Ehang Holdings Ltd (EH)
NASDAQ:EH
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Ehang Holdings
(NASDAQ:EH)
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Rating:48Neutral
Price Target:
$6.50
▼(-47.03% Downside)
Action:Reiterated
Date:06/10/26
The score is held down mainly by weak financial performance (persistent losses and a return to heavy cash burn) and bearish technicals (price below key moving averages with negative momentum). The earnings call adds some offset from certification progress, solid liquidity, and reiterated guidance, but near-term execution risk remains elevated. Valuation is only modestly supportive because losses (negative P/E) limit traditional attractiveness and there is no dividend.
Positive Factors
Regulatory / Certification Leadership
Holding type, production and airworthiness certificates and operator approvals creates a durable barrier to entry, enabling earlier scaled commercial operations and partner rollouts. Regulatory head-start lowers certification risk versus competitors and supports multi-country deployment over months.
Negative Factors
Cash Flow Volatility & Recent Cash Burn
The swing from positive operating and free cash flow in 2024 to heavy cash burn in 2025 shows inconsistent cash generation. Such volatility raises refinancing and runway risk, forcing reliance on reserves or capital markets while commercialization timing remains uncertain.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory / Certification Leadership
Holding type, production and airworthiness certificates and operator approvals creates a durable barrier to entry, enabling earlier scaled commercial operations and partner rollouts. Regulatory head-start lowers certification risk versus competitors and supports multi-country deployment over months.
Read all positive factors
Ehang Holdings (EH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$511.98M
Dividend YieldN/A
Average Volume (3M)1.01M
Price to Earnings (P/E)―
Beta (1Y)1.71
Revenue Growth22.18%
EPS Growth15.10%
CountryUS
Employees483
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-6.34
Shares Outstanding56,332,080
10 Day Avg. Volume1,877,950
30 Day Avg. Volume1,010,581
Financial Highlights & Ratios
PEG Ratio-1.23
Price to Book (P/B)3.03
Price to Sales (P/S)8.08
P/FCF Ratio-10.61
Enterprise Value/Market Cap5.25
Enterprise Value/Revenue6.43
Enterprise Value/Gross Profit10.46
Enterprise Value/Ebitda-11.12
Forecast
1Y Price Target
$13.20Price Target Upside7.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)-2.32
Revenue Forecast (FY)$575.56M
Ehang Holdings Business Overview & Revenue Model
Company Description
EHang Holdings Limited is a technology company focused on autonomous aerial vehicles (AAVs). The company operates a comprehensive platform that encompasses the design, development, manufacturing, sale, and operation of these advanced aircraft, alo...
How the Company Makes Money
EHang primarily makes money by selling autonomous aerial vehicles and associated systems to customers, recognizing revenue when aircraft and related deliverables are transferred under its sales contracts. A key revenue stream is the sale of its EH...
Ehang Holdings Earnings Call Summary
Earnings Call Date:Jun 09, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 20, 2026
Earnings Call Sentiment Neutral
The call highlighted material strategic and operational progress — regulatory/certification milestones, a strong safety record, product and operational improvements, diversified revenue streams (aerial media ~40%), solid gross margins (62.5%) and a healthy cash position (RMB 1.03 billion). At the same time, near-term financials show a sharp sequential revenue drop from Q4, marked declines in eVTOL deliveries, rising operating expenses and widening adjusted losses. Commercial rollout timing remains contingent on regulator approvals and many orders are expected in H2, creating execution and timing risk. Overall, the company demonstrates strong long‑term positioning and first‑mover operational advantages but faces meaningful short‑term financial and execution challenges.Positive Updates
Regulatory and Certification Milestones
Obtained TC, PC and AC certifications and two operators hold OCs; company remains the only global eVTOL firm with TC, PC, AC and commercial operation license foundations, benefiting from newly revised Civil Aviation Law and a strengthened regulatory framework (NDRC/CAAC two-tier governance).
Negative Updates
Sharp Sequential Revenue Decline
Q1 2026 revenue was RMB 25.7 million, essentially flat YoY (RMB 26.1 million, -1.5% YoY) but down sharply from RMB 177.6 million in Q4 2025 (≈ -85.6% QoQ), driven by timing and seasonality of eVTOL deliveries.
Read all updates
Q1-2026 Updates
Positive
Negative
Regulatory and Certification Milestones
Obtained TC, PC and AC certifications and two operators hold OCs; company remains the only global eVTOL firm with TC, PC, AC and commercial operation license foundations, benefiting from newly revised Civil Aviation Law and a strengthened regulatory framework (NDRC/CAAC two-tier governance).
