Hesai Group ADR Dossier
Financial Snapshot
Revenue, profitability, returns, debt, and capital allocation
Revenue $432.9M+52.1% YoYTTM through 31 Dec 2025
Net Income $62.3MTTM through 31 Dec 2025
Free Cash Flow -$27.5MTTM through 31 Dec 2025
Margins
| Current | |
|---|---|
| Gross Margin | 41.8% |
| EBITDA Margin | 9.7% |
| Operating Margin | 5.6% |
| Net Margin | 14.4% |
Returns
4.9%ROE
3.9%ROA
5.2%ROIC
Balance Sheet Health
Debt / Equity0.10x
Current Ratio3.73x
Net Debt-$944.1Mnet cash position
Cash & Equivalents$237.9M
Quality Metrics
Altman Z-Score39.67
Piotroski F-Score5 / 9
FCF Margin-6.4%
Earnings-Beat Rate66.7%
Multi-Year Trend
RevenueFY2025: $3B
Diluted EPS$0.43TTMFY2025: $2.98
Dividend
No dividend
Capital Allocation
R&D Spend$114M
Capex Intensity10.2%
Segment Performance
| Segment | Revenue | YoY | Outlook |
|---|---|---|---|
| ADAS Lidar | View detailsExpected to continue growing rapidly with the mass production of the ATX ultra-compact LiDAR starting in January 2025 and a confirmed supplier partnership for Mercedes-Benz L3 autonomy models. | ||
| Robotics Lidar | View detailsShipments set to at least double in 2026, driven by a record-setting 10 million unit supply agreement in lawn mowers and expansion in humanoid robots. |
Financials converted at 6.9961 from RMB.
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