Hesai Group (HSAI) 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 27, 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 Apr 24, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HSAI SEC filings page.
Hesai Group (HSAI) reported $432.9M in revenue for fiscal year 2025, up 52.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
Hesai reached operating profitability through expense leverage, but its reported earnings still convert weakly into operating cash.
Cash conversion remains the central constraint: FY2025 net income of$62.3M translated into only26.8% operating-cash conversion. Accounts receivable grew72.2% versus revenue at52.1% , suggesting expansion absorbed cash in working capital rather than flowing cleanly through the business.
Revenue grew
The balance sheet became much more equity-funded: assets expanded
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. 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 Hesai Group'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.
Hesai Group has an operating margin of 5.6%, meaning the company retains $6 of operating profit per $100 of revenue. Among its peers this margin ranks in the lower range, for a profitability score of 27/100. This is up from -9.9% the prior year.
Hesai Group's revenue surged 52.1% year-over-year to $432.9M, reflecting rapid business expansion. This strong growth earns a score of 88/100.
Hesai Group carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.73, Hesai Group holds $3.73 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 85/100.
While Hesai Group generated $16.7M in operating cash flow, capex of $44.2M consumed most of it, leaving -$27.5M in free cash flow. This results in a low score of 13/100, reflecting heavy capital investment rather than weak cash generation.
Hesai Group's ROE of 4.9% shows moderate profitability relative to equity, earning a score of 30/100. This is up from -2.6% the prior year.
Hesai Group scores 4.32, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $2.1B against total liabilities of $329.3M. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Hesai Group passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Hesai Group generates $0.27 in operating cash flow ($16.7M OCF vs $62.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Hesai Group earns $8.92 in operating income for every $1 of interest expense ($24.1M vs $2.7M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Hesai Group generated $432.9M in revenue in fiscal year 2025. This represents an increase of 52.1% from the prior year.
Hesai Group's EBITDA was $41.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior year is not meaningful, because that figure was zero or negative.
Hesai Group reported $62.3M in net income in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Hesai Group earned $0.43 per diluted share (EPS) in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
Hesai Group recorded an outflow of $27.5M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
Hesai Group held $237.9M in cash against $39.9M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Hesai Group's gross margin was 41.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.8 percentage points from the prior year.
Hesai Group's operating margin was 5.6% in fiscal year 2025, reflecting core business profitability. This is up 15.4 percentage points from the prior year.
Hesai Group's net profit margin was 14.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 19.3 percentage points from the prior year.
Hesai Group's ROE was 4.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.5 percentage points from the prior year.
Capital Allocation
Hesai Group invested $114.0M in research and development in fiscal year 2025. This represents a decrease of 2.8% from the prior year.
Hesai Group invested $44.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 24.4% from the prior year.
Not reported for fiscal year 2025.
HSAI 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.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F |
|---|---|---|---|---|---|---|
| Revenue | $432.9M+52.1% | $284.6M+7.6% | $264.4M+51.6% | $174.4M+54.2% | $113.1M+77.6% | $63.7M |
| Cost of Revenue | $252.0M+54.3% | $163.4M-4.6% | $171.2M+61.6% | $105.9M+99.2% | $53.2M+96.5% | $27.1M |
