What is Hesai Group's earnings per share (EPS)?

Hesai Group (HSAI) reported diluted earnings per share of $0.43 for fiscal year 2025. This represents a 490.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Hesai Group Financials

HSAI

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Hesai Group (HSAI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI HSAI FY2024 2026-04-24

Improving unit economics are shrinking losses fast, but heavy reinvestment still keeps the business free-cash-flow negative.

From FY2023 to FY2024, gross margin widened from 35.2% to 42.6% while SG&A stayed roughly flat near $43M, so a modest sales increase translated into a much smaller operating loss. Yet free cash flow stayed negative at -$26.9M because operating cash flow of $8.7M still did not cover $35.6M of capital spending.

The cash balance climbed to $388.9M and the current ratio was 2.9x, which implies the company has room to keep funding operations without near-term balance-sheet pressure. But that cash increase was helped by $131.0M of investing inflow, so the bigger cash pile came more from portfolio movements than from the core business generating surplus cash.

In FY2024, research and development was $117.2M versus gross profit of $121.2M, showing that most of what the products earn is still being recycled into development rather than flowing through to earnings. With net margin improving from -25.4% to -4.9%, the remaining loss looks increasingly tied to reinvestment intensity rather than weak underlying product economics.

Financial Health Signals

Financial Profile 45/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Hesai Group's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Hesai Group has an operating margin of 5.6%, meaning the company retains $6 of operating profit per $100 of revenue. This below-average margin results in a low score of 8/100, suggesting thin profitability after operating expenses. This is up from -9.9% the prior year.

Growth

Hesai Group's revenue surged 52.1% year-over-year to $432.9M, reflecting rapid business expansion. This strong growth earns a score of 80/100.

Leverage

100

Hesai Group carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 3.73, Hesai Group holds $3.73 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 73/100.

Cash Flow

While Hesai Group generated $16.7M in operating cash flow, capex of $44.2M consumed most of it, leaving -$27.5M in free cash flow. This results in a low score of 1/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Hesai Group generates a 4.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 9/100. This is up from -2.6% the prior year.

Altman Z-Score Safe

6.74

Hesai Group scores 6.74, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.4B) relative to total liabilities ($329.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

5/9

Hesai Group passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.27x

For every $1 of reported earnings, Hesai Group generates $0.27 in operating cash flow ($16.7M OCF vs $62.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage Safe

8.9x

Hesai Group earns $8.9 in operating income for every $1 of interest expense ($24.1M vs $2.7M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$432.9M

YoY+52.1%

Hesai Group generated $432.9M in revenue in fiscal year 2025. This represents an increase of 52.1% from the prior year.

EBITDA

$41.8M

YoY+517.7%

Hesai Group's EBITDA was $41.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 517.7% from the prior year.

Net Income

$62.3M

YoY+544.4%

Hesai Group reported $62.3M in net income in fiscal year 2025. This represents an increase of 544.4% from the prior year.

EPS (Diluted)

$0.43

YoY+490.9%

Hesai Group earned $0.43 per diluted share (EPS) in fiscal year 2025. This represents an increase of 490.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$27.5M

YoY-2.4%

Hesai Group generated -$27.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 2.4% from the prior year.

Cash & Debt

$237.9M

YoY-38.8%

Hesai Group held $237.9M in cash against $39.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

156M

Hesai Group had 156M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

41.8%

YoY-0.8pp

Hesai Group's gross margin was 41.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.8 percentage points from the prior year.

Operating Margin

5.6%

YoY+15.4pp

Hesai Group's operating margin was 5.6% in fiscal year 2025, reflecting core business profitability. This is up 15.4 percentage points from the prior year.

Net Margin

14.4%

YoY+19.3pp

Hesai Group's net profit margin was 14.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 19.3 percentage points from the prior year.

Return on Equity

4.9%

YoY+7.5pp

Hesai Group's ROE was 4.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.5 percentage points from the prior year.

Capital Allocation

R&D Spending

$114.0M

YoY-2.8%

Hesai Group invested $114.0M in research and development in fiscal year 2025. This represents a decrease of 2.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$44.2M

YoY+24.4%

Hesai Group invested $44.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 24.4% from the prior year.

