Hesai vs Micware Co.
Hesai is the larger business, with $421m of revenue in fiscal 2025 against $146m for Micware Co. (2.9 times as much). Hesai grew faster (45.9% against 5.5%). Hesai kept more of each dollar of sales as profit: a net margin of 14.4% against 7.3%.
| Latest fiscal year | HesaiHSAI, 2025 | Micware Co.MWC, 2026 |
|---|---|---|
| Revenue | $421m | $146m |
| Revenue growth | 45.9% | 5.5% |
| Net income | $60.7m | $10.7m |
| Operating margin | 5.6% | — |
| Net margin | 14.4% | 7.3% |
| Return on equity | 6.7% | 22.6% |
| Free cash flow | −$26.8m | $12.1m |
| Cash | $238m | $52.9m |
| Total debt | $104m | $34.5m |
| Debt to equity | 8.1% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | — | — |
| Market value | $1.78bn | $79.4m |
| Price vs our value range | — | — |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 0 sales |