MeritValue

EHang Holdings Ltd

EHdata completeness 100%7 fiscal years on file
The thesis, from the filings

EHang Holdings Ltd earns about -835% on invested capital, but has diluted owners by 30% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$8.91M1$6.43M2$16.5M3$62.5M4$59.8M5
Net income−$49.3M6−$47.6M7−$42.5M8−$31.5M9−$39.5M10
Operating cash flow−$19.1M11−$25.1M12−$12.5M13$21.6M14−$25.7M15
Capital expenditure$2.46M16$1.76M17$1.1M18$5.34M19$21.2M20
Free cash flow (derived)−$21.5M11−$26.9M12−$13.6M13$16.3M14−$46.8M15
Total debt$5.81M21$558,00022$3.12M23$7.05M24$25.1M25
Cash & equivalents$38.7M26$36.1M27$32.1M28$83.7M29$36.7M30
Diluted shares112,985114,695121,494134,367146,665

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$10,422.05
your share of equity
Profit it earned you last year
−$2,690.83
Free cash flow it threw off
−$3,192.17
Debt you’d be carrying
$1,708.18

10 shares is a claim on $10,422.05 of net worth that earned you −$2,690.83 and generated −$3,192.17 of cash last year, against $1,708.18 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-835% avg · 5y
FY21 -201%FY22 —FY23 -3071%FY24 -46%FY25 -22%

It earned an average -835% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+30% shares · 5y

Share count is up 30% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 332% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001193125-22-125165 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001193125-23-122090 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-24-095477 (Revenues)
  4. 20-F · period ending 2024-12-31 · accession 0001193125-25-080649 (Revenues)
  5. 20-F · period ending 2025-12-31 · accession 0001193125-26-226608 (Revenues)
  6. 20-F · period ending 2021-12-31 · accession 0001193125-22-125165 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001193125-23-122090 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001193125-24-095477 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001193125-25-080649 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001193125-26-226608 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-22-125165 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001193125-23-122090 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001193125-24-095477 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001193125-25-080649 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001193125-26-226608 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001193125-22-125165 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001193125-23-122090 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001193125-24-095477 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001193125-25-080649 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001193125-26-226608 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001193125-22-125165 (LongTermDebtNoncurrent)
  22. 20-F · period ending 2022-12-31 · accession 0001193125-23-122090 (LongTermDebtNoncurrent)
  23. 20-F · period ending 2023-12-31 · accession 0001193125-24-095477 (LongTermDebtNoncurrent)
  24. 20-F · period ending 2024-12-31 · accession 0001193125-25-080649 (LongTermDebtNoncurrent)
  25. 20-F · period ending 2025-12-31 · accession 0001193125-26-226608 (LongTermDebtNoncurrent)
  26. 20-F · period ending 2021-12-31 · accession 0001193125-22-125165 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2022-12-31 · accession 0001193125-23-122090 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2023-12-31 · accession 0001193125-24-095477 (CashAndCashEquivalentsAtCarryingValue)
  29. 20-F · period ending 2024-12-31 · accession 0001193125-25-080649 (CashAndCashEquivalentsAtCarryingValue)
  30. 20-F · period ending 2025-12-31 · accession 0001193125-26-226608 (CashAndCashEquivalentsAtCarryingValue)