Last 22 quarters of trend data · Consumer Cyclical · Auto - Parts
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Hesai Group's quarterly P/E stands at 6.2x, up 92.4% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 1327.5% YoY to 4.6x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 39.88 | 6.15 | 3.95 | 17.15 | — | 3.20 | — | — | — | — | — | — | — |
| — | +92.4% | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 4.92 | 0.91 | 1.27 | 1.08 | 0.93 | 0.65 | 0.28 | 0.29 | 0.45 | 0.50 | 0.71 | 0.75 | 1.09 |
| — | +40.0% | +348.9% | +267.0% | +106.4% | +29.7% | -60.0% | -60.8% | -58.9% | — | — | — | — | |
| P/B Ratio | 1.87 | 0.41 | 0.46 | 0.70 | 0.45 | 0.48 | 0.16 | 0.14 | 0.17 | 0.29 | 0.32 | 0.33 | 0.46 |
| — | -14.7% | +178.7% | +389.4% | +168.3% | +63.4% | -48.5% | -56.0% | -63.3% | — | — | — | — | |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 57.38 | 4.58 | 2.01 | 5.16 | — | -0.37 | — | — | — | — | — | — | — |
| — | +1327.5% | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | 114.88 | 4.58 | 2.01 | 6.26 | — | -0.37 | — | — | — | — | — | — | — |
| — | +1327.5% | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Hesai Group's operating margin was 5.7% in Q4 2025, down 4.1 pp QoQ and down 9.1 pp YoY. The trailing four-quarter average of 3.1% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 5.1% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.8% | 41.0% | 42.1% | 42.5% | 41.7% | 39.0% | 47.7% | 45.1% | 38.8% | 41.2% | 30.6% | 29.8% | 37.8% |
| — | +5.1% | -11.8% | -5.6% | +7.7% | -5.3% | +56.2% | +51.3% | +2.5% | +37.4% | -17.6% | -36.4% | -25.7% | |
| Operating Margin | 4.1% | 5.7% | 9.7% | 3.2% | -6.4% | 14.8% | -14.3% | -20.9% | -38.6% | -29.0% | -37.5% | -25.8% | -29.8% |
| — | -61.7% | +167.9% | +115.5% | +83.5% | +151.0% | +61.9% | +19.0% | -29.5% | +15.2% | -22.7% | +42.3% | -77.6% | |
| Net Margin | 14.4% | 15.3% | 32.2% | 6.2% | -3.3% | 20.4% | -13.0% | -15.7% | -29.8% | -25.1% | -31.8% | -16.9% | -27.7% |
| — | -25.0% | +346.9% | +139.7% | +88.8% | +181.3% | +59.0% | +7.0% | -7.7% | +24.1% | -50.1% | +48.8% | -174.0% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.8% | 1.7% | 3.9% | 1.0% | -0.4% | 3.8% | -1.9% | -1.9% | -2.8% | -3.6% | -3.5% | -1.8% | -3.4% |
| — | -55.2% | +306.8% | +153.7% | +84.7% | +206.5% | +46.9% | -3.8% | +19.1% | +24.3% | — | — | — | |
| ROA | 5.1% | 1.4% | 3.0% | 0.7% | -0.3% | 2.5% | -1.3% | -1.3% | -1.9% | -2.6% | -2.7% | -1.4% | -2.7% |
| — | -45.7% | +337.8% | +156.9% | +84.4% | +198.3% | +53.7% | +11.0% | +28.6% | +26.9% | -44.7% | +22.5% | — | |
| ROIC | 1.8% | 0.6% | 1.2% | 0.7% | -1.3% | 3.9% | -2.6% | -2.9% | -3.6% | -4.2% | -4.7% | -3.8% | -4.6% |
| — | -85.9% | +145.5% | +125.4% | +65.3% | +194.4% | +44.3% | +24.7% | +21.2% | +21.0% | — | — | — |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Hesai Group's Debt/EBITDA ratio is 6.0x, up from 2.9x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 29.7% YoY to 3.73x, strengthening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.11 | 0.11 | 0.09 | 0.22 | 0.16 | 0.19 | 0.18 | 0.17 | 0.17 | 0.14 | 0.09 | 0.08 | 0.06 |
| — | -42.8% | -47.5% | +28.4% | -0.7% | +29.9% | +101.7% | +120.6% | +195.9% | +547.1% | — | — | — | |
| Debt / EBITDA | 3.89 | 6.00 | 2.91 | 15.42 | — | 4.89 | — | — | — | — | — | — | — |
| — | +22.7% | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 3.73 | 3.73 | 5.75 | 3.18 | 4.06 | 2.87 | 3.08 | 3.16 | 3.33 | 3.29 | 4.26 | 4.55 | 4.68 |
| — | +29.7% | +86.6% | +0.6% | +21.9% | -12.7% | -27.6% | -30.5% | -28.9% | +0.4% | +12.8% | +3.2% | — | |
| Quick Ratio | 3.38 | 3.38 | 5.37 | 2.79 | 3.62 | 2.58 | 2.65 | 2.68 | 2.84 | 2.92 | 3.76 | 3.96 | 3.98 |
| — | +30.9% | +102.1% | +4.0% | +27.7% | -11.8% | -29.4% | -32.4% | -28.8% | +12.2% | +21.8% | +4.4% | — | |
| Interest Coverage | 26.39 | 39.37 | 635.09 | 7.75 | -6.68 | 41.43 | -18.80 | -20.50 | -60.57 | -210.17 | -120.61 | -121.15 | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying HSAI stock.
Hesai Group's current P/E is 39.9x. The average P/E over the last 3 quarters is 9.1x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Hesai Group's current operating margin is 4.1%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Hesai Group's business trajectory between earnings reports.