undamentalytics Newsletter
Sign in

Ehang Holdings Ltd (EH) stock

Add to watchlist

Add holding +

NASDAQ: EH Nasdaq Aerospace & Defense Next results ~November 27, 2026

E Fundamentals grade

Ehang Holdings Ltd is a US-listed company in the aerospace & defense industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Model estimate per share

~$1.5

Price-to-sales vs peers

Base case. Range ~$1.4–$4.3. Sales per share times peers' typical price-to-sales; used only when earnings are negative.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Ehang Holdings Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds39 adding, 37 cuttingOf 10 active managers that changed their stake, 5 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ehang Holdings files

Where Ehang stands after its latest Filing

Revenue for the twelve months was $58m, down 8.3% on a year earlier, against growth of 282.0% a quarter earlier. That puts it 51 of 57 for growth among the aerospace & defense companies we cover. Free-cash-flow margin rose to -78.6% from -241.7% a year earlier. Operating margin widened to -75.8% from -564.3%. The diluted share count is up 109052.5% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 4 of our 6 financial-health checks. Our price-to-sales vs peers value is $1.50 a share, against a share price of $3.59.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 27, 2026 (estimated)

Ehang Holdings Ltd's trailing-twelve-month revenue fell 8.3% year on year, with a free-cash-flow margin of -78.6%. Where it stands out: gross margin of 61.5% ranks 3 of 46 aerospace & defense companies we cover. Where it lags: change in growth rate of -290.3pp ranks 57 of 57 aerospace & defense companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -8.3% (-290.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 8.3% over the last 12 months.
  • Growth slowing. The growth rate is 290.3 points lower than a quarter earlier.
  • Loss-making. Operating margin is -75.8%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 20.1 points on a year ago.
  • Burning cash. Free cash flow was -78.6% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 58.9% of revenue, against a median of 1.5% for aerospace & defense companies we cover: a real cost that cash-flow figures leave out.

Latest results

Earnings per share
-$1.68 against an average estimate of -$0.91: missed by 84.0%
Next report
November 27, 2026

Ehang Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.7%
  • 1 week+6.8%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$58.2M
Operating margin
-75.8%
Net margin
-66.0%
EPS (TTM, diluted)
$-0.52

Growth

Revenue growth
−8.3%
Change in growth rate
−290.3 pts
Share count change
+109052.5%

Cash

Free cash flow (TTM)
-$45.7M
FCF margin
-78.6%
Stock pay % of revenue
58.9%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for EH from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ehang Holdings Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Ehang Holdings Ltd as an operating company, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.16 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$1.5 ~$1.4–$4.3 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$1.5 ~$1.4–$4.3 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ehang Holdings Ltd with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 27, 2026, before the open.

Analysts' consensus

No analyst estimates are published for Ehang Holdings Ltd: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.91 −$1.68 −84.0%
Dec 2025 −$0.71 $0.14 +119.7%
Sept 2025 −$1.07 −$1.10 −3.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

