Hesai Group(HSAI)Earnings, Financials & Key Ratios
HSAI•NASDAQ
39.8× P/E·Price updated Jun 19, 2026
AboutHesai Group, through with its subsidiaries, engages in the development, manufacture, and sale of three-dimensional light detection and ranging solutions (LiDAR). Its LiDAR products are used in passenger and commercial vehicles with advanced driver assistance systems; autonomous passenger and freight mobility services; and other applications, such as delivery robots, street sweeping robots, and logistics robots in restricted areas. Hesai Group was founded in 2014 and is based in Shanghai, China.Show more
- Revenue$3.03B+45.8%
- EBITDA$247M+308.5%
- Net Income$436M+525.8%
- EPS (Diluted)2.87+463.3%
- Gross Margin41.79%-1.9%
- EBITDA Margin8.17%+243.0%
- Operating Margin4.08%+141.4%
- Net Margin14.4%+392.1%
- ROE6.76%+357.3%
HSAI Key Insights
Hesai Group (HSAI) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong 5Y sales CAGR of 48.8%
✗Weaknesses
- ✗Negative free cash flow
- ✗Weak momentum: RS Rating 15 (bottom 15%)
- ✗Low quality earnings: Net income not backed by cash flow
- ✗Shares diluted 13.4% in last year
- ✗Trading more than 30% below 52-week high
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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HSAI Price & Volume
Hesai Group (HSAI) stock price & volume — 10-year historical chart
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HSAI Growth Metrics
Hesai Group (HSAI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years48.77%
3 Years36.03%
TTM45.76%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM525.76%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM434.88%
Return on Capital
10 Years-23.74%
5 Years-8.82%
3 Years-6.26%
Last Year1.8%
HSAI Recent Earnings
Hesai Group (HSAI) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 6/12 qtrs (55%)
Q2 2026Latest
May 19, 2026Metric
Actual
Est
EPS
$0.02-42.7%
$0.03
Rev
$99M+3.1%
$96M
Q2 2026
Mar 24, 2026Metric
Actual
Est
EPS
$0.13-15.3%
$0.15
Rev
$143M-6.6%
$153M
Q4 2025
Nov 11, 2025Metric
Actual
Est
EPS
$0.25+15.6%
$0.22
Rev
$112M-26.6%
$152M
Q3 2025
Aug 14, 2025Metric
Actual
Est
EPS
$0.04-30.1%
$0.06
Rev
$99M+3.1%
$96M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 19, 2026 | $0.02vs $0.03-42.7% | $99Mvs $96M+3.1% |
| Q2 2026 | Mar 24, 2026 | $0.13vs $0.15-15.3% | $143Mvs $153M-6.6% |
| Q4 2025 | Nov 11, 2025 | $0.25vs $0.22+15.6% | $112Mvs $152M-26.6% |
| Q3 2025 | Aug 14, 2025 | $0.04vs $0.06-30.1% | $99Mvs $96M+3.1% |
Based on last 12 quarters of dataView full earnings history →
HSAI Peer Comparison
Hesai Group (HSAI) competitors in Safety, ADAS and Sensors — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 LAZR | 1.95M | 0.06 | -0.01 | -12.44% | -5.73% | |||
 OUST | 2.97B | 46.57 | -43.52 | 52.46% | -30.12% | -22.2% | 0.07 | |
 INVZ | 128.83M | 0.58 | -1.71 | 127% | -181.46% | -101.64% | 0.83 | |
 AEVA | 1.54B | 24.39 | -9.56 | 99.44% | -6.94% | -258.38% | 7.75 | |
 LIDR | 67.16M | 1.45 | -1.61 | 15.35% | -126.99% | -56.22% | 0.00 | |
 MVIS | 120.77M | 0.36 | -1.04 | -74.28% | -58.88% | -139.2% | 0.66 | |
 MBLY | 6.89B | 8.46 | -17.63 | 14.51% | -203.97% | -37.31% | ||
 AEYE | 78.83M | 6.31 | -25.24 | 14.52% | -9.05% | -70.95% | 2.75 |
Compare HSAI vs Peers
Hesai Group (HSAI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
HSAI Income Statement
Hesai Group (HSAI) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
Sales/Revenue | 348.08M | 415.51M | 720.77M | 1.2B | 1.88B | 2.08B | 3.03B |
Revenue Growth % | - | 19.37% | 73.46% | 66.86% | 56.07% | 10.66% | 45.76% |
Cost of Goods Sold | 103.38M | 176.6M | 338.97M | 730.68M | 1.22B | 1.19B | 1.76B |
COGS % of Revenue | 29.7% | 42.5% | 47.03% | 60.76% | 64.76% | 57.41% | 58.21% |
Gross Profit | 244.71M▲ 0% | 238.91M▼ 2.4% | 381.8M▲ 59.8% | 471.99M▲ 23.6% | 661.38M▲ 40.1% | 884.59M▲ 33.7% | 1.27B▲ 43.0% |
Gross Margin % | 70.3% | 57.5% | 52.97% | 39.24% | 35.24% | 42.59% | 41.79% |
Gross Profit Growth % | - | -2.37% | 59.8% | 23.62% | 40.13% | 33.75% | 43.02% |
Operating Expenses | 392.76M | 340.73M | 647.08M | 850.2M | 1.23B | 1.09B | 1.14B |
OpEx % of Revenue | 112.83% | 82% | 89.78% | 70.69% | 65.69% | 52.45% | 37.71% |
Selling, General & Admin | 93.85M | 126.46M | 305.98M | 305.84M | 468.94M | 509.94M | 480.82M |
SG&A % of Revenue | 26.96% | 30.43% | 42.45% | 25.43% | 24.98% | 24.55% | 15.88% |
Research & Development | 149.82M | 229.65M | 368.44M | 555.18M | 790.55M | 855.64M | 796.94M |
R&D % of Revenue | 43.04% | 55.27% | 51.12% | 46.16% | 42.12% | 41.19% | 26.32% |
Other Operating Expenses | 149.09M | -15.38M | -27.33M | -10.82M | -26.52M | -276.09M | -136.2M |
Operating Income | -148.05M▲ 0% | -101.81M▲ 31.2% | -265.29M▼ 160.6% | -378.22M▼ 42.6% | -571.59M▼ 51.1% | -204.91M▲ 64.2% | 123.54M▲ 160.3% |
Operating Margin % | -42.53% | -24.5% | -36.81% | -31.45% | -30.45% | -9.86% | 4.08% |
Operating Income Growth % | - | 31.23% | -160.56% | -42.57% | -51.13% | 64.15% | 160.29% |
EBITDA | -138.33M | -82.6M | -237.05M | -324.58M | -485.32M | -118.64M | 247.33M |
EBITDA Margin % | -39.74% | -19.88% | -32.89% | -26.99% | -25.86% | -5.71% | 8.17% |
EBITDA Growth % | - | 40.29% | -187% | -36.92% | -49.52% | 75.55% | 308.47% |
D&A (Non-Cash Add-back) | 9.72M | 19.21M | 28.23M | 53.63M | 86.27M | 86.27M | 123.79M |
EBIT | 12.05M | -101.81M | -245.86M | -300.79M | -472.2M | -204.91M | 485.71M |
Net Interest Income | 19.11M | 20.93M | 32.58M | 58.73M | 96.74M | 91.57M | 108.28M |
Interest Income | 19.11M | 20.93M | 32.58M | 58.73M | 99.81M | 104.4M | 126.69M |
Interest Expense | 0 | 0 | 0 | 0 | 3.07M | 12.83M | 18.41M |
Other Income/Expense | 28.76M | -5.6M | 19.34M | 77.39M | 96.28M | 103.66M | 343.17M |
Pretax Income | -119.29M▲ 0% | -107.42M▲ 10.0% | -245.94M▼ 129.0% | -300.83M▼ 22.3% | -475.31M▼ 58.0% | -101.25M▲ 78.7% | 466.71M▲ 561.0% |
Pretax Margin % | -34.27% | -25.85% | -34.12% | -25.01% | -25.32% | -4.87% | 15.42% |
Income Tax | 930K | -199K | -1.11M | -66K | 658K | 1.13M | 30.84M |
Effective Tax Rate % | -0.78% | 0.19% | 0.45% | 0.02% | -0.14% | -1.12% | 6.61% |
