EH vs NIO
EHang Holdings Ltd. and NIO Inc., side by side — 9 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | EH | NIO |
|---|---|---|
| Revenue | CNY 418.0M | CNY 87.5B |
| Net income | CNY -276.0M | CNY -14.9B |
| Gross margin | 61.5% | 13.6% |
| Net margin | −66.1% | −17.1% |
| Return on equity | −27.3% | −295.1% |
| Diluted EPS | −CNY 1.88 | −CNY 6.85 |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | CNY -327.4M | CNY -3.1B |
| Equity | CNY 1.1B | CNY 4.2B |
| Net debt / equity | −0.16× | −0.48× |
| Current ratio | 2.07× | 0.98× |
| Revenue CAGR 5y | 18.3% | 40.0% |
| Profit CAGR 5y | · | · |
NIO bills 209.3× the revenue of EH, and both closed the last reported year at a loss.
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
9 years side by side
| Fiscal year | EH | NIO |
|---|---|---|
| FY2025 | CNY 418.0M | CNY 87.5B |
| FY2024 | CNY 456.2M | CNY 65.7B |
| FY2023 | CNY 117.4M | CNY 55.6B |
| FY2022 | CNY 44.3M | CNY 49.3B |
| FY2021 | CNY 56.8M | CNY 36.1B |
| FY2020 | CNY 180.1M | CNY 16.3B |
| FY2019 | CNY 121.8M | CNY 7.8B |
| FY2018 | CNY 66.5M | CNY 5.0B |
| FY2017 | CNY 31.7M | CNY 0 |
Bottom line
| Fiscal year | EH | NIO |
|---|---|---|
| FY2025 | CNY -276.0M | CNY -14.9B |
| FY2024 | CNY -229.8M | CNY -22.4B |
| FY2023 | CNY -301.7M | CNY -20.7B |
| FY2022 | CNY -328.2M | CNY -14.4B |
| FY2021 | CNY -314.0M | CNY -4.0B |
| FY2020 | CNY -87.6M | CNY -5.3B |
| FY2019 | CNY -48.5M | CNY -11.3B |
| FY2018 | CNY -79.1M | CNY -9.6B |
| FY2017 | CNY -87.4M | CNY -5.0B |
9 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CNY 87,069,529,000 | NIO |
| FY2024 | −CNY 65,275,407,000 | NIO |
| FY2023 | −CNY 55,500,507,000 | NIO |
| FY2022 | −CNY 49,224,244,000 | NIO |
| FY2021 | −CNY 36,079,616,000 | NIO |
| FY2020 | −CNY 16,077,840,000 | NIO |
| FY2019 | −CNY 7,703,090,000 | NIO |
| FY2018 | −CNY 4,884,684,000 | NIO |
| FY2017 | +CNY 31,695,000 | EH |
The higher-revenue side has changed between EH and NIO over this period. The gap has widened since the earliest year compared.
9 of 10 comparable fiscal years — a year missing data on either side is not counted.
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −49.1 pp | NIO |
| FY2024 | −16.3 pp | NIO |
| FY2023 | −220.2 pp | NIO |
| FY2022 | −713.8 pp | NIO |
| FY2021 | −541.4 pp | NIO |
| FY2020 | −18.5 pp | NIO |
| FY2019 | +105.0 pp | EH |
| FY2018 | +73.7 pp | EH |
The higher net margin has changed hands between EH and NIO over this period.
8 of 9 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
EH's net margin has been more volatile than NIO's over the 8 comparable fiscal years — 251.8 percentage points of standard deviation against 63.6.
8 of 9 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between EH and NIO over these 8 fiscal years — EH led in 2 and NIO in 6.
8 of 9 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
NIO's return on equity has been more volatile than EH's over the 5 comparable fiscal years — 98.9 percentage points of standard deviation against 58.4.
5 of 6 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between EH and NIO over these 5 fiscal years — EH led in 2 and NIO in 3.
5 of 6 comparable fiscal years — a year missing data on either side is not counted.