| Gross Profit | $180.9M+49.3% | $121.2M+30.1% | $93.2M+36.1% | $68.4M+14.2% | $59.9M+63.6% | $36.6M |
| R&D Expenses | $114.0M-2.8% | $117.2M+5.3% | $111.3M+38.3% | $80.5M+39.2% | $57.8M+64.3% | $35.2M |
| SG&A Expenses | $68.8M-1.6% | $69.9M+5.8% | $66.0M+49.0% | $44.3M-7.6% | $48.0M+147.7% | $19.4M |
| Operating Income | $24.1Mn/m | -$28.1Mn/m | -$80.5Mn/m | -$54.8Mn/m | -$41.6Mn/m | -$15.6M |
| EBITDA | $41.8Mn/m | -$10.0Mn/m | -$68.4Mn/m | -$47.1Mn/m | -$37.2Mn/m | -$12.7M |
| Interest Expense | $2.7M+54.0% | $1.8M+306.5% | $432Kn/m | $0 | N/A | N/A |
| Income Tax | $4.4M+2748.2% | $155K+67.0% | $93Kn/m | -$10Kn/m | -$175Kn/m | -$30K |
| Net Income | $62.3Mn/m | -$14.0Mn/m | -$67.0Mn/m | -$43.6Mn/m | -$38.4Mn/m | -$16.4M |
| EPS (Basic) | $0.45n/m | -$0.11n/m | -$0.54 | -$0.94 | -$3.67 | -$0.18 |
| EPS (Diluted) | $0.43n/m | -$0.11n/m | -$0.54 | -$0.94 | -$3.67 | -$0.18 |
| Diluted Shares (Avg) | 146M+13.4% | 129M+3.5% | 125M | 116M | 105M | 90M |
HSAI 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 | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F |
|---|---|---|---|---|---|---|
| Total Assets | $1.6B+96.2% | $820.6M+2.9% | $797.6M+43.3% | $556.7M-10.2% | $620.2M | N/A |
| Current Assets | $1.0B+57.6% | $641.5M+3.6% | $619.4M+36.3% | $454.5M-17.1% | $548.2M | N/A |
| Cash & Equivalents | $237.9M-38.8% | $388.9M+77.6% | $219.0M+65.4% | $132.4M+87.8% | $70.5M+79.2% | $39.3M |
| Short-Term Investments | $442.1M+791.0% | $49.6M-77.8% | $223.4M+62.9% | $137.1M-62.7% | $367.6Mn/m | $0 |
| Inventory | $95.9M+45.1% | $66.1M-5.4% | $69.8M-25.5% | $93.8M+58.8% | $59.0M | N/A |
| Accounts Receivable | $180.5M+72.2% | $104.8M+41.8% | $73.9M+5.1% | $70.3M+422.2% | $13.5M+56.0% | $8.6M |
| Long-Term Investments | $397.8M+9031.0% | $4.4M-2.8% | $4.5M-3.0% | $4.6M+1447.5% | $298Kn/m | $0 |
| Goodwill | N/A | N/A | $0-100.0% | $554K+0.9% | $549K | N/A |
| Total Liabilities | $329.3M+16.8% | $281.9M+11.2% | $253.6M-75.0% | $1.0B+0.2% | $1.0B | N/A |
| Current Liabilities | $271.0M+21.4% | $223.2M+18.7% | $188.0M+35.7% | $138.5M-1.0% | $140.0M | N/A |
| Non-Current Liabilities | $58.2M-0.9% | $58.8M-10.3% | $65.5M+972.6% | $6.1M+274.6% | $1.6M | N/A |
| Long-Term Debt | $39.9M+8.0% | $36.9M-8.3% | $40.3M+1403.5% | $2.7M | N/A | N/A |
| Total Equity | $1.3B+137.8% | $538.6M-1.0% | $544.0Mn/m | -$456.0Mn/m | -$390.8M-324.3% | $174.3M |
| Retained Earnings | -$425.3Mn/m | -$467.1Mn/m | -$465.8Mn/m | -$410.5Mn/m | -$343.5M | N/A |
HSAI 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.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $16.7M+92.3% | $8.7M+7.9% | $8.1Mn/m | -$100.9Mn/m | -$35.8Mn/m | -$53.9M |
| Depreciation & Amortization | $17.7M-2.0% | $18.1M+48.6% | $12.2M+56.3% | $7.8M+75.5% | $4.4M+50.4% | $2.9M |
| Stock-Based Compensation | $16.4M+3.1% | $15.9M-51.9% | $33.0M+116.6% | $15.3M+79.1% | $8.5M | N/A |
| Capital Expenditures | $44.2M+24.4% | $35.6M-37.9% | $57.3M+70.9% | $33.5M-2.9% | $34.5M+241.5% | $10.1M |
| Free Cash Flow | -$27.5Mn/m | -$26.9Mn/m | -$49.2Mn/m | -$134.4Mn/m | -$70.4Mn/m | -$64.1M |
| Investing Cash Flow | -$794.2M-706.5% | $131.0Mn/m | -$149.4M-192.0% | $162.3Mn/m | -$310.7M-1232.6% | $27.4M |
| Financing Cash Flow | $621.5M+1709.6% | $34.3M-84.7% | $224.0M+10080.2% | $2.2M-99.4% | $377.2M+661.0% | $49.6M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
HSAI 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.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F |
|---|---|---|---|---|---|---|
| Gross Margin | 41.8%-0.8pp | 42.6%+7.4pp | 35.2%-4.0pp | 39.2%-13.7pp | 53.0%-4.5pp | 57.5% |
| Operating Margin | 5.6%+15.4pp | -9.9%+20.6pp | -30.4%+1.0pp | -31.4%+5.4pp | -36.8%-12.3pp | -24.5% |
| Net Margin | 14.4%+19.3pp | -4.9%+20.4pp | -25.4%-0.4pp | -25.0%+9.0pp | -34.0%-8.2pp | -25.8% |
| Return on Equity | 4.9%+7.5pp | -2.6%+9.7pp | -12.3% | N/A | N/A | -9.4% |
| Return on Assets | 3.9%+5.6pp | -1.7%+6.7pp | -8.4%-0.6pp | -7.8%-1.6pp | -6.2% | N/A |
| Current Ratio | 3.73+0.9x | 2.87-0.4x | 3.290.0x | 3.28-0.6x | 3.92 | N/A |
| Debt-to-Equity | 0.030.0x | 0.070.0x | 0.07 | N/A | N/A | N/A |
| Liabilities-to-Equity | 0.26-0.3x | 0.52+0.1x | 0.47 | N/A | N/A | N/A |
| Asset Turnover | 0.27-0.1x | 0.350.0x | 0.330.0x | 0.31+0.1x | 0.18 | N/A |
| FCF Margin | -6.3%+3.1pp | -9.4%+9.2pp | -18.6%+58.5pp | -77.1%-14.9pp | -62.2% | -100.6% |
