PONYPony AI Inc.
Is the business good?
How good a business is PONY?
Pony AI Inc. earns −41% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 50 points below what the capital costs: growth destroys value
- Operating margin
- −290%
Operating margin · Information Technology Services median 9.5% · fiscal year to FY2025
- Share count, year on year
- +232%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 16%
Gross margin
| Year | Operating margin |
|---|---|
| FY2022 | −250% |
| FY2023 | −199% |
| FY2024 | −381% |
| FY2025 | −290% |
Details›
- Gross marginfiscal year to FY2025
- 16%
- Operating marginfiscal year to FY2025
- −290%
- Net marginfiscal year to FY2025
- −149%
- Free cash flow margin
- −232%
- R&D as % of revenue
- 242%
- Revenue, trailing twelve months
- $90M
- Free cash flow, trailing twelve months
- −$209M
- Net income, trailing twelve months
- −$134M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −41%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from PONY and who it buys from, as the companies report it.
- Customer one33%
Share of revenue · FY2025 20-F
- Customer two14%
Share of revenue · FY2025 20-F
- Customer three13%
Share of revenue · FY2025 20-F
- Top three customers59%
Combined share of revenue · FY2025 20-F
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; PONY’s own figures are from its FY2025 20-F. Smaller customers and suppliers go unreported.
Information Technology Services
Ranks #26 of 30 by RyuScore