Read all positive updates
Company Guidance
The company reiterated full-year 2026 revenue guidance of RMB 600 million while reporting Q1 revenue of RMB 25.7 million (vs. RMB 26.1M in Q1 2025 and RMB 177.6M in Q4 2025), gross margin of 62.5%, adjusted operating expenses of RMB 101.1 million (up 59% year‑over‑year), adjusted operating loss of RMB 77.1 million and adjusted net loss of RMB 75.6 million; cash and equivalents plus short‑term investments totaled RMB 1.03 billion as of March 31, 2026. Management expects diversified revenue mix with aerial media contributing ~40% of Q1 revenue and non‑human‑carrying businesses plus overseas markets (targeting ~10% of revenue) to grow, delivered four EH216‑S units in Q1 (versus 11 in Q1 2025), reported over 90,000 EH216‑S safe flights across 21 countries and 3,000+ EH216‑S flights with 0 accidents/0 violations at the two OC sites, completed 22,580 formation drone flights (Guinness record) and delivered GD4.0 fleets; operational upgrades (battery cooling vehicle that doubled EH216‑S utilization in tests) and certification progress (TC/PC/AC in hand, VT35 certification advancing) support a target to begin broader commercial operations (domestic last‑mile approvals and an overseas Thailand commercial push) in H2, while the board approved up to USD 30 million of ADS repurchases over 12 months.Ehang Holdings Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
55
Neutral
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 417.98M | 456.15M | 117.43M | 44.32M | 56.81M |
| Gross Profit | 257.15M | 279.95M | 75.31M | 29.22M | 36.03M |
| EBITDA | -290.95M | -202.12M | -264.26M | -304.74M | -303.91M |
| Net Income | -276.41M | -229.78M | -301.70M | -328.22M | -313.96M |
Balance Sheet | |||||
| Total Assets | 2.05B | 1.58B | 598.64M | 530.87M | 535.43M |
| Cash, Cash Equivalents and Short-Term Investments | 1.13B | 1.12B | 300.14M | 249.31M | 311.97M |
| Total Debt | 452.92M | 233.50M | 163.55M | 200.06M | 30.00M |
| Total Liabilities | 936.72M | 628.68M | 384.43M | 406.19M | 201.39M |
| Stockholders Equity | 1.12B | 955.64M | 213.79M | 124.26M | 332.60M |
Cash Flow | |||||
| Free Cash Flow | -318.49M | 118.99M | -97.50M | -187.28M | -137.32M |
| Operating Cash Flow | -174.62M | 157.96M | -88.41M | -173.46M | -121.63M |
| Investing Cash Flow | -532.17M | -482.51M | -128.69M | 56.40M | -33.40M |
| Financing Cash Flow | 367.08M | 701.36M | 195.48M | 106.74M | 266.95M |
Ehang Holdings Technical Analysis
Negative
12.27
Price Trends
9.89
Negative
10.83
Negative
13.36
Negative
Market Momentum
-0.83
Positive
29.79
Positive
6.49
Positive
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 8.94, above the 50-day MA of 9.89, and below the 200-day MA of 13.36, indicating a bearish trend. The MACD of -0.83 indicates Positive momentum. The RSI at 29.79 is Positive, neither overbought nor oversold. The STOCH value of 6.49 is Positive, 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% | |
55 Neutral | $66.44B | -339.46 | -12.26% | ― | 45.83% | 19.99% | |
53 Neutral | $4.03B | -5.25 | -38.99% | ― | ― | 11.41% | |
48 Neutral | $511.98M | -5.22 | -26.96% | ― | 22.18% | 15.10% | |
47 Neutral | $576.92M | -1.20 | -105.02% | ― | -76.23% | 63.55% | |
47 Neutral | $943.91M | -3.86 | -258.98% | ― | ― | -33.98% | |
43 Neutral | $281.39M | ― | 251.21% | ― | ― | ― |
* Industrials Sector Average
EH
Ehang Holdings
6.63
-10.02
-60.18%
SPCE
Virgin Galactic Holdings
3.91
0.91
30.33%
EVTL
Vertical Aerospace
2.14
-3.57
-62.52%
EVEX
Eve Holding
2.71
-2.36
-46.55%
RKLB
Rocket Lab USA
102.39
76.98
302.95%
ACHR
Archer Aviation
5.08
-4.91
-49.15%
Ehang Holdings Corporate Events
EHang Posts Wider Q1 Losses but Advances eVTOL Commercialization and Launches $30 Million Buyback
Jun 9, 2026
EHang reported unaudited first-quarter 2026 results on June 9, with eVTOL deliveries falling to four EH216 units from 11 a year earlier and revenues staying roughly flat at RMB25.7 million, while gross margin held above 62% but operating and net l...
EHang Launches US$30 Million Share Buyback to Signal Confidence in AAM Growth
Jun 8, 2026
EHang Holdings, the Guangzhou-based advanced air mobility specialist, designs and manufactures pilotless eVTOL aircraft for uses ranging from tourism and urban transport to logistics and firefighting. Its flagship EH216-S has secured the worldR...
EHang Posts First GAAP-Profitable Quarter and Prepares EH216-S Commercial Launch in China
Mar 12, 2026
On March 12, 2026, EHang reported unaudited fourth-quarter and full-year 2025 results, highlighting record quarterly and annual revenues, driven by eVTOL deliveries that reached 100 units in the fourth quarter and 221 units for the year. The compa...
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.