Latest Ratios: P/E Ratio -4.1x · EV/EBITDA N/A · ROE -29.6%. (2008–2025 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $288M | $596M | $705M | $577M | $908M | $608M | — | — | — | — | — |
| Enterprise Value | $267M | $574M | $587M | $505M | $814M | $448M | — | — | — | — | — |
| P/E Ratio → | -4.06 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 13.72 | 28.36 | 345.49 | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.38 | 2.77 | 2.53 | 1.61 | 2.32 | — | — | — | — | — | — |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 27.34 | 287.53 | — | — | — | — | — | — | — | — |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.8% | 53.8% | 63.1% | — | — | — | — | — | 72.6% | 6.0% | 67.5% |
| Operating Margin | -393.4% | -393.4% | -5355.3% | — | — | — | — | — | -588.2% | -17829.8% | -3482.0% |
| Net Profit Margin | -347.8% | -347.8% | -4911.0% | — | — | — | — | — | -637.4% | -18596.0% | -3206.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -29.6% | -29.6% | -31.4% | -14.2% | -33.6% | — | — | — | -97.8% | -100.2% | -41.0% |
| ROA | -24.2% | -24.2% | -27.2% | -12.6% | -16.1% | -28.7% | -45.5% | -58.0% | -64.8% | -79.7% | -32.3% |
| ROIC | -35.1% | -35.1% | -36.7% | -20.1% | -242.0% | — | — | — | -102.5% | -108.5% | -47.1% |
| ROCE | -29.7% | -29.7% | -31.5% | -19.4% | -26.4% | -31.5% | -50.6% | -65.3% | -67.7% | -100.2% | -45.7% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | — | — | — | 1.01 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.10 | -0.42 | -0.20 | -0.24 | — | — | — | -0.31 | -0.35 | -0.33 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | -10.20 | -72.20 | -45.48 |
Net cash position: cash ($30M) exceeds total debt ($8M)
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.95 | 8.95 | 12.14 | 17.13 | 20.49 | 15.47 | 3.90 | 11.56 | 4.80 | 3.25 | 1.16 |
| Quick Ratio | 8.74 | 8.74 | 12.13 | 17.10 | 20.47 | 15.47 | 3.90 | 11.56 | 4.78 | 3.23 | 1.12 |
| Cash Ratio | 8.26 | 8.26 | 11.51 | 16.33 | 20.15 | 14.61 | 3.80 | 11.34 | 4.21 | 2.83 | 0.92 |
| Asset Turnover | — | 0.08 | 0.01 | — | — | — | — | — | 0.11 | 0.01 | 0.01 |
| Inventory Turnover | 1.88 | 1.88 | 3.55 | 9.93 | 6.78 | — | — | — | 9.83 | 3.30 | 0.36 |
| Days Sales Outstanding | — | 83.13 | 169.98 | — | — | — | — | — | 40.45 | 65.26 | 395.88 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.6% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.6% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $331M | $322M | $315M | $288M | $61M | $348M | $348M | $1M | $1M | $1M |
Limited liquidity and commercialization
According to current market data, SES trades at a price-to-sales ratio of 13.83, a valuation that appears to heavily discount the company's pre-commercial status while simultaneously pricing in significant future success in scaling its proprietary lithium-metal battery technology to meet the demands of global automotive partners.
The absence of a meaningful P/E ratio or positive EBITDA underscores that current valuation is driven entirely by long-term growth expectations rather than fundamental earnings power. Investors should monitor whether this premium holds as the company transitions from prototype development to the capital-intensive B-sample testing phase.
Based on reported figures, SES has consistently generated negative ROIC, with recent quarterly data showing a return of -7.5% in 2026Q1, which highlights the structural challenge of compounding capital while the firm remains in a pre-revenue, research-heavy phase of its lithium-metal battery development cycle.
The persistent negative returns on invested capital suggest that the company is currently destroying value as it burns through cash to fund pilot production. Until the firm can demonstrate a clear path to commercial-scale manufacturing, these returns are unlikely to improve, as the cost of R&D continues to outpace any milestone-based revenue.
As reported in financial statements, SES's cash conversion cycle has fluctuated wildly, reaching 91 days in 2026Q1, a trend that reflects the unpredictable timing of milestone-driven revenue recognition and the inherent complexities of managing inventory for specialized, prototype-stage battery cell production across multiple global facilities.
The erratic nature of the CCC suggests that the company lacks the operational maturity of a standard industrial manufacturer. Investors should interpret these efficiency metrics with caution, as they are likely driven by the lumpy nature of JDA payments rather than sustainable improvements in supply chain or inventory management.
Based on the latest quarterly data, SES maintains a current ratio of 6.86, which appears superficially strong but masks a rapidly depleting cash position that has fallen significantly over the last ten quarters, leaving the firm with limited runway to fund its ongoing pilot production and research activities.
While the high current ratio suggests an ability to cover short-term obligations, the underlying cash burn rate warrants close scrutiny. The company's reliance on external financing to sustain operations implies that liquidity could become a critical constraint if development milestones are delayed or if OEM partners reduce their commitment.
As indicated by historical filings, the gross margin of 53.84% is frequently misapplied by market participants as a proxy for manufacturing profitability, whereas it actually represents an accounting artifact of milestone-based revenue recognition against low-volume prototype costs rather than a sustainable indicator of future commercial-scale unit economics.
Analysts should prioritize monitoring the cash burn rate and R&D efficiency over gross margins, as the latter is highly susceptible to the timing of JDA payments. Relying on these margins to forecast future profitability may lead to an overestimation of the company's ability to achieve scale without significant margin compression.
Includes 30+ ratios · 18 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SES stock.
SES AI Corporation's current P/E ratio is -4.1x. This places it at the 50th percentile of its historical range.
SES AI Corporation's return on equity (ROE) is -29.6%. The historical average is -19.0%.
Based on historical data, SES AI Corporation is trading at a P/E of -4.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
SES AI Corporation has 53.8% gross margin and -393.4% operating margin.