EHNasdaqAircraft Parts & Auxiliary Equipment, NECFiscal year ends December 31
EHang Holdings Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on May 15, 2026
$3.55−0.06 (-1.66%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
61.5%+2.6 pts over 5 years
Operating margin
-75.8%−25.1 pts over 5 years
Net margin
-66.0%−17.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -8.4% | +111.3% | +18.3% | – | |
| Gross profit | -8.1% | +106.5% | +19.4% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -29.8% | -27.3% | |
| Return on assets | – | -18.8% | -15.4% | |
| Current ratio | – | 2.69 | 2.07 | |
| Debt to equity | – | – | 0.08 | |
| Net debt to EBITDA | – | – | – | |
| Interest coverage | – | -39.1× | -53.0× | |
| Inventory turnover | – | 2.3× | 1.8× | |
| Capex to revenue | – | 4.9% | 35.4% | |
| Diluted shares | – | 0M | 0M |
Where the cash went
Fiscal 2021 to 2025, five years combined
EHang generated CN¥720.96M from operations and spent CN¥222.51M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
CN¥720.96M
Used
CN¥222.51M
Capital expenditureCN¥222.51M100%DividendsCN¥00%Share buybacksCN¥00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-66.0%
×Asset turnover0.23×
×Equity multiplier1.77×
=Return on equity, FY2025-27.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -66.0% | 0.23× | 1.77× | -27.3% |
| FY2024 | -50.4% | 0.42× | 1.87× | -39.3% |
| FY2023 | -256.9% | 0.21× | 3.34× | -178.5% |
| FY2022 | -740.6% | 0.08× | 2.33× | -143.7% |
| FY2021 | -552.7% | 0.11× | 1.68× | -103.1% |
| FY2020 | -48.7% | 0.39× | 1.59× | -29.8% |
| FY2019 | -39.9% | 0.42× | -2.45× | 41.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-CN¥275.98M
- Cash generatingOperating cash flow above zero-CN¥179.51M
- Return on assets improvedROA up on the prior year-38.4% → -17.4%
- Earnings backed by cashOperating cash flow above net income-CN¥179.51M vs -CN¥275.98M
- Less leverageLong-term debt to assets fell1.3% → 4.2%
- Better liquidityCurrent ratio rose2.89 → 2.07
- No dilutionShare count did not rise0M → 0M
- Gross margin improvedGross margin up on the prior year61.37% → 61.52%
- More efficientAsset turnover rose0.76 → 0.26