Hesai vs Worksport
Hesai is the larger business, with $421m of revenue in fiscal 2025 against $16.1m for Worksport (26.2 times as much). Worksport grew faster (89.8% against 45.9%). Hesai kept more of each dollar of sales as profit: a net margin of 14.4% against -120.2%. Hesai carries less debt relative to equity (8.1% against 11.7%).
| Latest fiscal year | HesaiHSAI, 2025 | WorksportWKSP, 2025 |
|---|---|---|
| Revenue | $421m | $16.1m |
| Revenue growth | 45.9% | 89.8% |
| Net income | $60.7m | −$19.4m |
| Operating margin | 5.6% | -116.8% |
| Net margin | 14.4% | -120.2% |
| Return on equity | 6.7% | -96.1% |
| Free cash flow | −$26.8m | −$18.1m |
| Cash | $238m | $5.9m |
| Total debt | $104m | $2.7m |
| Debt to equity | 8.1% | 11.7% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | — | — |
| Market value | $1.78bn | $4.6m |
| Price vs our value range | — | — |
| Moat score | — | 8 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 2 buys, 0 sales |