EHang Holdings Limited (EH) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed May 15, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the EH SEC filings page.
EHang Holdings Limited (EH) reported $59.8M in revenue for fiscal year 2025, down 4.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue has plateaued after a step-up, while rising overhead and investment keep the business cash-consuming despite healthy gross margins.
The reversal from positive operating and free cash flow in FY2024 to negative figures in FY2025 shows that reported growth has not yet produced repeatable cash generation. At FY2025 year-end, reported cash and investments equaled 76.5 months of the latest annual operating outflow of$25.7M , indicating substantial liquidity at that date without proving operating self-sufficiency.
Gross margin stayed near
Total assets expanded to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of EHang Holdings Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
EHang Holdings Limited held $163.7M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $25.7M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and EHang Holdings Limited scores 72/100 among other emerging companies.
Not available for EHang Holdings Limited, and counted as zero in the overall score.
EHang Holdings Limited spent $27.8M on research and development in fiscal year 2025, which was 26.5% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and EHang Holdings Limited scores 59/100 among other emerging companies.
EHang Holdings Limited reported revenue of $59.8M in fiscal year 2025, against $62.5M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and EHang Holdings Limited scores 84/100 among other emerging companies.
EHang Holdings Limited's operations used $25.7M of cash in fiscal year 2025, against $21.6M generated in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and EHang Holdings Limited scores 18/100 among other emerging companies.
EHang Holdings Limited's cash, cash equivalents and investments came to $163.7M at the end of fiscal year 2025, against $132.0M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and EHang Holdings Limited scores 64/100 among other emerging companies.
EHang Holdings Limited scores -0.05, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($305.7M) relative to total liabilities ($132.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
EHang Holdings Limited passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
EHang Holdings Limited reported a net loss of $39.5M while operations used $25.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
EHang Holdings Limited reported an operating loss of $45.3M against $855K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
EHang Holdings Limited held $36.7M in cash against $11.8M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
EH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
EH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q4'2410-K | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q4'2010-K | Q4'1910-K |
|---|---|---|---|---|---|---|---|
| Total Assets | $284.8M+31.2% | $217.1M+157.5% | $84.3M+9.5% | $77.0M-8.4% | $84.0M+13.1% | $74.3M+15.0% | $64.6M |
| Current Assets | $212.1M+14.1% | $185.9M+191.3% | $63.8M+13.7% | $56.1M-25.0% | $74.9M+15.1% | $65.1M+5.7% | $61.6M |
| Cash & Equivalents | $36.7M-56.2% | $83.7M+160.3% | $32.1M-11.1% | $36.1M-6.7% | $38.7M+83.4% | $21.1M-54.3% | $46.2M |
| Short-Term Investments | $120.6M+71.3% | $70.4M+769.0% | $8.1M | $0-100.0% | $10.2M+35.3% | $7.6M+585.2% | $1.1M |
| Inventory | $14.5M+40.2% | $10.4M+23.7% | $8.4M-20.1% | $10.5M-14.4% | $12.3M+69.8% | $7.2M+171.7% | $2.7M |
| Accounts Receivable | $16.0M+100.3% | $8.0M+62.7% | $4.9M+66.5% | $2.9M-66.6% | $8.8M-64.7% | $25.0M+323.4% | $5.9M |
| Long-Term Investments | $6.5M+40.1% | $4.6M+78.8% | $2.6M+81.3% | $1.4M+48.0% | $964K+115.7% | $447K+4.4% | $428K |
| Total Liabilities | $132.0M+53.3% | $86.1M+59.1% | $54.1M-8.1% | $58.9M+86.4% | $31.6M-0.3% | $31.7M+64.6% | $19.3M |
| Current Liabilities | $102.4M+58.8% | $64.4M+82.9% | $35.2M-14.0% | $40.9M+91.2% | $21.4M-11.6% | $24.2M+76.4% | $13.7M |
| Non-Current Liabilities | $29.7M+36.7% | $21.7M+14.6% | $18.9M+5.4% | $18.0M+76.2% | $10.2M+36.3% | $7.5M+35.4% | $5.5M |
| Long-Term Debt | $11.8M+321.2% | $2.8M+114.2% | $1.3M+134.9% | $558K-79.1% | $2.7M | N/A | $4.7M |
| Total Equity | $152.9M+16.8% | $130.9M+334.8% | $30.1M+67.1% | $18.0M-65.5% | $52.2M+23.2% | $42.3M-5.4% | $44.8M |
| Retained Earnings | -$323.5M-19.0% | -$271.9M-10.0% | -$247.1M-17.5% | -$210.3M-19.4% | -$176.1M-42.2% | -$123.8M-19.7% | -$103.5M |
Not reported in any period shown, so not listed: Goodwill.
