Ehang Holdings Ltd Financials
Ehang Holdings Ltd (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).
Stable gross margins cannot absorb a rising operating cost base, making investment spending and external financing central to cash movement.
FY2024’s positive operating cash flow and free cash flow gave way in FY2025 to-$25.7M and-$46.8M , while revenue was broadly flat; the reversal is more consistent with heavier investment and cost absorption than a sales collapse. This makes cash conversion notably dependent on spending cycles rather than accounting gross profit alone.
Gross margin held near
The 2.1x current ratio indicates current-asset coverage, but cash fell from
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 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.
Not available for Ehang Holdings Ltd, and counted as zero in the overall score.
Ehang Holdings Ltd scores 0.46, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($417.9M) 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 Ltd 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 Ltd 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 Ltd 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
Ehang Holdings Ltd generated $59.8M in revenue in fiscal year 2025. This represents a decrease of 4.4% from the prior year.
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.
Ehang Holdings Ltd reported -$39.5M in net income in fiscal year 2025. This represents a decrease of 25.4% from the prior year.
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
Ehang Holdings Ltd recorded an outflow of $46.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 387.2% from the prior year.
Ehang Holdings Ltd held $36.7M in cash against $11.8M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Ehang Holdings Ltd's gross margin was 61.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the prior year.
Ehang Holdings Ltd's operating margin was -75.8% in fiscal year 2025, reflecting core business profitability. This is down 20.1 percentage points from the prior year.
Ehang Holdings Ltd's net profit margin was -66.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 15.7 percentage points from the prior year.
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
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.
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.
Not reported for fiscal year 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.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Revenue | $59.8M-4.4% | $62.5M+277.9% | $16.5M+157.4% | $6.4M-27.9% | $8.9M-67.7% | $27.6M+57.7% | $17.5M |
| Cost of Revenue | $23.0M-4.7% | $24.1M+306.9% | $5.9M+171.0% | $2.2M-32.9% | $3.3M-71.2% | $11.3M+55.9% | $7.3M |
| Gross Profit | $36.8M-4.1% | $38.4M+261.6% | $10.6M+150.4% | $4.2M-25.1% | $5.7M-65.3% | $16.3M+59.1% | $10.2M |
| 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+96.4% | $8.2M |
| 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+77.9% | $5.3M |
| Operating Income | -$45.3M-30.1% | -$34.8M+16.6% | -$41.7M+5.3% | -$44.1M+12.4% | -$50.3M-259.5% | -$14.0M-110.2% | -$6.7M |
| Interest Expense | $855K+85.1% | $462K+11.9% | $413K-25.5% | $554K+95.8% | $283K-20.9% | $358K+198.3% | $120K |
| Income Tax | -$630K-1288.7% | $53K+82.8% | $29K+163.6% | $11K-47.6% | $21K-34.4% | $32K-70.4% | $108K |
| Net Income | -$39.5M-25.4% | -$31.5M+25.9% | -$42.5M+10.7% | -$47.6M+3.4% | -$49.3M-266.9% | -$13.4M-92.6% | -$7.0M |
| EPS (Diluted) | -$0.27-17.4% | -$0.23+34.3% | -$0.35+14.6% | -$0.41 | N/A | N/A | N/A |
EH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
| 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.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| 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-191.5% | -$8.0M |
| Capital Expenditures | $21.1M+296.2% | $5.3M+384.0% | $1.1M-37.5% | $1.8M-28.1% | $2.5M+83.3% | $1.3M+239.8% | $394K |
| 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-193.8% | -$8.4M |
| 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-543.0% | -$1.6M |
| 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-86.0% | $46.7M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
EH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 61.5%+0.1pp | 61.4%-2.8pp | 64.1%-1.8pp | 65.9%+2.5pp | 63.4%+4.5pp | 59.0%+0.5pp | 58.5% |
| Operating Margin | -75.8%-20.1pp | -55.7% | -252.3% | -685.9% | -564.3% | -50.7%-12.7pp | -38.0% |
| Net Margin | -66.0%-15.7pp | -50.4% | -256.9% | -740.6% | -552.7% | -48.7%-8.8pp | -39.9% |
| 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%-16.1pp | -15.6% |
| 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%-7.3pp | -10.8% |
| Current Ratio | 2.07-0.8x | 2.89+1.1x | 1.81+0.4x | 1.37-2.1x | 3.50+0.8x | 2.69-1.8x | 4.48 |
| Debt-to-Equity | 0.08+0.1x | 0.020.0x | 0.040.0x | 0.030.0x | 0.05-0.7x | 0.75+0.6x | 0.10 |
| FCF Margin | -78.3%-104.4pp | 26.1%+108.0pp | -82.0% | -418.9% | -241.7% | -89.1%-41.3pp | -47.8% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Ehang Holdings Ltd Ranks
Frequently Asked Questions
What is Ehang Holdings Ltd's annual revenue?
Ehang Holdings Ltd (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 Ltd's revenue growing?
Ehang Holdings Ltd (EH) revenue declined by 4.4% year-over-year, from $62.5M to $59.8M 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 -66.0%.
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 61.5% 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 -75.8% 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 -66.0% 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) 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 Ltd's operating cash flow?
Ehang Holdings Ltd (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 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.
What is Ehang Holdings Ltd's current ratio?
Ehang Holdings Ltd (EH) had a current ratio of 2.07 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 Altman Z-Score?
Ehang Holdings Ltd (EH) has an Altman Z-Score of 0.46, 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 Ltd's Piotroski F-Score?
Ehang Holdings Ltd (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 Ltd's earnings high quality?
Ehang Holdings Ltd (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 Ltd cover its interest payments?
Ehang Holdings Ltd (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 Ltd?
Ehang Holdings Ltd (EH) scores 44 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.