Latest Ratios: P/E Ratio -5.1x · EV/EBITDA N/A · ROE -22.6%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $569323 | $786M | $339M | $258M | $443M | $1.5B | — | — |
| Enterprise Value | $-38460677 | $747M | $323M | $233M | $403M | $951M | — | — |
| P/E Ratio → | -5.14 | — | — | — | — | 115.76 | — | — |
| P/S Ratio | 0.03 | 36.14 | 16.84 | 14.83 | 37.57 | 539.99 | — | — |
| P/B Ratio | 1.16 | 1.89 | 0.83 | 0.51 | 0.80 | 2.62 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 34.34 | 16.04 | 13.39 | 34.17 | 350.72 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 5.0% | 5.0% | -0.7% | -59.3% | 18.6% | -13.3% | 20.6% | 20.0% |
| Operating Margin | -463.7% | -463.7% | -523.0% | -520.5% | -501.5% | -978.8% | -551.3% | -406.3% |
| Net Profit Margin | -429.5% | -429.5% | -479.3% | -376.5% | -81.1% | 667.1% | -683.5% | -404.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -22.6% | -22.6% | -21.1% | -12.4% | -1.7% | 6.4% | -171.4% | -71.4% |
| ROA | -20.6% | -20.6% | -19.7% | -11.6% | -1.6% | 5.7% | -82.0% | -44.2% |
| ROIC | -19.6% | -19.6% | -18.1% | -13.7% | -15.8% | -78.7% | -125.0% | -79.9% |
| ROCE | -23.2% | -23.2% | -22.3% | -16.6% | -10.0% | -8.5% | -73.6% | -48.3% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.00 | 1.64 | 0.50 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.09 | -0.04 | -0.05 | -0.07 | -0.92 | 0.35 | -0.33 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -3738.32 | -3738.32 | -2289.85 | -1078.81 | -1407.60 | -67.38 | -32.11 | -140.32 |
Net cash position: cash ($47M) 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 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.92 | 15.92 | 6.27 | 11.53 | 15.81 | 71.05 | 2.97 | 6.62 |
| Quick Ratio | 15.92 | 15.92 | 6.27 | 11.53 | 15.81 | 71.05 | 2.97 | 6.62 |
| Cash Ratio | 14.96 | 14.96 | 5.92 | 11.09 | 15.58 | 70.44 | 2.70 | 6.31 |
| Asset Turnover | — | 0.05 | 0.04 | 0.03 | 0.02 | 0.00 | 0.15 | 0.11 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 36.17 | 25.25 | 32.56 | 56.97 | 111.57 | 48.08 | 43.65 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 0.9% | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 100.0% | 0.5% | 2.7% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 100.0% | 0.5% | 2.7% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $185M | $179M | $178M | $174M | $168M | $70M | $168M |
Liquidity and commercialization timeline
As reported in financial statements, SLDP trades at a price-to-book ratio of 1.15, which suggests that the market is currently valuing the company primarily on its tangible asset base rather than assigning significant premium for its proprietary sulfide-based electrolyte technology or future commercialization prospects.
The negative P/E ratio of -5.08 underscores the company's pre-revenue status and the absence of earnings to support traditional valuation metrics. Investors should monitor whether this valuation floor holds as the company approaches critical technical milestones, as any failure to convert R&D into commercial contracts may lead to further multiple compression.
Based on the company's reported figures, ROIC has remained consistently negative, hovering around -4.5% to -5.5% over the last ten quarters, which indicates that the firm is currently destroying value as it consumes capital to fund pilot-scale production and electrochemical research.
The persistent negative returns on capital are a structural byproduct of the company's current phase, where heavy R&D spending is not yet offset by high-margin material sales. This trend suggests that until the company achieves a transition to continuous-flow manufacturing, capital efficiency will likely remain a secondary concern to technical survival.
According to quarterly data, the company's asset turnover ratio remains extremely low at 0.01, reflecting the significant disconnect between the firm's substantial investment in specialized pilot-scale equipment and the limited revenue generated from its current collaborative research and development services.
The high variability in DSO, which has fluctuated between 27 and 146 days, suggests that revenue recognition is highly sensitive to the timing of milestone payments from automotive partners. This lack of operational rhythm complicates the assessment of working capital efficiency and highlights the company's reliance on partner-driven cash inflows.
As indicated by recent SEC filings, the current ratio has experienced significant volatility, dropping from 23.90 in 2025Q1 to 16.11 in 2026Q1, which, while appearing high, masks the underlying reality of a rapidly depleting cash position relative to the company's ongoing operating burn.
While the high current ratio suggests a lack of immediate short-term debt obligations, the absolute cash balance of $47.3 million provides a limited runway given the quarterly operating losses. Investors should monitor the company's ability to secure non-dilutive funding, as the current liquidity position may prove insufficient to bridge the gap to commercial-scale production.
The most commonly misapplied metric for SLDP is the price-to-sales ratio, which obscures the company's true business model by treating milestone-based R&D payments as recurring revenue rather than the project-based, non-recurring inflows that they actually represent in the current development phase.
Analysts should instead focus on the cash burn rate relative to technical milestone achievement, as revenue multiples fail to capture the underlying risk of the technology's commercial viability. Using P/S ratios for a pre-commercial firm like SLDP may lead to an overestimation of growth stability and an underestimation of the capital required to reach industrial-scale production.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying SLDP stock.
Solid Power, Inc.'s current P/E ratio is -5.1x. The historical average is 115.8x.
Solid Power, Inc.'s return on equity (ROE) is -22.6%. The historical average is -42.0%.
Based on historical data, Solid Power, Inc. is trading at a P/E of -5.1x. Compare with industry peers and growth rates for a complete picture.
Solid Power, Inc. has 5.0% gross margin and -463.7% operating margin.