EHang Holdings Limited (EH) Balance Sheet

NASDAQ: EHAssets, liabilities, debt and equity over 9 years.

EH balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥2.05B assets = CN¥936.7M liabilities + CN¥1.11B equity

Both columns are drawn to the same scale: what EH owns equals what it owes plus shareholders’ equity. Hover a block for its value.

EH financial health

Current ratio2.12

Comfortable · current assets cover current liabilities 2.12×

Debt / equity0.41

Low leverage · CN¥0.41 of debt for each $1 of equity

Equity / assets54.4%

Equity-funded · of assets funded by shareholders

Cash / debt249.5%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles0.8%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

EH balance sheet trends, 2017–2025

EHang Holdings Limited balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥153.3M2017	CN¥2.05B2025	+38.3%/yr
Total liabilities	CN¥643.2M2017	CN¥936.7M2025	+4.8%/yr
Shareholders’ equity	−CN¥489.9M2017	CN¥1.12B2025	—
Cash & short-term investments	CN¥100.5M2017	CN¥1.13B2025	+35.3%/yr
Total debt	CN¥14.8M2017	CN¥452.9M2025	+53.4%/yr
Net cash (debt)	CN¥85.7M2017	CN¥677.1M2025	+CN¥591.4M
Working capital	CN¥97.4M2017	CN¥818.3M2025	+CN¥720.9M
Current ratio	3.962017	2.122025	−1.83
Debt / equity	0.122019	0.412025	+0.29
Shares outstanding	48.3M2017	36.7M2025	−3.4%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

EH assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

EH liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

EH debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

EH balance sheet in Chinese yuan

EHang Holdings Limited annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017
Assets
Cash & short-term investments	CN¥1.13B	CN¥1.12B	CN¥300.1M	CN¥249.3M	CN¥312.0M	CN¥187.1M	CN¥329.3M	CN¥61.5M	CN¥100.5M
Cash & equivalents	CN¥286.2M	CN¥610.9M	CN¥228.2M	CN¥249.3M	CN¥246.9M	CN¥137.8M	CN¥321.7M	CN¥61.5M	CN¥61.5M
Short-term investments	CN¥843.8M	CN¥513.7M	CN¥71.9M	CN¥0	CN¥65.1M	CN¥49.3M	CN¥7.7M	CN¥0	CN¥39.0M
Receivables	CN¥210.5M	CN¥80.9M	CN¥46.0M	CN¥31.1M	CN¥74.0M	CN¥163.9M	CN¥60.1M	CN¥20.9M	CN¥6.2M
Inventory	CN¥101.7M	CN¥75.7M	CN¥59.5M	CN¥72.4M	CN¥78.1M	CN¥47.1M	CN¥18.5M	CN¥3.9M	CN¥1.4M
Other current assets	CN¥104.3M	CN¥75.9M	CN¥47.4M	CN¥34.4M	CN¥13.1M	CN¥26.4M	CN¥20.6M	CN¥15.4M	CN¥22.3M
Total current assets	CN¥1.55B	CN¥1.36B	CN¥453.0M	CN¥387.2M	CN¥477.1M	CN¥424.5M	CN¥428.5M	CN¥101.8M	CN¥130.4M
Property, plant & equipment (net)	CN¥374.8M	CN¥188.7M	CN¥119.2M	CN¥120.5M	CN¥33.8M	CN¥20.9M	CN¥16.3M	CN¥19.1M	CN¥19.5M
Goodwill & intangible assets	CN¥16.8M	CN¥2.6M	CN¥2.4M	CN¥2.0M	CN¥745,000	CN¥1.1M	CN¥1.2M	CN¥395,000	CN¥531,000
Long-term investments	CN¥74.2M	CN¥33.8M	CN¥18.4M	CN¥9.8M	CN¥6.1M	CN¥2.9M	CN¥3.0M	CN¥3.1M	CN¥2.9M
Other non-current assets	CN¥39.0M	CN¥2.4M	CN¥5.7M	CN¥11.4M	CN¥17.6M	CN¥35.2M	CN¥436,000	CN¥407,000	CN¥0
Total assets	CN¥2.05B	CN¥1.58B	CN¥598.6M	CN¥530.9M	CN¥535.4M	CN¥484.5M	CN¥449.4M	CN¥124.7M	CN¥153.3M
Liabilities
Accounts payable	CN¥132.6M	CN¥127.4M	CN¥35.1M	CN¥35.5M	CN¥45.6M	CN¥60.4M	CN¥30.1M	CN¥18.2M	CN¥15.9M
Short-term debt	CN¥255.9M	CN¥87.3M	CN¥78.9M	CN¥126.3M	CN¥13.0M	CN¥45.0M	CN¥5.0M	CN¥12.3M	CN¥14.8M
Deferred revenue	CN¥67.5M	CN¥70.3M	CN¥41.9M	CN¥22.8M	CN¥16.0M	CN¥8.3M	CN¥10.0M	CN¥6.0M	CN¥1.3M
Total current liabilities	CN¥728.2M	CN¥470.3M	CN¥250.1M	CN¥282.3M	CN¥136.4M	CN¥158.0M	CN¥95.6M	CN¥56.8M	CN¥33.0M
Long-term debt	CN¥82.7M	CN¥20.5M	CN¥9.3M	CN¥3.8M	CN¥17.0M	CN¥0	CN¥32.5M	CN¥0	CN¥0
Lease obligations	CN¥130.5M	CN¥138.2M	CN¥80.9M	CN¥75.4M	CN¥0	—	CN¥0	CN¥0	CN¥0
Other long-term liabilities	CN¥125.8M	CN¥137.8M	CN¥125.0M	CN¥120.0M	CN¥47.9M	CN¥48.8M	CN¥5.9M	CN¥610.1M	CN¥610.2M
Total liabilities	CN¥936.7M	CN¥628.7M	CN¥384.4M	CN¥406.2M	CN¥201.4M	CN¥206.8M	CN¥134.1M	CN¥667.0M	CN¥643.2M
Shareholders' equity
Common stock & paid-in capital	CN¥92,057	CN¥90,000	CN¥80,000	CN¥75,000	CN¥75,000	CN¥72,000	CN¥72,000	CN¥35,000	CN¥35,000
Retained earnings (deficit)	−CN¥2.22B	−CN¥1.98B	−CN¥1.75B	−CN¥1.45B	−CN¥1.12B	−CN¥808.0M	−CN¥720.4M	−CN¥644.1M	−CN¥564.6M
Treasury stock	—	—	—	—	—	—	CN¥0	CN¥0	CN¥0
Accumulated other comprehensive income	CN¥5.9M	CN¥25.5M	CN¥15.1M	CN¥16.2M	−CN¥4.7M	CN¥3.0M	CN¥11.2M	CN¥9.3M	CN¥7.3M
Minority interest	−CN¥585,000	CN¥171,000	CN¥427,000	CN¥420,000	—	—	CN¥0	CN¥0	CN¥0
Total shareholders' equity	CN¥1.12B	CN¥955.6M	CN¥213.8M	CN¥124.3M	CN¥332.6M	CN¥276.3M	CN¥311.6M	−CN¥545.5M	−CN¥489.9M
Key figures
Total debt	CN¥452.9M	CN¥233.5M	CN¥163.5M	CN¥200.1M	CN¥30.0M	CN¥45.0M	CN¥37.5M	CN¥12.3M	CN¥14.8M
Net cash (debt)	CN¥677.1M	CN¥891.1M	CN¥136.6M	CN¥49.2M	CN¥282.0M	CN¥142.1M	CN¥291.8M	CN¥49.3M	CN¥85.7M
Working capital	CN¥818.3M	CN¥886.7M	CN¥203.0M	CN¥104.8M	CN¥340.7M	CN¥266.4M	CN¥332.9M	CN¥44.9M	CN¥97.4M
Tangible book value	CN¥1.10B	CN¥953.0M	CN¥211.4M	CN¥122.3M	CN¥331.9M	CN¥275.3M	CN¥310.4M	−CN¥545.9M	−CN¥490.4M
Shares outstanding	36.7M	33.6M	60.7M	57.3M	56.5M	54.8M	54.7M	53.5M	48.3M
Current ratio	2.12	2.89	1.81	1.37	3.50	2.69	4.48	1.79	3.96
Quick ratio	1.84	2.56	1.38	0.99	2.83	2.22	4.07	1.45	3.24
Debt / equity	0.41	0.24	0.76	1.61	0.09	0.16	0.12	—	—
Equity / assets	54.4%	60.3%	35.7%	23.4%	62.1%	57.0%	69.3%	−437.6%	−319.6%

EHang Holdings Limited quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥902.3M	CN¥970.1M	CN¥1.13B	CN¥1.10B	CN¥1.12B	CN¥1.08B	CN¥1.12B	CN¥1.04B	CN¥956.9M	CN¥323.8M	CN¥285.7M	CN¥261.8M
Cash & equivalents	CN¥209.3M	CN¥160.2M	CN¥286.2M	CN¥227.2M	CN¥378.6M	CN¥382.5M	CN¥610.9M	CN¥611.7M	CN¥623.4M	CN¥250.9M	CN¥228.2M	CN¥233.0M
Short-term investments	CN¥693.0M	CN¥809.9M	CN¥843.8M	CN¥869.7M	CN¥741.3M	CN¥700.2M	CN¥513.7M	CN¥425.4M	CN¥333.5M	CN¥73.0M	CN¥57.5M	CN¥28.7M
Receivables	CN¥86.8M	CN¥86.1M	CN¥210.5M	CN¥164.3M	CN¥121.1M	CN¥28.5M	CN¥58.2M	CN¥18.4M	CN¥15.2M	CN¥21.7M	CN¥46.0M	CN¥18.3M
Inventory	CN¥132.3M	CN¥120.8M	CN¥101.7M	CN¥107.7M	CN¥107.0M	CN¥109.0M	CN¥75.7M	CN¥67.9M	CN¥71.2M	CN¥62.4M	CN¥59.5M	CN¥65.2M
Other current assets	CN¥153.0M	CN¥172.1M	CN¥104.3M	CN¥174.2M	CN¥98.8M	CN¥83.1M	CN¥98.6M	CN¥70.2M	CN¥86.7M	CN¥27.0M	CN¥61.8M	CN¥81.8M
Total current assets	CN¥1.27B	CN¥1.35B	CN¥1.55B	CN¥1.54B	CN¥1.45B	CN¥1.30B	CN¥1.36B	CN¥1.19B	CN¥1.13B	CN¥434.9M	CN¥453.0M	CN¥427.1M
Property, plant & equipment (net)	CN¥398.7M	CN¥408.0M	CN¥374.8M	CN¥291.1M	CN¥260.8M	CN¥250.3M	CN¥188.7M	CN¥167.7M	CN¥162.8M	CN¥136.1M	CN¥119.2M	CN¥122.3M
Goodwill & intangible assets	CN¥2.6M	CN¥16.8M	CN¥16.8M	CN¥2.8M	CN¥2.9M	CN¥2.6M	CN¥2.6M	CN¥2.4M	CN¥2.4M	CN¥2.6M	CN¥2.4M	CN¥2.3M
Long-term investments	CN¥117.9M	CN¥113.8M	CN¥74.2M	CN¥59.4M	CN¥61.6M	CN¥32.0M	CN¥33.8M	CN¥22.7M	CN¥17.5M	CN¥18.0M	CN¥18.4M	CN¥15.9M
Other non-current assets	CN¥53.8M	CN¥42.8M	CN¥39.0M	CN¥31.1M	CN¥3.4M	CN¥12.5M	CN¥2.4M	CN¥2.1M	CN¥2.1M	CN¥1.4M	CN¥5.7M	CN¥9.2M
Total assets	CN¥1.85B	CN¥1.93B	CN¥2.05B	CN¥1.93B	CN¥1.78B	CN¥1.60B	CN¥1.58B	CN¥1.39B	CN¥1.31B	CN¥593.0M	CN¥598.6M	CN¥576.9M
Liabilities
Accounts payable	CN¥124.3M	CN¥118.6M	CN¥132.6M	CN¥133.2M	CN¥147.5M	CN¥142.2M	CN¥127.4M	CN¥100.5M	CN¥74.0M	CN¥42.1M	CN¥35.1M	CN¥33.7M
Short-term debt	CN¥337.4M	CN¥341.1M	CN¥255.9M	CN¥265.0M	CN¥188.6M	CN¥123.4M	CN¥87.3M	CN¥184.5M	CN¥173.7M	CN¥50.8M	CN¥78.9M	CN¥50.6M
Deferred revenue	CN¥59.9M	CN¥60.1M	CN¥67.5M	CN¥75.1M	CN¥65.1M	CN¥57.0M	—	CN¥56.9M	CN¥140.9M	CN¥47.6M	CN¥41.9M	CN¥32.4M
Total current liabilities	CN¥691.9M	CN¥722.7M	CN¥728.2M	CN¥662.7M	CN¥578.0M	CN¥486.7M	CN¥470.3M	CN¥500.3M	CN¥531.8M	CN¥220.9M	CN¥250.1M	CN¥198.8M
