Latest Ratios: P/E Ratio -9.5x · EV/EBITDA N/A · ROE -37.4%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.4B | $6.0B | $2.6B | $3.2B | $2.5B | $9.1B | $21.3B | — | — |
| Enterprise Value | $4.3B | $5.8B | $2.6B | $3.2B | $2.3B | $8.8B | $21.2B | — | — |
| P/E Ratio → | -9.53 | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 3.57 | 5.13 | 2.28 | 2.40 | 1.86 | 5.65 | 60.24 | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -37.4% | -37.4% | -38.3% | -33.5% | -28.1% | -4.7% | -667.5% | -29.7% | -22.7% |
| ROA | -33.1% | -33.1% | -33.8% | -29.9% | -25.8% | -3.3% | -271.4% | -26.7% | -20.9% |
| ROIC | -33.4% | -33.4% | -31.9% | -27.6% | -24.7% | -20.0% | -30.9% | -26.6% | -19.6% |
| ROCE | -37.7% | -37.7% | -37.9% | -31.8% | -27.0% | -15.7% | -13.3% | -30.1% | -22.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.08 | 0.08 | 0.08 | 0.05 | 0.04 | 0.09 | 0.05 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.14 | -0.04 | -0.03 | -0.10 | -0.15 | -0.29 | -0.06 | -0.11 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -211.61 | -211.61 | -213.90 | -186.24 | -170.69 | -31.40 | -79.99 | -545.35 | — |
Net cash position: cash ($231M) exceeds total debt ($71M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.95 | 15.95 | 14.21 | 18.98 | 22.91 | 47.81 | 81.71 | 18.16 | 35.37 |
| Quick Ratio | 15.95 | 15.95 | 14.21 | 18.98 | 22.91 | 47.81 | 81.71 | 18.16 | 35.37 |
| Cash Ratio | 15.77 | 15.77 | 14.04 | 18.75 | 22.68 | 47.30 | 80.77 | 17.99 | 35.23 |
| Asset Turnover | — | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $576M | $508M | $462M | $433M | $410M | $252M | $240M | $11M |
Pre-revenue commercialization delay
As reported in financial statements, QuantumScape trades at a price-to-book ratio of 3.53, which suggests that investors are pricing in significant future intellectual property value rather than current tangible assets, despite the company remaining in a pre-revenue state with no meaningful earnings to support traditional valuation multiples.
The absence of P/E or EV/EBITDA metrics highlights the speculative nature of the equity, as the market is essentially valuing the company based on the potential of its solid-state technology rather than current financial performance. This valuation appears to rely heavily on the strategic partnership with Volkswagen, which may provide a floor for sentiment but does not mitigate the fundamental risk of the company failing to reach commercial scale.
Based on recent quarterly filings, QuantumScape's ROIC has remained consistently negative, fluctuating between -6.4% and -9.3% over the last ten quarters, which indicates that the company is currently destroying shareholder value as it consumes capital to fund its ongoing research and development efforts.
The negative ROIC trend is a direct consequence of the company's high fixed-cost structure and lack of revenue generation. Until the company can successfully transition to a commercial manufacturing model, these returns are likely to remain depressed, reflecting the high cost of innovation in the solid-state battery sector.
According to the most recent quarterly data, the company's current ratio has declined from 21.14 in 2025Q3 to 20.93 in 2026Q1, which, while numerically high, masks the rapid depletion of cash reserves required to sustain the company's high quarterly burn rate until commercialization is achieved.
While the current ratio suggests a strong short-term liquidity position, this is largely a function of the company's reliance on equity-based financing rather than operational cash flow. Investors should monitor the cash burn rate closely, as the current trajectory suggests that the company may need to access capital markets again in the near future to avoid a liquidity shortfall.
As indicated by market data, QuantumScape maintains a price-to-book ratio of 3.53, which represents a significant premium compared to peers like Solid Power and SES AI, suggesting that the market assigns a higher probability of success to QuantumScape's specific ceramic separator technology and its strategic OEM partnerships.
This valuation gap appears to be structural rather than temporary, reflecting the market's perception of QuantumScape's technical lead and its deeper integration with major automotive players. However, this premium also leaves the stock more vulnerable to negative news regarding manufacturing yields or delays in the B-sample delivery timeline.
Based on an analysis of the company's business model, the price-to-earnings ratio is the most commonly misapplied metric, as it fails to account for the company's pre-revenue status and the significant non-cash charges that distort the reported net income figures in recent financial statements.
Using P/E ratios for a pre-revenue technology firm obscures the true operational reality, as the company is not yet in a phase where earnings are a meaningful indicator of performance. Analysts should instead focus on cash burn, liquidity runway, and technical milestones like manufacturing yields, which are more predictive of the company's long-term viability than traditional accounting-based valuation multiples.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying QS stock.
QuantumScape Corporation's current P/E ratio is -9.5x. This places it at the 50th percentile of its historical range.
QuantumScape Corporation's return on equity (ROE) is -37.4%. The historical average is -27.8%.
Based on historical data, QuantumScape Corporation is trading at a P/E of -9.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.