10 analysts, Nov 2026
Buy550%
Hold330%
Sell220%

Monthly trend

  1. Nov 2026143210
  2. Oct 2026153211
  3. Sep 2026252211

Counts of recommendations published by analysts covering Ehang Holdings Ltd, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
20.2%
of tradable shares
Days to cover
16.04
at average volume
Short interest, 1 month
+13%
to October 15, 2026
Held by institutions
32%
of shares
Held by insiders
7.8%
of shares
Employees
829
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Ehang Holdings Ltd in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ehang Holdings Ltd
$0 $20M $40M $60M $80M FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY17 Q4: $4.7M Revenue (TTM), FY18 Q4: $10.1M Revenue (TTM), FY19 Q4: $17.6M Revenue (TTM), FY20 Q4: $26.1M Revenue (TTM), FY21 Q4: $8.8M Revenue (TTM), FY22 Q4: $6.6M Revenue (TTM), FY23 Q4: $16.6M Revenue (TTM), FY24 Q4: $63.4M Revenue (TTM), FY25 Q4: $58.2M $58.2M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY17 Q4 $4.7M
FY18 Q4 $10.1M
FY19 Q4 $17.6M
FY20 Q4 $26.1M
FY21 Q4 $8.8M
FY22 Q4 $6.6M
FY23 Q4 $16.6M
FY24 Q4 $63.4M
FY25 Q4 $58.2M
Revenue growth, TTM YoY Ehang Holdings Ltd
-100% 0% 100% 200% 300% FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Revenue growth, TTM YoY, FY18 Q4: 114.7% Revenue growth, TTM YoY, FY19 Q4: 75.1% Revenue growth, TTM YoY, FY20 Q4: 48.0% Revenue growth, TTM YoY, FY21 Q4: -66.3% Revenue growth, TTM YoY, FY22 Q4: -25.1% Revenue growth, TTM YoY, FY23 Q4: 151.5% Revenue growth, TTM YoY, FY24 Q4: 282.0% Revenue growth, TTM YoY, FY25 Q4: -8.3% -8.3%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY18 Q4 114.7%
FY19 Q4 75.1%
FY20 Q4 48.0%
FY21 Q4 -66.3%
FY22 Q4 -25.1%
FY23 Q4 151.5%
FY24 Q4 282.0%
FY25 Q4 -8.3%
Operating margin (TTM) Ehang Holdings Ltd
-800% -600% -400% -200% 0% FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY17 Q4: -397.3% Operating margin (TTM), FY18 Q4: -111.8% Operating margin (TTM), FY19 Q4: -38.0% Operating margin (TTM), FY20 Q4: -50.7% Operating margin (TTM), FY21 Q4: -564.3% Operating margin (TTM), FY22 Q4: -685.9% Operating margin (TTM), FY23 Q4: -252.3% Operating margin (TTM), FY24 Q4: -55.7% Operating margin (TTM), FY25 Q4: -75.8% -75.8%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY17 Q4 -397.3%
FY18 Q4 -111.8%
FY19 Q4 -38.0%
FY20 Q4 -50.7%
FY21 Q4 -564.3%
FY22 Q4 -685.9%
FY23 Q4 -252.3%
FY24 Q4 -55.7%
FY25 Q4 -75.8%
FCF margin (TTM) Ehang Holdings Ltd
-600% -400% -200% 0% 200% FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY17 Q4: -158.5% FCF margin (TTM), FY18 Q4: -72.1% FCF margin (TTM), FY19 Q4: -48.6% FCF margin (TTM), FY20 Q4: -89.3% FCF margin (TTM), FY21 Q4: -241.7% FCF margin (TTM), FY22 Q4: -422.6% FCF margin (TTM), FY23 Q4: -83.0% FCF margin (TTM), FY24 Q4: 25.8% FCF margin (TTM), FY25 Q4: -78.6% -78.6%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY17 Q4 -158.5%
FY18 Q4 -72.1%
FY19 Q4 -48.6%
FY20 Q4 -89.3%
FY21 Q4 -241.7%
FY22 Q4 -422.6%
FY23 Q4 -83.0%
FY24 Q4 25.8%
FY25 Q4 -78.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 5 10 18 26 9 7 17 63 58
Gross profit 1 5 10 15 6 4 11 39 36
EBITDA −18 −10 −6 −12 −48 −44 −40 −34 −41
Operating income −19 −11 −7 −13 −50 −45 −42 −35 −44
Net income −13 −12 −7 −13 −49 −49 −43 −32 −38
Diluted EPS −$0.49 −$0.42 — — — — — — −$0.52
Growth (year on year)
Revenue — +114.7% +75.1% +48.0% −66.3% −25.1% +151.5% +282.0% −8.3%
Margins
Gross margin 13.2% 50.8% 58.5% 59.0% 63.4% 65.9% 64.1% 61.4% 61.5%
EBITDA margin −383.3% −103.4% −33.4% −47.3% −550.6% −666.7% −241.7% −52.9% −71.2%
Operating margin −397.3% −111.8% −38.0% −50.7% −564.3% −685.9% −252.3% −55.7% −75.8%
Net margin −275.9% −119.0% −39.9% −48.7% −552.7% −740.6% −256.9% −50.4% −66.0%
Free-cash-flow margin −158.5% −72.1% −47.8% −89.1% −241.6% −418.9% −82.0% 26.1% −78.3%
Cash flow
Cash from operations −6 −7 −8 −22 −19 −26 −12 22 −25
Capital spending 2 1 0 1 2 2 1 5 21
Free cash flow −7 −7 −8 −23 −21 −28 −14 17 −46
Stock-based pay 5 3 2 8 19 14 21 38 34
Free cash flow after stock pay −12 −11 −11 −31 −40 −42 −35 −21 −80
Balance sheet
Cash 9 9 46 21 39 36 32 84 37
Total debt 0 0 5 — 3 2 2 4 13
Net debt (negative = net cash) −9 −9 −42 −21 −36 −34 −30 −79 −23
Diluted shares 28m 28m — — — — — — 73m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · December 31, 2025
What it owns · $285m
Short-term assets $212mLonger-term assets $73m
What it owes, and who funded it · $285m
Short-term liabilities $102mLonger-term liabilities $30mShareholders' equity $153m
  • Short-term assets cover short-term liabilities $212m of assets due within a year against $102m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $212m short-term assets against $30m of longer-dated liabilities.
  • More cash than debt $37m of cash against $12m of debt.
  • Debt below 40% of shareholders' equity Debt is 8% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$25m of operating cash flow against $12m of debt.
  • Operating profit covers interest at least five times over Operating income of −$44m against $831,543 of interest.