EH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
EH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| EHang Holdings Limited EH | FY2025 | $59.8M | -$39.5M | -66.0% | $305.7M | 50/100 |
| Redwire Corporation RDW | FY2025 | $335.4M | -$226.6M | -67.5% | $2.7B | 43/100 |
| Eve Holding, Inc. EVEX | FY2025 | N/A | -$224.3M | N/A | $606.4M | — |
| Red Cat Holdings, Inc. RCAT | FY2025 | $40.7M | -$72.1M | N/A | $977.4M | 51/100 |
| Intuitive Machines, Inc. LUNR | FY2025 | $210.1M | -$83.3M | -39.6% | $2.4B | 37/100 |
| Cadre Holdings, Inc. CDRE | FY2025 | $610.3M | $44.1M | 7.2% | $1.1B | 65/100 |
Where EHang Holdings Limited Ranks
Frequently Asked Questions
What is EHang Holdings Limited's annual revenue?
EHang Holdings Limited (EH) reported $59.8M in total revenue for fiscal year 2025. This represents a -4.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is EHang Holdings Limited's revenue growing?
EHang Holdings Limited (EH) revenue declined by 4.4% year-over-year, from $62.5M to $59.8M in fiscal year 2025.
Is EHang Holdings Limited profitable?
No, EHang Holdings Limited (EH) reported a net income of -$39.5M in fiscal year 2025, with a net profit margin of -66.0%.
What is EHang Holdings Limited's EBITDA?
EHang Holdings Limited (EH) had EBITDA of -$42.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does EHang Holdings Limited have?
As of fiscal year 2025, EHang Holdings Limited (EH) had $36.7M in cash and equivalents against $11.8M in long-term debt.
What is EHang Holdings Limited's gross margin?
EHang Holdings Limited (EH) had a gross margin of 61.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is EHang Holdings Limited's operating margin?
EHang Holdings Limited (EH) had an operating margin of -75.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is EHang Holdings Limited's net profit margin?
EHang Holdings Limited (EH) had a net profit margin of -66.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is EHang Holdings Limited's return on equity (ROE)?
EHang Holdings Limited (EH) has a return on equity of -25.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is EHang Holdings Limited's free cash flow?
EHang Holdings Limited (EH) recorded an outflow of $46.8M in free cash flow during fiscal year 2025. This represents a -387.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is EHang Holdings Limited's operating cash flow?
EHang Holdings Limited (EH) recorded an outflow of $25.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are EHang Holdings Limited's total assets?
EHang Holdings Limited (EH) had $284.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are EHang Holdings Limited's capital expenditures?
EHang Holdings Limited (EH) invested $21.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does EHang Holdings Limited spend on research and development?
EHang Holdings Limited (EH) invested $27.8M in research and development during fiscal year 2025.
What is EHang Holdings Limited's current ratio?
EHang Holdings Limited (EH) had a current ratio of 2.07 as of fiscal year 2025, which is generally considered healthy.
What is EHang Holdings Limited's debt-to-equity ratio?
EHang Holdings Limited (EH) had a debt-to-equity ratio of 0.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is EHang Holdings Limited's return on assets (ROA)?
EHang Holdings Limited (EH) had a return on assets of -13.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is EHang Holdings Limited's P/E ratio?
EHang Holdings Limited (EH) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $305.7M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is EHang Holdings Limited's price-to-sales ratio?
EHang Holdings Limited (EH) trades at 5.1x sales, its market capitalization divided by revenue of $59.8M revenue, FY2025. The market capitalization is $305.7M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does EHang Holdings Limited's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, EHang Holdings Limited (EH) held $163.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $25.7M over that year. Dividing the one by the other, the reported balance equals about 77 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is EHang Holdings Limited's Altman Z-Score?
EHang Holdings Limited (EH) has an Altman Z-Score of -0.05, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is EHang Holdings Limited's Piotroski F-Score?
EHang Holdings Limited (EH) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are EHang Holdings Limited's earnings high quality?
EHang Holdings Limited (EH) reported a net loss of $39.5M while operations used $25.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can EHang Holdings Limited cover its interest payments?
EHang Holdings Limited (EH) reported an operating loss of $45.3M against $855K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is EHang Holdings Limited?
EHang Holdings Limited (EH) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.