Ehang Holdings (EH) AI Stock Analysis

• Market Cap: $882.14M
• Dividend Yield: N/A
• Average Volume (3M): 612.34K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.54
• Revenue Growth: 23.58%
• EPS Growth: 20.74%
• Country: US
• Employees: 483
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): -0.08
• Shares Outstanding: 52,471,577
• 10 Day Avg. Volume: 331,637
• 30 Day Avg. Volume: 612,342
• PEG Ratio: -0.44
• Price to Book (P/B): 4.04
• Price to Sales (P/S): 8.35
• P/FCF Ratio: 32.45
• Enterprise Value/Market Cap: 3.74
• Enterprise Value/Revenue: 7.66
• Enterprise Value/Gross Profit: 12.46
• Enterprise Value/Ebitda: -11.91
• 1Y Price Target: $18.50
• Price Target Upside: 51.64% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -0.26
• Revenue Forecast (FY): $128.49M

• Rating: 43 Neutral
• Price Target: $11.50 ▼(-5.74% Downside)
• Action: Reiterated Date: 11/26/25
• Date: Action: Reiterated 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.

Strong capital reserves

A RMB1.13bn cash position provides a tangible runway to fund certification, R&D, and ramp manufacturing while absorbing delivery timing issues. This liquidity supports strategic international rollouts and operational investments, reducing short-term refinancing risk over the coming 2-6 months.

Policy support & strategic partnerships

Substantial government backing and institutional partnerships strengthen regulatory access, R&D collaboration, and local industrial support. These relationships lower execution barriers for certification, manufacturing hubs, and market entry, creating a durable competitive advantage in advanced air mobility.

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.

Persistent unprofitability

Continued net losses and negative EBIT margins signal that unit economics are not yet sustainable. Without consistent margin improvement or cost discipline, profitability will remain elusive, undermining returns on capital and increasing future funding needs during commercialization.

Revenue & delivery volatility

Revenue declines and delivery disruptions from delayed customer payments create uncertainty in cash conversion and forecasting. This volatility complicates manufacturing scale-up, dealer relationships, and order conversion, posing a material execution risk to steady commercial rollouts over the near term.

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 their supporting systems and infrastructure for various industries and applications, including passenger transportation, logistics, smart city management, and aerial media solutions. The company was incorporated in 2014 and is headquartered in Guangzhou, the People's Republic of China.

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 tourism, logistics, and emergency services. Additionally, Ehang earns revenue from service contracts, maintenance, and software solutions that enhance the functionality of its drones. Strategic partnerships with municipal governments and aviation authorities also bolster its revenue model, as these collaborations often lead to pilot projects and the establishment of air mobility ecosystems. Furthermore, Ehang is exploring avenues such as drone delivery services, which could expand its revenue potential in the logistics sector.

Ehang Holdings Financial Statement Overview

Summary

Ehang Holdings shows revenue growth but struggles with profitability and cash flow. The balance sheet is stable with low leverage, yet efficiency and liquidity issues persist, necessitating improved operational efficiency and cash flow generation.

Income Statement

Ehang Holdings demonstrates a volatile revenue trend with a recent significant increase in revenue from 2023 to 2024. However, the company remains unprofitable, with negative net profit and EBIT margins, indicating ongoing operational challenges. Despite increased gross profit, the consistent net losses reflect difficulties in controlling operating expenses.

Balance Sheet

The balance sheet shows a relatively low debt-to-equity ratio, indicating conservative leverage. The equity ratio is moderate, suggesting a balanced capital structure. However, the substantial accumulated losses affect the return on equity negatively, highlighting efficiency challenges in utilizing shareholder funds.

Cash Flow

Ehang Holdings faces cash flow difficulties with negative free and operating cash flows, reflecting operational challenges. The lack of positive cash flow growth and low free cash flow to net income ratio suggest liquidity constraints and limited operational cash generation capabilities.

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

• Technical Analysis Sentiment: Negative
• Last Price: 12.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 12.2 is below the 20-day moving average (MA) of 12.37, below the 50-day MA of 13.24, and below the 200-day MA of 16.16, indicating a bearish trend. The MACD of -0.42 indicates Negative momentum. The RSI at 44.26 is Neutral, neither overbought nor oversold. The STOCH value of 83.51 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EH.

Ehang Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
RKLB	56 Neutral	$39.75B	-197.52	-23.24%	―	52.42%	-1.33%
ACHR	55 Neutral	$5.11B	-6.10	-59.13%	―	―	11.14%
EVEX	49 Neutral	$1.07B	―	-115.63%	―	―	-33.69%
SPCE	48 Neutral	$182.82M	-0.34	-98.87%	―	-82.36%	56.88%
EVTL	45 Neutral	$442.39M	-0.50	―	―	―	―
EH	43 Neutral	$882.14M	-28.54	-24.59%	―	23.58%	20.74%

Ehang Holdings Corporate Events

EHang Names Founding Engineer Shuai Feng as CTO to Drive Next Phase of AAM Commercialization

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 management toward a more formalized, systematic innovation and industrial execution structure. Feng, a Tsinghua University-trained UAV specialist who has led development of core pilotless eVTOL products such as the EH184, EH216-S and VT35 and built out EHang’s procurement and supply chain systems, is expected to deepen integration across R&D, manufacturing, quality and supply chain as the company accelerates commercialization and global expansion, reinforcing continuity in its technology strategy and strengthening its position in the emerging advanced air mobility market.

The most recent analyst rating on (EH) stock is a Buy with a $24.00 price target. To see the full list of analyst forecasts on Ehang Holdings stock, see the EH Stock Forecast page.

EHang Holdings Reports Q3 2025 Results and Expands Global AAM Initiatives

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 and unveiled the VT35, a new eVTOL model for intercity mobility. EHang also made significant strides in commercial operations in China and launched the AAM Sandbox Initiative in Thailand, aiming to expand its global footprint. The company is progressing with the type certification of the VT35 and has established a product hub in Hefei, China, with support from the local government. Despite financial losses, EHang is preparing for commercial operations with its EH216-S model and has accumulated over 80,000 safe pilotless eVTOL flights.

The most recent analyst rating on (EH) stock is a Hold with a $13.00 price target. To see the full list of analyst forecasts on Ehang Holdings stock, see the EH Stock Forecast page.