QuantumScape Corporation (QS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-93.5%

$0.26

vs $4.02 price

Levered DCF

$0.28

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

6.66

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-13.71×	-5.52×	-7.24×	-5.97×	-184.92×	-12.66×	-47.14×	-2.49×
P/B	5.13×	2.28×	2.4×	1.86×	5.58×	60.53×	15.96×	0.57×
P/S	0×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-16.31×	-6.32×	-8.07×	-6.23×	-292.28×	-12.82×	-52.05×	-2.43×
Gross margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	15.95×	14.21×	18.98×	22.91×	47.81×	81.71×	18.16×	35.37×
Debt / equity	0.06×	0.08×	0.08×	0.08×	0.05×	0.04×	0.09×	0.05×
Interest coverage	-231.78×	-230.15×	-192.47×	-175.33×	-151.7×	-3.9×	-593.81×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-37.2%	-41.3%	-33.3%	-31.3%	-2.9%	-478.1%	-34.5%	-22.9%
Return on invested capital	-37.7%	-40.4%	-31.5%	-29.3%	-12.8%	-7.7%	-33.6%	-22.1%
Return on assets	-33.3%	-36.1%	-29.6%	-27.9%	-2.7%	-157.7%	-29.7%	-20.9%
Free cash flow yield	-4.6%	-12.8%	-10.1%	-15.4%	-2.8%	-0.4%	-2.2%	-39.2%
Earnings yield	-7.2%	-18.1%	-13.9%	-16.8%	-0.5%	-7.9%	-2.2%	-40.1%
Enterprise value	$5.8B	$2.6B	$3.2B	$2.3B	$8.7B	$21.2B	$2.4B	$89.3M
Net debt / EBITDA	0.45×	0.12×	0.11×	0.35×	8.15×	0.06×	0.2×	0.56×
Cash conversion cycle (days)	-59	-41	-113	-216	-352	-243	-154	0