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Hesai Group (HSAI)

NASDAQ / Consumer Cyclical / Auto - Parts

Share price

13.36 USD Market dataClose of Oct 15, 2026

Market capitalisation

1.75B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Apr 24, 2026
Ratios computed
Oct 15, 2026
Filed years
6, FY2020 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

1.9% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

26.82x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-1.6% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2019 Revenue: 348.1M CNYFY2019 Net income: -120.2M CNYFY2020 Revenue: 415.5M CNYFY2020 Net income: -107.2M CNYFY2021 Revenue: 720.8M CNYFY2021 Net income: -244.8M CNYFY2022 Revenue: 1.20B CNYFY2022 Net income: -300.8M CNYFY2023 Revenue: 1.88B CNYFY2023 Net income: -476.0M CNYFY2024 Revenue: 2.08B CNYFY2024 Net income: -102.4M CNYFY2025 Revenue: 3.03B CNYFY2025 Net income: 435.9M CNY
Revenue Net income7 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 26.82x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Consumer Cyclical sector (302 companies), 26.82x sits at the 66th percentile; the middle half of that group runs from 12.87x to 31.26x.

Is it good

Return on invested capital was 1.9% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Consumer Cyclical sector (222 companies), 1.9% sits at the 21st percentile; the middle half of that group runs from 3.6% to 14.8%.

Is it safe

Interest coverage was 8.92x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether Hesai Group's return on equity stayed above the median of the Auto - Parts industry, year by year. (FY2023 to FY2025, 3 fiscal years of Hesai Group with a comparable figure)
The direction
Which way Hesai Group's gross margin has moved, and how steadily. (FY2019 to FY2025, 7 filed years of Hesai Group)
What could explain it
What in Hesai Group's filed statements could explain the movements. (3 readings drawn from the statement lines Hesai Group filed)
What to check next
What to check next on Hesai Group, and where in its filings. (6 questions for Hesai Group)
In one paragraph
One paragraph on Hesai Group's returns, cash, balance sheet and price. (14 of sixteen figures read for Hesai Group)

These are HSAI’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research HSAIPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Apr 24, 2026, accession 0001104659-26-048025.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Hesai Group: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax1.9% ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Return on equity4.9% ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Return on capital employed, pre-tax1.8% ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Return on assets3.9% ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Gross margin41.8% ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Operating margin5.6% ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Net margin14.4% ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
HSAI 14.4%
XPEL 10.8%PLOW 7.2%DCH -0.3%SMP 2.3%THRM 1.2%
-0.3%14.4%
Net margin: HSAI against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Hesai Group: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.09 ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Current ratio3.73 ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Quick ratio3.38 ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Interest coverage8.92x ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Altman Z-score3.55 ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Net debt-3.91B ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Total assets 11.26BTotal liabilities 2.30BShareholders' equity 8.96BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Hesai Group owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Apr 24, 2026, 0001104659-26-048025).

Hesai Group: balance sheet position
Total assets11.26B FiledFY2025 20-F, filed Apr 24, 2026
Total liabilities2.30B FiledFY2025 20-F, filed Apr 24, 2026
Shareholders' equity8.96B FiledFY2025 20-F, filed Apr 24, 2026
Cash4.76B FiledFY2025 20-F, filed Apr 24, 2026
Total debt849.3M FiledFY2025 20-F, filed Apr 24, 2026
Net debt-3.91B
Current ratio3.73
Debt to equity0.09

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Hesai Group: what the market charges, each with its source
FigureValue, source and document
Price to earnings26.82x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.30x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Price to sales3.86x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Enterprise value to EBIT64.44x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Enterprise value to EBITDA37.17x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025

We publish no fair value or price target of our own. Value HSAI on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Hesai Group today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Hesai Group: valuation
Share price13.36 USD
Market capitalisation1.75B USD
Enterprise value to EBITDA37.17x
Graham numbern/a
Diluted earnings per share, FY2019n/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Hesai Group

  1. XPEL, Inc. (XPEL)Market cap 1.22B USD
  2. Douglas Dynamics, Inc. (PLOW)Market cap 915.2M USD
  3. Dauch Corporation (DCH)Market cap 1.21B USD
  4. Standard Motor Products, Inc. (SMP)Market cap 829.7M USD
  5. Gentherm Incorporated (THRM)Market cap 915.3M USD

Same industry (Auto - Parts) and size band (Small, 300M to 2B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Hesai Group: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield-1.6% ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Free cash flow-192.4M CNY ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Free cash flow margin-6.3% ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
FY2019 Free cash flow: 6.6M CNYFY2019 Net income: -120.2M CNYFY2020 Free cash flow: -418.0M CNYFY2020 Net income: -107.2M CNYFY2021 Free cash flow: -448.5M CNYFY2021 Net income: -244.8M CNYFY2022 Free cash flow: -927.2M CNYFY2022 Net income: -300.8M CNYFY2023 Free cash flow: -349.5M CNYFY2023 Net income: -476.0M CNYFY2024 Free cash flow: -196.0M CNYFY2024 Net income: -102.4M CNYFY2025 Free cash flow: -192.4M CNYFY2025 Net income: 435.9M CNY
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Hesai Group: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
26.82xFY2025Oct 15, 2026
1.30xFY2025Oct 15, 2026
64.44xFY2025Oct 15, 2026
-1.6%FY2025Oct 15, 2026
1.9%FY2025Apr 24, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.09FY2025Apr 24, 2026
3.73FY2025Apr 24, 2026
3.86xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed income statement reports no earnings per share.
3.55FY2025Oct 15, 2026
0.78FY2025Apr 24, 2026
5/9FY2025Apr 24, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 6 filed fiscal years on record, FY2020 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

7 fiscal years, FY2019 to FY2025. 6 read from the annual reports Hesai Group filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in CNY, as reported.

Hesai Group: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20253.03B168.8M435.9Mn/a-192.4M5.6%4.9%20-F, Apr 24, 20260001104659-26-048025
FY20242.08B-204.9M-102.4Mn/a-196.0M-9.9%-2.6%20-F, Apr 1, 20250001410578-25-000614
FY20231.88B-571.6M-476.0Mn/a-349.5M-30.4%-12.3%20-F, Apr 25, 20240001104659-24-051452
FY20221.20B-378.2M-300.8Mn/a-927.2M-31.4%n/m20-F, Apr 20, 20230001104659-23-047439
FY2021720.8M-265.3M-244.8Mn/a-448.5M-36.8%n/m20-F, Apr 20, 20230001104659-23-047439
FY2020415.5M-101.8M-107.2Mn/a-418.0M-24.5%n/a20-F, Apr 20, 20230001104659-23-047439
FY2019348.1M-148.1M-120.2M-1.366.6M-42.5%-90.1%Market data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2019 to FY2025: 43.4%
  • Earnings: Earnings was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Free cash flow was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Hesai Group: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score0.78 ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Piotroski F-score5/9 ComputedFY2025 20-F, filed Apr 24, 2026, 0001104659-26-048025
Named tests met1 of 30 Computed
Beta1.89 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 24 not met, 5 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Z-score and coverage (Edward Altman)
Does not
Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Defensive investor (Benjamin Graham); Low PEG, low debt (Peter Lynch); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(10)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Ncav: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 10 figures could not be read on this company, among them Positive Earnings Streak, PEG Ratio, Eps Growth 5Y. Each blank in the table above names the rest, with its reason. 5 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 6 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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