Net Income | -120.22M▲ 0% | -107.22M▲ 10.8% | -244.83M▼ 128.3% | -300.76M▼ 22.8% | -475.97M▼ 58.3% | -102.38M▲ 78.5% | 435.88M▲ 525.8% |
Net Margin % | -34.54% | -25.8% | -33.97% | -25.01% | -25.36% | -4.93% | 14.4% |
Net Income Growth % | - | 10.82% | -128.35% | -22.85% | -58.25% | 78.49% | 525.76% |
Net Income (Continuing) | -120.22M | -107.22M | -244.83M | -300.76M | -475.97M | -102.38M | 435.88M |
Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 0 | 5.54B | 5.99B | 0 | 0 | 0 |
EPS (Diluted) | -1.36▲ 0% | -1.19▲ 12.5% | -23.39▼ 1865.5% | -5.95▲ 74.6% | -3.81▲ 36.0% | -0.79▲ 79.3% | 2.87▲ 463.3% |
EPS Growth % | - | 12.5% | -1865.55% | 74.56% | 35.97% | 79.27% | 463.29% |
EPS (Basic) | -0.96 | -1.19 | -23.39 | -5.95 | -3.81 | -0.79 | 3.08 |
Diluted Shares Outstanding | 88.53M | 95.18M | 125.53M | 125.53M | 124.78M | 129.19M | 146.44M |
Basic Shares Outstanding | 88.53M | 95.18M | 125.53M | 125.53M | 124.78M | 129.19M | 139.15M |
Dividend Payout Ratio | - | - | - | - | - | - | - |
HSAI Balance Sheet
Hesai Group (HSAI) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
Total Current Assets | 168M | 1.21B | 3.49B | 3.14B | 4.4B | 4.68B | 7.07B |
Cash & Short-Term Investments | 146.96M | 902.69M | 2.79B | 1.86B | 3.16B | 3.2B | 4.76B |
Cash Only | 16.18M | 256.69M | 449.35M | 913.28M | 1.55B | 2.84B | 1.67B |
Short-Term Investments | 130.78M | 646M | 2.34B | 945.87M | 1.61B | 362.19M | 3.09B |
Accounts Receivable | 7.63M | 94.66M | 245.26M | 509.41M | 544.51M | 797.28M | 1.36B |
Days Sales Outstanding | 8 | 83.15 | 124.2 | 154.6 | 105.88 | 140.1 | 163.69 |
Inventory | 11.43M | 149.93M | 376.24M | 646.85M | 495.88M | 482.14M | 670.88M |
Days Inventory Outstanding | 40.37 | 309.87 | 405.13 | 323.12 | 148.89 | 147.56 | 138.94 |
Other Current Assets | 1.1M | 28.34M | 8.03M | 15.18M | 35.63M | 22.08M | 282.61M |
Total Non-Current Assets | 10.35M | 102.89M | 459.01M | 704.28M | 1.26B | 1.31B | 4.19B |
Property, Plant & Equipment | 7.43M | 73.65M | 376.83M | 595.38M | 1.1B | 1.06B | 1.21B |
Fixed Asset Turnover | 46.84x | 5.64x | 1.91x | 2.02x | 1.70x | 1.96x | 2.50x |
Goodwill | 0 | 3.64M | 3.5M | 3.82M | 0 | 0 | 0 |
Intangible Assets | 1.86M | 14.26M | 62.02M | 62.21M | 119.47M | 116.43M | 95.57M |
Long-Term Investments | 285.69K | 1.99M | 1.9M | 31.86M | 31.81M | 31.8M | 2.78B |
Other Non-Current Assets | 774.94K | 9.35M | 14.75M | 11.02M | 3.96M | 100.25M | 106.4M |
Total Assets | 178.35M▲ 0% | 1.31B▲ 635.7% | 3.95B▲ 201.2% | 3.84B▼ 2.9% | 5.66B▲ 47.5% | 5.99B▲ 5.8% | 11.27B▲ 88.1% |
Asset Turnover | 1.95x | 0.32x | 0.18x | 0.31x | 0.33x | 0.35x | 0.27x |
Asset Growth % | - | 635.68% | 201.22% | -2.86% | 47.49% | 5.78% | 88.13% |
Total Current Liabilities | 38.93M | 166.74M | 892.16M | 955.54M | 1.34B | 1.63B | 1.9B |
Accounts Payable | 2.67M | 55.44M | 77.27M | 206.68M | 276.69M | 345.01M | 592.94M |
Days Payables Outstanding | 9.43 | 114.58 | 83.2 | 103.24 | 83.08 | 105.59 | 122.79 |
Short-Term Debt | 0 | 0 | 0 | 0 | 118.94M | 355.35M | 598.81M |
Deferred Revenue (Current) | 1.7M | 0 | 122.6M | 40.38M | 79.92M | 32.99M | 21.03M |
