Hesai Group key statistics and ratios

In fiscal 2025, Hesai Group had return on equity of 6.7%, an operating margin of 5.6%, debt equal to 8.1% of equity and a current ratio of 3.73. 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.

Hesai Group: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	57.5%	53.0%	39.2%	35.2%	42.6%	41.8%
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%
Return on equity	−8.9%	—	—	−152.9%	−2.6%	6.7%
Return on assets	—	−6.1%	−7.6%	−9.9%	−1.8%	5.0%
Asset turnover	—	0.18	0.30	0.39	0.36	0.35
Current ratio	—	3.92	3.28	3.29	2.87	3.73
Debt to equity	0.0%	—	—	10.3%	15.6%	8.1%
Interest cover (operating income ÷ interest)	—	—	—	n/m	n/m	8.9x
Effective tax rate	—	—	—	—	—	6.6%
R&D as % of revenue	55.3%	51.1%	46.2%	42.1%	41.2%	26.3%
Capital spending as % of revenue	15.9%	30.5%	19.2%	21.7%	12.5%	10.2%
Free cash flow ÷ net income	—	—	—	—	—	−44.1%

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

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.

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.

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