Long-term debt	CN¥121.0M	CN¥95.6M	CN¥82.7M	CN¥87.6M	CN¥59.9M	CN¥62.0M	CN¥20.5M	CN¥7.5M	CN¥14.0M	CN¥15.5M	CN¥9.3M	CN¥10.7M
Lease obligations	CN¥146.5M	CN¥147.9M	CN¥130.5M	CN¥132.7M	CN¥134.7M	CN¥135.5M	CN¥138.2M	CN¥134.1M	CN¥129.4M	CN¥100.9M	CN¥80.9M	CN¥83.7M
Other long-term liabilities	CN¥129.1M	CN¥132.6M	CN¥125.8M	CN¥125.1M	CN¥127.9M	CN¥129.5M	CN¥137.8M	CN¥133.9M	CN¥129.5M	CN¥143.2M	CN¥125.0M	CN¥126.1M
Total liabilities	CN¥942.1M	CN¥950.9M	CN¥936.7M	CN¥875.4M	CN¥765.8M	CN¥678.3M	CN¥628.7M	CN¥641.7M	CN¥675.3M	CN¥379.6M	CN¥384.4M	CN¥335.6M
Shareholders' equity
Common stock & paid-in capital	CN¥93,026	CN¥92,000	CN¥92,057	CN¥92,000	CN¥91,000	CN¥90,000	CN¥90,000	CN¥87,000	CN¥85,000	CN¥81,000	CN¥80,000	CN¥80,000
Retained earnings (deficit)	−CN¥2.52B	−CN¥2.39B	−CN¥2.22B	−CN¥2.23B	−CN¥2.14B	−CN¥2.06B	−CN¥1.98B	−CN¥1.94B	−CN¥1.89B	−CN¥1.82B	−CN¥1.75B	−CN¥1.68B
Accumulated other comprehensive income	−CN¥19.8M	−CN¥7.4M	CN¥5.9M	CN¥14.2M	CN¥21.3M	CN¥25.3M	CN¥25.5M	CN¥6.8M	CN¥19.9M	CN¥17.1M	CN¥16.3M	CN¥20.8M
Minority interest	−CN¥1.5M	−CN¥986,000	−CN¥585,000	−CN¥633,000	−CN¥285,000	—	—	—	—	—	—	—
Total shareholders' equity	CN¥906.7M	CN¥980.5M	CN¥1.12B	CN¥1.05B	CN¥1.01B	CN¥922.6M	CN¥955.6M	CN¥746.6M	CN¥639.1M	CN¥213.0M	CN¥213.8M	CN¥240.6M
Key figures
Total debt	CN¥578.3M	CN¥560.0M	CN¥452.9M	CN¥468.2M	CN¥366.3M	CN¥305.6M	CN¥233.5M	CN¥315.2M	CN¥306.8M	CN¥159.9M	CN¥163.5M	CN¥137.5M
Net cash (debt)	CN¥324.0M	CN¥410.2M	CN¥677.1M	CN¥628.6M	CN¥753.5M	CN¥777.1M	CN¥891.1M	CN¥722.0M	CN¥650.1M	CN¥163.9M	CN¥122.2M	CN¥124.3M
Working capital	CN¥582.4M	CN¥626.4M	CN¥818.3M	CN¥880.4M	CN¥868.9M	CN¥816.6M	CN¥886.7M	CN¥693.4M	CN¥598.2M	CN¥214.0M	CN¥203.0M	CN¥228.3M
Tangible book value	CN¥904.1M	CN¥963.7M	CN¥1.10B	CN¥1.05B	CN¥1.01B	CN¥920.0M	CN¥953.0M	CN¥744.2M	CN¥636.7M	CN¥210.4M	CN¥211.4M	CN¥238.3M
Shares outstanding	38.0M	37.7M	37.9M	37.2M	36.2M	36.0M	70.7M	61.9M	63.6M	63.4M	62.7M	61.9M
Current ratio	1.84	1.87	2.12	2.33	2.50	2.68	2.89	2.39	2.12	1.97	1.81	2.15
Quick ratio	1.43	1.46	1.84	1.90	2.15	2.28	2.51	2.11	1.83	1.56	1.33	1.41
Debt / equity	0.64	0.57	0.41	0.44	0.36	0.33	0.24	0.42	0.48	0.75	0.76	0.57
Equity / assets	49.1%	50.8%	54.4%	54.6%	56.9%	57.6%	60.3%	53.8%	48.6%	35.9%	35.7%	41.7%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed May 15, 2026); data from EODHD.

EH financial position

At the end of fiscal 2025 (December 31, 2025), EHang had total assets of CN¥2.1 billion (up 29.5% from a year earlier), total liabilities of CN¥936.7 million and shareholders' equity of CN¥1.1 billion. It held CN¥1.1 billion in cash and short-term investments against CN¥452.9 million of debt, a net cash position of CN¥677.1 million. Its current ratio was 2.12. In the latest quarter (ended June 30, 2026) total assets were CN¥1.8 billion and equity CN¥906.7 million.

Related: EH income statement, EH cash flow statement, EH key metrics. See the EH stock overview for the latest quote and news.

EH balance sheet FAQ

What are EHang's total assets?

EHang reported total assets of CN¥2.1 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥1.6 billion a year earlier.

How much debt does EHang have?

EHang had CN¥452.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.41.

How much cash does EHang have?

EHang held CN¥1.1 billion in cash and short-term investments at the end of fiscal 2025; with CN¥452.9 million of debt that is net cash of CN¥677.1 million.

What is EHang's book value?

EHang's shareholders' equity (book value) was CN¥1.1 billion at the end of fiscal 2025.

What is EHang's current ratio?

EHang had current assets of CN¥1.5 billion and current liabilities of CN¥728.2 million, a current ratio of 2.12 (it can cover its short-term obligations).

How much goodwill does EHang have?

EHang carried CN¥16.8 million of goodwill and intangible assets, 0.8% of total assets, at the end of fiscal 2025.