What is Ehang Holdings Ltd's earnings per share (EPS)?

Ehang Holdings Ltd (EH) reported diluted earnings per share of $-0.27 for fiscal year 2025. This represents a -17.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Ehang Holdings Ltd Financials

Source SEC Filings (10-K/10-Q) Updated May 15, 2026 Currency USD FYE May

This page shows Ehang Holdings Ltd (EH) financial statements, including the 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).

Rhea AI EH FY2024 2026-05-15

FY2024 marked a scale inflection as revenue finally began covering more of the cost base and cash burn reversed.

Revenue in FY2024 rose to $62.5M from $16.5M, but receivables and inventory did not expand in the same proportion. That working-capital restraint helped operating cash flow turn positive at $21.6M even though net income remained -$31.5M, suggesting the sales rebound was being collected in cash rather than piling up on the balance sheet, a notable change from the earlier pattern of losses consuming cash.

Gross margin stayed in the low-60s, landing at 61.4% in FY2024, so the core unit economics were not the main obstacle. Because the operating loss fell to -55.7% of sales from the prior year's -252.3%, the improvement looks mainly like fixed-cost absorption; higher volume covered more R&D and selling overhead, even though those costs still exceed gross profit.

Liquidity is currently strong on a near-term basis, with cash of $83.7M and a current ratio of 2.9x. Long-term debt was only $2.8M, but that cushion was reinforced by $96.1M of financing inflow, so the sturdier balance sheet still reflects outside capital as well as internal cash generation from the recent rebound.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Ehang Holdings Ltd'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.

Profitability

Ehang Holdings Ltd has an operating margin of -2378.7%, meaning the company retains $-2379 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -55.7% the prior year.

Growth

Ehang Holdings Ltd's revenue declined 97% year-over-year, from $62.5M to $1.9M. This contraction results in a growth score of 0/100.

Leverage

100

Ehang Holdings Ltd carries a low D/E ratio of 0.08, meaning only $0.08 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 32.76, Ehang Holdings Ltd holds $32.76 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Ehang Holdings Ltd generated -$25.7M in operating cash flow, capex of $21.1M consumed most of it, leaving -$46.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Ehang Holdings Ltd generates a -25.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -24.0% the prior year.

Piotroski F-Score Weak

3/9

Ehang Holdings Ltd passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.65x

For every $1 of reported earnings, Ehang Holdings Ltd generates $0.65 in operating cash flow (-$25.7M OCF vs -$39.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-53.0x

Ehang Holdings Ltd earns $-53.0 in operating income for every $1 of interest expense (-$45.3M vs $855K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.9M

YoY-97.0%

5Y CAGR-41.4%

Ehang Holdings Ltd generated $1.9M in revenue in fiscal year 2025. This represents a decrease of 97.0% from the prior year.

EBITDA

-$42.4M

YoY-28.9%

Ehang Holdings Ltd's EBITDA was -$42.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 28.9% from the prior year.

Net Income

-$39.5M

YoY-25.4%

Ehang Holdings Ltd reported -$39.5M in net income in fiscal year 2025. This represents a decrease of 25.4% from the prior year.

EPS (Diluted)

$-0.27

YoY-17.4%

Ehang Holdings Ltd earned $-0.27 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 17.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$46.8M

YoY-387.2%

Ehang Holdings Ltd generated -$46.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 387.2% from the prior year.

Cash & Debt

$36.7M

YoY-56.2%

5Y CAGR+11.7%

Ehang Holdings Ltd held $36.7M in cash against $11.8M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

150M

Ehang Holdings Ltd had 150M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

-1086.3%

YoY-1147.7pp

5Y CAGR-1145.3pp

Ehang Holdings Ltd's gross margin was -1086.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1147.7 percentage points from the prior year.

Operating Margin

-2378.7%

YoY-2323.0pp

5Y CAGR-2328.0pp

Ehang Holdings Ltd's operating margin was -2378.7% in fiscal year 2025, reflecting core business profitability. This is down 2323.0 percentage points from the prior year.

Net Margin

-2072.7%

YoY-2022.4pp

5Y CAGR-2024.1pp

Ehang Holdings Ltd's net profit margin was -2072.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2022.4 percentage points from the prior year.

Return on Equity

-25.8%

YoY-1.8pp

5Y CAGR+5.9pp

Ehang Holdings Ltd's ROE was -25.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.8 percentage points from the prior year.

Capital Allocation

R&D Spending

$27.8M

YoY+1.8%

5Y CAGR+11.5%

Ehang Holdings Ltd invested $27.8M in research and development in fiscal year 2025. This represents an increase of 1.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$21.1M

YoY+296.2%

5Y CAGR+73.7%

Ehang Holdings Ltd invested $21.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 296.2% from the prior year.