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: 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 |
|---|---|---|---|---|---|---|
| Hesai Group HSAI | FY2025 | $432.9M | $62.3M | 14.4% | $2.1B | 57/100 |
| VISTEON CORPORATION VC | FY2025 | $3.8B | $201.0M | 5.3% | $1.8B | 58/100 |
| Atmus Filtration Technologies Inc. ATMU | FY2025 | $1.8B | $207.4M | 11.8% | $3.7B | 66/100 |
| ADVANCE AUTO PARTS INC AAP | FY2025 | $8.6B | $44.0M | 0.5% | $2.8B | 29/100 |
| Dana Incorporated DAN | FY2025 | $7.5B | $85.0M | 1.1% | $2.9B | 26/100 |
| Garrett Motion Inc. GTX | FY2025 | $3.6B | $310.0M | 8.6% | $4.1B | 55/100 |
Where Hesai Group Ranks
Frequently Asked Questions
What is Hesai Group's annual revenue?
Hesai Group (HSAI) reported $432.9M in total revenue for fiscal year 2025. This represents a 52.1% 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 Hesai Group's revenue growing?
Hesai Group (HSAI) revenue grew by 52.1% year-over-year, from $284.6M to $432.9M in fiscal year 2025.
Is Hesai Group profitable?
Yes, Hesai Group (HSAI) reported a net income of $62.3M in fiscal year 2025, with a net profit margin of 14.4%.
What is Hesai Group's EBITDA?
Hesai Group (HSAI) had EBITDA of $41.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Hesai Group have?
As of fiscal year 2025, Hesai Group (HSAI) had $237.9M in cash and equivalents against $39.9M in long-term debt.
What is Hesai Group's gross margin?
Hesai Group (HSAI) had a gross margin of 41.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Hesai Group's operating margin?
Hesai Group (HSAI) had an operating margin of 5.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Hesai Group's net profit margin?
Hesai Group (HSAI) had a net profit margin of 14.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Hesai Group's return on equity (ROE)?
Hesai Group (HSAI) has a return on equity of 4.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Hesai Group's free cash flow?
Hesai Group (HSAI) recorded an outflow of $27.5M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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 Hesai Group's operating cash flow?
Hesai Group (HSAI) generated $16.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Hesai Group's total assets?
Hesai Group (HSAI) had $1.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Hesai Group's capital expenditures?
Hesai Group (HSAI) invested $44.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Hesai Group spend on research and development?
Hesai Group (HSAI) invested $114.0M in research and development during fiscal year 2025.
What is Hesai Group's current ratio?
Hesai Group (HSAI) had a current ratio of 3.73 as of fiscal year 2025, which is generally considered healthy.
What is Hesai Group's debt-to-equity ratio?
Hesai Group (HSAI) had a debt-to-equity ratio of 0.03 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Hesai Group's liabilities-to-equity ratio?
Hesai Group (HSAI) had a liabilities-to-equity ratio of 0.26 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is Hesai Group's return on assets (ROA)?
Hesai Group (HSAI) had a return on assets of 3.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Hesai Group's P/E ratio?
Hesai Group (HSAI) trades at 33.7x earnings, its market capitalization divided by $62.3M net income, FY2025. The market capitalization is $2.1B as of Oct 27, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Hesai Group's price-to-sales ratio?
Hesai Group (HSAI) trades at 4.8x sales, its market capitalization divided by $432.9M revenue, FY2025. The market capitalization is $2.1B as of Oct 27, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Hesai Group's Altman Z-Score?
Hesai Group (HSAI) has an Altman Z-Score of 4.32, placing it in the Safe Zone (low 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 Hesai Group's Piotroski F-Score?
Hesai Group (HSAI) has a Piotroski F-Score of 5 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 Hesai Group's earnings high quality?
Hesai Group (HSAI) has an earnings quality ratio of 0.27x, 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 Hesai Group cover its interest payments?
Hesai Group (HSAI) has an interest coverage ratio of 8.92x, meaning it can comfortably 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 Hesai Group?
Hesai Group (HSAI) scores 57 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.