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Friday 6 November 2026
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SES AI Corporation
SES Consumer Cyclical Auto Parts
SES AI Corporation’s revenue for fiscal 2025 (year ended December 2025) was $21.0 million, up 929.4% from fiscal 2024.
- Revenue
- +43.8%
- EPS
- +28.6%
- Free cash flow
- −24.6%
Quarter to June 2026, against a year earlier
0.68
0.10
−12.82%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | — | 2 | 21 | 23 | +929.4% | 32 | 76 | 94 | +64.8% | |
| Gross margin, % | — | — | — | — | — | 0.00 | 0.00 | — | 63.14 | 53.84 | 27.75 | +53.8 pt | ||||||
| EBT | — | — | — | — | (14) | (31) | (50) | (54) | (100) | (73) | (68) | +39.3% | ||||||
| EBT margin, % | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | (4,901.81) | (346.71) | (289.20) | (346.7) pt | ||||||
| Net income | — | 0 | — | — | (14) | (31) | (51) | (53) | (100) | (73) | (68) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.06 | 0.07 | n/m | |||||
| Earnings | — | — | — | — | (0.23) | (0.51) | (0.17) | (0.17) | (0.31) | (0.22) | (0.20) | (0.8%) | ||||||
| Cash flow | — | — | — | — | (0.18) | (0.49) | (0.16) | (0.18) | (0.21) | (0.18) | (0.17) | (0.5%) | ||||||
| Capex | — | — | — | — | (0.02) | (0.15) | (0.05) | (0.05) | (0.04) | (0.01) | (0.01) | (11.9%) | ||||||
| Free cash flow | — | — | — | — | (0.20) | (0.64) | (0.21) | (0.23) | (0.24) | (0.18) | (0.18) | (1.3%) | ||||||
| Book value | — | — | — | — | 0.00 | (1.45) | 1.36 | 1.14 | 0.86 | 0.65 | 0.56 | n/m | ||||||
| Shares, m | — | — | — | — | 61 | 61 | 288 | 315 | 322 | 331 | 333 | +40.3% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | — | — | 0.00 | 28.36 | 9.75 | 14.2 | ||||||
| P/B | — | — | — | — | — | — | — | — | 2.53 | 2.77 | 1.22 | 2.7 | ||||||
| EV/Sales | — | — | — | — | — | — | — | — | 0.00 | 18.91 | 2.85 | 9.5 | ||||||
| EV/FCF | — | — | — | — | — | — | — | — | (5.66) | (6.49) | (1.10) | (6.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | (11) | (30) | (46) | (56) | (66) | (58) | (58) | +39.6% | |||||
| Capex | — | — | — | — | (1) | (9) | (15) | (16) | (12) | (3) | (2) | +23.8% | ||||||
| Free cash flow | — | — | — | — | (12) | (39) | (61) | (72) | (78) | (61) | (60) | +38.6% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | 0 | 159 | 377 | 328 | 254 | 192 | 157 | n/m | |||||
| Net debt | — | — | — | — | 0 | (160) | (390) | (332) | (263) | (200) | (163) | +315.5% | ||||||
| Shareholders’ equity | — | — | — | — | 0 | (88) | 392 | 359 | 278 | 215 | 187 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | (4,836.84) | (32.23) | (16.09) | (12.61) | (27.20) | (24.25) | (25.81) | +4,812.6 pt | |||||
| ROIC | — | — | — | — | 0.00 | 0.00 | (3,415.74) | (184.31) | (433.08) | (341.43) | (190.64) | (341.4) pt | ||||||
| ROE | — | — | — | — | (11.83) | 70.77 | (33.63) | (14.23) | (31.44) | (29.63) | (31.15) | (17.8) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 3 | 126 | 200 | 300 | 250 | 215 | — | +135.0% | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.10 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026
SES AI Corporation vs peers in Auto Parts (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| MNRO Monro Muffler Brake, Inc. | $354.3M | — (loss-making) | 79.7× | −1.83% (below 0%: shrinking) | n/m | −1.25% (below 0%: shrinking) | 35.24% | 0.91% | Compare |
| CPS Cooper-Standard Holdings Inc. | $317.2M | — (loss-making) | 13.9× | +1.88% (above 0%: growing) | n/m | −139.18% (below 0%: shrinking) | 10.98% | 1.47% | Compare |
| ECX ECARX Holdings, Inc. | $285.3M | — (loss-making) | — (loss-making) | +44.73% (above 0%: growing) | n/m | +46.10% (above 0%: growing) | 19.76% | (2.75%) | Compare |
| HLLY Holley Inc. | $257.1M | 13.3× | 11.8× | +2.30% (above 0%: growing) | n/m | +633.75% (above 0%: growing) | 43.97% | 13.82% | Compare |
| STRT Strattec Security Corporation | $243.5M | 14.4× | 14.7× | −3.41% (below 0%: shrinking) | −41.90% (below 0%: shrinking) | −2.22% (below 0%: shrinking) | 16.52% | 4.36% | Compare |
| SES SES AI Corporation | $241.3M | — (loss-making) | — (loss-making) | +43.80% (above 0%: growing) | n/m | −24.58% (below 0%: shrinking) | 22.61% | (378.47%) | |
| MVST Microvast Holdings, Inc. | $221.6M | 3.4× | — (loss-making) | −4.46% (below 0%: shrinking) | n/m | −132.01% (below 0%: shrinking) | 29.54% | (1.97%) | Compare |
| MPAA Motorcar Parts of America, Inc. | $192.3M | — (loss-making) | 13.7× | −10.80% (below 0%: shrinking) | n/m | −277.97% (below 0%: shrinking) | 16.17% | 2.10% | Compare |
| SRI Stoneridge, Inc. | $136.3M | — (loss-making) | — (loss-making) | −20.43% (below 0%: shrinking) | n/m | +3.35% (above 0%: growing) | 20.31% | (0.65%) | Compare |
| Median of peers | $250.3M | 13.3× | 13.9× | −2.62% | — | −1.73% | 20.04% | 1.19% |
Pay and ownership Proxy statement filed 9 September 2025
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2024 | 4.10m | 9.44m | 22.00 |
| 2023 | 3.53m | 2.93m | 18.00 |
| 2022 | 8.90m | 4.50m | 44.00 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement