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HSAI · Nasdaq · United States · General Industrial Machinery & Equipment, Nec
In shortHesai Group is profitable, burns cash and holds more cash than debt, with revenue growing (+45.8% last year).
Financial health
Mixed
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 5.6% | 35/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 14.4% | 78/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 6.8% | 34/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 1.6% | 11/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 3.73× | 100/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.08× | 100/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | Net cash | 100/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 8.92× | 71/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 6.34 | 100/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | -6.4% | 0/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | -0.44× | 0/100 |
| Years with positive free cash flow (last 5) | 0 of 5 | 0/100 |
Weight in the score: 20%
| Profitable years (last 5) | 1 of 5 | 20/100 |
|---|---|---|
| Years of revenue decline (last 5) | 0 of 5 | 100/100 |
| Revenue growth volatility | 24.7% | 20/100 |
| Operating margin volatility | 17.9% | 0/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 36.0% | 100/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
1 older year available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
CNY millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 721 | 1,203 | 1,877 | 2,077 | 3,028 |
| Cost of revenue | 339 | 731 | 1,216 | 1,193 | 1,762 |
| Gross profit | 382 | 472 | 661 | 885 | 1,265 |
| Research & development | 368 | 555 | 791 | 856 | 797 |
| Operating income | (265) | (378) | (572) | (205) | 169 |
| Interest expense | – | 0 | 3.1 | 13 | 19 |
| Pre-tax income | (246) | (301) | (475) | (101) | 467 |
| Income tax | (1.1) | (0.1) | 0.7 | 1.1 | 31 |
| Net income | (245) | (301) | (476) | (102) | 436 |
| Diluted EPS | −¥23.39 | −¥6.47 | −¥3.81 | −¥0.79 | ¥2.98 |
| Diluted shares (millions) | 105 | 116 | 125 | 129 | 146 |
1 older year available with the 10-year history. Essential plan, from €8.25/month →
6.34 Safe zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
5/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Apr 24, 2026