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Hesai Group (HSAI) stock

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NASDAQ: HSAI Nasdaq Automotive Parts & Equipment Next results ~November 10, 2026

C+ Fundamentals grade

Hesai Group is a US-listed company in the automotive parts & equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$8.1

Revenue-to-maturity cash-flow model

Base case. Range ~$7.2–$9.1 across our lower- and higher-growth cases (25%–35% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Hesai Group 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.

  • Funds82 adding, 65 cuttingOf 26 active managers that changed their stake, 10 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Hesai Group files

Where Hesai stands after its latest Filing

Revenue for the twelve months was $421m, up 45.9% on a year earlier, faster than the 8.8% growth a quarter earlier. That growth ranks 3 of 26 among the automotive parts & equipment companies we cover. Free-cash-flow margin rose to -6.4% from -62.2% a year earlier. Operating margin widened to 5.6% from -36.8%. The diluted share count is up 13.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 6 financial-health checks. Our revenue-to-maturity cash-flow model value is $8.07 a share, against a share price of $12.18.

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 10, 2026 (estimated)

Hesai Group's trailing-twelve-month revenue grew 45.9% year on year, with a free-cash-flow margin of -6.4%. Where it stands out: change in growth rate of +37.1pp ranks 1 of 26 automotive parts & equipment companies we cover. Where it lags: days sales outstanding of 156 days ranks 17 of 17 automotive parts & equipment companies we cover.

Current signal Balance sheet growing far ahead of sales: Total assets grew 96% year over year while revenue grew 46% — the balance sheet is expanding 50 points faster than the business it supports.

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

  • Fast growth. Revenue grew 45.9% over the last 12 months, against a median of 5.0% for automotive parts & equipment companies we cover.
  • Growth speeding up. The growth rate is 37.1 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 15.4 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.2bn.

Things to watch

  • Burning cash. Free cash flow was -6.4% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 13.4% in a year.
  • Weak cash conversion. Free cash flow was -44% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 156 days ranks 17 of 17 automotive parts & equipment companies we cover (median 61 days).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 3.8% ranks 20 of 22 automotive parts & equipment companies we cover (median 0.8%).

Latest results

Earnings per share
$0.64 against an average estimate of $0.43: beat by 48.2%
Next report
November 10, 2026

Hesai Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.0%
  • 1 week-10.2%

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

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$421M
Operating margin
5.6%
Net margin
14.4%
EPS (TTM, diluted)
$0.41

Growth

Revenue growth
+45.9%
Change in growth rate
+37.1 pts
Share count change
+13.4%

Cash

Free cash flow (TTM)
-$26.8M
FCF margin
-6.4%
Stock pay % of revenue
3.8%

News & updates

Updated November 2, 2026

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

No recent updates are available for HSAI 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

Hesai Group valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Hesai Group as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.02 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. ~$8.1 ~$7.2–$9.1 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$3.7 ~$4.4–$8.2 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.5 ~$0.1–$1.1 Left out: out of range vs price (0.04x)
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. ~$0.9 ~$0.7–$2.1 Left out: out of range vs price (0.08x)
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. ~$6.6 ~$3.7–$8.1 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Hesai Group with Automotive Parts & Equipment 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: Medium.

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 10, 2026, before the open.

Analysts' consensus

No analyst estimates are published for Hesai Group: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.43 $0.64 +48.2%
Mar 2026 $0.17 $0.29 +70.6%
Dec 2025 $1.53 $1.11 −27.7%
Sept 2025 $0.79 $2.00 +154.1%

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

Analyst recommendations

19 analysts, Nov 2026
Buy19100%
Hold00%
Sell00%

Monthly trend

  1. Nov 202651419
  2. Oct 202651520
  3. Sep 202651520

Counts of recommendations published by analysts covering Hesai Group, 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
6.5%
of tradable shares
Days to cover
7.38
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
32%
of shares
Held by insiders
4.3%
of shares
Employees
1,249
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.

