olivLaw · US equity research
EHang Holdings Limited EH
Aircraft Parts & Auxiliary Equipment, NEC · SIC 3728 · Vertical: Aircraft Parts & Auxiliary Equipment, NEC (SIC 3728)
EHang Holdings designs and sells pilotless eVTOL aircraft and related services for advanced air mobility. Revenue fell in 2025 from the prior year, while the company obtained Chinese commercial operating certifications, making its evolution relevant to the emerging air mobility industry.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, EHang Holdings Limited (EH) stock was 4.08 USD (+6.81% on the day), with beta 1.50, 52-week range 3.39–16.55 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.0
- strong (55–70)
- Bollinger (20, 2)
- 3.29 – 4.17
- in the upper half of the band · %B 0.90 · band width 23.8%
- SMA 50 / 200
- 4.18 / 7.90
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.13 / -0.21
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.2% | −1.1% | +2.3 pp | — |
| 3 months | −23.7% | −0.5% | −23.3 pp | — |
| 6 months | −61.1% | +4.4% | −65.5 pp | — |
| Year to date | −69.0% | +12.3% | −81.4 pp | — |
| 1 year | −75.9% | +13.5% | −89.4 pp | +14.7% |
| 3 years | −73.5% | +76.4% | −150.0 pp | +83.9% |
| 5 years | −83.6% | +63.7% | −147.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 17.5 m | 27.6 m | 8.9 m | 6.4 m | 16.5 m | 62.5 m | 59.8 m |
| Revenue YoY | unavailable | +57.7% | −67.7% | −27.9% | +157.4% | +277.9% | −4.4% |
| Net income | -7.0 m | -13.4 m | -49.3 m | -47.6 m | -42.5 m | -31.5 m | -39.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | -0.41 | -0.35 | -0.23 | -0.27 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -39.9% | -48.7% | -552.7% | -740.7% | -256.9% | -50.4% | -66.0% |
| Free cash flow | -8.4 m | -24.6 m | -21.5 m | -26.9 m | -13.6 m | 16.3 m | -46.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 36.7 m USD
- Financial debt
- 11.8 m USD
- Net debt
- -24.8 m USD
- Equity
- 152.8 m USD
- Total assets
- 284.8 m USD
- Debt / equity
- 0.08x
- Current ratio
- 2.07x
- ROE
- -27.8%
- ROA
- -15.7%
- FCF margin
- -78.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 27.6 m | 8.9 m | 6.4 m | 16.5 m | 62.5 m | 59.8 m | SEC (XBRL)· 15 May 2026verified |
| Cost of revenue | 11.3 m | 3.3 m | 2.2 m | 5.9 m | 24.1 m | 23.0 m | SEC (XBRL)· 15 May 2026verified |
| Gross profit | 16.3 m | 5.7 m | 4.2 m | 10.6 m | 38.4 m | 36.8 m | SEC (XBRL)· 15 May 2026verified |
| Research & development | 16.1 m | 21.5 m | 19.6 m | 23.6 m | 27.3 m | 27.8 m | SEC (XBRL)· 15 May 2026verified |
| Operating income | -14.0 m | -50.3 m | -44.1 m | -41.7 m | -34.8 m | -45.3 m | SEC (XBRL)· 15 May 2026verified |
| Depreciation & amortisation | 949.0 k | 1.2 m | — | — | — | — | SEC (XBRL)· 28 Apr 2022verified |
| EBITDA | -13.0 m ≈ | -49.1 m ≈ | — | — | — | — | SEC (XBRL)· 28 Apr 2022derived |
| Interest expense | 358.0 k | 283.0 k | 554.0 k | 413.0 k | 462.0 k | 855.0 k | SEC (XBRL)· 15 May 2026verified |
| Pre-tax income | -14.1 m | -49.2 m | -47.7 m | -42.6 m | -31.5 m | -39.4 m | SEC (XBRL)· 15 May 2026verified |
| Income tax | 32.0 k | 21.0 k | 11.0 k | 29.0 k | 53.0 k | -630.0 k | SEC (XBRL)· 15 May 2026verified |
| Net income | -13.4 m | -49.3 m | -47.6 m | -42.5 m | -31.5 m | -39.5 m | SEC (XBRL)· 15 May 2026verified |
| Diluted EPS | — | — | -0.41 | -0.35 | -0.23 | -0.27 | SEC (XBRL)· 15 May 2026verified |
| Weighted average diluted shares | 109.6 k | 113.0 k | 114.7 k | 121.5 k | 134.4 k | 146.7 k | SEC (XBRL)· 15 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 21.1 m | 38.7 m | 36.1 m | 32.1 m | 83.7 m | 36.7 m | SEC (XBRL)· 15 May 2026verified |
