4 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $433M | $62M | 41.8% | 5.6% | -$28M | $208M | $238M |
| 2024 | $285M | -$14M | 42.6% | -9.9% | -$27M | $302M | $389M |
| 2023 | $264M | -$67M | 35.2% | -30.5% | -$49M | $152M | $219M |
| 2022 | $174M | -$44M | 39.2% | -31.4% | -$134M | $3M | $132M |
How the market has priced HSAI against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 3 years, Hesai Group's revenue has grown 35.4% per year. These are computed facts, not advice.
As of FY2025, Hesai Group reported $208M of total debt against $238M of cash; operating income covered interest expense 8.9×.
In FY2025, gross margin was 41.8%, operating margin 5.6%, and net margin 14.4%.
As of Jun '26, Hesai Group traded at a price-to-earnings ratio of about 35.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.