Other Current Liabilities | 29.08M | 46.45M | 5.58M | 4.96M | 730.97M | 352.66M | 656.58M |
Current Ratio | 4.32x | 7.25x | 3.92x | 3.28x | 3.29x | 2.87x | 3.73x |
Quick Ratio | 4.02x | 6.35x | 3.49x | 2.60x | 2.92x | 2.58x | 3.38x |
Cash Conversion Cycle | 38.94 | 278.44 | 446.13 | 374.48 | 171.7 | 182.07 | 179.83 |
Total Non-Current Liabilities | 6.03M | 8.19M | 10.39M | 42.13M | 465.12M | 428.94M | 407.45M |
Long-Term Debt | 0 | 0 | 0 | 18.47M | 285.9M | 269.44M | 278.9M |
Capital Lease Obligations | 0 | 0 | 0 | 10.14M | 119.41M | 98.37M | 85.61M |
Deferred Tax Liabilities | 99.49K | 0 | 466K | 439K | 0 | 0 | 0 |
Other Non-Current Liabilities | 5.93M | 8.19M | 9.92M | 13.07M | 59.81M | 61.13M | 42.93M |
Total Liabilities | 44.96M | 174.93M | 902.55M | 997.66M | 1.8B | 2.06B | 2.3B |
Total Debt | 0 | 0 | 0 | 63.59M | 559.24M | 739.26M | 963.33M |
Net Debt | -16.18M | -256.69M | -449.35M | -849.69M | -995.34M | -2.1B | -705.24M |
Debt / Equity | - | - | - | 0.02x | 0.14x | 0.19x | 0.11x |
Debt / EBITDA | - | - | - | - | - | - | 3.89x |
Net Debt / EBITDA | - | - | - | - | - | - | -2.85x |
Interest Coverage | - | - | - | - | -153.86x | -15.97x | 26.39x |
Total Equity | 133.4M▲ 0% | 1.14B▲ 752.5% | 3.05B▲ 168.2% | 2.84B▼ 6.8% | 3.86B▲ 35.9% | 3.93B▲ 1.8% | 8.96B▲ 128.0% |
Equity Growth % | - | 752.48% | 168.19% | -6.82% | 35.91% | 1.8% | 128% |
Book Value per Share | 1.51 | 11.95 | 24.29 | 22.64 | 30.95 | 30.43 | 61.22 |
Total Shareholders' Equity | 133.4M | 1.14B | -2.49B | -3.15B | 3.86B | 3.93B | 8.96B |
Common Stock | 0 | 0 | 39K | 39K | 86K | 89K | 107.06K |
Retained Earnings | -24.51M | -56.05M | -2.19B | -2.83B | -3.31B | -3.41B | -2.98B |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accumulated OCI | 191.22K | -618K | 8.46M | -3.61M | -254.28M | 56.98M | 6.53M |
Minority Interest | 0 | 0 | 5.54B | 5.99B | 0 | 0 | 0 |
HSAI Cash Flow Statement
Hesai Group (HSAI) cash flow — operating, investing & free cash flow history
| Metric | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
Cash from Operations | 46.17M | -352.01M | -228.39M | -696.01M | 57.26M | 63.5M | 113.8M |
Operating CF Margin % | 13.26% | -84.72% | -31.69% | -57.87% | 3.05% | 3.06% | 3.76% |
Operating CF Growth % | - | -862.5% | 35.12% | -204.75% | 108.23% | 10.9% | 79.2% |
Net Income | -120.22M | -107.22M | -244.83M | -300.76M | -475.97M | -102.38M | 424M |
Depreciation & Amortization | 9.72M | 19.21M | 28.23M | 53.63M | 86.27M | 131.81M | 0 |
Stock-Based Compensation | 0 | 0 | 54.28M | 105.22M | 234.62M | 116.06M | 0 |
Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Cash Items | -6.11M | 32.77M | 22.64M | 67.31M | 65.46M | 54.33M | -310.2M |
Working Capital Changes | 162.77M | -296.78M | -88.72M | -621.41M | 146.88M | -136.32M | 0 |
Change in Receivables | 6.96M | -82.44M | -115.64M | -256.62M | -97.84M | -265.68M | 0 |
Change in Inventory | -32.39M | -83.61M | -237.75M | -305.55M | 145.98M | 26.7M | 0 |
Change in Payables | -8.48M | 36.26M | 21.83M | 128.86M | 61.53M | 75.01M | 0 |
