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SES AI SES Return on invested capital

Return on invested capital at other companies

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QuantumScape Corporation QS
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-23.5%-0.8pp
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-38.3%-14.5pp
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Amprius TechnologiesAMPX
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Microvast Holdings, Inc.MVST
7.1%+4.0pp
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American Battery Technology CompanyABAT
-85.7%+21.8pp

Other financials

Income statement

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Revenue$6.7M+15.8%
Gross profit$1.2M-73.3%
Operating income-$17.9M+23.2%
Net income-$12.1M+2.7%
EPS (diluted)-$0.040.0%

Balance sheet

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Cash & equivalents$46.9M-16.3%
Total debt$7.7M-18.9%
Total equity$203.2M-24.7%
Total assets$253.5M-17.1%

Cash flow

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Operating cash flow-$19.8M+13.3%
CapEx$330.0K-64.0%
Free cash flow-$20.1M+15.2%

Valuation

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Market cap$325.08M+5.5%
Enterprise value$285.86M+9.3%
P/S14.8×-27.2×

Profitability

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Gross margin36.3%-39.1pp
Operating margin-352.3%-153pp
Net margin-331.7%-142pp
FCF margin-262.8%-115pp

Returns & leverage

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Return on equity-30.7%-0.7pp
Debt / equity0.0×
Current ratio6.9×-8.8×

Where this comes from

Calculated from SES AI’s reported figures.

Based on trailing twelve months.

The official record: SES AI’s 10-Q, filed April 24, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is SES AI's return on invested capital?
SES AI (SES) reported return on invested capital of -39.9% in Q1 2026.
How has SES AI's return on invested capital changed year-over-year?
SES AI's return on invested capital increased by 18.8% year-over-year, from -49.1% to -39.9%.
What is the long-term trend for SES AI's return on invested capital?
Over 2 years (2023 to 2025), SES AI's return on invested capital has grown at a 32.0% compound annual growth rate (CAGR), from -26.8% to -46.6%.
What does return on invested capital mean?
Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.