WeRide Inc WRD

Consumer DiscretionarySoftware & IT ServicesChina

Last close 4.28 USD on Nov 2, 2026, −50.7% year to date

Quant rating

Quant rating D Rank 276 of 297 in Consumer Discretionary

Growth D 225 of 297
Valuation D 252 of 297
Quality D 239 of 297
Revisions D 244 of 297
Momentum D 279 of 297

Wall Street consensus Buy (1.83)Average target 12.30 USD +187.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.4B
Enterprise value: 675M
52-week range: 4.03 – 11.15
3-year range: 4.03 – 40.40
Dividend yield: –
Beta (5 years): –
Shares outstanding: 987M
Next earnings: Nov 23, 2026

About the company

WeRide Inc is a holding company mainly engaged in the commercialization of autonomous driving technology. The Company mainly operates three businesses. The company sells autonomous driving vehicles, primarily including robobuses, robotaxis and robosweepers, and related sensor suites. The Company provides autonomous driving related operational and technical support services. The Company also offers other technology services, including advanced driver-assistance system (ADAS) research and development services, and intelligent data services. The Company's autonomous driving products and solutions are available in multiple countries including China, the United Arab Emirates, Saudi Arabia, Switzerland, France, Singapore and Japan.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	97.9	49.5	56.6	76.5	21.8	–
Revenue growth	97.9%	−12.6%	−26.0%	251.6%	680.3%	103.8%
EPS (basic, normalized)	−0.62	−1.11	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	30.2%	30.7%	45.7%	44.1%	37.4%	37.6%
Net margin	−241.7%	−696.9%	−493.2%	−246.1%	−729.0%	−481.4%
ROE	−22.1%	−125.4%	–	–	–	−73.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	792
Current ratio	5.36x
Long-term debt (mil)	14.1
Net debt (mil)	−702
Total equity (mil)	943
Net debt / equity	−0.74x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	97.9	+97.9%	6.9x	–	–	–	−0.62	+44.7%	−6.9x
2026	162	+65.7%	4.2x	−240	–	−2.8x	−0.74	−19.3%	−5.8x
2027	301	+85.3%	2.2x	−174	+27.6%	−3.9x	−0.56	+24.5%	−7.7x
2028	688	+128.9%	1.0x	−70.2	+59.7%	−9.6x	−0.45	+19.2%	−9.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	162	−0.4%	−0.7%	0.0%	−0.74	−1.4%	−15.6%	−22.5%
2027	301	+0.5%	−15.7%	−0.8%	−0.56	−8.1%	−32.5%	−13.7%
2028	688	−4.6%	−34.7%	−9.1%	−0.45	−32.0%	−112.0%	−48.7%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	–	318	115	232
Sales mean (mil)	–	–	–	–	–	–	–	270	119	165
Surprise	–	–	–	–	–	–	–	+17.8%	−3.9%	+40.8%
EPS reported	–	–	–	–	–	–	–	−1.70	−0.35	−1.04
EPS mean	–	–	–	–	–	–	–	−1.31	−0.24	–
Surprise	–	–	–	–	–	–	–	−29.6%	−44.2%	–

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
WRD WeRide Inc	1.4B	–	−241.7%	1.49x	−5.8x	−7.7x	−2.8x	−3.9x
6880 Momenta Global Ltd	4.0B	–	−143.3%	−0.80x	−2.1x	−117.2x	−7.4x	1,491.9x
PONY Pony AI Inc	2.1B	4.66x	−148.9%	1.24x	−7.4x	−6.9x	−3.9x	−4.4x
KDK Kodiak AI Inc	225M	−1.04x	−15,420.7%	6.35x	−2.2x	−1.3x	−2.3x	−2.1x
Mean		1.81x	−3,988.7%	2.07x	−4.4x	−33.3x	−4.1x	370.4x
Median		1.81x	−195.3%	1.37x	−4.0x	−7.3x	−3.4x	−3.0x

