EHang Holdings Ltd (NASDAQ: EH)

Sector: Industrials Industry: Aerospace & Defense CIK: 0001759783
Market Cap 1.01 Bn
P/B 6.86
P/E -25.10
P/S 16.80
ROIC (Qtr) -155.91
Div Yield % 0.00
Rev 1y % (Qtr) -27.83
Total Debt (Qtr) 65.76 Mn
Debt/Equity (Qtr) 0.44

About

Price action

Investment thesis

Bull case

  • Strong tangible asset base of 270.33M provides 4.11x coverage of total debt 65.76M, indicating robust asset backing and low credit risk.
  • Tangible assets of 270.33M provide exceptional 26.23x coverage of deferred revenue 10.31M, showing strong service capability backing.
  • Short-term investments of 126.33M provide solid 3.40x coverage of other current liabilities 37.14M, indicating strong liquidity.
  • Tangible assets of 270.33M provide robust 7.28x coverage of other current liabilities 37.14M, indicating strong asset backing.
  • R&D investment of 28.29M represents healthy 2.75x of deferred revenue 10.31M, indicating strong future innovation pipeline.

Bear case

  • Investment activities of 0 provide weak support for R&D spending of 28.29M, which is 0x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Short-term investments of 126.33M significantly exceed cash reserves of 31.91M, which is 3.96x, indicating potentially excessive yield-seeking behavior at the expense of liquidity.
  • Operating cash flow of 0 provides insufficient coverage of deferred revenue obligations of 10.31M, which is 0x, raising concerns about future service delivery capabilities.
  • Operating cash flow of 0 provides minimal 0x coverage of tax expenses of 40870.79, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Retained earnings of (312.62M) provide limited buffer against comprehensive income items of 1.75M, which is -179.15x, indicating elevated exposure to market risks.

Geographical Breakdown of Revenue (2024)

Peer comparison

Companies in the Aerospace & Defense
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 GE General Electric Co 342.94 Bn 42.54 7.80 20.84 Bn
2 RTX RTX Corp 252.05 Bn 38.24 2.93 40.71 Bn
3 BA Boeing Co 174.43 Bn -17.16 2.16 53.35 Bn
4 LMT Lockheed Martin Corp 126.61 Bn 30.15 1.73 22.19 Bn
5 GD General Dynamics Corp 95.62 Bn 22.69 1.86 8.01 Bn
6 NOC Northrop Grumman Corp /De/ 89.30 Bn 22.22 2.18 16.96 Bn
7 HWM Howmet Aerospace Inc. 88.16 Bn 60.80 11.05 3.19 Bn
8 TDG TransDigm Group INC 80.97 Bn 43.39 9.17 30.02 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets -0.52 3.58
EV to Cash from Ops. EV/CFO -6.49 58.38
EV to Debt EV to Debt -2.14 98.04
EV to EBIT EV/EBIT 3.54 19.42
EV to EBITDA EV/EBITDA 4.38 33.60
EV to Free Cash Flow [EV/FCF] EV/FCF -8.62 91.66
EV to Market Cap EV to Market Cap -0.14 1.13
EV to Revenue EV/Rev -2.33 11.27
Price to Book Value [P/B] P/B 6.86 4.81
Price to Earnings [P/E] P/E -25.10 31.79
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -3.75
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 22.95
Dividend per Basic Share Div per Share (Qtr) 0.00 0.70
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 14.15
Interest Coverage Int. cover (Qtr) -59.42 -18.00
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -50.32
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -62.86 1,609.43
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.75
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -12.36 -30.98
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 10.65
EBIT Growth (1y) % EBIT 1y % (Qtr) -12.37 -26.90
EBT Growth (1y) % EBT 1y % (Qtr) -12.83 -27.25
EPS Growth (1y) % EPS 1y % (Qtr) -1.02 -99.21
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 6.61
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 21.85 -5.55
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.03 0.51
Cash Payout Ratio Cash Payout Ratio 0.00 0.07
Cash Ratio Cash Ratio (Qtr) 0.34 1.76
Current Ratio Curr Ratio (Qtr) 2.33 3.72
Debt to Equity Ratio Debt/Equity (Qtr) 0.44 0.07
Interest Cover Ratio Int Coverage (Qtr) -59.42 -18.00
Times Interest Earned Times Interest Earned (Qtr) -59.42 -18.00
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 -345.84
EBIT Margin % EBIT Margin % (Qtr) -468.33 -382.63
EBT Margin % EBT Margin % (Qtr) -66.88 -387.93
Gross Margin % Gross Margin % (Qtr) 61.50 -33.31
Net Profit Margin % Net Margin % (Qtr) -67.00 -389.13