EHang Holdings Limited Unsponsored ADR (EH) vs Merlin Inc (MRLN)

EHang Holdings Limited Unsponsored ADR and Merlin Inc are both Aerospace & Defense companies. EHang Holdings Limited Unsponsored ADR is the larger, with a market value of $219.5M against $113.2M — 1.9× the size. EHang Holdings Limited Unsponsored ADR has the higher net margin (−107.2% vs −3,463.5%) and the lower return on invested capital (−58.5% vs 0.00%). Across the 15 metrics below, EHang Holdings Limited Unsponsored ADR leads on 8 and Merlin Inc on 7.

Valuation

Metric EH MRLN Aerospace & Defense median
P/E n/m n/m 31.81
P/S 5.39 14.01 3.55
P/B 2.06 n/m 2.59
Price to free cash flow n/m n/m 31.99
EV/EBITDA n/m 0.64 18.08
EV/Sales 4.03 (7.16) 3.37
Earnings yield (19.87%) (279.92%) 1.38%
Free cash flow yield (14.87%) (67.90%) 0.21%

Profitability

Metric EH MRLN Aerospace & Defense median
Gross margin 61.04% 26.34% 25.48%
Operating margin (117.97%) (1,156.90%) 4.54%
Net margin (107.24%) (3,463.45%) 2.22%
Free cash flow margin 0.00% (951.07%) 1.43%
Return on equity (39.74%) 0.00% 6.43%
Return on assets (20.96%) (239.99%) 2.70%
Return on invested capital (58.53%) 0.00% 1.56%

Growth

Metric EH MRLN Aerospace & Defense median
Revenue growth (TTM) (20.63%) — 18.43%
EPS growth (last fiscal year) 4.35% 85.03% 24.27%
Revenue growth, 5-year CAGR 16.71% — 9.73%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric EH MRLN Aerospace & Defense median
Debt to equity 0.48 0.00 0.24
Current ratio 1.84 14.67 2.72
Net debt to EBITDA 2.72 0.24 1.12

Dividend

Metric EH MRLN Aerospace & Defense median
Dividend yield — — 0.90%
Payout ratio — — 0.32

Size

Metric EH MRLN Aerospace & Defense median
Market cap 219.49m 113.19m 2.19b

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