Latest Ratios: P/E Ratio -0.2x · EV/EBITDA N/A · ROE -338.3%. (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 | $12M | $27M | $1.0B | $2.7B | $5.6B | $14.3B | $594M | — |
| Enterprise Value | $2M | $17M | $1.0B | $2.7B | $5.5B | $14.1B | $594M | — |
| P/E Ratio → | -0.23 | — | — | — | — | — | — | — |
| P/S Ratio | 7.84 | 17.34 | 164.96 | 362.77 | 6224.88 | — | — | — |
| P/B Ratio | 1.67 | 3.19 | 35.95 | 26.46 | 40.63 | 69.64 | — | — |
| 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 | — | 10.62 | 163.11 | 360.43 | 6192.56 | — | — | — |
| 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 | -2110.7% | -2110.7% | -720.5% | -171.8% | 100.0% | — | — | — |
| Operating Margin | -3518.6% | -3518.6% | -1426.5% | -1139.3% | -11800.0% | — | — | — |
| Net Profit Margin | -4007.6% | -4007.6% | -1369.7% | -1028.9% | -8721.4% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -338.3% | -338.3% | -130.4% | -64.6% | -45.6% | -468.9% | -436.6% | -74.1% |
| ROA | -103.2% | -103.2% | -80.2% | -49.0% | -36.8% | -368.1% | -201.7% | -54.6% |
| ROIC | -548.9% | -548.9% | -130.8% | -66.5% | -202.7% | — | — | — |
| ROCE | -158.9% | -158.9% | -107.1% | -63.9% | -55.2% | -51.1% | -184.2% | -54.2% |
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 | 0.45 | 0.45 | 0.06 | 0.02 | 0.04 | 0.02 | — | 0.05 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.23 | -0.40 | -0.17 | -0.21 | -1.15 | — | -1.12 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -10.21 | -10.21 | — | — | — | -251.98 | -229.45 | — |
Net cash position: cash ($14M) exceeds total debt ($4M)
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 | 1.04 | 1.04 | 1.57 | 5.97 | 5.42 | 18.02 | 0.82 | 6.56 |
| Quick Ratio | 1.03 | 1.03 | 1.37 | 5.80 | 5.37 | 18.02 | 0.82 | 6.56 |
| Cash Ratio | 0.87 | 0.87 | 1.14 | 5.47 | 4.99 | 17.54 | 0.58 | 6.33 |
| Asset Turnover | — | 0.03 | 0.09 | 0.05 | 0.01 | — | — | — |
| Inventory Turnover | 249.96 | 249.96 | 9.16 | 6.09 | — | — | — | — |
| Days Sales Outstanding | — | 333.87 | 140.14 | 108.58 | 2021.79 | — | — | — |
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 | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.4% | 0.2% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.4% | 0.2% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $15M | $177M | $160M | $153M | $83M | $4M | $7M |
Critical liquidity and dilution
Based on reported figures, GWH trades at a 6.76x price-to-sales multiple, a valuation that appears disconnected from the company's contracting revenue base and suggests investors are pricing in a speculative recovery rather than the current reality of deep-seated manufacturing and commercialization hurdles.
The lack of a meaningful forward P/E or EV/EBITDA multiple highlights the absence of a clear path to profitability, forcing the market to rely on revenue-based metrics that may be misleading given the volatility of project-based milestones. This valuation warrants caution, as it implies a growth premium that the company's current operational trajectory fails to justify.
As reported in financial statements, GWH's ROIC has consistently languished in negative territory, reaching -122.7% in 2025Q1, which indicates that the company is currently destroying shareholder value with every dollar of capital deployed into its specialized iron-flow manufacturing infrastructure.
The inability to generate positive returns on invested capital suggests that the company's core technology has yet to achieve the necessary scale to overcome its high fixed-cost base. Investors should monitor whether future capital allocation shifts toward licensing or if the current manufacturing-heavy model continues to erode the remaining equity base.
According to recent quarterly data, GWH's cash conversion cycle has exhibited extreme volatility, peaking at 496 days in 2026Q1, which reveals significant friction in converting inventory into cash and suggests that the company lacks the leverage to manage its supplier and customer payment terms effectively.
The erratic nature of the CCC, driven by massive swings in days sales outstanding, implies that the company's revenue recognition is highly sensitive to project delays. This inefficiency appears to be a structural byproduct of an early-stage business model that lacks the recurring revenue streams necessary to stabilize working capital requirements.
Based on the latest quarterly filings, GWH's current ratio has compressed to 1.08, a significant decline from the 5.97 observed in 2023Q4, indicating that the company's ability to meet short-term obligations is rapidly diminishing as cash reserves are exhausted to fund ongoing operations.
The rapid depletion of the liquidity buffer suggests that the company may face a near-term financing event, which could be highly dilutive to existing shareholders. The current ratio provides a narrow margin of safety, leaving little room for error should the company encounter further technical or supply chain disruptions.
The price-to-sales ratio is frequently misapplied to GWH, as it obscures the company's underlying negative gross margins and the non-recurring nature of its project-based revenue, which fails to capture the true economic reality of a business that is currently burning cash to produce each unit.
Investors should instead focus on the 'Manufacturing Stack Throughput' and 'Gross Margin per Unit' to assess the company's progress toward commercial viability. Relying on P/S multiples in this context may lead to an overestimation of the company's value, as it ignores the massive cost of goods sold that currently dwarfs the top-line revenue.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying GWH stock.
ESS Tech, Inc.'s current P/E ratio is -0.2x. This places it at the 50th percentile of its historical range.
ESS Tech, Inc.'s return on equity (ROE) is -338.3%. The historical average is -222.6%.
Based on historical data, ESS Tech, Inc. is trading at a P/E of -0.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ESS Tech, Inc. has -2110.7% gross margin and -3518.6% operating margin.