HSAINasdaqGeneral Industrial Machinery & Equipment, NECFiscal year ends December 31Also trades as HSIGF
Hesai Group
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 24, 2026
$12.92+0.50 (+4.03%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
41.8%−15.7 pts over 5 years
Operating margin
5.6%+30.1 pts over 5 years
Net margin
14.4%+40.2 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 | +45.8% | +36.0% | +48.8% | – | |
| Gross profit | +43.0% | +38.9% | +39.6% | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -22.2% | 6.8% | |
| Return on assets | – | – | 5.1% | |
| Current ratio | – | – | 3.73 | |
| Debt to equity | – | – | 0.08 | |
| Net debt to EBITDA | – | – | -3.20× | |
| Interest coverage | – | – | 8.9× | |
| Inventory turnover | – | – | 3.1× | |
| Capex to revenue | – | 15.9% | 10.2% | |
| Diluted shares | – | 90M | 146M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Hesai generated CN¥1.16B from operations and spent CN¥1.43B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
CN¥1.16B
Used
CN¥1.43B
Capital expenditureCN¥1.43B100%DividendsCN¥00%Share buybacksCN¥00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin14.4%
×Asset turnover0.35×
×Equity multiplier1.34×
=Return on equity, FY20256.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 14.4% | 0.35× | 1.34× | 6.8% |
| FY2024 | -4.9% | 0.36× | 1.50× | -2.6% |
| FY2023 | -25.4% | 0.40× | 13.25× | -132.7% |
| FY2022 | -25.0% | 0.31× | -1.38× | 10.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zeroCN¥435.88M
- Cash generatingOperating cash flow above zeroCN¥116.99M
- Return on assets improvedROA up on the prior year-1.8% → 7.3%
- Earnings backed by cashOperating cash flow above net incomeCN¥116.99M vs CN¥435.88M
- Less leverageLong-term debt to assets fell4.5% → 2.5%
- Better liquidityCurrent ratio rose2.87 → 3.73
- No dilutionShare count did not rise129M → 146M
- Gross margin improvedGross margin up on the prior year42.59% → 41.79%
- More efficientAsset turnover rose0.37 → 0.51