Hesai Group in five measures

Fundamentals grade C+
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) Hesai Group
$0 $200M $400M $600M FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY20 Q4: $60.2M Revenue (TTM), FY21 Q4: $111.7M Revenue (TTM), FY22 Q4: $179.1M Revenue (TTM), FY23 Q4: $265.3M Revenue (TTM), FY24 Q4: $288.7M Revenue (TTM), FY25 Q4: $421.3M $421.3M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY20 Q4 $60.2M
FY21 Q4 $111.7M
FY22 Q4 $179.1M
FY23 Q4 $265.3M
FY24 Q4 $288.7M
FY25 Q4 $421.3M
Revenue growth, TTM YoY Hesai Group
0% 50% 100% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY21 Q4: 85.5% Revenue growth, TTM YoY, FY22 Q4: 60.3% Revenue growth, TTM YoY, FY23 Q4: 48.1% Revenue growth, TTM YoY, FY24 Q4: 8.8% Revenue growth, TTM YoY, FY25 Q4: 45.9% 45.9%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 85.5%
FY22 Q4 60.3%
FY23 Q4 48.1%
FY24 Q4 8.8%
FY25 Q4 45.9%
Operating margin (TTM) Hesai Group
-40% -20% 0% 20% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY20 Q4: -24.5% Operating margin (TTM), FY21 Q4: -36.8% Operating margin (TTM), FY22 Q4: -31.4% Operating margin (TTM), FY23 Q4: -30.5% Operating margin (TTM), FY24 Q4: -9.9% Operating margin (TTM), FY25 Q4: 5.6% 5.6%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY20 Q4 -24.5%
FY21 Q4 -36.8%
FY22 Q4 -31.4%
FY23 Q4 -30.5%
FY24 Q4 -9.9%
FY25 Q4 5.6%
FCF margin (TTM) Hesai Group
-150% -100% -50% 0% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY20 Q4: -100.6% FCF margin (TTM), FY21 Q4: -62.2% FCF margin (TTM), FY22 Q4: -77.1% FCF margin (TTM), FY23 Q4: -18.6% FCF margin (TTM), FY24 Q4: -9.4% FCF margin (TTM), FY25 Q4: -6.4% -6.4%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY20 Q4 -100.6%
FY21 Q4 -62.2%
FY22 Q4 -77.1%
FY23 Q4 -18.6%
FY24 Q4 -9.4%
FY25 Q4 -6.4%

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 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 60 112 179 265 289 421
Gross profit 35 59 70 93 123 176
EBITDA −12 −37 −48 −69 −10 41
Operating income −15 −41 −56 −81 −28 23
Net income −16 −38 −45 −67 −14 61
Diluted EPS −$0.17 −$3.63 −$0.96 −$0.54 −$0.11 $0.41
Growth (year on year)
Revenue — +85.5% +60.3% +48.1% +8.8% +45.9%
Margins
Gross margin 57.5% 53.0% 39.2% 35.2% 42.6% 41.8%
EBITDA margin −19.9% −32.9% −27.0% −25.9% −3.5% 9.7%
Operating margin −24.5% −36.8% −31.4% −30.5% −9.9% 5.6%
Net margin −25.8% −34.0% −25.0% −25.4% −4.9% 14.4%
Free-cash-flow margin −100.6% −62.2% −77.1% −18.6% −9.4% −6.4%
Cash flow
Cash from operations −51 −35 −104 8 9 16
Capital spending 10 34 34 57 36 43
Free cash flow −61 −70 −138 −49 −27 −27
Stock-based pay — 8 16 33 16 16
Free cash flow after stock pay — −78 −154 −83 −43 −43
Balance sheet
Cash 39 71 132 219 389 238
Total debt 0 0 3 56 84 104
Net debt (negative = net cash) −39 −71 −130 −163 −305 −134
Diluted shares 90m 105m 116m 125m 129m 146m

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

5 of 6 checks passed · December 31, 2025
What it owns · $1.6bn
Short-term assets $1.0bnLonger-term assets $599m
What it owes, and who funded it · $1.6bn
Short-term liabilities $271mLonger-term liabilities $58mShareholders' equity $1.3bn
  • Short-term assets cover short-term liabilities $1.0bn of assets due within a year against $271m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.0bn short-term assets against $58m of longer-dated liabilities.
  • More cash than debt $238m of cash against $104m 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 $16m of operating cash flow against $104m of debt.
  • Operating profit covers interest at least five times over Operating income of $23m against $3m of interest.

