China A-share · SZSE · 002415
Hikvision (002415) stock analysis: valuation and financials
计算机、通信和其他电子设备制造业
¥34.06 +1.3% Price as of Oct 14, 2026
AIoT scale, CNY33.1B net cash, 48.1% TTM gross margin, 18.99x PE; growth stalled (+0.0% FY2025) but price implies only 0.8% FCF growth — attractively cheap.
- Market cap
- ¥312.2B
- P/E
- 19.0x
- EV/Sales
- 2.9x
- FCF yield
- 6.4%
- 52-week range
- ¥27.61 – ¥38.03
Research as of Oct 15, 2026
Business quality scorecard
- Growth34
- Profitability70
- Cash flow91
- Balance sheet100
- Capital allocation84
- Innovation31
- Valuation79
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Governments, enterprises and consumers pay for video-centric AIoT hardware, software and project services; 主业1产品及服务 supplies 70.3% of FY2025 revenue and, at a 20.8% operating margin, is the profit engine.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥81.4B | ¥83.2B | ¥89.3B | ¥92.5B | ¥92.5B |
| Revenue growth | +28.2% | +2.1% | +7.4% | +3.5% | +0.0% |
| Gross margin | 44.3% | 42.3% | 44.3% | 43.8% | 45.9% |
| Operating margin | 22.7% | 17.8% | 18.0% | 15.5% | 18.3% |
| Net income | ¥16.8B | ¥12.8B | ¥14.1B | ¥12.0B | ¥14.2B |
| Free cash flow | ¥9.6B | ¥6.4B | ¥12.6B | ¥8.6B | ¥21.7B |
| FCF margin | 11.8% | 7.7% | 14.1% | 9.3% | 23.5% |
Amounts in CNY · What is free cash flow?
Margins Gross margin 45.9% FY2025 vs 43.8% FY2024, 48.1% TTM, 50.7% Q2 FY2026; operating margin 18.3% vs 15.5%, 20.8% TTM, 24.9% Q2 FY2026. Cost of revenue fell 3.6% while FY2025 revenue was flat.
- Cash flow HealthyOperating cash flow CNY25.34B in FY2025 versus net income CNY14.20B; TTM CNY23.23B versus CNY16.43B. Reported cash conversion 1.37x, so earnings are cash-backed.
- Debt LowNet cash of CNY33.09B in FY2025: total debt CNY7.84B against cash CNY46.51B. TTM total debt CNY4.76B against TTM cash CNY37.85B.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥37.9B
- Total debt
- ¥4.8B
- Net cash
- ¥33.1B
- Interest coverage
- 114.1x
- Current ratio
- 2.5x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management AdequateExecution has stalled: FY2025 revenue 92.51B CNY, up 0.01% yoy after 3.5% in FY2024; three-year CAGR 3.6% and R&D spend down 0.9% yoy despite 12.7% intensity.
Valuation range
Implied value per share · Price when researched: ¥34.06
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.