EH vs XPEV
EHang Holdings Ltd. and Xpeng Inc., side by side — 8 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | EH | XPEV |
|---|---|---|
| Revenue | CNY 418.0M | CNY 76.7B |
| Net income | CNY -276.0M | CNY -1.1B |
| Gross margin | 61.5% | 18.9% |
| Net margin | −66.1% | −1.5% |
| Return on equity | −27.3% | −3.7% |
| Diluted EPS | −CNY 1.88 | −CNY 0.60 |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | CNY -327.4M | CNY 5.1B |
| Equity | CNY 1.1B | CNY 30.4B |
| Net debt / equity | −0.16× | −0.29× |
| Current ratio | 2.07× | 1.09× |
| Revenue CAGR 5y | 18.3% | 67.4% |
| Profit CAGR 5y | · | · |
XPEV bills 183.5× 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.
8 years side by side
| Fiscal year | EH | XPEV |
|---|---|---|
| FY2025 | CNY 418.0M | CNY 76.7B |
| FY2024 | CNY 456.2M | CNY 40.9B |
| FY2023 | CNY 117.4M | CNY 30.7B |
| FY2022 | CNY 44.3M | CNY 26.9B |
| FY2021 | CNY 56.8M | CNY 21.0B |
| FY2020 | CNY 180.1M | CNY 5.8B |
| FY2019 | CNY 121.8M | CNY 2.3B |
| FY2018 | CNY 66.5M | CNY 9.7M |
Bottom line
| Fiscal year | EH | XPEV |
|---|---|---|
| FY2025 | CNY -276.0M | CNY -1.1B |
| FY2024 | CNY -229.8M | CNY -5.8B |
| FY2023 | CNY -301.7M | CNY -10.4B |
| FY2022 | CNY -328.2M | CNY -9.1B |
| FY2021 | CNY -314.0M | CNY -4.9B |
| FY2020 | CNY -87.6M | CNY -2.7B |
| FY2019 | CNY -48.5M | CNY -3.7B |
| FY2018 | CNY -79.1M | CNY -1.4B |
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CNY 76,301,761,000 | XPEV |
| FY2024 | −CNY 40,410,157,000 | XPEV |
| FY2023 | −CNY 30,558,641,000 | XPEV |
| FY2022 | −CNY 26,810,802,000 | XPEV |
| FY2021 | −CNY 20,931,324,000 | XPEV |
| FY2020 | −CNY 5,664,228,000 | XPEV |
| FY2019 | −CNY 2,199,405,000 | XPEV |
| FY2018 | +CNY 56,781,000 | EH |
The higher-revenue side has changed between EH and XPEV over this period. The gap has widened since the earliest year compared.
8 of 9 comparable fiscal years — a year missing data on either side is not counted.
6 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −64.6 pp | XPEV |
| FY2024 | −36.3 pp | XPEV |
| FY2023 | −223.6 pp | XPEV |
| FY2022 | −709.1 pp | XPEV |
| FY2021 | −529.4 pp | XPEV |
| FY2020 | −4.4 pp | XPEV |
XPEV has kept the higher net margin in every one of these 6 fiscal years.
6 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 XPEV's over the 6 comparable fiscal years — 270.8 percentage points of standard deviation against 14.7.
6 of 9 comparable fiscal years — a year missing data on either side is not counted.
Year by year
XPEV led in net margin in every one of the 6 comparable fiscal years — a structural lead, not a recent swing.
6 of 9 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
EH's return on equity has been more volatile than XPEV's over the 5 comparable fiscal years — 58.4 percentage points of standard deviation against 8.5.
5 of 6 comparable fiscal years — a year missing data on either side is not counted.
Year by year
XPEV led in return on equity in every one of the 5 comparable fiscal years — a structural lead, not a recent swing.
5 of 6 comparable fiscal years — a year missing data on either side is not counted.