Horizon Robotics (HORIZON) financials

HKSE · Technology · Software - Application · 2,215 employees · CEO Kai Yu

Price: HK$3.69 +8.05%
Market cap: HK$58.6B
Enterprise value: CN¥43.2B
Last report: Q2 '26 filed 2026-06-30
Next report: 2027-03-19 EPS est. -CN¥0.18

Revenue (TTM)CN¥6.3B+39.5% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-96.2%+0.6 pp vs a year agoOperating income -CN¥6.06B

Net income (TTM)-CN¥2.14B-160.1% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-CN¥3.43B+1.3% vs a year agoCapex CN¥677M

Diluted EPS (TTM)-CN¥0.22-498.9% vs a year agoSum of the last 4 quarters

Net cashCN¥6.57B+12.7% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: HK$58.6B
Revenue: CN¥6.3B
Revenue growth: +71%
Profit margin: -34.0%
P/E: -14.3×
P/S: 7.9×
EV / EBITDA: -5.0×
Free cash flow: -CN¥3.43B
Net income: -CN¥2.14B
Revenue estimate: CN¥6.27B
Earnings: 2027-03-19
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-31): revenue missed by 19.5%, EPS missed by 132.1%Revenue CN¥2.03B vs CN¥2.52B expected (-19.5%); EPS -CN¥0.09 vs CN¥0.28 (-132.1%).
Revenue growth slowing: 32.0% year on yearQ2 '26 revenue CN¥2.03B, against an average of 47.8% over the four quarters before.
Operating margin -96.2% (TTM), +0.6 pp on a year agoOperating income grew -38.7% while revenue grew 39.5%.
Capex 10.7% of revenue (a year ago 15.4%)CN¥677M invested in the last 4 quarters (-2.9% on a year earlier). Free cash flow -CN¥3.43B.
Diluted share count up 1.2% in a year14.1B diluted shares in Q2 '26, 13.9B a year earlier.
Net cash CN¥6.57BCash + short-term investments CN¥15B, debt incl. leases CN¥8.48B; a year ago net cash CN¥5.83B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	CN¥2.03B	CN¥1.54B	+32.0%
Gross margin	66.0%	65.4%	+0.6 pp
Operating income	-CN¥2.13B	-CN¥1.8B	-18.5%
Operating margin	-105.0%	-117.0%	+11.9 pp
Net income	CN¥3.73B	-CN¥5.13B	+172.8%
Diluted EPS	CN¥0.27	-CN¥0.36	+175.0%
Operating cash flow	-CN¥2.77B	-CN¥2.1B	-32.1%
Capex	CN¥227M	CN¥167M	+36.0%
Free cash flow	-CN¥3B	-CN¥2.27B	-32.4%
R&D	CN¥2.72B	CN¥2.25B	+20.6%
Stock-based compensation	CN¥217M	CN¥0	–

Reported vs consensus

2026-08-31

	Actual	Consensus	vs consensus
Revenue	CN¥2.03B	CN¥2.52B	-19.5%
EPS (as estimated)	-CN¥0.09	CN¥0.28	-132.1%

From the report of 2026-08-31 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: -CN¥2.76B
Capex: -CN¥677M
Buybacks: -CN¥214M
Dividends: CN¥0
Acquisitions: CN¥205K
Net debt issued: CN¥2.69B
Stock-based compensation: CN¥691M
Free cash flow: -CN¥3.43B
Returned to shareholders / FCF: -6.2%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-14.3×	18.8× 1 of 5 years	18.8× – 18.8×
EV / EBITDA	-5.0×	2.5× 1 of 5 years	2.5× – 2.5×
EV / Sales	6.9×	49.2×	3.0× – 115.5×
Price / FCF	-14.4×	–	–
Price / Book	2.7×	4.6× 2 of 5 years	1.3× – 8.0×
FCF yield	-6.9%	-4.1%	-5.8% – -2.8%
Return on invested capital	-24.0%	-10.3%	-23.0% – 10.9%
Return on equity	-14.8%	8.2%	-80.7% – 50.0%

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	CN¥6.27B	+71.3%	CN¥0.03	+103.3%	–	6
FY2027	CN¥9.84B	+56.8%	-CN¥0.17	-759.0%	–	7
FY2028	CN¥15.2B	+54.4%	CN¥0.02	+111.0%	–	4
FY2029	CN¥24.2B	+59.5%	CN¥0.27	+1,301.2%	–	2
FY2030	CN¥36.4B	+50.4%	CN¥0.58	+117.3%	–	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings.

Data as of 2026-11-02 · Amounts in CNY as reported; price and market cap in HKD.