Ehang Holdings Ltd (EH)
NASDAQ:EH
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Ehang Holdings
(NASDAQ:EH)
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Rating:43Neutral
Price Target:
$11.50
▼(-6.28% Downside)
Action:ReiteratedDate:11/26/25
Ehang Holdings faces significant challenges with profitability and cash flow, reflected in a low financial performance score. Technical indicators suggest bearish momentum, and valuation metrics are weak due to negative earnings. Despite strategic initiatives and policy support highlighted in the earnings call, short-term financial difficulties weigh heavily on the overall score.
Positive Factors
Product pipeline & certification
Launching the VT35 and having its type-certificate application accepted materially reduces regulatory uncertainty and accelerates path to commercial sales. Early purchase orders and trial operations across regions support scalable deployment and revenue diversification beyond tourism over the next several months.
Negative Factors
Negative operating & free cash flow
Sustained negative operating and free cash flows constrain the company's ability to self-fund expansion, forcing reliance on external financing or government support. This limits flexibility to scale production, absorb certification costs, or bridge customer payment delays across the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Product pipeline & certification
Launching the VT35 and having its type-certificate application accepted materially reduces regulatory uncertainty and accelerates path to commercial sales. Early purchase orders and trial operations across regions support scalable deployment and revenue diversification beyond tourism over the next several months.
Read all positive factors
Ehang Holdings (EH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$792.42M
Dividend YieldN/A
Average Volume (3M)615.03K
Price to Earnings (P/E)―
Beta (1Y)1.58
Revenue Growth23.58%
EPS Growth20.74%
CountryUS
Employees483
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.01
Shares Outstanding52,471,577
10 Day Avg. Volume491,641
30 Day Avg. Volume615,026
Financial Highlights & Ratios
PEG Ratio-0.44
Price to Book (P/B)4.04
Price to Sales (P/S)8.35
P/FCF Ratio32.45
Enterprise Value/Market Cap3.70
Enterprise Value/Revenue6.80
Enterprise Value/Gross Profit11.06
Enterprise Value/Ebitda-10.58
Forecast
1Y Price Target
$15.53Price Target Upside26.57% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-2.21
Revenue Forecast (FY)$611.09M
Ehang Holdings Business Overview & Revenue Model
Company Description
EHang Holdings Limited operates as an autonomous aerial vehicle (AAV) technology platform company in the People's Republic of China, East Asia, Europe, and internationally. It designs, develops, manufactures, sells, and operates AAVs, as well as t...
How the Company Makes Money
Ehang generates revenue through multiple streams, primarily from the sale of its autonomous aerial vehicles and related services. The company sells its passenger drones to commercial operators and government agencies, which can use them for aerial...
Ehang Holdings Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| Next Earnings Date:Jun 03, 2026
Earnings Call Sentiment Positive
The call highlighted multiple important commercialization and operational milestones — record deliveries, strong Q4 revenue growth, expanding manufacturing capacity, improved gross margins, first quarterly GAAP profit, imminent public commercial flights in China, and tangible progress on international Sandbox efforts. Key risks noted include rising operating expenses, early-stage and modest unit economics for passenger operations, dependence on regulatory approvals and training scalability, a multi-year timeline for VT35 certification, and currently limited overseas revenue contribution. On balance, the positives (delivery and revenue milestones, margin improvements, capacity expansion, certification and commercial launch progress) outweigh the near-term challenges and execution risks.Positive Updates
Record Quarterly Deliveries and Sales Volume
Q4 deliveries reached 100 eVTOL units (95 EH216 series and 5 VT35 series), marking the first quarter with 100 units delivered and contributing to a full-year record of 221 units delivered (215 EH216, 6 VT35).
Negative Updates
Operating Expense Increases
Adjusted operating expenses in Q4 were RMB 99.3 million, up 26% YoY and 11.4% sequentially. Full-year adjusted OpEx was RMB 348.9 million, up 20% YoY, driven by R&D, commercialization and sales/operations build-out.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly Deliveries and Sales Volume
Q4 deliveries reached 100 eVTOL units (95 EH216 series and 5 VT35 series), marking the first quarter with 100 units delivered and contributing to a full-year record of 221 units delivered (215 EH216, 6 VT35).
