Recent News
On December 25, 2025 EHang announced the first EH216‑F firefighting variant rolled off an assembly line in Beijing; on December 29 the VT35 completed its first public flight in Hefei; on December 31 the EH216‑series completed a cross‑province flight across the Qiongzhou Strait; on January 14, 2026 the company appointed Shuai Feng as Chief Technology Officer (announced January 16, 2026); and on January 27, 2026 EHang signed a strategic MoU with RACE to explore advanced air‑mobility and motorsport innovation.
Technical Analysis
Directional indicators show a nascent bullish tilt: DI+ at 21.73 is increasing while DI‑ at 28.31 is decreasing, which signals a directional shift toward buyers even though DI‑ currently sits above DI+; ADX at 18.49 indicates no established trend strength, so directional signals remain fragile and require confirmation.
MACD sits at ‑0.26 with its trend increasing and the MACD line above the signal line (signal = ‑0.38), a bullish momentum development that suggests momentum has begun to recover from prior weakness.
MRO reads ‑2.56 with a dip & reversal pattern; the negative MRO indicates price below target and therefore the oscillator points toward potential upward pressure as reversal momentum builds.
RSI at 43.6 and rising shows momentum building from lower levels without overbought conditions, consistent with a constructive short‑term tone that still lacks trend conviction.
Price action sits at $12.60, above the 20‑day average ($12.16) and the 12‑day EMA ($12.36, increasing), but below the 50‑day ($13.12) and the 200‑day average ($16.04). The price currently sits at or just above the 1x Bollinger upper band ($12.56), indicating a small extension versus recent volatility. Ichimoku components place price above the Tenkan‑sen ($12.09) but below the Kijun‑sen ($12.95) and the cloud (Senkou A $14.02 / Senkou B $15.86), suggesting short‑term strength inside a longer‑term corrective band. Given WMDST’s current valuation of over‑valued, these technical readouts imply limited conviction for a sustained rally until trend strength and valuation signals align.
Fundamental Analysis
Profitability remains weak: EBIT stands at $-79,188,000 and EBIT margin equals -85.635%. QoQ change in EBIT margin shows +60.711% and YoY change shows +141.647%, but the absolute margin remains deeply negative. Compared with the industry peer mean EBIT margin of 11.029% and industry peer median of 12.995%, EHang’s EBIT margin sits well below those benchmarks, though it falls inside the broader industry peer range low of -155.296% to high of 58.23%.
Gross margin measures 60.785%, a material strength versus the industry peer mean gross margin of 22.221% and median of 21.366%, indicating robust unit economics on delivered aircraft even while volumes compressed.
Revenue totaled $92,472,000 with a reported revenue growth of -37.163%; revenueQoQ showed -108.009% and revenueYoY -245.213%. Those declines drove an operating loss of $-91,718,000 and net income of $-82,156,000 for the period. Operating cash flow totaled $-140,316,000 and the operating cash flow ratio stands at -21.174%, highlighting negative cash generation from operations in the period reported.
Liquidity and capital structure present two contrasting signals: cash and short‑term investments at $1,096,840,000 and cash of $227,181,000 produce a cash ratio of 1.655 (quick ratio 2.166, current ratio 2.329), giving runway for near‑term operations. Total debt equals $468,216,000 with net debt of $108,300,000; debt to assets reads 24.291% and debt to equity 44.474%, both moderate leverage levels. Interest coverage sits deep negative at -45.51, reflecting operating losses relative to interest expense.
Per‑share metrics show EPS actual at $-1.10 versus an estimate of $-1.07, an EPS surprise of -2.804%. Reported PE ratio equals -15.23 while forward EPS equals $0.08157 with a forward PE near 302.01, reflecting elevated implied valuation if forward profits materialize. PEG stands at 8.53 versus an industry peer mean PEG near 8.644 (industry peer median 10.298), placing forward multiple expectations in a compressed band of optimistic forecasts.
R&D investment remains material at $50,625,000, supporting product programs (EH216 variants and VT35). Return metrics remain negative: return on assets -4.437%, return on equity -7.804%, and return on invested capital -5.704%, though some YoY and QoQ percentage changes show improvement from prior troughs.
Valuation summary: WMDST values the stock as over‑valued. The valuation judgment reflects a combination of strong gross margins and meaningful product milestones set against sharply negative operating outcomes, weak cash conversion from operations in the reported period, and elevated forward multiples that depend on significant recovery in revenue and operating leverage.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-26 |
| NEXT REPORT DATE: | 2026-02-25 |
| CASH FLOW | Begin Period Cash Flow | — |
| Operating Cash Flow | $ -140.32 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ 82.2 M | |
| Dividends Paid | — | |
| Cash Flow Delta | — | |
| End Period Cash Flow | — | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 92.5 M | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | $ 36.3 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | $ 50.6 M | |
| Total Operating Expenses | $ 184.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 56.2 M | |
| EBITDA | $ -79.19 M | |
| EBIT | $ -79.19 M | |
| Operating Income | $ -91.72 M | |
| Interest Income | $ 13.7 M | |
| Interest Expense | $ 1.7 M | |
| Net Interest Income | $ 12.0 M | |
| Income Before Tax | $ -80.93 M | |
| Tax Provision | $ -1.00 K | |
| Tax Rate | 0.001 % | |
| Net Income | $ -82.16 M | |
| Net Income From Continuing Operations | $ -82.16 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.07 | |
| EPS Actual | $ -1.10 | |
| EPS Difference | $ -0.03 | |
| EPS Surprise | -2.804 % | |
| Forward EPS | $ 0.08 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.9 B | |
| Intangible Assets | $ 2.8 M | |
| Net Tangible Assets | $ 1.1 B | |
| Total Current Assets | $ 1.5 B | |
| Cash and Short-Term Investments | $ 1.1 B | |
| Cash | $ 227.2 M | |
| Net Receivables | $ 164.3 M | |
| Inventory | $ 107.7 M | |
| Long-Term Investments | $ 31.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 133.2 M | |
| Short-Term Debt | $ 247.9 M | |
| Total Current Liabilities | $ 662.7 M | |
| Net Debt | $ 108.3 M | |
| Total Debt | $ 468.2 M | |
| Total Liabilities | $ 875.4 M | |
| EQUITY | ||
| Total Equity | $ 1.1 B | |
| Retained Earnings | $ -2.23 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | — | |
| Shares Outstanding | — | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | — |
| Enterprise Value | — | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.831 | |
| Asset To Liability | 2.202 | |
| Debt To Capital | 0.308 | |
| Debt To Assets | 0.243 | |
| Debt To Assets QoQ | 17.735 % | |
| Debt To Assets YoY | 94.328 % | |
| Debt To Assets IPRWA | high: 0.899 median: 0.3 mean: 0.293 EH: 0.243 low: 0.0 |
|
| Debt To Equity | 0.445 | |
| Debt To Equity QoQ | 22.616 % | |
| Debt To Equity YoY | 91.302 % | |
| Debt To Equity IPRWA | high: 2.207 mean: 0.799 median: 0.631 EH: 0.445 low: -1.213 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | — | |
| Price To Book QoQ | — | |
| Price To Book YoY | — | |
| Price To Book IPRWA | — | |
| Price To Earnings (P/E) | -15.232 | |
| Price To Earnings QoQ | -3.955 % | |
| Price To Earnings YoY | -105.44 % | |
| Price To Earnings IPRWA | high: 243.643 mean: 87.393 median: 83.356 EH: -15.232 low: -135.508 |
|
| PE/G Ratio | 8.529 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | 302.012 | |
| Forward PE/G | -169.1 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.027 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.05 | |
| Asset Turnover Ratio QoQ | -42.71 % | |
| Asset Turnover Ratio YoY | -47.321 % | |
| Asset Turnover Ratio IPRWA | high: 0.384 mean: 0.169 median: 0.153 EH: 0.05 low: 0.0 |
|
| Receivables Turnover | 0.648 | |
| Receivables Turnover Ratio QoQ | -67.059 % | |
| Receivables Turnover Ratio YoY | -91.514 % | |
| Receivables Turnover Ratio IPRWA | high: 7.156 mean: 3.267 median: 2.358 EH: 0.648 low: 0.616 |
|
| Inventory Turnover | 0.338 | |
| Inventory Turnover Ratio QoQ | -33.78 % | |
