Hesai Group
HSAI, HSIGF · General Industrial Machinery & Equipment, NEC · EDGAR filings ↗
Grade
B80Global LiDAR leader that turned profitable on top-quartile growth and margins, with a fortress balance sheet but still-thin returns.
Strengths
- Revenue grew 45.8% with net margin 14.4% (85th pct), gross margin 41.8% and operating margin at 69th pct; swung to net income
- Massive liquidity: $3.74B cash (100th pct), 77-quarter runway, low leverage (D/E 0.08), ROA/ROE at 80th pct
Risks
- Returns are modest in absolute terms (ROE 4.9%, ROIC 1.4%) and FCF remains negative (-$192M)
- Intense LiDAR pricing pressure, China-governance/HFCAA risk and customer/OEM concentration
Notable findings
- Cash burnNegative free cash flow (-27.5M)
- Strong balance sheetStrong balance sheet — $1.4B cash & investments, ~198 quarters of runway
Key metrics
Gross margin
41.8%
Operating margin
5.6%
Net margin
14.4%
Return on equity
4.9%
Return on assets
3.9%
ROIC
1.4%
Revenue growth (QoQ)
52.1%
Debt / equity
0.1×
Net debt / EBITDA
-30.0×
Current ratio
3.7×
Free cash flow
-$28M
EBITDA
$42M
Tangible book value
$1.3B
Cash & investments
$1.4B
Cash runway
198q
Stock comp / revenue
3.8%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-24 | 2025-12-31 | 0001104659-26-048025 ↗ |
| 20-F | 2025-04-01 | 2024-12-31 | 0001410578-25-000614 ↗ |
| 20-F | 2024-04-25 | 2023-12-31 | 0001104659-24-051452 ↗ |
| 20-F | 2023-04-20 | 2022-12-31 | 0001104659-23-047439 ↗ |