| Receivables | 25.0 m | 8.8 m | 2.9 m | 4.9 m | 8.0 m | 16.0 m | SEC (XBRL)· 15 May 2026verified |
| Inventories | 7.2 m | 12.3 m | 10.5 m | 8.4 m | 10.4 m | 14.5 m | SEC (XBRL)· 15 May 2026verified |
| Current assets | 65.1 m | 74.9 m | 56.1 m | 63.8 m | 185.9 m | 212.1 m | SEC (XBRL)· 15 May 2026verified |
| Property, plant & equipment, net | 3.2 m | 5.3 m | 6.8 m | 6.3 m | 8.3 m | 36.9 m | SEC (XBRL)· 15 May 2026verified |
| Intangibles (excl. goodwill) | 163.0 k | 117.0 k | 284.0 k | 342.0 k | 359.0 k | 388.0 k | SEC (XBRL)· 15 May 2026verified |
| Total assets | 74.3 m | 84.0 m | 77.0 m | 84.3 m | 217.1 m | 284.8 m | SEC (XBRL)· 15 May 2026verified |
| Accounts payable | 8.1 m | 7.1 m | 5.1 m | 4.9 m | 17.5 m | 18.9 m | SEC (XBRL)· 15 May 2026verified |
| Short-term debt | 4.6 m | — | — | — | — | — | SEC (XBRL)· 15 Jun 2021verified |
| Long-term debt | — | 2.7 m | 558.0 k | 1.3 m | 2.8 m | 11.8 m | SEC (XBRL)· 15 May 2026verified |
| Current liabilities | 24.2 m | 21.4 m | 40.9 m | 35.2 m | 64.4 m | 102.4 m | SEC (XBRL)· 15 May 2026verified |
| Total liabilities | 31.7 m | 31.6 m | 58.9 m | 54.1 m | 86.1 m | 132.0 m | SEC (XBRL)· 15 May 2026verified |
| Equity | 42.6 m | 52.4 m | 18.1 m | 214.2 m | 130.9 m | 152.8 m | SEC (XBRL)· 15 May 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -23.2 m | -19.1 m | -25.1 m | -12.5 m | 21.6 m | -25.7 m | SEC (XBRL)· 15 May 2026verified |
| Capex | 1.3 m | 2.5 m | 1.8 m | 1.1 m | 5.3 m | 21.2 m | SEC (XBRL)· 15 May 2026verified |
| Free cash flow | -24.6 m ≈ | -21.5 m ≈ | -26.9 m ≈ | -13.6 m ≈ | 16.3 m ≈ | -46.8 m ≈ | SEC (XBRL)· 15 May 2026derived |
| Investing cash flow | -10.1 m | -5.2 m | 8.2 m | -18.1 m | -66.1 m | -72.5 m | SEC (XBRL)· 15 May 2026verified |
| Financing cash flow | 6.5 m | 41.9 m | 15.5 m | 27.5 m | 96.1 m | 48.3 m | SEC (XBRL)· 15 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -42.7% | 0 (vs peers) | 29% |
| Net margin · Quality | -66.0% | 10 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 110.3% | 100 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -53.0x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality4/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EHang Holdings Limited (EH). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 59.8 m USD in 2025; YoY growth -4.4%; net margin -66.0%; ROE -27.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 110.3%
- Current ratio: 2.1x
What contradicts it
- ROIC: -42.7%
- Net margin: -66.0%
- Interest coverage: -53.0x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Aircraft Parts & Auxiliary Equipment, NEC (SIC 3728) · same industry (4-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TDGTransDigm Group Incorporated | 67.3 bn | 34.1 | — | 21.3% | +11.2% | −11% / +26% |
| ESLTElbit Systems Ltd | 32.7 bn | 61.8 | 14.4% | 6.7% | +16.3% | +50% / +248% |
| LOARLoar Holdings Inc. | 6.5 bn | 0.5 | 5.8% | 11.6% | +23.2% | +2% / unavailable |
| KRMNKarman Holdings Inc. | 4.5 bn | 118.5 | 9.5% | 6.3% | +36.6% | −49% / unavailable |
| DCODucommun Incorporated | 2.4 bn | — | -3.0% | -2.4% | +4.9% | +70% / +210% |
| ATROAstronics Corporation | 1.9 bn | 30.4 | 33.7% | 8.4% | +8.4% | +32% / +385% |
| PKEPark Aerospace Corp. | 544.8 m | 34.4 | 11.1% | 18.4% | +18.2% | +28% / +64% |
| CVUCpi Aerostructures, Inc. | 64.0 m | 17.0 | 14.4% | 5.1% | −14.6% | +72% / +104% |
