EHang Holdings Ltd
EH · Aircraft Parts & Auxiliary Equipment, NEC · EDGAR filings ↗
Grade
D50Cash-rich eVTOL pioneer with a top-class gross margin but deep operating losses, declining revenue, and serious China/VIE governance risk.
Strengths
- Best-in-sector gross margin (61.5%, 100th pct) and a large cash buffer ($1.1B, 88.9th pct; ~13 quarters runway)
- Low leverage (D/E 0.08) and ample liquidity (current ratio 2.07)
Risks
- Deeply negative returns (ROE -25.8%, ROA -13.9%, ROIC -21.7%) with -66% net margin and -$327M FCF
- Revenue fell 8.4% in FY2025; profitability remains far off
- VIE structure, founder-related judicial freeze, and PRC enforcement uncertainty
Notable findings
- Net lossNet loss (net margin -66.0%)
- Cash burnNegative free cash flow (-46.8M)
- Strong balance sheetStrong balance sheet — $157M cash & investments, ~13 quarters of runway
Key metrics
Gross margin
61.5%
Operating margin
-75.8%
Net margin
-66.0%
Return on equity
-25.8%
Return on assets
-13.9%
ROIC
-21.7%
Revenue growth (QoQ)
-4.4%
Debt / equity
0.1×
Current ratio
2.1×
Free cash flow
-$47M
Tangible book value
$152M
Cash & investments
$157M
Cash runway
13q
Stock comp / revenue
58.9%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-05-15 | 2025-12-31 | 0001193125-26-226608 ↗ |
| 20-F | 2025-04-15 | 2024-12-31 | 0001193125-25-080649 ↗ |
| 20-F | 2024-04-15 | 2023-12-31 | 0001193125-24-095477 ↗ |
| 20-F | 2023-04-27 | 2022-12-31 | 0001193125-23-122090 ↗ |
| 20-F | 2022-04-28 | 2021-12-31 | 0001193125-22-125165 ↗ |
| 20-F | 2021-06-15 | 2020-12-31 | 0001193125-21-190578 ↗ |
| 20-F | 2020-04-20 | 2019-12-31 | 0001193125-20-112223 ↗ |