Solid Power, Inc. (SLDP) 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

-209.4%

-$2.16

vs $1.97 price

Levered DCF

-$8.05

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

9.76

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
P/E	-8.33×	-3.5×	-3.92×	-46.35×	115.76×	-47.62×	-181.82×
P/B	1.89×	0.83×	0.51×	0.8×	2.62×	180.49×	129.89×
P/S	36.14×	16.84×	14.83×	37.57×	539.99×	332.31×	736.26×
EV / EBITDA	-10.49×	-4.15×	-4.42×	-105.48×	45.68×	-73.51×	-242.55×
Gross margin	5.0%	-0.7%	-59.3%	18.6%	-13.3%	20.6%	20.0%
Operating margin	-463.7%	-523.0%	-520.5%	-501.5%	-978.8%	-551.3%	-406.3%
Net margin	-429.5%	-479.3%	-376.5%	-81.1%	667.1%	-683.5%	-404.6%
Current ratio	15.92×	6.27×	11.53×	15.81×	71.05×	2.97×	6.62×
Debt / equity	0.02×	0.02×	0.02×	0.02×	0×	1.64×	0.5×
Interest coverage	-4,033.28×	-2,289.85×	-1,078.81×	-1,407.6×	-67.38×	-32.11×	-155.76×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-22.4%	-23.5%	-13.0%	-1.7%	3.2%	-371.3%	-71.4%
Return on invested capital	-23.0%	-24.5%	-17.5%	-10.1%	-4.4%	-85.3%	-46.6%
Return on assets	-20.5%	-21.5%	-12.3%	-1.6%	2.9%	-101.2%	-44.2%
Free cash flow yield	-10.6%	-23.7%	-36.2%	-20.9%	-2.6%	-1.6%	-0.7%
Earnings yield	-11.9%	-28.5%	-25.4%	-2.2%	1.2%	-2.1%	-0.5%
Enterprise value	$772.2M	$323.1M	$233.1M	$402.8M	$951.1M	$700.2M	$1.7B
Net debt / EBITDA	0.19×	0.21×	0.47×	10.49×	-24.65×	-0.14×	0.61×
Cash conversion cycle (days)	11	-121	-52	-374	-402	4	-8