Latest Ratios: P/E Ratio 38.3x · EV/EBITDA 55.0x · ROE 6.8%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.1B | $3.3B | $1.8B | $1.1B | — | — | — | — |
| Enterprise Value | $2.0B | $2.6B | $-314326113 | $116M | — | — | — | — |
| P/E Ratio → | 38.28 | 7.80 | — | — | — | — | — | — |
| P/S Ratio | 4.72 | 1.08 | 0.86 | 0.59 | — | — | — | — |
| P/B Ratio | 1.79 | 0.37 | 0.45 | 0.29 | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | 125.64 | 28.82 | 28.11 | 19.42 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.85 | -0.15 | 0.06 | — | — | — | — |
| EV / EBITDA | 54.96 | 10.41 | — | — | — | — | — | — |
| EV / EBIT | 110.03 | 5.30 | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.8% | 41.8% | 42.6% | 35.2% | 39.2% | 53.0% | 57.5% | 70.3% |
| Operating Margin | 4.1% | 4.1% | -9.9% | -30.5% | -31.4% | -36.8% | -24.5% | -42.5% |
| Net Profit Margin | 14.4% | 14.4% | -4.9% | -25.4% | -25.0% | -34.0% | -25.8% | -34.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 6.8% | 6.8% | -2.6% | -14.2% | -10.2% | -11.7% | -16.9% | -90.1% |
| ROA | 5.1% | 5.1% | -1.8% | -10.0% | -7.7% | -9.3% | -14.4% | -67.4% |
| ROIC | 1.8% | 1.8% | -6.5% | -17.6% | -12.4% | -11.4% | -15.3% | -94.7% |
| ROCE | 1.8% | 1.8% | -4.7% | -15.9% | -12.7% | -12.6% | -15.8% | -106.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.11 | 0.11 | 0.19 | 0.14 | 0.02 | — | — | — |
| Debt / EBITDA | 3.89 | 3.89 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.08 | -0.53 | -0.26 | -0.30 | -0.15 | -0.23 | -0.12 |
| Net Debt / EBITDA | -2.85 | -2.85 | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | -2.46 |
| Interest Coverage | 26.39 | 26.39 | -6.89 | -153.86 | — | — | — | — |
Net cash position: cash ($1.7B) exceeds total debt ($963M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.73 | 3.73 | 2.87 | 3.29 | 3.28 | 3.92 | 7.25 | 4.32 |
| Quick Ratio | 3.38 | 3.38 | 2.58 | 2.92 | 2.60 | 3.49 | 6.35 | 4.02 |
| Cash Ratio | 2.51 | 2.51 | 1.97 | 2.37 | 1.95 | 3.13 | 5.41 | 3.78 |
| Asset Turnover | — | 0.27 | 0.35 | 0.33 | 0.31 | 0.18 | 0.32 | 1.95 |
| Inventory Turnover | 2.63 | 2.63 | 2.47 | 2.45 | 1.13 | 0.90 | 1.18 | 9.04 |
| Days Sales Outstanding | — | 163.69 | 140.10 | 105.88 | 154.60 | 124.20 | 83.15 | 8.00 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 1.6% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.6% | 12.8% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 1.6% | — | — | — | — |
| Shares Outstanding | — | $146M | $129M | $125M | $126M | $126M | $95M | $89M |
Geopolitical and regulatory exposure
Based on current market data, Hesai trades at a forward P/E of 4.18, which appears to discount the company's significant revenue growth relative to the speculative, loss-making profiles of Western LiDAR peers like Luminar, suggesting a potential geopolitical discount applied by international investors to Chinese assets.
The divergence between the trailing P/E of 35.01 and the forward P/E of 4.18 implies that the market expects a massive expansion in earnings as the company scales its ASIC-based manufacturing. Investors should monitor whether this valuation gap narrows as the company proves its ability to maintain margins amidst intense domestic price competition.
According to recent financial statements, Hesai's ROIC has shifted from negative territory in early 2024 to a positive 0.6% by 2025Q4, indicating that the company's heavy investment in the Maxwell manufacturing facility is finally beginning to generate returns as production volumes reach critical mass.
The transition to positive ROIC suggests that the company's vertical integration strategy is starting to pay off, though the absolute level remains low compared to mature industrial firms. Continued improvement will depend on the company's ability to maintain its 41% gross margin profile while scaling output to meet OEM demand.
As reported in quarterly filings, Hesai's cash conversion cycle reached 128 days in 2025Q4, driven by elevated days sales outstanding of 119 days, which suggests that the company may be granting generous credit terms to secure design wins with major automotive OEMs in a competitive market.
The high CCC indicates that a significant portion of the company's capital is tied up in receivables and inventory, which warrants further investigation into the quality of these accounts. While the current liquidity position is strong, any tightening in OEM payment cycles could pressure the company's cash position.
Based on reported figures, Hesai maintains a debt-to-equity ratio of 0.11 as of 2025Q4, which provides a significant buffer against the capital-intensive nature of its R&D-heavy business model and allows for flexibility in navigating potential geopolitical headwinds or supply chain disruptions in the Chinese market.
The company's interest coverage ratio of 39.37 suggests that debt service is currently well-managed and poses little risk to the firm's solvency. This conservative capital structure appears appropriate given the inherent volatility of the autonomous driving sector and the company's reliance on internal cash for future growth.
The market frequently misapplies standard P/E multiples to Hesai, failing to account for the significant impact of non-cash stock-based compensation and the lumpy nature of automotive design-win revenue recognition, which can distort earnings quality and mask the underlying operational performance of the business.
Investors should prioritize EV/Sales or EV/EBITDA metrics to better assess the company's valuation, as these ratios are less sensitive to the accounting volatility inherent in high-growth, R&D-intensive hardware firms. Relying solely on P/E may lead to an inaccurate assessment of the company's true earning power during this transition phase.
Includes 30+ ratios · 7 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HSAI stock.
Hesai Group's current P/E ratio is 38.3x. The historical average is 7.8x. This places it at the 100th percentile of its historical range.
Hesai Group's current EV/EBITDA is 55.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
Hesai Group's return on equity (ROE) is 6.8%. The historical average is -19.9%.
Based on historical data, Hesai Group is trading at a P/E of 38.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hesai Group has 41.8% gross margin and 4.1% operating margin.
Hesai Group's Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.