Technical analysis

1M−14.8%
3M−26.5%
1Y−59.9%
3Y−74.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, WeRide Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	97.9	49.5	56.6	76.5	21.8	2.8
Cost of revenue	68.3	34.3	30.8	42.8	13.6	0.7
Gross profit	29.6	15.2	25.8	33.7	8.1	2.1
Selling, general & administrative expenses	98.1	167	99.6	39.5	18.9	24.2
Research & development	196	150	149	110	69.8	51.1
Interest expense (income), operating	–	–	–	–	0.8	−1.6
Unusual expense (income)	0.5	0.1	0.2	0.1	0.6	0.5
Other operating expenses	−1.2	−2.4	−2.4	−2.9	−7.0	−1.0
Operating income	−264	−299	−221	−113	−74.9	−71.1
Net interest income (expense)	28.3	19.2	24.6	12.4	−41.2	−2.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.3	−63.8	−78.1	−87.7	−42.4	−33.0
Net income before taxes	−236	−344	−274	−188	−159	−106
Provision for taxes	0.6	0.8	0.4	0	0	0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−237	−345	−275	−188	−159	−106
Extraordinary items	–	–	–	–	–	–
Net income	−237	−345	−275	−188	−159	−106
EBIT, normalized	−263	−296	−220	−113	−73.5	−72.3
EBITDA, normalized	−239	−282	−207	−100	−63.1	−63.3
Basic EPS, normalized	−0.62	−1.11	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, WeRide Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,017	901	638	654	438	126
Receivables	69.4	38.4	55.5	47.7	4.7	1.2
Total inventory	45.9	28.0	30.7	22.6	18.0	3.4
Prepaid expenses	39.9	30.7	30.9	11.2	14.6	5.7
Other current assets	1.8	0.7	1.4	0.2	0.5	7.4
Total current assets	1,174	998	757	736	475	143
Property, plant & equipment	63.6	34.5	21.2	25.8	27.3	23.5
Goodwill	6.4	6.1	6.3	6.5	7.0	0
Intangibles	2.6	3.0	3.5	4.1	4.9	0.1
Long-term investments	26.9	7.8	–	–	–	1.9
Note receivable	–	–	0	3.4	0.6	–
Other long-term assets	4.3	4.2	3.4	5.3	5.4	4.4
Total assets	1,278	1,054	791	781	521	173
Liabilities
Accounts payable	23.3	2.8	2.4	1.7	2.5	2.9
Payable/accrued	58.4	54.5	38.2	31.5	10.1	18.6
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	16.0
Current portion of long-term debt	50.9	9.2	4.4	4.6	5.1	2.6
Other current liabilities	10.5	7.8	12.7	14.7	19.1	50.6
Total current liabilities	143	74.3	57.7	52.5	36.9	90.7
Long-term debt	3.3	10.4	3.1	5.2	9.6	7.4
Minority interest	–	–	–	–	–	–
Other liabilities	1.6	1.3	1,160	1,025	626	137
Total liabilities	148	86.0	1,221	1,083	673	235
Shareholders' equity
Preferred stock	–	0	0	0	0	0
Common stock	0	0	0	0	0	0
Additional paid-in capital	2,140	1,747	156	154	165	151
Retained earnings (accumulated deficit)	−1,010	−779	−564	−434	−302	−213
Treasury stock	–	0	−21.4	−22.0	−14.5	0
Other equity	0	0	0	0	0	0
Total equity	1,130	968	−430	−302	−152	−61.6
Total liabilities & shareholders' equity	1,278	1,054	791	781	521	173

Cash flow statement in millions of USD, fiscal years

Cash flow statement, WeRide Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−237	−345	−275	−188	−159	−106
Depreciation, depletion & amortization	23.8	13.9	7.5	7.9	6.8	6.0
Deferred taxes	–	–	–	–	–	–
Non-cash items	64.8	243	215	136	96.0	58.7
Changes in working capital	−41.0	6.7	−15.2	−52.5	−24.0	9.0
Cash from operations	−189	−81.3	−66.9	−97.2	−79.8	−32.8
Investing activities
Capital expenditures	−35.5	−11.7	−5.2	−12.0	−4.0	−0.5
Other investing cash flows	251	56.3	−71.9	−307	76.6	−77.6
Cash from investing	215	44.6	−77.1	−319	72.6	−78.1
Financing activities
Financing cash flow items	−9.4	−54.9	−6.0	20.3	18.9	13.4
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	338	442	69.0	296	391	99.6
Cash from financing	328	387	63.0	317	410	113
Foreign exchange effects	−11.8	7.0	0.3	28.5	−7.0	−1.6
Net change in cash	343	357	−80.7	−71.3	396	0.5
Free cash flow	−225	−93.0	−72.1	−109	−83.8	−33.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.