HSAI Income Statement

Metric	FY25	FY24	FY23	FY22
Revenue	$432.9M+52.1%	$284.6M+7.6%	$264.4M+51.6%	$174.4M
Cost of Revenue	$252.0M+54.3%	$163.4M-4.6%	$171.2M+61.6%	$105.9M
Gross Profit	$180.9M+49.3%	$121.2M+30.1%	$93.2M+36.1%	$68.4M
R&D Expenses	$114.0M-2.8%	$117.2M+5.3%	$111.3M+38.3%	$80.5M
SG&A Expenses	$41.3M-4.9%	$43.4M-3.7%	$45.1M+54.7%	$29.1M
Operating Income	$24.1M+186.0%	-$28.1M+65.1%	-$80.5M-46.8%	-$54.8M
Interest Expense	$2.7M+54.0%	$1.8M+306.7%	$432K	N/A
Income Tax	$4.4M+2744.5%	$155K+66.7%	$93K+1030.0%	-$10K
Net Income	$62.3M+544.4%	-$14.0M+79.1%	-$67.0M-53.7%	-$43.6M
EPS (Diluted)	$0.43+490.9%	$-0.11+79.6%	$-0.54+42.6%	$-0.94

Metric	Q4'25	Q4'24	Q4'23	Q4'22
Revenue	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A

HSAI Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	$1.6B+96.2%	$820.6M+2.9%	$797.6M+43.3%	$556.7M
Current Assets	$1.0B+57.6%	$641.5M+3.6%	$619.4M+36.3%	$454.5M
Cash & Equivalents	$237.9M-38.8%	$388.9M+77.6%	$219.0M+65.4%	$132.4M
Inventory	$95.9M+45.1%	$66.1M-5.4%	$69.8M-25.5%	$93.8M
Accounts Receivable	$180.5M+72.2%	$104.8M+41.8%	$73.9M+5.1%	$70.3M
Goodwill	N/A	N/A	$0-100.0%	$554K
Total Liabilities	$329.3M+16.8%	$281.9M+11.2%	$253.6M-75.0%	$1.0B
Current Liabilities	$271.0M+21.4%	$223.2M+18.7%	$188.0M+35.7%	$138.5M
Long-Term Debt	$39.9M+8.0%	$36.9M-8.3%	$40.3M+1403.7%	$2.7M
Total Equity	$1.3B+137.8%	$538.6M-1.0%	$544.0M+219.3%	-$456.0M
Retained Earnings	-$425.3M+9.0%	-$467.1M-0.3%	-$465.8M-13.5%	-$410.5M

Metric	Q4'25	Q4'24	Q4'23	Q4'22
Total Assets	$1.6B+96.2%	$820.6M+2.9%	$797.6M+43.3%	$556.7M
Current Assets	$1.0B+57.6%	$641.5M+3.6%	$619.4M+36.3%	$454.5M
Cash & Equivalents	$237.9M-38.8%	$388.9M+77.6%	$219.0M+65.4%	$132.4M
Inventory	$95.9M+45.1%	$66.1M-5.4%	$69.8M-25.5%	$93.8M
Accounts Receivable	$180.5M+72.2%	$104.8M+41.8%	$73.9M+5.1%	$70.3M
Goodwill	N/A	N/A	$0-100.0%	$554K
Total Liabilities	$329.3M+16.8%	$281.9M+11.2%	$253.6M-75.0%	$1.0B
Current Liabilities	$271.0M+21.4%	$223.2M+18.7%	$188.0M+35.7%	$138.5M
Long-Term Debt	$39.9M+8.0%	$36.9M-8.3%	$40.3M+1403.7%	$2.7M
Total Equity	$1.3B+137.8%	$538.6M-1.0%	$544.0M+219.3%	-$456.0M
Retained Earnings	-$425.3M+9.0%	-$467.1M-0.3%	-$465.8M-13.5%	-$410.5M

