Recent News
On November 26, 2025 the company unveiled the VT35 long-range lift-and-cruise eVTOL and reported initial VT35 deliveries after October certification testing; the VT35 targets intercity routes with an approximate 200 km design range and initial orders tied to regional government cooperation in Hefei. On November 25, 2025 EHang completed a landmark human-carrying pilotless eVTOL flight in Thailand under the national sandbox program. The firm also announced expanded commercial footprints in Qatar, Japan, Kazakhstan and Rwanda and appointed a new director to its board.
Technical Analysis
ADX at 34.05 signals a strong directional market; that strength supports a persistent price trend rather than choppy consolidation, which increases the risk that price follows current directional pressure toward downside resistance unless momentum shifts.
Directional indicators show DI- at 35.09 and increasing while DI+ sits at 16.79 and recorded a peak-and-reversal; that configuration signals dominant downside directional pressure and biases near-term price movement lower relative to short-term mean levels.
MACD stands at -0.68 with a peak-and-reversal trend, while the MACD line recently sits marginally above the signal line (-0.69), creating a brief crossover. The peak-and-reversal character indicates fading bullish momentum despite the technical crossover, so expect momentum to remain fragile unless MACD resumes an upward trend.
MRO reads -3.94 with a dip-and-reversal pattern. The negative MRO indicates price below the model target and potential for mean reversion upward, while the dip-and-reversal pattern supports a modest upside pressure against the broader bearish directional indicators.
RSI at 38.25 and decreasing reflects below-neutral momentum and leaves limited room before oversold conditions attract counter-moves; the falling RSI reinforces short-term bearish bias until buying interest lifts the indicator toward 50.
Price sits at $13.06, below the 20-day average ($13.80), the 50-day average ($15.79) and well under the 200-day average ($17.42). Price12-day EMA ($13.66) trends down, and the stock trades at or below the lower Bollinger boundary (lower 1σ = $13.25, lower 2σ = $12.71), indicating proximity to the short-term volatility floor while pressure from the super trend upper band ($14.41) acts as immediate resistance.
Volume today and over the last 10 days sits near the short-term average but remains below the 50-day and 200-day averages, suggesting any directional move currently lacks unusually strong participation.
Fundamental Analysis
Revenue for the reporting period totals $92,472,000 while gross profit equals $56,209,000, producing a gross margin of 60.79%, well above the industry peer mean of 16.27% and the industry peer median of 15.25%, reflecting strong product-level economics on delivered units.
Net income recorded a loss of $82,156,000 and EBIT equaled -$79,188,000, yielding an EBIT margin of -85.64%. That margin sits materially below the industry peer mean of 2.96% and the industry peer median of 10.31%, signaling current operating levels that consume cash despite strong gross margin performance. QoQ improvement for EBIT margin measures +60.71% and YoY improvement measures +141.65%, indicating rapid operational leverage improvement from recent quarters though remaining deeply negative on an absolute basis.
Operating margin stands at -99.19% with QoQ change +86.86% and YoY change +179.88%, reinforcing that operating expense absorption improved sharply quarter-over-quarter but the company still operates at a wide operating loss on current revenues.
Revenue growth shows a current decline of -37.16%; revenue growth QoQ shows -108.01% and revenue growth YoY shows -245.21%, reflecting a period of large top-line volatility versus the prior comparable periods. Earnings per share came in at -$1.10 versus an estimate of -$1.07, producing an EPS surprise of -2.80%.
Liquidity balances present $1,096,840,000 in cash and short-term investments and $227,181,000 in cash alone, with a current ratio of 2.33 and a quick ratio of 2.17. Net debt equals $108,300,000 and debt-to-assets reads 24.29% with debt-to-equity at 44.47%, indicating a moderate leverage profile supported by a strong near-term liquidity cushion.
Operating cash flow stands at -$140,316,000 and the cash flow margin equals -151.74%, evidence of cash burn from operations during the period. R&D investment totals $50,625,000, reflecting continued product-development expenditure tied to certification and new-model activity.
Valuation measures highlight negative trailing P/E and a PE ratio of -15.23; forward EPS registers at $0.0798 producing a forward PE of 302.01, driven by the small forward earnings base. WMDST values the stock as over-valued given current earnings, forward multiple dynamics and operational cash consumption relative to revenue volatility.
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: 0.68 median: 0.287 mean: 0.271 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: 1.867 mean: 0.508 EH: 0.445 median: 0.404 low: -0.919 |
|
| 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 median: 75.941 mean: 65.204 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: 0.188 median: 0.158 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: 4.357 median: 3.817 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: 1.982 median: 1.11 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: 131.924 EH: 86.265 median: 78.599 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: 14.147 EH: 2.329 mean: 1.886 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: 1.078 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: 159.0 median: 7.776 mean: 1.752 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: 67.474 % mean: 3.373 % median: 2.29 % EH: -37.163 % low: -53.063 % |
|
| Earnings Growth | -1.786 % | |
| Earnings Growth QoQ | -148.218 % | |
| Earnings Growth YoY | -98.782 % | |
| Earnings Growth IPRWA | high: 140.0 % median: 3.715 % mean: -1.627 % 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: 16.271 % median: 15.248 % low: -10.206 % |
|
| EBIT Margin | -85.635 % | |
| EBIT Margin QoQ | 60.711 % | |
| EBIT Margin YoY | 141.647 % | |
| EBIT Margin IPRWA | high: 58.23 % median: 10.312 % mean: 2.959 % 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: 10.312 % mean: 1.937 % EH: -99.185 % low: -433.833 % |
|
| 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: 1.447 % mean: 0.394 % 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: 0.075 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: 3.284 % mean: 0.359 % EH: -5.704 % low: -16.009 % |
|