Hesai

HSAI

Auto - Parts · Consumer Cyclical

Price

$19.10

+0.48 (+2.58%)

Market Cap

$2.78B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Exceptional

Cash Flow

Weak

Stability

Exceptional

Valuation

Good

Track this stock — start free trial

Share count rising — dilution

+16.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 125.5M (2021) → 146.4M (2025)

Winston Score History

The full picture

Hesai Group, through with its subsidiaries, engages in the development, manufacture, and sale of three-dimensional light detection and ranging solutions (LiDAR). Its LiDAR products are used in passenger and commercial vehicles with advanced driver assistance systems; autonomous passenger and freight mobility services; and other applications, such as delivery robots, street sweeping robots, and logistics robots in restricted areas. Hesai Group was founded in 2014 and is based in Shanghai, China.

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

+21.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+36.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

¥797M/ year

↓ Declining (-7% vs prior year)

26.3% of revenue

6.6x the sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

13.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

¥7.1B cash & investments

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

Growth + cash flow

Hesai is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

40.1%

Healthy — 40.1% gross margin

Profit after running costs

Operating Margin

-0.3%

Losing money on operations — -0.3%

Return on the money invested

ROCE

1.3%

Weak — 1.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+33.9%

Fast-growing sales (+33.9% YoY)

Profit growth

EPS YoY

+359.5%

Earnings growing fast (+359.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.08

Conservative — low debt load (0.08)

Covers its interest

Interest Cover

8.54x

Comfortably covers interest (8.5x)

Interest coverage above 8. Profits cover interest many times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

37.8x

Pricey — P/E 37.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+24.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (37.8 → 12.8)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial