EHang Holdings Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data EHang Holdings Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	17.5	27.6	8.91	6.43	16.5	62.5	59.8
Cost of revenue	7.27	11.3	3.26	2.19	5.93	24.1	23
Gross profit	10.2	16.3	5.65	4.24	10.6	38.4	36.8
Research and development	8.21	16.1	21.5	19.6	23.6	27.3	27.8
Selling and marketing	3.86	5.7	6.78	7.7	8.51	18	17.4
General and administrative	5.31	9.44	29.4	21.9	21.1	32	38.6
Operating expenses	17.4	31.3	57.7	49.2	53.2	77.3	83.8
Operating income	-6.66	-14	-50.3	-44.1	-41.7	-34.8	-45.3
Interest expense	0.12	0.36	0.28	0.55	0.41	0.46	0.86
Interest income	0.13	0.58	0.81	0.68	1.2	4.19	8.38
Other non-operating income	-0.12	-0.12	1.11	-3.7	-0.61	3.94	5.88
Pre-tax income	-6.79	-14.1	-49.2	-47.7	-42.6	-31.5	-39.4
Income tax	0.11	0.03	0.02	0.01	0.03	0.05	-0.63
Net income to minority interests	0.08	-0.68	0.01	-0.16	-0.09	-0.04	-0.06
Net income	-6.97	-13.4	-49.3	-47.6	-42.5	-31.5	-39.5
EBITDA	-5.84	-13	-49.1	-42.8	-40	-33.1	-42.6
EPS, basic			-0.44	-0.41	-0.35	-0.23	-0.27
EPS, diluted			-0.44	-0.41	-0.35	-0.23	-0.27
Shares, basic (weighted)	0.06	0.11	0.11	0.11	0.12	0.13	0.15
Shares, diluted (weighted)	0.06	0.11	0.11	0.11	0.12	0.13	0.15

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	46.2	21.1	38.7	36.1	32.1	83.7	36.7
Short-term investments	1.1	7.55	10.2	0	8.1	70.4	121
Receivables	5.91	25	8.82	2.94	4.9	7.97	16
Inventory	2.66	7.22	12.3	10.5	8.38	10.4	14.5
Other current assets	0.68	0.35	0.27	0.35	0.41	0.1	0.07
Total current assets	61.6	65.1	74.9	56.1	63.8	186	212
Property, plant and equipment	2.34	3.2	5.31	6.82	6.29	8.25	36.9
Lease right-of-use assets				10.7	10.5	17.6	16.7
Intangible assets	0.17	0.16	0.12	0.28	0.34	0.36	0.39
Long-term investments	0.43	0.45	0.96	1.43	2.59	4.63
Other non-current assets	0.04	3.11	0.37	0.2	0.2	0.33	5.48
Total assets	64.6	74.3	84	77	84.3	217	285
Accounts payable	3.92	8.15	7.15	5.14	4.94	17.5	18.9
Accrued liabilities	3.05	3.62	5.11	5.69	6.7	8.57	12.5
Deferred revenue	1.43	1.15	2.33	2.8	5.24	8.57	8.7
Short-term debt		4.6
Total current liabilities	13.7	24.2	21.4	40.9	35.2	64.4	102
Long-term debt	4.67		2.67	0.56	1.31	2.81	11.8
Lease liabilities				10.1	10.6	17.2	16.3
Other non-current liabilities				0.2	0.35	0.87	0.67
Total liabilities	19.3	31.7	31.6	58.9	54.1	86.1	132
Total debt	4.67	4.6	3.14	0.56	1.81	4.25	13.2
Paid-in capital	147	166	229	226	275	400	477
Retained earnings	-103	-124	-176	-210	-247	-272	-324
Treasury stock						-1.38	-1.44
Other comprehensive income	1.46	0.3	-0.92	2.18	2.12	3.5	0.37
Shareholders' equity	44.8	42.3	52.2	18	30.1	131	153
Minority interests	0.54	0.21	0.23	0.06	0.06	0.02	-0.08
Total equity	42.6	42.6	52.4	18.1	214	131	153
Total liabilities and equity	64.6	74.3	84	77	84.3	217	285