EH Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.9M-97.0%	$62.5M+277.9%	$16.5M+157.4%	$6.4M-27.9%	$8.9M-67.7%	$27.6M
Cost of Revenue	$22.6M-6.4%	$24.1M+306.9%	$5.9M+171.0%	$2.2M-32.9%	$3.3M-71.2%	$11.3M
Gross Profit	-$20.7M-153.9%	$38.4M+261.6%	$10.6M+150.4%	$4.2M-25.1%	$5.7M-65.3%	$16.3M
R&D Expenses	$27.8M+1.8%	$27.3M+16.0%	$23.6M+20.3%	$19.6M-9.0%	$21.5M+33.4%	$16.1M
SG&A Expenses	$38.6M+20.6%	$32.0M+51.3%	$21.1M-3.5%	$21.9M-25.5%	$29.4M+211.4%	$9.4M
Operating Income	-$45.3M-30.1%	-$34.8M+16.6%	-$41.7M+5.3%	-$44.1M+12.4%	-$50.3M-259.5%	-$14.0M
Interest Expense	$855K+85.1%	$462K+11.9%	$413K-25.5%	$554K+95.8%	$283K-20.9%	$358K
Income Tax	-$630K-1288.7%	$53K+82.8%	$29K+163.6%	$11K-47.6%	$21K-34.4%	$32K
Net Income	-$39.5M-25.4%	-$31.5M+25.9%	-$42.5M+10.7%	-$47.6M+3.4%	-$49.3M-266.9%	-$13.4M
EPS (Diluted)	$-0.27-17.4%	$-0.23+34.3%	$-0.35+14.6%	$-0.41	N/A	N/A

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

EH Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$284.8M+31.2%	$217.1M+157.5%	$84.3M+9.5%	$77.0M-8.4%	$84.0M+13.1%	$74.3M
Current Assets	$212.1M+14.1%	$185.9M+191.3%	$63.8M+13.7%	$56.1M-25.0%	$74.9M+15.1%	$65.1M
Cash & Equivalents	$36.7M-56.2%	$83.7M+160.3%	$32.1M-11.1%	$36.1M-6.7%	$38.7M+83.4%	$21.1M
Inventory	$14.5M+40.2%	$10.4M+23.7%	$8.4M-20.1%	$10.5M-14.4%	$12.3M+69.8%	$7.2M
Accounts Receivable	$16.0M+100.3%	$8.0M+62.7%	$4.9M+66.5%	$2.9M-66.6%	$8.8M-64.7%	$25.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$132.0M+53.3%	$86.1M+59.1%	$54.1M-8.1%	$58.9M+86.4%	$31.6M-0.3%	$31.7M
Current Liabilities	$6.5M-90.0%	$64.4M+82.9%	$35.2M-14.0%	$40.9M+91.2%	$21.4M-11.6%	$24.2M
Long-Term Debt	$11.8M+321.2%	$2.8M+114.2%	$1.3M+134.9%	$558K-79.1%	$2.7M	N/A
Total Equity	$152.9M+16.8%	$130.9M+334.8%	$30.1M+67.1%	$18.0M-65.5%	$52.2M+23.2%	$42.3M
Retained Earnings	-$323.5M-19.0%	-$271.9M-10.0%	-$247.1M-17.5%	-$210.3M-19.4%	-$176.1M-42.2%	-$123.8M

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20
Total Assets	$217.1M+157.5%	$84.3M+9.5%	$77.0M-8.4%	$84.0M+13.1%	$74.3M+15.0%	$64.6M
Current Assets	$185.9M+191.3%	$63.8M+13.7%	$56.1M-25.0%	$74.9M+15.1%	$65.1M+5.7%	$61.6M
Cash & Equivalents	$83.7M+160.3%	$32.1M-11.1%	$36.1M-6.7%	$38.7M+83.4%	$21.1M-54.3%	$46.2M
Inventory	$10.4M+23.7%	$8.4M-20.1%	$10.5M-14.4%	$12.3M+69.8%	$7.2M+171.7%	$2.7M
Accounts Receivable	$8.0M+62.7%	$4.9M+66.5%	$2.9M-66.6%	$8.8M-64.7%	$25.0M+323.4%	$5.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$86.1M+59.1%	$54.1M-8.1%	$58.9M+86.4%	$31.6M-0.3%	$31.7M+64.6%	$19.3M
Current Liabilities	$64.4M+82.9%	$35.2M-14.0%	$40.9M+91.2%	$21.4M-11.6%	$24.2M+76.4%	$13.7M
Long-Term Debt	$2.8M+114.2%	$1.3M+134.9%	$558K-79.1%	$2.7M	N/A	$4.7M
Total Equity	$130.9M+334.8%	$30.1M+67.1%	$18.0M-65.5%	$52.2M+23.2%	$42.3M-5.4%	$44.8M
Retained Earnings	-$271.9M-10.0%	-$247.1M-17.5%	-$210.3M-19.4%	-$176.1M-42.2%	-$123.8M-19.7%	-$103.5M

EH Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$25.7M-218.6%	$21.6M+273.8%	-$12.5M+50.5%	-$25.1M-31.8%	-$19.1M+17.9%	-$23.2M
Capital Expenditures	$21.1M+296.2%	$5.3M+384.0%	$1.1M-37.5%	$1.8M-28.1%	$2.5M+83.3%	$1.3M
Free Cash Flow	-$46.8M-387.2%	$16.3M+220.3%	-$13.6M+49.6%	-$26.9M-24.9%	-$21.5M+12.4%	-$24.6M
Investing Cash Flow	-$72.5M-9.7%	-$66.1M-264.7%	-$18.1M-321.7%	$8.2M+256.0%	-$5.2M+48.3%	-$10.1M
Financing Cash Flow	$48.3M-49.8%	$96.1M+249.0%	$27.5M+77.9%	$15.5M-63.1%	$41.9M+540.4%	$6.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

