Hesai (HSAI) Gross Margin (2021 - 2026)
Hesai's Gross Margin came in at 41.25% for Q3 2026, down 0.86 percentage points from 42.10% a year earlier but up 1.14 percentage points from the prior quarter.
Hesai (HSAI) Gross Margin (2021 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Hesai reported Gross Margin of 40.51%, down 0.85 percentage points year-over-year; for FY2025, it was 41.79%, down 0.80 percentage points from FY2024.
- Gross Margin carries a five-year change of -15.71 percentage points (FY2020 to FY2025).
- Going back by year, Gross Margin was 42.59% in FY2024 (+7.35 pp), 35.24% in FY2023 (-4.01 pp), 39.25% in FY2022 (-13.73 pp) and 52.97% in FY2021 (-4.53 pp).
- The five-year range for quarterly Gross Margin is 29.79% (Q2 2023) to 52.43% (Q4 2021).
- Year-over-year, Gross Margin has declined for three consecutive quarters, with an average year-over-year change of -1.42 percentage points over the last eight quarters.
- The fastest year-over-year change in Gross Margin over five years came in Q3 2024 (a gain of 17.19 percentage points), and the weakest in Q4 2022 (a drop of 22.41 percentage points).
- Business Quant data shows HSAI's Gross Margin at 40.11% (Q2 2026), 39.09% (Q1 2026) and 41.03% (Q4 2025) in the three quarters before Q3 2026.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Apple | 5,177.41 Bn | 4,922.87 Bn | 54.82 Bn | 47.89% |
| 2 | Cisco Systems | 377.40 Bn | 377.40 Bn | 11.79 Bn | - |
| 3 | Arista Networks | 249.38 Bn | 198.58 Bn | 2.33 Bn | 63.59% |
| 4 | Dell Technologies | 220.34 Bn | 176.10 Bn | 9.83 Bn | 20.93% |
| 5 | Sony | 166.48 Bn | 103.89 Bn | 7.96 Bn | 36.95% |
| 6 | Sandisk | 127.44 Bn | 112.27 Bn | 9.38 Bn | 85.01% |
| 7 | Seagate Technology Holdings | 121.35 Bn | 116.20 Bn | 2.43 Bn | 57.34% |
| 8 | Western Digital | 110.67 Bn | 100.50 Bn | 2.53 Bn | 57.84% |
| 9 | Hewlett Packard Enterprise | 64.15 Bn | 42.09 Bn | 4.93 Bn | 40.34% |
| 10 | Hesai | 2.25 Bn | -1.27 Bn | 65.36 Mn | 41.25% |
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 41.25% |
| Jun 30, 2026 | 40.11% |
| Mar 31, 2026 | 39.09% |
| Dec 31, 2025 | 41.03% |
| Sep 30, 2025 | 42.10% |
| Jun 30, 2025 | 42.54% |
| Mar 31, 2025 | 41.74% |
| Dec 31, 2024 | 39.05% |
| Sep 30, 2024 | 47.74% |
| Jun 30, 2024 | 45.07% |
| Mar 31, 2024 | 38.77% |
| Dec 31, 2023 | 41.25% |
| Sep 30, 2023 | 30.55% |
| Jun 30, 2023 | 29.79% |
| Mar 31, 2023 | 37.83% |
| Dec 31, 2022 | 30.02% |
| Sep 30, 2022 | 37.06% |
| Jun 30, 2022 | 46.84% |
| Mar 31, 2022 | 50.91% |
| Dec 31, 2021 | 52.43% |
Hesai Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=HSAI&period=max&api_key=YOUR_API_KEY
import requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "HSAI", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()
const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=HSAI&period=max&api_key=YOUR_API_KEY");
const data = await res.json();