| AIRIAir Industries Group | 12.5 m | — | -10.6% | -3.8% | −13.0% | −14% / −11% |
| PRZOParaZero Technologies Ltd. | 9.8 m | 1.6 | -380.5% | -517.1% | +12.3% | −66% / −34% |
| EHEHang Holdings Limited | — | — | -27.8% | -66.0% | −4.4% | −76% / −74% |
1- and 3-year price returns: for EH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 May 2026; since then the company filed 6-K (25 Aug 2026), 6-K (20 Aug 2026), 6-K (09 Jun 2026), 6-K (08 Jun 2026).
In brief
EHang Holdings designs and sells pilotless eVTOL aircraft and related services for advanced air mobility. Revenue fell in 2025 from the prior year, while the company obtained Chinese commercial operating certifications, making its evolution relevant to the emerging air mobility industry 1.
SWOT
Strengths
- Pioneer position in the industry, with type, production and operator certificates obtained for the EH216-S, which is rare in its sector 1.
- Extensive operating experience, with safe flights accumulated across several countries, supporting product credibility 1.
- Integrated range of products and services, from manufacturing and sales to maintenance and operation, giving several revenue sources 1.
Weaknesses
- Revenue and net loss have been unstable from year to year, with revenue declining in 2025 from the prior year 1.
- Dependence on a small number of large customers and a significant increase in receivables, as flagged in the source 1.
- Limited production capacity, which could lead to delayed deliveries 1.
Opportunities
Risks
- Regulatory approvalshigh
Approvals for commercial use of the aircraft are uncertain and lengthy, and new rules could impose requirements the company may not be able to meet 1.
- Production capacityhigh
Limited production capacity could delay deliveries and affect fulfilment of orders 1.
- Customer concentrationmedium
Reliance on a few major customers and rising receivables could lead to losses if payments are delayed 1.
- Corporate structure in Chinahigh
Control over business in China relies on contractual arrangements that authorities could challenge, with consequences for operations 1.
- Share price volatilitymedium
The ADS price is likely to be volatile, which could cause substantial losses for investors 1.
Investment thesis
What would need to be true (bull case)
- If the certifications translate into stable deliveries and commercial operations, the pioneer position could support a solid increase in revenue.
- Favourable Chinese policy and a developing air mobility market could support demand for the company's aircraft in the coming years.
- Operating experience and an integrated service range could let the services side become a steadier source of revenue.
What would break the thesis
- If revenue keeps falling and losses stay high, additional financing could become necessary, with effects on shareholders.
- Operating restrictions and lengthy approval processes could slow commercial expansion and delay expected revenue.
- Dependence on a few customers and the contractual structure in China could expose the company to legal and collection risks.
What to watch
- Trend in air mobility revenue and EH216 delivery volumesQ1 2027
- Relaxation of operating restrictions on the EH216-S2027
- Level of receivables and customer concentration in quarterly reportsnext 10-K
- Development of net loss and production capacitynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 May 2026; since then the company filed 6-K (25 Aug 2026), 6-K (20 Aug 2026), 6-K (09 Jun 2026), 6-K (08 Jun 2026).