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-6.89	-14.1	-49.3	-47.7	-42.6	-31.5	-39.5
Depreciation and amortization	0.82	0.95	1.22	1.23	1.75	1.75	2.71
Stock-based compensation	2.12	8.41	19	14	21.3	37.4	35.2
Deferred income tax	-0.01	0.03					-1
Change in receivables	-5.61	-20.6	6.17	-1.46	-2.89	-4.29	-8.78
Change in inventory	-1.77	-4.49	-5.64	-0.47	1.1	-2.96	-5.1
Change in payables	1.49	4.08	-1.22	-1.47	0.77	12.7	0.72
Cash from operations	-7.98	-23.2	-19.1	-25.1	-12.5	21.6	-25.7
Capital expenditures	-0.39	-1.34	-2.46	-1.76	-1.1	-5.34	-21.2
Purchases of investments	-16.3	-17.7	-24.8	-11.1	-2	-17.8	0
Cash from investing	-1.58	-10.1	-5.24	8.18	-18.1	-66.1	-72.5
Debt issued	4.31
Debt repaid	-0.72	-0.31	-0.79
Stock issued		1.12	40.3		35.2	95.6	23.9
Cash from financing	46.7	6.54	41.9	15.5	27.5	96.1	48.3
Exchange rate effect	0.19	-0.96	-0.79
Net change in cash	37.4	-27.8	16.8	0.33	-2.97	52.4	-50.7
Free cash flow	-8.37	-24.6	-21.5	-26.9	-13.6	16.3	-46.8
Interest paid	0.04	0.05	0.19	0.22	0.31	0.47	0.95
Income taxes paid	0.02	0.01	0.05	0.01	0.03	0.01	0.13

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $4.51 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	61.5%	Gross profit / revenue.
Operating margin	-75.8%	Operating income / revenue.
EBITDA margin	-71.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-65.9%	Pre-tax income / revenue.
Net margin	-66.0%	Net income / revenue.
FCF margin	-78.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-42.9%	Cash from operations / revenue.
Return on equity (ROE)	-27.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-15.7%	Net income / average total assets.
Return on invested capital (ROIC)	-39.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	46.6%	Research and development expense / revenue.
Stock-based pay / revenue	58.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	35.4%	Capital expenditures / revenue.
D&A / revenue	4.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	110.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-4.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	105.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	17.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-218.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-387.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	16.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	104.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	29.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	31.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	54.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	30.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	9.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.07x	Current assets / current liabilities.
Quick ratio	1.69x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.54x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.09x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	4.6%	Total debt / total assets.
Liabilities / assets	46.4%	Total liabilities / total assets.
Net debt	-$144.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-53.0x	Operating income / interest expense.
Working capital	$109.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$152.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.24x	Revenue / average total assets.
Fixed asset turnover	2.65x	Revenue / average property, plant and equipment.
Inventory turnover	1.85x	Cost of revenue / average inventory.
Days inventory	198 days	365 x average inventory / cost of revenue.
Receivables turnover	4.99x	Revenue / average receivables.
Days sales outstanding	73 days	365 x average receivables / revenue.
Days payables	289 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-18 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.27	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.27	Net income per basic share, as reported (split-adjusted).
Revenue per share	$407.53	Revenue / diluted weighted shares.
FCF per share	-$319.22	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$175.01	Cash from operations / diluted weighted shares.
Book value per share	$1,042.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1,040.00	Tangible book value / shares outstanding.
Cash per share	$1,072.00	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$324.7M	Share price x shares outstanding.
Enterprise value	$180.6M	Market cap + total debt - cash - short-term investments.
P/S	5.43x	Market cap / revenue.
P/B	2.12x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.13x	Market cap / tangible book value, when positive.
EV/Sales	3.02x	Enterprise value / revenue.
FCF yield	-14.4%	Free cash flow / market cap.
Earnings yield	-12.2%	Net income / market cap (the inverse of P/E).

What was EHang Holdings Ltd's revenue in fiscal 2025?

EHang Holdings Ltd reported revenue of $59.8M for fiscal 2025, 4.4% lower than the year before.

Was EHang Holdings Ltd profitable in fiscal 2025?

No. It reported a net loss of $39.5M.

How much free cash flow did EHang Holdings Ltd generate in fiscal 2025?

Cash from operations of $25.7M minus capital expenditures of $21.2M left free cash flow of -$46.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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