Read all positive updates
Company Guidance
Management guided 2026 revenues of RMB 600 million (≈+18% YoY) and prioritized routine, scaled commercial operations beginning in March with two OC‑certified operators (EHang General Aviation and Heyi Aviation) launching ticketed EH216‑S sightseeing flights at EHang Future City (Guangzhou) and Luogang Park (Hefei) using an initial fleet of ~6–10 aircraft, one‑passenger point‑to‑point flights with an early‑bird fare of RMB 299, ground‑crew training starting H1, and replication domestically and overseas; guidance assumes continued product and non‑passenger expansion (logistics, firefighting, GD4.0 formations), VT35 certification progress (type certification targeted within 2 years), and Thailand Sandbox commercialization expected Q2 with potential “dozens” of units in 2026 and overseas revenue rising from low single‑digit to double‑digit percent of total. Key Q4/FY metrics underpinning the guidance: Q4/2025 deliveries hit 100 units (95 EH216, 5 VT35) driving Q4 revenue of RMB 243.8m (+48.4% YoY, +163.6% QoQ) and full‑year 221 unit deliveries / RMB 509.5m revenue (+11.7% YoY); Q4 gross margin 62.1% (FY 62.0%), Q4 GAAP net income RMB 10.5m, adjusted operating income RMB 54.3m (+99.5% YoY), adjusted net income Q4 RMB 71.5m (+96.4% YoY) and FY adjusted net income RMB 29.4m; Q4 adjusted OpEx RMB 99.3m (+26% YoY) and FY adjusted OpEx RMB 348.9m (+20% YoY); manufacturing capacity planned to 1,000 units/year after Yunfu Phase II and supply chain reported 100% on‑time delivery for key components.Ehang Holdings Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
50
Neutral
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 431.18M | 462.62M | 117.41M | 45.10M | 56.07M | 170.26M |
| Gross Profit | 264.95M | 273.87M | 64.62M | 19.10M | 35.56M | 100.38M |
| EBITDA | -277.08M | -204.98M | -264.23M | -310.09M | -299.98M | -78.98M |
| Net Income | -287.80M | -233.03M | -301.66M | -333.99M | -309.89M | -82.84M |
Balance Sheet | ||||||
| Total Assets | 1.93B | 1.58B | 598.64M | 530.87M | 535.43M | 484.55M |
| Cash, Cash Equivalents and Short-Term Investments | 1.10B | 1.12B | 300.14M | 249.31M | 311.97M | 187.11M |
| Total Debt | 468.22M | 233.50M | 163.55M | 200.06M | 30.00M | 45.00M |
| Total Liabilities | 875.35M | 628.68M | 384.43M | 406.19M | 201.39M | 206.85M |
| Stockholders Equity | 1.05B | 955.64M | 213.79M | 124.26M | 332.60M | 276.32M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 118.99M | -97.50M | -187.28M | -137.32M | -160.78M |
| Operating Cash Flow | 0.00 | 157.96M | -88.41M | -173.46M | -121.63M | -151.70M |
| Investing Cash Flow | 0.00 | -482.51M | -128.69M | 56.40M | -33.40M | -66.21M |
| Financing Cash Flow | 0.00 | 701.36M | 195.48M | 106.74M | 266.95M | 42.68M |
Ehang Holdings Technical Analysis
Negative
12.27
Price Trends
11.55
Negative
12.78
Negative
15.18
Negative
Market Momentum
-0.36
Negative
51.79
Neutral
81.52
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EH, the sentiment is Negative. The current price of 12.27 is above the 20-day moving average (MA) of 10.66, above the 50-day MA of 11.55, and below the 200-day MA of 15.18, indicating a neutral trend. The MACD of -0.36 indicates Negative momentum. The RSI at 51.79 is Neutral, neither overbought nor oversold. The STOCH value of 81.52 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EH.
Ehang Holdings Risk Analysis
Ehang Holdings disclosed 97 risk factors in its most recent earnings report. Ehang Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ehang Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
50 Neutral | $39.33B | -186.77 | -19.23% | ― | 52.42% | -1.33% | |
47 Neutral | $940.42M | -5.44 | -225.72% | ― | ― | -33.69% | |
47 Neutral | $4.15B | -7.59 | -37.76% | ― | ― | 11.14% | |
44 Neutral | $243.41M | ― | -107.75% | ― | -82.36% | 56.88% | |
44 Neutral | $253.77M | 1.54 | -174.08% | ― | ― | ― | |
43 Neutral | $792.42M | -15.01 | -22.42% | ― | 23.58% | 20.74% |
* Industrials Sector Average
EH
Ehang Holdings
11.04
-4.57
-29.28%
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Ehang Holdings Corporate Events
EHang Names Founding Engineer Shuai Feng as CTO to Drive Next Phase of AAM Commercialization
Jan 20, 2026
On January 16, 2026, EHang announced that its board had appointed long-time executive and founding team member Shuai Feng as Chief Technology Officer, effective January 14, 2026, marking a key milestone in shifting from founder-led technology mana...
EHang Holdings Reports Q3 2025 Results and Expands Global AAM Initiatives
Nov 26, 2025
On November 26, 2025, EHang Holdings Limited announced its unaudited financial results for the third quarter of 2025, reporting a decline in sales and revenues compared to the previous year. The company maintained its full-year revenue guidance an...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.