $0.3M | $0.3M | $0.4M | $0.5M | $0.8M |
| Pretax income | β$12.0M | β$12.1M | β$6.8M | β$13.3M | β$48.6M | β$48.9M | $42.7M | $31.9M | β$38.3M |
| Income tax | $0.8M | $0.0M | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M | $0.1M | β$0.6M |
| Net income | β$12.9M | β$12.0M | β$7.0M | β$12.7M | β$48.7M | β$48.7M | β$42.6M | β$31.9M | β$38.4M |
| Net income to common | β$14.1M | β$12.0M | β$11.0M | β$12.7M | β$48.7M | β | β | β | β |
| Diluted EPS | β$0.49 | β$0.42 | β$0.36 | β$0.23 | β$0.86 | β$0.85 | β$0.70 | β$0.48 | β$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 | β$5.7M | β$6.5M | β$8.0M | β$22.0M | β$18.9M | β$25.8M | β$12.5M | $21.9M | β$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 | β$7.4M | β$7.2M | β$8.4M | β$23.2M | β$21.3M | β$27.6M | β$13.6M | $16.5M | β$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 | β | β | $4.7M | $4.6M | $3.1M | $2.5M | $1.8M | $4.2M | $13.2M |
| Current assets | β | $14.8M | $61.6M | $64.9M | $75.1M | $56.1M | $63.8M | $186M | $212M |
| Current liabilities | β | $8.3M | $13.7M | $24.2M | $21.5M | $40.9M | $35.2M | $64.4M | $102M |
| Inventory | β | $0.6M | $2.7M | $7.2M | $12.3M | $10.5M | $8.4M | $10.4M | $14.5M |
| Property and equipment, net | β | $2.8M | $2.3M | $3.2M | $5.3M | $6.8M | $6.3M | $8.3M | $36.9M |
| Intangible assets | β | $0.1M | $0.2M | $0.2M | $0.1M | $0.3M | $0.3M | $0.4M | $0.4M |
| Total assets | β | $18.1M | $64.6M | $74.1M | $84.3M | $77.0M | $84.3M | $217M | $284M |
| Total liabilities | β | $9.1M | $19.3M | $31.6M | $31.7M | $58.9M | $54.1M | $86.1M | $132M |
| Shareholders' equity | β$75.3M | β$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 | β397.3% | β111.8% | β38.0% | β50.7% | β564.3% | β685.9% | β252.3% | β55.7% | β75.8% |
| EBITDA margin | β383.3% | β103.4% | β33.4% | β47.3% | β550.6% | β666.7% | β241.7% | β52.9% | β71.2% |
| Net margin | β275.9% | β119.0% | β39.9% | β48.7% | β552.7% | β740.6% | β256.9% | β50.4% | β66.0% |
| FCF margin | β158.5% | β72.1% | β47.8% | β89.1% | β241.6% | β418.9% | β82.0% | 26.1% | β78.3% |
| Returns | |||||||||
| Return on capital | β | β | β249.7% | β57.3% | β613.8% | β | β | β | β394.4% |
| Return on capital employed | β | β113.9% | β13.2% | β26.5% | β79.1% | β125.3% | β85.3% | β23.1% | β24.2% |
| Return on equity | β | β | β | β29.2% | β102.9% | β138.5% | β177.1% | β39.7% | β27.1% |
| Return on assets | β | β66.0% | β17.0% | β18.3% | β61.5% | β60.5% | β52.8% | β21.2% | β15.3% |
| Return on tangible equity | β | β | β24.6% | β30.2% | β93.2% | β275.0% | β143.2% | β24.5% | β25.2% |
| Growth | |||||||||
| Revenue growth | β | 114.2% | 75.4% | 48.0% | β66.2% | β25.3% | 151.9% | 282.3% | β8.3% |
| FCF growth | β | β | β | β | β | β | β | β | β375.5% |
| Share count change | β | 0.0% | β99.9% | 79.1% | 3.1% | 1.6% | 5.9% | 10.5% | 9.2% |
| Financial health | |||||||||
| Debt / equity | β | β | 0.1x | 0.1x | 0.1x | 0.1x | 0.1x | 0.0x | 0.1x |
| Interest coverage | β | β131.9x | β55.4x | β39.1x | β177.8x | β141.7x | β101.1x | β75.3x | β53.0x |
| Current ratio | β | 1.8x | 4.5x | 2.7x | 3.5x | 1.4x | 1.8x | 2.9x | 2.1x |
| Quick ratio | β | 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 | β | β | 4.0 | 3.0 | 4.0 | 3.0 | 5.0 | 6.0 | 3.0 |
| Altman Z'' | β | β27.8 | 1.4 | β1.6 | β4.9 | β11.2 | β10.1 | 0.1 | β1.0 |
| Accruals ratio | β | β30.1% | 2.4% | 13.4% | β37.7% | β28.5% | β37.4% | β35.8% | β5.4% |
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 β not investment advice. Check the original filings before relying on any figure.
