Commercial Vehicle Group vs Hesai
Commercial Vehicle Group is the larger business, with $649m of revenue in fiscal 2025 against $421m for Hesai (1.5 times as much). Hesai grew faster (45.9% against -10.3%). Hesai kept more of each dollar of sales as profit: a net margin of 14.4% against -3.5%. Hesai carries less debt relative to equity (8.1% against 79.8%).
| Latest fiscal year | Commercial Vehicle GroupCVGI, 2025 | HesaiHSAI, 2025 |
|---|---|---|
| Revenue | $649m | $421m |
| Revenue growth | -10.3% | 45.9% |
| Net income | −$22.8m | $60.7m |
| Operating margin | -0.1% | 5.6% |
| Net margin | -3.5% | 14.4% |
| Return on equity | -16.9% | 6.7% |
| Free cash flow | $34.0m | −$26.8m |
| Cash | — | $238m |
| Total debt | $106m | $104m |
| Debt to equity | 79.8% | 8.1% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 6,500 | — |
| Market value | $129m | $1.78bn |
| Price vs our value range | — | — |
| Moat score | 25 (Weak) | — |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 0 sales |