Company Analysis

EHang Holdings Limited (EH)

Nasdaq: EH · Aircraft Parts & Auxiliary Equipment, NEC · Guangzhou, CN · filing with the SEC since 2019
Grade4.5
◀ Past 3.3● Present 4.2▶ Future 6.2
2 est.

The grade of EHang Holdings Limited

Nine metrics read from its own filings, by tense
Headline grade
4.5/10
◀ Past3.330% of the headline
● Present4.240% of the headline
▶ Future6.230% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

3.3/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
3.6/10

Has it survived what it has been through?

2 warning events since 2019; the latest 2026-04-30.

weight 33% of this tense · 36th percentile among 14 sector filers · read for itself

From the record

EHang Holdings Limited's filings since 2019 show 2 warning events: a late-report notice (Form NT 10-K or NT 10-Q, 2 times, the latest 2026-04-30) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
3.5/10

What has it actually done, year after year?

+38% a year over 9 filed years; profitable in 0 of 9.

weight 45% of this tense · 35th percentile among 11 sector filers · read for its customers

From the record

EHang Holdings Limited's 9 filed years say what it did: revenue went from CNY 32 million in fiscal 2017 to CNY 418 million in fiscal 2025, up 38% a year; it rose in 5 of 8 years; the deepest fall was 75% from fiscal 2020 to fiscal 2022; net income was positive in 0 of 9 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span38.0%top 5% of its family
  • the share of years revenue rosebottom 32% of its family
  • the share of filed years with a profitbottom 9% of its family
  • the deepest fall from a revenue peak75.4%bottom 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
2.5/10

How has it treated the people who own it?

SI estimate 2.5/10, confidence 35 of 100 (one part).

weight 22% of this tense · 25th percentile among 12 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the share count over the years, which ranks in the bottom 25% of 12 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: the share count over the years, the one part on file, ranked among 12 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: EHang Holdings Limited's shareholder treatment is put at 2.5 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 25% of 12 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

4.2/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed
3.1/10

Is it financially healthy right now?

ROE -26%: lost 26¢ per shareholder dollar. Leverage 46%: owes 46¢ per asset dollar.

weight 45% of this tense · 31st percentile among 11 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, EHang Holdings Limited lost about 26 cents for every dollar of shareholders' money, and gross profitability: its products earned about 13 cents per dollar of everything the company owns. Leverage: it owed about 46 cents per dollar of assets, and net share issuance: its share count grew 9.2% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetstop 37% of its family
  • return on equitybottom 15% of its family
  • gross profit against assetsbottom 23% of its family
  • the share count against the year beforebottom 25% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
5.5/10

How strong is its position in its industry?

top 45% of 11 in its family; net margin -66%.

weight 33% of this tense · 55th percentile among 11 sector filers · read for its customers

From the record

EHang Holdings Limited's standing among 11 graded names in its industry family: revenue of CNY 418 million in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of -66% ranks in the bottom 14%; revenue growth of 111.2% a year over the last 3 filed years ranks in the top 5% (its annual reports).

What it rests on

  • net margin-66.0%bottom 14% of its family
  • three-year revenue growth111.2%top 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate
4.5/10

What are the people in charge doing?

SI estimate 4.5/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 8 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-04-01 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 7 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 8 members with one.
What the record cannot read
It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-04-01 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 7 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned
family median, 8 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: EHang Holdings Limited's leadership is put at 4.5 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-04-01 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 7 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 8 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

6.2/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed
6.5/10

How much room does it have to grow?

top 35% of 11 in its family for room to expand.

weight 45% of this tense · 65th percentile among 11 sector filers · read for itself

From the record

EHang Holdings Limited's room to grow, from the newest filed statements (fiscal 2025): cash of CNY 256 million against debt of CNY 83 million leaves 8.7% of its assets as net cash, top 23% of its family; cash from operations less capital spending is -78.3% of revenue (bottom 14%); a gross margin of 61.5% (top 5%); research spending of 46.6% of revenue (top 25%) (its annual report).

What it rests on

  • cash less debt against assets8.7%top 23% of its family
  • cash from operations less capital spending against revenue-78.3%bottom 14% of its family
  • gross margin61.5%top 5% of its family
  • research spending against revenue46.6%top 25% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
6.8/10

What could actually drive growth from here?

top 32% of 11 in its family for growth drivers.

weight 33% of this tense · 68th percentile among 11 sector filers · read for its customers

From the record

EHang Holdings Limited's growth drivers, from the filed years to fiscal 2025: revenue grew 111.2% a year over the last three filed years against 38% over all 9, speeding up (top 5% of its family); the newest year grew -8.4% (bottom 23%); research spending grew 12.9% a year (top 42%); capital spending grew 129.9% a year (top 5%) (its annual reports). EHang Holdings Limited reported 4 product lines in fiscal 2025: Products Air Mobility Solutions at CNY 391 million (93%), Others Products at CNY 14 million (4%), Other at CNY 8 million (2%), and 1 more; 2 of 4 grew against the year before (its annual report).

What it rests on

  • three-year growth against the whole span+73.2 points a yeartop 5% of its family
  • the newest year's revenue growth-8.4%bottom 23% of its family
  • three-year growth of research spending12.9%top 42% of its family
  • three-year growth of capital spending129.9%top 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
4.5/10

Did its newest year beat what its own record pointed to?

bottom 45% of 10 in its family for expectations against reality.

weight 22% of this tense · 45th percentile among 10 sector filers · read for its shareholders

From the record

EHang Holdings Limited's newest year against its own record: revenue of CNY 418 million in fiscal 2025 came in 71.4% below the CNY 1.5 billion its prior three years' pace pointed to (bottom 5% of its family); net income of CNY 276 million against a prior three-year average of CNY 287 million (bottom 35%); a net margin of -66% against losses larger than its revenue before (top 5%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace-71.4%bottom 5% of its family
  • net income against the prior three years' average+4%bottom 35% of its family
  • net margin against its prior averageup more than 100 pointstop 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton EH · research, not advice