Ehang Holdings Ltd key statistics and ratios

In fiscal 2025, Ehang Holdings Ltd had return on equity of -27.1%, an operating margin of -75.8%, debt equal to 8.7% of equity and a current ratio of 2.07. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Ehang Holdings Ltd: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	13.2%	50.8%	58.5%	59.0%	63.4%	65.9%	64.1%	61.4%	61.5%
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%
Return on equity	—	—	—	−29.2%	−103.0%	−139.2%	−177.2%	−39.7%	−27.1%
Return on assets	—	−66.1%	−17.0%	−18.3%	−61.5%	−60.7%	−52.9%	−21.2%	−15.3%
Asset turnover	—	0.56	0.43	0.38	0.11	0.08	0.21	0.42	0.23
Current ratio	—	1.79	4.48	2.69	3.50	1.37	1.81	2.89	2.07
Debt to equity	—	—	10.4%	10.9%	6.0%	13.7%	6.0%	3.2%	8.7%
Interest cover (operating income ÷ interest)	—	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
Effective tax rate	—	—	—	—	—	—	0.1%	0.2%	—
R&D as % of revenue	216.7%	90.7%	46.9%	58.4%	241.4%	304.8%	142.5%	43.7%	46.6%
Capital spending as % of revenue	37.3%	7.4%	2.2%	4.9%	27.5%	27.5%	6.7%	8.5%	35.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Ehang Holdings Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Ehang Holdings Ltd.