Hesai Group Sponsored ADR
HSAI Consumer Cyclical Auto Parts
Hesai Group Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $432.9 million, up 52.1% from fiscal 2024. In the quarter to June 2026, revenue grew 28.7%, EPS grew 32.8%, free cash flow fell 29.9% and total debt fell 10.5%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
Follow HSAI
Hesai Group Sponsored ADR (HSAI) Beneish M-score
Hesai Group Sponsored ADR's Beneish M-score for fiscal 2025 is −0.12; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −0.12 | 2.34 |
| FY2024 | −2.46 | 0.12 |
| FY2023 | −2.57 | (3.71) |
| FY2022 | 1.14 | 3.48 |
| FY2021 | −2.34 | (2.29) |
| FY2020 | −0.05 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.12 | — | 1.03 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 4.53 | — | 1.83 | |
| Sales growth index | 1.52 | — | 1.36 | |
| Depreciation index | 1.21 | — | 0.14 | |
| SG&A index | 0.65 | — | −0.11 | |
| Total accruals to total assets | 0.03 | — | 0.13 | |
| Leverage index | 0.61 | — | −0.20 | |
| Beneish M-score | Flagged by the model | −0.12 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| GT The Goodyear Tire & Rubber Company compare | −3.3× |
| ADNT Adient compare | −2.9× |
| DCH Dauch Corporation compare | −2.9× |
| AAP Advance Auto Parts, Inc. compare | −2.9× |
| THRM Gentherm Inc compare | −2.7× |
| VC Visteon Corporation compare | −2.7× |
| PHIN PHINIA Inc. compare | −2.7× |
| XPEL XPEL, Inc. compare | −2.2× |
| HSAI Hesai Group Sponsored ADR | −0.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI