Latest Ratios: P/E Ratio 35.9x · EV/EBITDA 57.7x · ROE 6.8%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.2B | $3.3B | $1.8B | $1.1B | — | — | — | — |
| Enterprise Value | $2.1B | $2.6B | $-314326113 | $116M | — | — | — | — |
| P/E Ratio → | 35.93 | 7.80 | — | — | — | — | — | — |
| P/S Ratio | 4.95 | 1.08 | 0.86 | 0.59 | — | — | — | — |
| P/B Ratio | 1.68 | 0.37 | 0.45 | 0.29 | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | 131.68 | 28.82 | 28.11 | 19.42 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.85 | -0.15 | 0.06 | — | — | — | — |
| EV / EBITDA | 57.74 | 10.41 | — | — | — | — | — | — |
| EV / EBIT | 115.59 | 5.30 | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.8% | 41.8% | 42.6% | 35.2% | 39.2% | 53.0% | 57.5% | 70.3% |
| Operating Margin | 4.1% | 4.1% | -9.9% | -30.5% | -31.4% | -36.8% | -24.5% | -42.5% |
| Net Profit Margin | 14.4% | 14.4% | -4.9% | -25.4% | -25.0% | -34.0% | -25.8% | -34.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 6.8% | 6.8% | -2.6% | -14.2% | -10.2% | -11.7% | -16.9% | -90.1% |
| ROA | 5.1% | 5.1% | -1.8% | -10.0% | -7.7% | -9.3% | -14.4% | -67.4% |
| ROIC | 1.8% | 1.8% | -6.5% | -17.6% | -12.4% | -11.4% | -15.3% | -94.7% |
| ROCE | 1.8% | 1.8% | -4.7% | -15.9% | -12.7% | -12.6% | -15.8% | -106.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.11 | 0.11 | 0.19 | 0.14 | 0.02 | — | — | — |
| Debt / EBITDA | 3.89 | 3.89 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.08 | -0.53 | -0.26 | -0.30 | -0.15 | -0.23 | -0.12 |
| Net Debt / EBITDA | -2.85 | -2.85 | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | -2.46 |
| Interest Coverage | 26.39 | 26.39 | -6.89 | -153.86 | — | — | — | — |
Net cash position: cash ($1.7B) exceeds total debt ($963M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.73 | 3.73 | 2.87 | 3.29 | 3.28 | 3.92 | 7.25 | 4.32 |
| Quick Ratio | 3.38 | 3.38 | 2.58 | 2.92 | 2.60 | 3.49 | 6.35 | 4.02 |
| Cash Ratio | 2.51 | 2.51 | 1.97 | 2.37 | 1.95 | 3.13 | 5.41 | 3.78 |
| Asset Turnover | — | 0.27 | 0.35 | 0.33 | 0.31 | 0.18 | 0.32 | 1.95 |
| Inventory Turnover | 2.63 | 2.63 | 2.47 | 2.45 | 1.13 | 0.90 | 1.18 | 9.04 |
| Days Sales Outstanding | — | 163.69 | 140.10 | 105.88 | 154.60 | 124.20 | 83.15 | 8.00 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 1.6% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.8% | 12.8% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 1.6% | — | — | — | — |
| Shares Outstanding | — | $146M | $129M | $125M | $126M | $126M | $95M | $89M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying HSAI stock.
Hesai Group's current P/E ratio is 35.9x. The historical average is 7.8x. This places it at the 100th percentile of its historical range.
Hesai Group's current EV/EBITDA is 57.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
Hesai Group's return on equity (ROE) is 6.8%. The historical average is -19.9%.
Based on historical data, Hesai Group is trading at a P/E of 35.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hesai Group has 41.8% gross margin and 4.1% operating margin.
Hesai Group's Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Geopolitical and trade restrictions
Valuation Reflects Growth, Not Current Earnings
Hesai's forward EV/EBITDA of 6.22, a dramatic compression from its trailing 71.67, suggests the market is pricing in a rapid transition to profitability, while its P/S of 6.09 indicates a premium over traditional auto parts suppliers.
The extreme divergence between trailing and forward multiples implies the market is discounting a significant earnings inflection point, likely tied to the scaling of its ADAS volume. However, the current P/E of 44.19 on a TTM basis remains elevated, reflecting the company's nascent profitability stage. This valuation structure appears to price in successful execution of its ASIC-led cost reduction strategy and continued market share gains, leaving little room for operational missteps or a slower-than-expected path to sustained net income.
Gross Margin Resilience Amid Operating Losses
Despite a volatile operating margin that swung from -38.6% to 0.3% over ten quarters, Hesai's gross margin has consistently held in the 39-42% range, suggesting its core hardware manufacturing remains profitable even as the company invests heavily in growth.
The stability of the gross margin, as reported in financial statements, is a key indicator of the underlying strength of its ASIC-based cost structure and pricing power. However, the persistent negative operating margins in recent quarters highlight that R&D and SG&A expenses are still overwhelming the gross profit contribution. This indicates the company is in a classic growth phase, where scale is being prioritized over near-term profitability, and the path to operating breakeven is contingent on revenue growth outpacing the fixed cost base.
Capital Returns Turn Positive, But Remain Low
After a period of negative returns, Hesai's ROIC and ROE have recently turned positive, with ROIC reaching 0.0% in 2026Q2, indicating the business is beginning to generate returns on its invested capital, albeit at a very modest level.
The shift from negative to positive ROIC, as seen in the ratio data, is a critical inflection point, suggesting the company's investments in manufacturing and R&D are starting to generate returns. However, the absolute level of return remains minimal compared to the company's substantial equity base, which has been bolstered by external capital. This implies that while the operational model is proving viable, the company is still far from achieving the capital efficiency needed to justify its valuation on a standalone basis.
Minimal Leverage, Strategic Cash Hoard
With a debt-to-equity ratio of just 0.08 and interest coverage of 18.20x, Hesai's balance sheet is conservatively financed, supported by a cash position that appears to exceed its total debt, providing significant strategic flexibility.
The low leverage metrics, as reported in financial statements, indicate that Hesai is not reliant on debt financing for its operations or growth, which is unusual for a capital-intensive hardware manufacturer. This financial posture suggests management is prioritizing a strong balance sheet to weather industry volatility and potential geopolitical shocks. The high interest coverage ratio further confirms that debt service is not a material concern, allowing the company to allocate capital primarily toward R&D and capacity expansion.
Robust Liquidity Buffer for a Cyclical Market
Hesai's current ratio of 5.37 and quick ratio of 4.86 indicate an exceptionally strong liquidity position, with a substantial cash buffer that should provide ample runway to navigate the cyclical downturns common in the automotive sector.
The high liquidity ratios, based on reported figures, are driven by a large cash and equivalents balance, which appears to be a deliberate strategic choice. This provides a significant cushion against potential disruptions in the Chinese automotive market or delays in customer payments. However, the high level of inventory (implied by the gap between current and quick ratios) warrants monitoring, as it could tie up capital if demand for specific LiDAR models softens unexpectedly.
The Misleading Power of Gross Margin
The gross margin is the ratio most commonly misapplied to Hesai, as its impressive 41.8% level obscures the company's negative operating margins and the significant cash burn required to maintain its technological lead.
Investors often focus on Hesai's industry-leading gross margin as proof of a sustainable moat, but this metric alone is misleading for a company where R&D consumes over 25% of revenue. The true measure of health should be the operating margin trend and free cash flow generation, which are currently negative or unavailable. Relying on gross margin ignores the substantial ongoing investment needed to prevent obsolescence in the fast-moving LiDAR market, making it a poor standalone indicator of long-term profitability.