Ehang Holdings Ltd (EH)
NASDAQ:EH
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Ehang Holdings
(NASDAQ:EH)
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Rating:48Neutral
Price Target:
$9.00
▼(-26.65% Downside)
Action:Reiterated
Date:05/21/26
The score is held down most by weak financial quality (ongoing losses and a 2025 return to significant cash burn) and bearish technicals (below key moving averages with negative MACD). Earnings-call momentum and 2026 growth/commercialization guidance are positives, but valuation remains demanding given the current profitability profile.
Positive Factors
High gross margins
Sustained ~62% gross margins reflect favorable product economics and scale in manufacturing and components. High margins provide structural cushion to absorb elevated SG&A and R&D while enabling path to durable profitability as unit volumes rise and fixed costs spread.
Negative Factors
Cash-flow volatility and recent cash burn
The sharp swing from positive cash generation in 2024 to heavy cash burn in 2025 signals unstable working-capital and investment timing. Persistent volatility can force external financing, constrain rollout plans, and amplify execution risk during multi-year certification and commercialization phases.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Sustained ~62% gross margins reflect favorable product economics and scale in manufacturing and components. High margins provide structural cushion to absorb elevated SG&A and R&D while enabling path to durable profitability as unit volumes rise and fixed costs spread.
Read all positive factors
Ehang Holdings (EH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$709.42M
Dividend YieldN/A
Average Volume (3M)541.39K
Price to Earnings (P/E)―
Beta (1Y)1.59
Revenue Growth12.35%
EPS Growth32.54%
CountryUS
Employees483
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-7.94
Shares Outstanding52,471,577
10 Day Avg. Volume572,918
30 Day Avg. Volume541,391
Financial Highlights & Ratios
PEG Ratio1.23
Price to Book (P/B)3.03
Price to Sales (P/S)8.08
P/FCF Ratio-10.61
Enterprise Value/Market Cap3.67
Enterprise Value/Revenue6.05
Enterprise Value/Gross Profit9.85
Enterprise Value/Ebitda-9.39
Forecast
1Y Price Target
$15.53Price Target Upside26.60% 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 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:Mar 12, 2026
(Q4-2025)
| Next Earnings Date:Jun 02, 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
28
Negative
Balance Sheet
55
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 430.00M | 417.98M | 456.15M | 117.43M | 44.32M | 56.81M |
| Gross Profit | 264.26M | 257.15M | 279.95M | 75.31M | 29.22M | 36.03M |
| EBITDA | -277.19M | -269.60M | -202.12M | -264.26M | -304.74M | -303.91M |
| Net Income | -287.89M | -276.41M | -229.78M | -301.70M | -328.22M | -313.96M |
Balance Sheet | ||||||
| Total Assets | 1.93B | 2.05B | 1.58B | 598.64M | 530.87M | 535.43M |
| Cash, Cash Equivalents and Short-Term Investments | 1.10B | 1.13B | 1.12B | 300.14M | 249.31M | 311.97M |
| Total Debt | 468.22M | 452.92M | 233.50M | 163.55M | 200.06M | 30.00M |
| Total Liabilities | 875.35M | 936.72M | 628.68M | 384.43M | 406.19M | 201.39M |
| Stockholders Equity | 1.05B | 1.12B | 955.64M | 213.79M | 124.26M | 332.60M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -318.49M | 118.99M | -97.50M | -187.28M | -137.32M |
| Operating Cash Flow | 0.00 | -174.62M | 157.96M | -88.41M | -173.46M | -121.63M |
| Investing Cash Flow | 0.00 | -532.17M | -482.51M | -128.69M | 56.40M | -33.40M |
| Financing Cash Flow | 0.00 | 367.08M | 701.36M | 195.48M | 106.74M | 266.95M |
Ehang Holdings Technical Analysis
Negative
12.27
Price Trends
10.36
Negative
11.60
Negative
13.98
Negative
Market Momentum
-0.30
Positive
45.98
Neutral
34.08
Neutral
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 9.86, above the 50-day MA of 10.36, and below the 200-day MA of 13.98, indicating a bearish trend. The MACD of -0.30 indicates Positive momentum. The RSI at 45.98 is Neutral, neither overbought nor oversold. The STOCH value of 34.08 is Neutral, 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% | |
58 Neutral | $72.62B | -215.90 | -12.26% | ― | 45.83% | 19.99% | |
53 Neutral | $4.65B | -4.55 | -38.99% | ― | ― | 11.41% | |
48 Neutral | $709.42M | -12.23 | -26.96% | ― | 12.35% | 32.54% | |
48 Neutral | $276.88M | -0.75 | -105.02% | ― | -76.23% | 63.55% | |
47 Neutral | $1.02B | -3.14 | -258.98% | ― | ― | -33.98% | |
44 Neutral | $332.33M | 0.69 | 251.21% | ― | ― | ― |
* Industrials Sector Average
EH
Ehang Holdings
9.78
-7.18
-42.33%
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Ehang Holdings Corporate Events
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.