The business
EHang presents itself as a leading provider of eVTOL products and services for the global advanced air mobility industry and China's low-altitude economy, relying on proprietary, safe and autonomous technologies 1. The range includes EH216 aircraft for passenger transport, the VT35 for longer regional links, and drones for aerial shows. The company has accumulated more than 83000 safe flights across 21 countries, mostly in China 1. Revenue in 2025 was RMB418.0 million and the net loss RMB276.4 million 1.
EHang obtained the Type Certificate for EH216-S in October 2023, the Standard Airworthiness Certificate in December 2023, the Production Certificate in March 2024 and the Air Operator Certificate in March 2025, enabling commercial passenger operations 1. The company operates through subsidiaries in China and Hong Kong, and part of its operations is consolidated through contractual arrangements 1.
The company also offers maintenance, repair and overhaul, eVTOL operation training, vertiport planning, flight operations and smart city management solutions, and plans to expand into managed commercial operations 1. Air mobility solutions generate the bulk of revenue, while other activities remain a smaller share 1.
Segments
Market context
Urban population growth and road congestion underpin demand for air mobility, since ground infrastructure is increasingly hard to expand 1. The Chinese market is described as very large, with estimates of a low-altitude economy reaching RMB2 trillion and 100000 eVTOL aircraft in China by 2030 1.
Approval for commercial use of eVTOL aircraft remains uncertain and lengthy, and operating restrictions may limit expansion into new markets 1. The global market is still forming, with demand and regulation evolving in parallel 1.
Trends
- Low-altitude economy policiestailwind
The Chinese government has listed the low-altitude economy among strategic emerging industries, and more than 90 cities have included its development in their work plans, which could support commercialisation 1.
- Battery and electric propulsion progresstailwind
Better lithium-ion batteries and distributed electric propulsion make eVTOL aircraft quieter and more efficient, which could extend range and payload 1.
- Operating restrictions on aircraftheadwind
Current certificates prohibit flying in adverse weather and at night, and limit operations to segregated airspace, which could slow scaling unless relaxed 1.
- Evolving regulationmixed
Rules for pilotless aircraft are still being developed, and flight approvals are often one-off or time-limited, adding uncertainty 1. Regulatory changes could open or restrict markets 1.
Competitive position
The analysed source does not explicitly name listed competitors, but it compares EHang's products with fuel-powered helicopters and piloted eVTOL aircraft 1. The stated advantage is lower lifetime cost and no pilot requirement 1. First-mover status and certifications are the main differentiation arguments 1.
The company stresses that it became the first publicly traded company in the advanced air mobility industry, listed on Nasdaq in December 2019 1. Competition in China and abroad will likely be judged on certification, safety and delivery capacity, which the company identifies as critical 1.
- Fuel-powered helicopters
Indirect competition named in the source, with higher acquisition, maintenance and pilot costs according to the company's comparison 1.
- Piloted eVTOL aircraft
Rival product category named in the source, differentiated by EHang through the absence of a pilot 1.
- Other Chinese eVTOL makers
The source refers to China's drone and electric vehicle industry supporting manufacturing capacity, without naming specific competitors 1.
- International eVTOL producers
The source discusses the global air mobility market without naming companies, so specific rivals cannot be confirmed from this source 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Joby Slips and Is Down 53% This Year as the eVTOL Trade Keeps Unwinding; Archer Dips, EHang EasesYahoo Finance — News · 15 Sept 2026 · EN
- EHang (EH) Withdrew Its 2026 Revenue Guidance Amid Regulatory Delays. Can Overseas Growth Fill the Gap?Yahoo Finance — News · 28 Aug 2026 · EN
- EHang Q2 Earnings Call HighlightsYahoo Finance — News · 25 Aug 2026 · EN
- EHang Withdraws Outlook After Industry Air Incident Spurs Regulatory CautionYahoo Finance — News · 25 Aug 2026 · EN
SEC filings
- Current report (foreign issuer)25 Aug 2026
- Current report (foreign issuer)20 Aug 2026
- Current report (foreign issuer)09 Jun 2026
- Current report (foreign issuer)08 Jun 2026
- Annual report (foreign issuer)15 May 2026
- Current report (foreign issuer)12 Mar 2026
- Current report (foreign issuer)20 Jan 2026
- Current report (foreign issuer)26 Nov 2025
- Current report (foreign issuer)26 Aug 2025
- Current report (foreign issuer)27 May 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / EHang Holdings Limited · 15 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.