From Hesai Group'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
+13.4%
year over year
R&D spending
26.3%
of revenue
Days sales outstanding
156 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in automotive parts & equipment
Last 12 months unless stated HSAI STRT HLLY CVGI CAAS MPAA Median
Revenue, last 12 months $421m $574m $613m $730m $766m $769m $2.4bn
Revenue growth, last 12 months 45.9% −0.7% 3.3% 11.0% 17.6% −0.8% 4.6%
Revenue growth, 3-year average — 4.2% −2.2% −1.5% — 4.3% 1.4%
Revenue growth, latest quarter — −3.4% 3.2% 36.5% — −10.8% 2.0%
Gross margin 41.8% 16.3% 43.0% 12.0% 19.0% 19.9% 20.5%
Operating margin 5.6% 3.9% 9.1% 3.0% 7.0% 6.4% 6.0%
Operating margin, 3-year average — 4.0% 8.3% 1.2% — 6.3% 5.7%
Net margin 14.4% 2.9% 1.7% −1.4% 5.6% −0.5% 3.5%
Cash from operations / revenue 3.9% 8.0% 9.4% 1.9% 14.6% −0.3% 6.8%
Free-cash-flow margin −6.4% 6.8% 7.1% −0.1% 9.7% −0.8% 4.3%
Free-cash-flow margin, 3-year average — 7.1% 8.5% −1.1% — 4.5% 5.5%
Stock pay / revenue 3.8% 0.6% — 0.9% — 0.9% 0.7%
Change in share count 13.4% 0.2% 1.8% 6.4% −0.0% −0.1% −0.0%

Median of all 26 companies we cover in automotive parts & equipment. 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

26 automotive parts & equipment companies
Measure Company Peer median Rank
Revenue growth Growth 45.9% 5.0% 3 of 26
Change in growth rate Growth +37.1pp -1.1pp 1 of 26
Gross margin Profitability 41.8% 21.1% 2 of 26
Operating margin Profitability 5.6% 6.4% 12 of 22
Net margin Profitability 14.4% 3.7% 3 of 26
Free-cash-flow margin Cash generation -6.4% 5.4% 24 of 26
Stock pay as % of revenue Cash generation 3.8% 0.8% 20 of 22
Long-term debt as % of assets Balance sheet 2.5% 20.8% 1 of 22
Change in share count Balance sheet 13.4% -0.0% 23 of 24
Days sales outstanding Balance sheet 156 days 61 days 17 of 17

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

Who owns it

Funds buying and selling
Reported value
$657M
Institutions reporting
130
Shares held vs prior quarter
▼ 13.2%
Positions opened / closed
29 / 34

Top buyers and sellers, Q2 2026: 82 institutions bought and 65 sold ; the biggest buyer was Manufacturers Life Insurance Company, The (+962K shares) and the biggest seller Vanguard Capital Management LLC (−2.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Schroder Investment Management Group $112M 7.1M 17.1% ▼ 10.4%
UBS Group AG $42.2M 2.3M 6.4% ▲ 23.8%
FMR LLC $34.9M 1.9M 5.3% ▼ 48.0%
Deutsche Bank Ag\ $34.2M 1.9M 5.2% ▼ 6.4%
Fil Ltd $33M 1.8M 5.0% ▼ 5.7%
Broad Peak Investment Advisers Pte Ltd $24.6M 1.3M 3.7% ▲ 56.0%
Manufacturers Life Insurance Company, The $22.6M 1.2M 3.4% ▲ 346.2%
Federated Hermes, Inc. $22.5M 1.2M 3.4% ▲ 0.6%
Mirae Asset Global Etfs Holdings Ltd. $19.3M 1.1M 2.9% ▲ 4.0%
Wexford Capital LP $18.4M 1.0M 2.8% ▲ 26.3%
Nordea Investment Management AB $15.4M 847K 2.3% ▲ 42.1%
Robeco Schweiz AG $15.2M 833K 2.3% ▼ 0.9%

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 Hesai Group'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 Hesai Group 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.

Hesai Group in brief

What does Hesai Group do?
Hesai Group is a US-listed company in the automotive parts & equipment industry. Its financial year ends in December.
What is Hesai Group's stock ticker?
Hesai Group trades under the ticker HSAI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Hesai Group's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Hesai Group reported revenue of $421M, 45.9% higher than a year earlier, according to its SEC filings.
What is Hesai Group's free cash flow?
Hesai Group's free-cash-flow margin is -6.4% of revenue over the trailing twelve months, ranking 24 of the 26 automotive parts & equipment companies we cover.
Who are Hesai Group's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Schroder Investment Management Group, UBS Group AG and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
How much debt does Hesai Group have?
Hesai Group's debt-to-equity ratio is 8.1%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Hesai Group's competitors?
In our Automotive Parts & Equipment peer group, the companies closest to Hesai Group are Strattec Security Corp, Holley Inc., Commercial Vehicle Group, Inc., China Automotive Systems, Inc. and Motorcar Parts Of America Inc. The side-by-side comparison below sets their revenue, margins and growth against Hesai Group's.
When is Hesai Group's next earnings date?
Around November 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Hesai Group announces its own schedule.