From Ehang Holdings Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+109052.5%
year over year
R&D spending
46.6%
of revenue
Days sales outstanding
100 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated EH SPIR AIRI CVU PKE XTIA Median
Revenue, last 12 months $58m $62m $47m $74m $81m $82m $769m
Revenue growth, last 12 months −8.3% −33.1% −10.6% 2.6% 27.7% >999% 15.5%
Revenue growth, 3-year average — −9.7% −4.1% −5.4% 13.3% 79.1% 12.6%
Revenue growth, latest quarter — −5.9% −5.2% 15.8% 26.9% >999% 15.8%
Gross margin 61.5% 37.7% 19.7% 22.5% 32.7% 18.3% 27.8%
Operating margin −75.8% −142.1% −1.1% 8.2% 21.1% −50.0% 9.0%
Operating margin, 3-year average −345.8% −92.2% −0.7% 5.2% 17.2% −389.5% 6.0%
Net margin −66.0% −145.2% −3.8% 5.1% 18.4% −89.6% 5.5%
Cash from operations / revenue −42.9% −105.7% −6.4% −3.1% 16.5% −43.7% 5.5%
Free-cash-flow margin −78.6% −159.7% −10.0% −3.2% 14.2% −44.0% 3.4%
Free-cash-flow margin, 3-year average −159.6% −88.5% −3.1% 0.1% 10.0% −474.9% 3.0%
Stock pay / revenue 58.9% 23.4% 3.0% 0.9% 0.5% 23.9% 1.2%
Change in share count >999% 28.6% 39.6% 1.4% 4.5% 19.0% 3.9%

Median of all 57 companies we cover in aerospace & defense. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth -8.3% 15.5% 51 of 57
Change in growth rate Growth -290.3pp +2.2pp 57 of 57
Gross margin Profitability 61.5% 28.3% 3 of 46
Operating margin Profitability -75.8% 8.5% 43 of 51
Net margin Profitability -66.0% 5.5% 46 of 57
Free-cash-flow margin Cash generation -78.6% 3.4% 47 of 57
Stock pay as % of revenue Cash generation 58.9% 1.5% 48 of 53
Long-term debt as % of assets Balance sheet 4.2% 22.1% 10 of 47
Change in share count Balance sheet 109052.5% 2.4% 51 of 51
Days sales outstanding Balance sheet 100 days 53 days 40 of 45

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$119M
Institutions reporting
75
Shares held vs prior quarter
▼ 5.8%
Positions opened / closed
12 / 18

Top buyers and sellers, Q2 2026: 39 institutions bought and 37 sold ; the biggest buyer was Fil Ltd (+844K shares) and the biggest seller Kadensa Capital Ltd (−867K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Axim Planning & Wealth $26M 4.0M 21.9% ▼ 3.4%
Fil Ltd $14.7M 2.2M 12.4% ▲ 60.2%
Susquehanna International Group, LLP $11.3M 1.7M 9.5% ▼ 24.6%
State Street Corp $10.9M 1.7M 9.1% ▲ 53.8%
Vanguard Capital Management LLC $10.6M 1.6M 8.9% ▲ 0.4%
Morgan Stanley $4.6M 706K 3.9% ▲ 5.7%
Vident Advisory, LLC $4.4M 677K 3.7% ▲ 28.4%
UBS Group AG $4.4M 668K 3.7% ▼ 50.4%
Baillie Gifford & Co $4.3M 662K 3.6% ▼ 9.7%
Norges Bank $3.5M 541K 3.0% —
Jane Street Group, LLC $3.2M 493K 2.7% ▼ 36.1%
Group One Trading LLC $3M 459K 2.5% ▼ 52.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ehang Holdings Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Ehang Holdings Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ehang Holdings Ltd in brief

What does Ehang Holdings Ltd do?
Ehang Holdings Ltd is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
What is Ehang Holdings Ltd's stock ticker?
Ehang Holdings Ltd trades under the ticker EH on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ehang Holdings Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ehang Holdings Ltd reported revenue of $58.2M, 8.3% lower than a year earlier, according to its SEC filings.
What is Ehang Holdings Ltd's free cash flow?
Ehang Holdings Ltd's free-cash-flow margin is -78.6% of revenue over the trailing twelve months, ranking 47 of the 57 aerospace & defense companies we cover.
Who are Ehang Holdings Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Axim Planning & Wealth, Fil Ltd and Susquehanna International Group, LLP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
How much debt does Ehang Holdings Ltd have?
Ehang Holdings Ltd's debt-to-equity ratio is 7.7%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Ehang Holdings Ltd's competitors?
In our Aerospace & Defense peer group, the companies closest to Ehang Holdings Ltd are Spire Global, Inc., AIR Industries Group, CPI Aerostructures Inc, Park Aerospace Corp and XTI Aerospace, Inc. The side-by-side comparison below sets their revenue, margins and growth against Ehang Holdings Ltd's.
When is Ehang Holdings Ltd's next earnings date?
Around November 27, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ehang Holdings Ltd announces its own schedule.