PONY Technology

Pony AI Inc.

$4.55-1.52%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Technology
Industry: Information Technology Services
Country: China
Market cap: 2.0B USD
Enterprise value: 945.9M USD
Full-time employees: 1,669

Overall health

Strength: growing faster than most peersgrowing faster than peers
Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #1,015 of 1,612 technology companies (bottom 38%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 34% of revenue in 2025.
Pony AI paid employees $31M in stock in 2025, 34% of its $90M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Investment surge. Capital spending 49% of revenue, up from 18% in 2022.
Pony AI is spending 49% of revenue on facilities and equipment, up from 18% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Not profitable yet. Reported a loss in the 12 months to December 2025.
Pony AI reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

StockQuotient Score

45/ 100

Oct 5 46 → Nov 4 45 (-1)

Valuation

Is the price right?

10/100

Weak

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-6.8%

SEC filings · 12 months to Dec 2025Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-27.6%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield-10.6%

SEC filings · 12 months to Dec 2025 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield83.8%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

67/100

Moderate

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 20.0%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.30Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth9.6%

SEC filings · 3 years to Dec 2025Reported value33% base weight · Z-score 0.60Sector median: 0.0483 · MAD: 0.0793

Revenue growth20.0%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score 1.12Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

5/100

Weak

3/3 inputs reported · High confidence

Since last year: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-289.8%

SEC filings · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -7.12Sector median: 0.0631 · MAD: 0.0710

Return on assets-7.4%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -2.85Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-15.2%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -2.56Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin15.7%

SEC filings · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-8.1%

SEC filings · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

2/3 inputs reported · Partial data

Since last year: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

BetaUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.8710 · MAD: 0.3700

Current ratio13.67×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 8.42Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.01×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 1.05Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Pony AI

Is Pony AI getting weaker?: Its latest SEC filing (Apr 22, 2026) showed no major changes. Its overall score is unchanged at 45/100 since Oct 28, 2026.
How is Pony AI valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -6.8% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -6.8% vs peers 2.2% (weaker than 100% of peers).
Is Pony AI growing?: Yes, faster than most of its peers. Growth scores 67/100 against 1,711 technology peers. Revenue growth 20.0% vs a peer median of 8.5% (stronger than 76% of peers).Revenue growth 20.0% vs peers 8.5% (stronger than 76% of peers).
How profitable is Pony AI?: Less profitable than most of its peers. Profitability scores 5/100 against 1,711 technology peers. Operating margin -289.8% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -289.8% vs peers 6.3% (weaker than 100% of peers).
How risky is Pony AI?: Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 13.67× vs a peer median of 1.83× (stronger than 95% of peers).Current ratio 13.67× vs peers 1.83× (stronger than 95% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Apr 22, 2026 · compared with the year ended Dec 31, 2024

No major changes

Worth watching: Pony AI is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous year	Latest year	Change
Revenue (12 months)	75.0M USD	90.0M USD	+20.0%
Net income (12 months)	−274.1M USD	−134.0M USD	−51.1%
Operating margin	-380.6%	-289.8%	+90.7 pts
Free cash flow (12 months)	−122.2M USD	−208.8M USD	+71.0%
Cash	536.0M USD	293.5M USD	−45.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	46.9%	23.5%	15.2%	15.7%	▲ 0.5 pts
Operating margin	-249.6%	-199.2%	-380.6%	-289.8%	▲ 91 pts
Net margin	-216.4%	-173.6%	-365.4%	-148.9%	▲ 217 pts
Return on assets (ROA)	-19.2%	-16.7%	-26.1%	-7.4%	▲ 19 pts
Return on equity (ROE)	—	—	-28.8%	-8.1%	▲ 21 pts
Free cash flow margin	-243.9%	-167.6%	-162.8%	-232.0%	▼ 69 pts
Current ratio	13.38×	13.83×	11.77×	13.67×	▲ 16%
Debt to equity	—	—	—	0.01×	—

PONY price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #1,015 of 1,612 technology companies (bottom 38%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 34% of revenue in 2025.

Pony AI paid employees $31M in stock in 2025, 34% of its $90M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Investment surge. Capital spending 49% of revenue, up from 18% in 2022.

Pony AI is spending 49% of revenue on facilities and equipment, up from 18% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Not profitable yet. Reported a loss in the 12 months to December 2025.

Pony AI reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Questions investors ask about Pony AI

Is Pony AI getting weaker?

Its latest SEC filing (Apr 22, 2026) showed no major changes. Its overall score is unchanged at 45/100 since Oct 28, 2026.

How is Pony AI valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -6.8% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -6.8% vs peers 2.2% (weaker than 100% of peers).

Is Pony AI growing?

Yes, faster than most of its peers. Growth scores 67/100 against 1,711 technology peers. Revenue growth 20.0% vs a peer median of 8.5% (stronger than 76% of peers).Revenue growth 20.0% vs peers 8.5% (stronger than 76% of peers).

How profitable is Pony AI?

Less profitable than most of its peers. Profitability scores 5/100 against 1,711 technology peers. Operating margin -289.8% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -289.8% vs peers 6.3% (weaker than 100% of peers).

How risky is Pony AI?

Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 13.67× vs a peer median of 1.83× (stronger than 95% of peers).Current ratio 13.67× vs peers 1.83× (stronger than 95% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

75.0M USD

90.0M USD

+20.0%

Net income (12 months)

−274.1M USD

−134.0M USD

−51.1%

Operating margin

-380.6%

-289.8%

+90.7 pts

Free cash flow (12 months)

−122.2M USD

−208.8M USD

+71.0%

Cash

536.0M USD

293.5M USD

−45.2%

Key ratios

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

46.9%

23.5%

15.2%

15.7%

▲ 0.5 pts

Operating margin

-249.6%

-199.2%

-380.6%

-289.8%

▲ 91 pts

Net margin

-216.4%

-173.6%

-365.4%

-148.9%

▲ 217 pts

Return on assets (ROA)

-19.2%

-16.7%

-26.1%

-7.4%

▲ 19 pts

Return on equity (ROE)

—

-28.8%

-8.1%

▲ 21 pts

Free cash flow margin

-243.9%

-167.6%

-162.8%

-232.0%

▼ 69 pts

Current ratio

13.38×

13.83×

11.77×

13.67×

▲ 16%

Debt to equity

—

0.01×

—