| Inventory Turnover Ratio YoY | -52.773 % | |
| Inventory Turnover Ratio IPRWA | high: 5.174 mean: 1.58 median: 0.972 EH: 0.338 low: 0.036 |
|
| Days Sales Outstanding (DSO) | 140.848 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 86.265 | |
| Cash Conversion Cycle Days QoQ | -129.131 % | |
| Cash Conversion Cycle Days YoY | -385.889 % | |
| Cash Conversion Cycle Days IPRWA | high: 356.665 mean: 113.444 EH: 86.265 median: 75.673 low: -64.961 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.105 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.1 B | |
| Net Invested Capital | $ 1.4 B | |
| Invested Capital | $ 1.4 B | |
| Net Tangible Assets | $ 1.1 B | |
| Net Working Capital | $ 880.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.655 | |
| Current Ratio | 2.329 | |
| Current Ratio QoQ | -6.973 % | |
| Current Ratio YoY | -2.406 % | |
| Current Ratio IPRWA | high: 9.786 EH: 2.329 mean: 1.656 median: 1.182 low: 0.407 |
|
| Quick Ratio | 2.166 | |
| Quick Ratio QoQ | -6.556 % | |
| Quick Ratio YoY | -3.746 % | |
| Quick Ratio IPRWA | high: 5.116 EH: 2.166 mean: 1.104 median: 0.966 low: 0.303 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -5.913 | |
| Cost Of Debt | 0.417 % | |
| Interest Coverage Ratio | -45.51 | |
| Interest Coverage Ratio QoQ | -42.136 % | |
| Interest Coverage Ratio YoY | -15.105 % | |
| Interest Coverage Ratio IPRWA | high: 31.057 median: 7.277 mean: 3.911 EH: -45.51 low: -123.353 |
|
| Operating Cash Flow Ratio | -0.212 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 232.457 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 8.556 % | |
| Revenue Growth | -37.163 % | |
| Revenue Growth QoQ | -108.009 % | |
| Revenue Growth YoY | -245.213 % | |
| Revenue Growth IPRWA | high: 44.641 % mean: 2.866 % median: 2.29 % low: -25.342 % EH: -37.163 % |
|
| Earnings Growth | -1.786 % | |
| Earnings Growth QoQ | -148.218 % | |
| Earnings Growth YoY | -98.782 % | |
| Earnings Growth IPRWA | high: 140.0 % median: 3.743 % mean: 0.618 % EH: -1.786 % low: -116.667 % |
|
| MARGINS | ||
| Gross Margin | 60.785 % | |
| Gross Margin QoQ | -2.845 % | |
| Gross Margin YoY | -0.68 % | |
| Gross Margin IPRWA | high: 100.0 % EH: 60.785 % mean: 22.221 % median: 21.366 % low: -39.082 % |
|
| EBIT Margin | -85.635 % | |
| EBIT Margin QoQ | 60.711 % | |
| EBIT Margin YoY | 141.647 % | |
| EBIT Margin IPRWA | high: 58.23 % median: 12.995 % mean: 11.029 % EH: -85.635 % low: -155.296 % |
|
| Return On Sales (ROS) | -99.185 % | |
| Return On Sales QoQ | 86.856 % | |
| Return On Sales YoY | 179.883 % | |
| Return On Sales IPRWA | high: 57.493 % median: 11.224 % mean: 9.258 % EH: -99.185 % low: -166.148 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | — | |
| Free Cash Flow Yield | — | |
| Free Cash Flow Yield QoQ | — | |
| Free Cash Flow Yield YoY | — | |
| Free Cash Flow Yield IPRWA | — | |
| Free Cash Growth | — | |
| Free Cash Growth QoQ | — | |
| Free Cash Growth YoY | — | |
| Free Cash Growth IPRWA | — | |
| Free Cash To Net Income | — | |
| Cash Flow Margin | -151.739 % | |
| Cash Flow To Earnings | 1.708 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -4.437 % | |
| Return On Assets QoQ | -7.292 % | |
| Return On Assets YoY | 24.81 % | |
| Return On Assets IPRWA | high: 11.701 % median: 1.85 % mean: 1.018 % EH: -4.437 % low: -17.358 % |
|
| Return On Capital Employed (ROCE) | -6.261 % | |
| Return On Equity (ROE) | -0.078 | |
| Return On Equity QoQ | -2.438 % | |
| Return On Equity YoY | 21.237 % | |
| Return On Equity IPRWA | high: 0.262 mean: 0.061 median: 0.043 EH: -0.078 low: -0.285 |
|
| DuPont ROE | -7.965 % | |
| Return On Invested Capital (ROIC) | -5.704 % | |
| Return On Invested Capital QoQ | 20.439 % | |
| Return On Invested Capital YoY | -244.661 % | |
| Return On Invested Capital IPRWA | high: 9.81 % median: 3.376 % mean: 1.638 % EH: -5.704 % low: -16.009 % |
|