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Hesai Group (HSAI) stock analysis

HSAINasdaqGeneral Industrial Machinery & Equipment, NECFiscal year ends December 31Also trades as HSIGF
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 24, 2026Score 7/30
$14.17−0.49 (-3.34%)

Close on Nov 12, 2026Market cap $2.21BP/E 31.7Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value0Growth2Performance2Health3Dividend0

Weak7 of 30 checks passed

Hesai passes 7 of the 30 checks behind our score; 18 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
0/6
Growth
2/6
Past performance
2/6
Financial health
3/6
Dividend
0/6

What stands out

  • Low debt

    Debt is 8.1% of shareholders' equity, under the 40% we consider low.

  • Revenue growing 10%+ a year

    Revenue grew 36.0% a year over the last three fiscal years.

  • Interest well covered

    Operating income covers interest expense 8.9 times.

  • Growing faster than the industry

    Revenue grew 45.8% over the last twelve months; the General Industrial Machinery and Equipment median is 12.4%.

What to watch

  • Return on capital under 10%

    Return on invested capital was 5.0%, below the 10% that usually covers the cost of capital.

  • Debt not well covered by cash flow

    Operating cash flow over the last twelve months equals 16.1% of total debt; we look for at least 20%.

  • Gross margin slipping

    Gross margin was 41.8% over the last twelve months, against 42.6% a year earlier.

  • Return on equity below the industry

    Hesai's return on equity of 6.8% is below the General Industrial Machinery and Equipment median of 9.9%.

Valuation0/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/B against the industry

    Needs positive book value.

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth2/6

  • Revenue growing 10%+ a year

    Revenue grew 36.0% a year over the last three fiscal years.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing faster than the industry

    Revenue grew 45.8% over the last twelve months; the General Industrial Machinery and Equipment median is 12.4%.

  • Guidance issued

    The latest outlook (first quarter of 2026 net revenues, Mar 24, 2026) was issued for the first time, so it neither adds nor takes away points.

  • Gross margin slipping

    Gross margin was 41.8% over the last twelve months, against 42.6% a year earlier.

Past performance2/6

  • Return on equity

    Needs positive equity and five years of results.

  • Return on capital under 10%

    Return on invested capital was 5.0%, below the 10% that usually covers the cost of capital.

  • Return on equity below the industry

    Hesai's return on equity of 6.8% is below the General Industrial Machinery and Equipment median of 9.9%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin above its 5-year average

    Net margin was 14.4% over the last twelve months, against a 5-year average of -321%.

  • Net margin above the industry

    Hesai's net margin of 14.4% is above the General Industrial Machinery and Equipment median of 8.0%.

Financial health3/6

  • Low debt

    Debt is 8.1% of shareholders' equity, under the 40% we consider low.

  • Debt trend

    Needs a balance sheet from five years ago with positive equity.

  • Debt not well covered by cash flow

    Operating cash flow over the last twelve months equals 16.1% of total debt; we look for at least 20%.

  • Interest well covered

    Operating income covers interest expense 8.9 times.

  • Short-term assets cover short-term debts

    Current assets are 3.73 times current liabilities.

  • Bankruptcy risk (Altman Z)

    Needs market value, working capital and retained earnings.

Dividend0/6

  • No dividend

    Hesai has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for Hesai. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$25.37M
Value traded per 1% price move
$6.67M

Downside

High risk

Typical loss in a bad month
27.7%
Volatility (annualized)
72%
Sharpe ratio, 1 year
-0.56
Beta to the S&P 500 (5Y)
1.76

Typical bad-month loss, week by week

25%: high

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

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