Ehang Holdings (EH) AI Stock Analysis

• Market Cap: $1.24B
• Dividend Yield: N/A
• Average Volume (3M): 1.57M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.78
• Revenue Growth: 87.67%
• EPS Growth: 18.33%
• Country: US
• Employees: 483
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): -0.08
• Shares Outstanding: 52,471,577
• 10 Day Avg. Volume: 1,330,011
• 30 Day Avg. Volume: 1,566,235
• PEG Ratio: -0.44
• Price to Book (P/B): 4.04
• Price to Sales (P/S): 8.47
• P/FCF Ratio: 32.76
• Enterprise Value/Market Cap: 0.93
• Enterprise Value/Revenue: 2.46
• Enterprise Value/Gross Profit: 4.00
• Enterprise Value/Ebitda: -4.46
• 1Y Price Target: $25.42
• Price Target Upside: 47.62% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6

• Rating: 49 Neutral
• Price Target: $17.00 ▼(-1.28% Downside)

Ehang Holdings' overall score is driven by its financial challenges, including profitability and cash flow issues, despite strong revenue growth and strategic expansions. The technical indicators suggest moderate market momentum, while the valuation is negatively impacted by unprofitability. The earnings call provided positive insights into growth and partnerships, but highlighted operational cost concerns and international sales challenges.

Positive Factors

Revenue Growth

The significant revenue growth indicates strong market demand and successful product adoption, supporting long-term business expansion and market penetration.

Strategic Partnerships

These partnerships enhance EHang's supply chain, R&D, and application in low-altitude economy, strengthening its competitive position and innovation capabilities.

Financial Stability

Strong cash reserves provide a solid financial foundation, enabling continued investment in growth initiatives and cushioning against potential market fluctuations.

Negative Factors

Profitability Challenges

Ongoing unprofitability and negative margins highlight operational challenges, potentially hindering sustainable growth and long-term financial health.

Cash Flow Difficulties

Negative cash flows indicate liquidity constraints, limiting the company's ability to fund operations and invest in growth without external financing.

International Sales Conversion

Limited international sales conversion suggests difficulties in expanding globally, potentially restricting market diversification and growth opportunities.

Ehang Holdings Business Overview & Revenue Model

Company Description

Ehang Holdings Limited is a pioneering company in the urban air mobility sector, primarily focused on the development and manufacturing of autonomous aerial vehicles (AAVs) and drone technology. Based in China, Ehang specializes in passenger drones, logistics drones, and aerial media drones, aiming to revolutionize transportation and logistics through its innovative UAV solutions. The company's flagship product, the Ehang 216, is designed for air passenger transport, showcasing its commitment to creating safe and efficient aerial solutions for urban environments.

How the Company Makes Money

Ehang generates revenue through multiple streams, primarily from the sale of its autonomous aerial vehicles and related services. The company sells its passenger drones to commercial operators and government agencies, which can use them for aerial tourism, logistics, and emergency services. Additionally, Ehang earns revenue from service contracts, maintenance, and software solutions that enhance the functionality of its drones. Strategic partnerships with municipal governments and aviation authorities also bolster its revenue model, as these collaborations often lead to pilot projects and the establishment of air mobility ecosystems. Furthermore, Ehang is exploring avenues such as drone delivery services, which could expand its revenue potential in the logistics sector.

Ehang Holdings Financial Statement Overview

Summary

Ehang Holdings shows revenue growth but struggles with profitability and cash flow. The balance sheet is stable with low leverage, but efficiency and liquidity issues persist, impacting overall financial health.

Income Statement

Ehang Holdings demonstrates a volatile revenue trend with a recent significant increase in revenue from 2023 to 2024. However, the company remains unprofitable, with negative net profit and EBIT margins, indicating ongoing operational challenges. Despite increased gross profit, the consistent net losses reflect difficulties in controlling operating expenses.

Balance Sheet

The balance sheet shows a relatively low debt-to-equity ratio, indicating conservative leverage. The equity ratio is moderate, suggesting a balanced capital structure. However, the substantial accumulated losses affect the return on equity negatively, highlighting efficiency challenges in utilizing shareholder funds.

Cash Flow

Ehang Holdings faces cash flow difficulties with negative free and operating cash flows, reflecting operational challenges. The lack of positive cash flow growth and low free cash flow to net income ratio suggest liquidity constraints and limited operational cash generation capabilities.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	465.66M	456.15M	117.43M	44.32M	56.81M	180.09M
Gross Profit	286.47M	279.95M	75.31M	29.22M	36.03M	106.18M
EBITDA	-257.42M	-240.16M	-264.26M	-304.74M	-312.76M	-85.10M
Net Income	-253.79M	-229.78M	-301.70M	-329.53M	-313.62M	-87.62M
Balance Sheet
Total Assets	1.78B	1.58B	598.64M	530.87M	535.43M	484.55M
Cash, Cash Equivalents and Short-Term Investments	1.12B	1.12B	300.14M	249.31M	311.97M	187.11M
Total Debt	366.34M	233.50M	163.55M	200.06M	30.00M	45.00M
Total Liabilities	765.84M	628.68M	384.43M	406.19M	201.39M	206.85M
Stockholders Equity	1.01B	955.64M	213.79M	124.26M	332.60M	276.32M
Cash Flow
Free Cash Flow	0.00	118.99M	-97.50M	-187.28M	-137.32M	-162.78M
Operating Cash Flow	0.00	157.96M	-88.41M	-173.46M	-121.63M	-153.70M
Investing Cash Flow	0.00	-482.51M	-128.69M	56.40M	-33.40M	-66.21M
Financing Cash Flow	0.00	701.36M	195.48M	106.74M	266.95M	42.68M

Ehang Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 17.22
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EH, the sentiment is Negative. The current price of 17.22 is below the 20-day moving average (MA) of 18.14, below the 50-day MA of 17.43, and below the 200-day MA of 18.18, indicating a bearish trend. The MACD of 0.35 indicates Positive momentum. The RSI at 43.40 is Neutral, neither overbought nor oversold. The STOCH value of 23.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EH.

Ehang Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
RKLB	55 Neutral	$31.10B	―	-40.45%	―	54.36%	-26.35%
EH	49 Neutral	$1.24B	―	-30.69%	―	87.67%	18.33%
SPCE	49 Neutral	$235.55M	―	-91.98%	―	-84.19%	55.27%
ACHR	49 Neutral	$7.72B	―	-60.83%	―	―	-4.00%
EVEX	43 Neutral	$1.37B	―	-320.52%	―	―	-30.78%
EVTL	25 Underperform	$524.17M	―	115.25%	―	―	―

Ehang Holdings Corporate Events

EHang Reports Strong Q2 2025 Results and Expands Operations

On August 26, 2025, EHang Holdings Limited announced its unaudited financial results for the second quarter of 2025, reporting a significant revenue increase of 44.2% year-over-year and 464.0% quarter-over-quarter, reaching RMB147.2 million. The company maintained a high gross margin of 62.6% and strengthened its liquidity position with US$23.8 million from an equity offering. EHang also launched trial commercial operations of its EH216-S aircraft in Guangzhou and Hefei, expanded its technology partnerships, and established a product hub in Hefei for its next-generation VT35 series. These developments are expected to enhance EHang’s industry positioning and accelerate growth in the global UAM sector.