Hesai Group (HSAI) intrinsic value & 10-year financials
Hesai Group (HSAI) has a Graham intrinsic value of $98.98 per share. Over the last 7 fiscal years revenue grew 48.8% a year to $3.0B, with an average return on invested capital of 18.0%.
- Graham intrinsic value
- $98.98
- Revenue (FY2025)
- $3.0B
- Revenue growth (7-yr CAGR)
- 48.8%
- ROIC (10-yr avg)
- 18.0%
- Free cash flow (FY2025)
- -$192.4M
HSAI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.0B | $435.9M | $2.98 | -$192.4M | 5.6% | 3.4% |
| FY2024 | $2.1B | -$102.4M | -$0.79 | -$196.0M | -9.9% | -9.5% |
| FY2023 | $1.9B | -$476.0M | -$3.81 | -$349.5M | -30.5% | 86.9% |
| FY2022 | $1.2B | -$300.8M | -$6.47 | -$927.2M | -31.4% | 9.4% |
| FY2021 | $720.8M | -$244.8M | -$23.39 | -$448.5M | -36.8% | 39.0% |
| FY2020 | $415.5M | -$107.2M | -$1.19 | -$418.0M | -24.5% | -21.0% |
| FY2019 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Hesai Group revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Hesai Group has earned high returns on invested capital, averaging 22.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Hesai Group capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Hesai Group is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $98.98 per share.