Latest Ratios: P/E Ratio -3.9x · 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 | $445M | $786M | $339M | $258M | $443M | $1.5B | — | — |
| Enterprise Value | $406M | $747M | $323M | $233M | $403M | $951M | — | — |
| P/E Ratio → | -3.88 | — | — | — | — | 115.76 | — | — |
| P/S Ratio | 20.48 | 36.14 | 16.84 | 14.83 | 37.57 | 539.99 | — | — |
| P/B Ratio | 0.88 | 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 | — | — | — | — | — | 51.52 | — | — |
| 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 | -3735.72 | -3735.72 | -2071.30 | -779.35 | -231.90 | 46.86 | -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 | 0.8% | 0.5% | 2.7% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.8% | 0.5% | 2.7% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $185M | $179M | $178M | $174M | $168M | $70M | $168M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SLDP stock.
Solid Power, Inc.'s current P/E ratio is -3.9x. 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 -3.9x. Compare with industry peers and growth rates for a complete picture.
Solid Power, Inc. has 5.0% gross margin and -463.7% operating margin.
Key Metrics
Top Statement Risk
Negative revenue and gross margins
Metrics are mathematically derived from official filings.
Negative Margins Amidst Revenue Collapse
Solid Power's gross margin has swung from a positive 27.9% in 2024Q1 to a negative 97.4% in 2026Q1, indicating that the cost of goods sold now vastly exceeds any revenue generated, a severe deterioration in core unit economics.
The company's operating margin has remained deeply negative, hovering around -5% to -8% for most quarters, but the recent swing to a positive 29.8% in 2026Q2 appears anomalous and likely reflects non-operating items or accounting adjustments rather than a sustainable improvement in earning power. The persistent negative net margin, averaging approximately -4.5% over the last ten quarters, confirms that the business is not generating profit from its operations, with R&D spending consistently dwarfing any revenue.
Consistently Negative Returns on Invested Capital
Solid Power's ROIC has been negative in every quarter, ranging from -4.1% to -5.5%, indicating that the company is destroying value on the capital invested in its business rather than generating a return.
The negative ROIC trend is driven by the combination of negative operating margins and a substantial asset base that is not generating revenue. With an asset turnover ratio near zero (0.01), the company's capital is extremely inefficient, suggesting that the significant investment in its technology and facilities has not yet translated into commercial productivity. This pattern is consistent with a pre-commercialization phase but raises serious questions about the eventual return potential.
Near-Zero Asset Turnover and Volatile Receivables
Solid Power's asset turnover ratio has been consistently near 0.01, meaning the company generates only about one cent of revenue for every dollar of assets, a clear sign of extreme capital inefficiency.
The company's Days Sales Outstanding (DSO) has been highly volatile, swinging from 27 days to over 700 days, which suggests inconsistent collection practices or irregular revenue recognition patterns that make working capital management unpredictable. The absence of inventory data (DIO) prevents a full cash conversion cycle analysis, but the erratic DSO and the company's negative revenue trend indicate that traditional efficiency metrics are not meaningful for evaluating its current operational model.
Minimal Leverage but Negative Interest Coverage
Solid Power maintains a very low debt-to-equity ratio of 0.02, but its interest coverage ratio is deeply negative, ranging from -443 to -6856, indicating that operating losses are far too large to cover any interest expense.
The minimal leverage suggests the company has avoided taking on significant debt, which is prudent given its operational profile. However, the severely negative interest coverage ratio is not a function of high debt but rather of the company's persistent operating losses. This implies that any future debt financing would be highly risky and expensive, as the current earnings power is insufficient to service even minimal interest obligations.
High Current Ratio Masking Cash Burn
Solid Power's current ratio of 14.61 in 2026Q2 appears exceptionally strong, but it is driven by a large cash position that is being actively depleted to fund ongoing operational losses.
The quick ratio is identical to the current ratio, indicating no inventory dependence, which is typical for a pre-revenue technology company. However, the cash balance has declined significantly from its peak, and with a negative free cash flow margin of 14.4% in the most recent quarter, the liquidity buffer is shrinking. Investors should monitor the cash burn rate relative to the remaining balance to assess the company's runway without additional financing.
The Misleading Strength of the Current Ratio
The current ratio of 14.61 is the most commonly misapplied ratio for Solid Power, as it suggests extreme liquidity while obscuring the reality of a cash-burning business with negative revenue and no clear path to profitability.
For a pre-commercialization industrial company like Solid Power, the current ratio is misleading because it treats all current assets as equally liquid and ignores the rate at which cash is being consumed. A more appropriate metric would be the cash runway, calculated by dividing the remaining cash balance by the average quarterly cash burn, which provides a clearer picture of how long the company can fund its operations before requiring external capital.