HSAI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	$16.7M+92.3%	$8.7M+7.9%	$8.1M+108.0%	-$100.9M
Capital Expenditures	$44.2M+24.4%	$35.6M-37.9%	$57.3M+70.9%	$33.5M
Free Cash Flow	-$27.5M-2.4%	-$26.9M+45.4%	-$49.2M+63.4%	-$134.4M
Investing Cash Flow	-$794.2M-706.5%	$131.0M+187.7%	-$149.4M-192.0%	$162.3M
Financing Cash Flow	$621.5M+1709.5%	$34.3M-84.7%	$224.0M+10081.7%	$2.2M
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22
Operating Cash Flow	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A

HSAI Financial Ratios

Metric	FY25	FY24	FY23	FY22
Gross Margin	41.8%-0.8pp	42.6%+7.4pp	35.2%-4.0pp	39.3%
Operating Margin	5.6%+15.4pp	-9.9%+20.6pp	-30.4%+1.0pp	-31.4%
Net Margin	14.4%+19.3pp	-4.9%+20.4pp	-25.4%-0.4pp	-25.0%
Return on Equity	4.9%+7.5pp	-2.6%+9.7pp	-12.3%	N/A
Return on Assets	3.9%+5.6pp	-1.7%+6.7pp	-8.4%-0.6pp	-7.8%
Current Ratio	3.73+0.9	2.87-0.4	3.29+0.0	3.28
Debt-to-Equity	0.03-0.0	0.070.0	0.07+0.1	-0.01
FCF Margin	-6.3%+3.1pp	-9.4%+9.2pp	-18.6%+58.5pp	-77.1%

Metric	Q4'25	Q4'24	Q4'23	Q4'22
Gross Margin	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A
Current Ratio	3.73+0.9	2.87-0.4	3.29+0.0	3.28
Debt-to-Equity	0.03-0.0	0.070.0	0.07+0.1	-0.01
FCF Margin	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Hesai Group's annual revenue?

Hesai Group (HSAI) reported $432.9M in total revenue for fiscal year 2025. This represents a 52.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Hesai Group's revenue growing?

Hesai Group (HSAI) revenue grew by 52.1% year-over-year, from $284.6M to $432.9M in fiscal year 2025.

Is Hesai Group profitable?

Yes, Hesai Group (HSAI) reported a net income of $62.3M in fiscal year 2025, with a net profit margin of 14.4%.

What is Hesai Group's EBITDA?

Hesai Group (HSAI) had EBITDA of $41.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Hesai Group have?

As of fiscal year 2025, Hesai Group (HSAI) had $237.9M in cash and equivalents against $39.9M in long-term debt.

What is Hesai Group's gross margin?

Hesai Group (HSAI) had a gross margin of 41.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Hesai Group's operating margin?

Hesai Group (HSAI) had an operating margin of 5.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Hesai Group's net profit margin?

Hesai Group (HSAI) had a net profit margin of 14.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Hesai Group's return on equity (ROE)?

Hesai Group (HSAI) has a return on equity of 4.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Hesai Group's free cash flow?

Hesai Group (HSAI) generated -$27.5M in free cash flow during fiscal year 2025. This represents a -2.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Hesai Group's operating cash flow?

Hesai Group (HSAI) generated $16.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Hesai Group's total assets?

Hesai Group (HSAI) had $1.6B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Hesai Group's capital expenditures?

Hesai Group (HSAI) invested $44.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Hesai Group spend on research and development?

Hesai Group (HSAI) invested $114.0M in research and development during fiscal year 2025.

How many shares does Hesai Group have outstanding?

Hesai Group (HSAI) had 156M shares outstanding as of fiscal year 2025.

What is Hesai Group's current ratio?

Hesai Group (HSAI) had a current ratio of 3.73 as of fiscal year 2025, which is generally considered healthy.

What is Hesai Group's debt-to-equity ratio?

Hesai Group (HSAI) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Hesai Group's return on assets (ROA)?

Hesai Group (HSAI) had a return on assets of 3.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Hesai Group's Altman Z-Score?

Hesai Group (HSAI) has an Altman Z-Score of 6.74, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Hesai Group's Piotroski F-Score?

Hesai Group (HSAI) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Hesai Group's earnings high quality?

Hesai Group (HSAI) has an earnings quality ratio of 0.27x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Hesai Group cover its interest payments?

Hesai Group (HSAI) has an interest coverage ratio of 8.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Hesai Group?

Hesai Group (HSAI) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.