Cash from Investing | -779.5M | 179.03M | -1.98B | 1.12B | -1.06B | 955.88M | -5.4B |
Capital Expenditures | -39.58M | -66M | -220.1M | -231.21M | -406.75M | -259.54M | -332.87M |
CapEx % of Revenue | 11.37% | 15.88% | 30.54% | 19.22% | 21.67% | 12.5% | 10.99% |
Acquisitions | -14.93M | 0 | 0 | 0 | -40.05M | 0 | 4.11M |
Investments | - | - | - | - | - | - | - |
Other Investing | 0 | -10.56M | -61.49M | -11.14M | 7.97M | -11.82M | 35.96M |
Cash from Financing | 739.74M | 323.44M | 2.4B | 15.18M | 1.59B | 250.68M | 4.23B |
Debt Issued (Net) | 0 | 0 | 1.95B | 18.47M | 376.59M | 216.54M | 109.21M |
Equity Issued (Net) | 739.74M | 317.15M | 453.98M | 0 | 1.23B | 0 | 4.4B |
Dividends Paid | 0 | 0 | -507.62M | 0 | -17.51M | 0 | 0 |
Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Financing | 0 | 6.29M | 507.03M | -3.3M | 5.8M | 34.14M | -284.75M |
Net Change in Cash | 8.4M▲ 0% | 143.95M▲ 1613.5% | 192.66M▲ 33.8% | 463.93M▲ 140.8% | 644.85M▲ 39.0% | 1.28B▲ 99.2% | -1.05B▼ 182.1% |
Free Cash Flow | 6.59M▲ 0% | -428.59M▼ 6603.7% | -509.99M▼ 19.0% | -936.4M▼ 83.6% | -357.41M▲ 61.8% | -207.85M▲ 41.8% | -187.14M▲ 10.0% |
FCF Margin % | 1.89% | -103.15% | -70.76% | -77.86% | -19.04% | -10.01% | -6.18% |
FCF Growth % | - | -6603.7% | -18.99% | -83.61% | 61.83% | 41.84% | 9.97% |
FCF per Share | 0.07 | -4.50 | -4.06 | -7.46 | -2.86 | -1.61 | -1.28 |
FCF Conversion (FCF/Net Income) | -0.38x | 3.28x | 0.93x | 2.31x | -0.12x | -0.62x | 0.26x |
Interest Paid | 0 | 0 | 0 | 0 | 3.07M | 8.05M | 0 |
Taxes Paid | 8.66M | 8.66M | 213K | 1.23M | 0 | 425K | 0 |
HSAI Key Ratios
Hesai Group (HSAI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | -90.12% | -16.88% | -11.69% | -10.21% | -14.2% | -2.63% | 6.76% |
Return on Invested Capital (ROIC) | -94.73% | -15.31% | -11.43% | -12.35% | -17.65% | -6.54% | 1.84% |
Gross Margin | 70.3% | 57.5% | 52.97% | 39.24% | 35.24% | 42.59% | 41.79% |
Net Margin | -34.54% | -25.8% | -33.97% | -25.01% | -25.36% | -4.93% | 14.4% |
Debt / Equity | - | - | - | 0.02x | 0.14x | 0.19x | 0.11x |
Interest Coverage | - | - | - | - | -153.86x | -15.97x | 26.39x |
FCF Conversion | -0.38x | 3.28x | 0.93x | 2.31x | -0.12x | -0.62x | 0.26x |
Revenue Growth | - | 19.37% | 73.46% | 66.86% | 56.07% | 10.66% | 45.76% |
Related:HSAI Dividend History·HSAI Revenue History·HSAI Price History·HSAI P/E History·HSAI Financial Ratios·HSAI Institutional Holders
HSAI Frequently Asked Questions
Hesai Group (HSAI) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Hesai Group (HSAI) reported $3.03B in revenue for fiscal year 2025. This represents a 770% increase from $348.1M in 2019.
Hesai Group (HSAI) grew revenue by 45.8% over the past year. This is strong growth.
Yes, Hesai Group (HSAI) is profitable, generating $435.9M in net income for fiscal year 2025 (14.4% net margin).
Dividend & Returns
Hesai Group (HSAI) has a return on equity (ROE) of 6.8%. This is below average, suggesting room for improvement.
Hesai Group (HSAI) had negative free cash flow of $187.1M in fiscal year 2025, likely due to heavy capital investments.