EHang Holdings Limited

Aerospace & Defense · Industrials

Price

$5.12

-0.20 (-3.76%)

Market Cap

$190.0M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count falling — buybacks

−35.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 56.5M (2021) → 36.7M (2025)

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 their supporting systems and infrastructure for various industries and applications, including passenger transportation, logistics, smart city management, and aerial media solutions. The company was incorporated in 2014 and is headquartered in Guangzhou,

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+44.1% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+121.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$195M/ year

→ Flat (-2% vs prior year)

46.6% of revenue

11.6x the sector average (4%)

Steady R&D investment year-over-year

Insider Activity

1.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$286M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

EHang Holdings Limited is growing revenue at 44% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

62.1%

Premium pricing power — 62.1% gross margin

Operating Margin

-3.6%

Losing money on operations — -3.6%

ROCE

-0.6%

Weak — -0.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+10.6%

Steady sales growth (10.6% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.30

Conservative — low debt load (0.30)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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