EH Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	-1086.3%-1147.7pp	61.4%-2.8pp	64.1%-1.8pp	65.9%+2.5pp	63.4%+4.5pp	59.0%
Operating Margin	-2378.7%-2323.0pp	-55.7%+196.6pp	-252.3%+433.6pp	-685.9%-121.6pp	-564.3%-513.6pp	-50.7%
Net Margin	-2072.7%-2022.4pp	-50.4%+206.6pp	-256.9%+483.7pp	-740.6%-188.0pp	-552.7%-504.0pp	-48.7%
Return on Equity	-25.8%-1.8pp	-24.0%+117.1pp	-141.1%+123.0pp	-264.1%-169.7pp	-94.4%-62.7pp	-31.7%
Return on Assets	-13.9%+0.6pp	-14.5%+35.9pp	-50.4%+11.4pp	-61.8%-3.2pp	-58.6%-40.6pp	-18.1%
Current Ratio	32.76+29.9	2.89+1.1	1.81+0.4	1.37-2.1	3.50+0.8	2.69
Debt-to-Equity	0.08+0.1	0.02-0.0	0.04+0.0	0.03-0.0	0.05-0.7	0.75
FCF Margin	-2458.9%-2485.0pp	26.1%+108.0pp	-82.0%+336.9pp	-418.9%-177.2pp	-241.7%-152.6pp	-89.1%

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.89+1.1	1.81+0.4	1.37-2.1	3.50+0.8	2.69-1.8	4.48
Debt-to-Equity	0.02-0.0	0.04+0.0	0.03-0.0	0.05-0.7	0.75+0.6	0.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Ehang Holdings Ltd's annual revenue?

Ehang Holdings Ltd (EH) reported $1.9M in total revenue for fiscal year 2025. This represents a -97.0% 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 Ltd's revenue growing?

Ehang Holdings Ltd (EH) revenue declined by 97% year-over-year, from $62.5M to $1.9M in fiscal year 2025.

Is Ehang Holdings Ltd profitable?

No, Ehang Holdings Ltd (EH) reported a net income of -$39.5M in fiscal year 2025, with a net profit margin of -2072.7%.

What is Ehang Holdings Ltd's EBITDA?

Ehang Holdings Ltd (EH) had EBITDA of -$42.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Ehang Holdings Ltd have?

As of fiscal year 2025, Ehang Holdings Ltd (EH) had $36.7M in cash and equivalents against $11.8M in long-term debt.

What is Ehang Holdings Ltd's gross margin?

Ehang Holdings Ltd (EH) had a gross margin of -1086.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Ehang Holdings Ltd's operating margin?

Ehang Holdings Ltd (EH) had an operating margin of -2378.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Ehang Holdings Ltd's net profit margin?

Ehang Holdings Ltd (EH) had a net profit margin of -2072.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Ehang Holdings Ltd's return on equity (ROE)?

Ehang Holdings Ltd (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 Ltd's free cash flow?

Ehang Holdings Ltd (EH) generated -$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 Ltd's operating cash flow?

Ehang Holdings Ltd (EH) generated -$25.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Ehang Holdings Ltd's total assets?

Ehang Holdings Ltd (EH) had $284.8M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Ehang Holdings Ltd's capital expenditures?

Ehang Holdings Ltd (EH) invested $21.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Ehang Holdings Ltd spend on research and development?

Ehang Holdings Ltd (EH) invested $27.8M in research and development during fiscal year 2025.

How many shares does Ehang Holdings Ltd have outstanding?

Ehang Holdings Ltd (EH) had 150M shares outstanding as of fiscal year 2025.

What is Ehang Holdings Ltd's current ratio?

Ehang Holdings Ltd (EH) had a current ratio of 32.76 as of fiscal year 2025, which is generally considered healthy.

What is Ehang Holdings Ltd's debt-to-equity ratio?

Ehang Holdings Ltd (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 Ltd's return on assets (ROA)?

Ehang Holdings Ltd (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 Ltd's cash runway?

Based on fiscal year 2025 data, Ehang Holdings Ltd (EH) had $36.7M in cash against an annual operating cash burn of $25.7M. This gives an estimated cash runway of approximately 17 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Ehang Holdings Ltd's Piotroski F-Score?

Ehang Holdings Ltd (EH) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. 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 Ltd's earnings high quality?

Ehang Holdings Ltd (EH) has an earnings quality ratio of 0.65x, considered low quality (accrual-driven). 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 Ltd cover its interest payments?

Ehang Holdings Ltd (EH) has an interest coverage ratio of -53.0x, meaning it can struggle to cover its interest obligations. 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 Ltd?

Ehang Holdings Ltd (EH) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.