Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Hesai Group 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
FY2022
FY2023
FY2024
FY2025
Revenue
174
264
285
433
Cost of revenue
106
171
163
252
Gross profit
68.4
93.2
121
181
Research and development
80.5
111
117
114
Selling and marketing
15.2
21
26.4
27.5
General and administrative
29.1
45.1
43.4
41.3
Operating expenses
123
174
149
157
Operating income
-54.8
-80.5
-28.1
24.1
Interest expense
0.43
1.76
2.71
Other non-operating income
-0.31
0.01
-0.34
26.4
Pre-tax income
-43.6
-66.9
-13.9
66.8
Income tax
-0.01
0.09
0.16
4.41
Net income
-43.6
-67
-14
62.3
EBITDA
-47.1
-68.4
-10
41.8
EPS, basic
-0.94
-0.54
-0.11
0.45
EPS, diluted
-0.94
-0.54
-0.11
0.43
Shares, basic (weighted)
116
125
129
139
Shares, diluted (weighted)
116
125
129
146
Balance sheet
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
132
219
389
238
Short-term investments
137
223
49.6
442
Receivables
70.3
73.9
105
180
Inventory
93.8
69.8
66.1
95.9
Other current assets
18.3
29.3
26.5
40.4
Total current assets
455
619
642
1,011
Property, plant and equipment
73.2
123
Lease right-of-use assets
6.43
21.4
15.7
15.6
Goodwill
0.55
0
Intangible assets
2.99
11.1
10.5
13.7
Long-term investments
4.62
4.48
4.36
398
Other non-current assets
8.28
12.7
13.7
9.63
Total assets
557
798
821
1,610
Accounts payable
30
38
47.3
84.7
Deferred revenue
5.85
11.3
4.52
3.01
Short-term debt
15.7
47.3
64.1
Total current liabilities
139
188
223
271
Long-term debt
40.3
36.9
39.9
Lease liabilities
1.47
16.8
13.5
12.2
Other non-current liabilities
1.9
8.42
8.38
6.14
Total liabilities
145
254
282
329
Total debt
2.68
40.3
36.9
39.9
Paid-in capital
1,046
1,038
1,705
Retained earnings
-411
-466
-467
-425
Other comprehensive income
-0.52
5.41
7.81
0.93
Shareholders' equity
-456
544
539
1,281
Total equity
-456
544
539
1,281
Total liabilities and equity
557
798
821
1,610
Cash flow statement
FY2022
FY2023
FY2024
FY2025
Net income
-43.6
-67
-14
62.3
Depreciation and amortization
7.78
12.2
18.1
17.7
Stock-based compensation
15.3
33
15.9
16.4
Change in receivables
-56.7
-12.8
-33.3
-75
Change in inventory
-44.3
20.6
3.66
-33.1
Change in payables
18.7
8.67
10.3
35.5
Cash from operations
-101
8.07
8.7
16.7
Capital expenditures
-33.5
-57.3
-35.6
-44.2
Acquisitions
-7.67
0
0
Purchases of investments
-810
-718
-349
-533
Cash from investing
162
-149
131
-794
Debt issued
2.68
37.3
16.5
18.3
Debt repaid
-2.76
0
Stock issued
173
0
608
Cash from financing
2.2
224
34.3
621
Net change in cash
63.6
82.7
174
-156
Free cash flow
-134
-49.2
-26.9
-27.5
Interest paid
0.43
1.1
2.72
Income taxes paid
-0.18
0.06
0.5
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $15.59 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
41.8%
Gross profit / revenue.
Operating margin
5.6%
Operating income / revenue.
EBITDA margin
9.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
15.4%
Pre-tax income / revenue.
Net margin
14.4%
Net income / revenue.
FCF margin
-6.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
3.9%
Cash from operations / revenue.
Effective tax rate
6.6%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
6.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
5.1%
Net income / average total assets.
Return on invested capital (ROIC)
3.6%
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
26.3%
Research and development expense / revenue.
Stock-based pay / revenue
3.8%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
10.2%
Capital expenditures / revenue.
D&A / revenue
4.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
52.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
35.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
49.3%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
38.3%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
92.3%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
137.8%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
96.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
42.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
13.4%
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
8.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.73x
Current assets / current liabilities.
Quick ratio
3.17x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.51x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.03x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
2.5%
Total debt / total assets.
Liabilities / assets
20.4%
Total liabilities / total assets.
Net debt
-$640.1M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
-15.3x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Days inventory + days sales outstanding - days payables.
FCF conversion
-44.1%
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
264.4%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.43
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
$0.45
Net income per basic share, as reported (split-adjusted).
Revenue per share
$2.96
Revenue / diluted weighted shares.
FCF per share
-$0.19
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.11
Cash from operations / diluted weighted shares.
Book value per share
$8.75
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
4.91x
Market cap / net income. Only when net income is positive.
P/S
0.71x
Market cap / revenue.
P/B
0.24x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.24x
Market cap / tangible book value, when positive.
P/OCF
18.3x
Market cap / cash from operations, when positive.
FCF yield
-9.0%
Free cash flow / market cap.
Earnings yield
20.4%
Net income / market cap (the inverse of P/E).
What was Hesai Group's revenue in fiscal 2025?
Hesai Group reported revenue of $432.9M for fiscal 2025, 52.1% higher than the year before.
Was Hesai Group profitable in fiscal 2025?
Yes. Net income was $62.3M, a net margin of 14.4%.
How much free cash flow did Hesai Group generate in fiscal 2025?
Cash from operations of $16.7M minus capital expenditures of $44.2M left free cash flow of -$27.5M.
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.