SES Consumer Cyclical

SES AI Corporation

$0.76-2.06%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Consumer Cyclical
Industry: Auto Parts
Country: United States
Market cap: 282.9M USD
Enterprise value: 127.1M USD
Full-time employees: 215

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.00 vs a peer median of 0.63)bigger price swings (beta 1.00 vs peers 0.63)

Ranks #867 of 1,502 consumer cyclical companies (bottom 43%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 52% of revenue in 2025.
SES AI paid employees $11M in stock in 2025, 52% of its $21M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss, from a small base ($23M of revenue over 12 months).
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -313%).
Little borrowing. Debt is 0.04× equity vs a peer median of 0.5×.Debt is 0.04× equity vs peers 0.5×.
SES AI has among the least debt in its peer group relative to shareholders' equity.

StockQuotient Score

48/ 100

Oct 5 48 → Nov 4 48

Valuation

Is the price right?

6/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-26.3%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.34Sector median: 0.0439 · MAD: 0.0329

EBITDA yield-49.4%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.90Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield-23.6%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.13Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield73.0%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

91/100

Strong

2/3 inputs reported · Partial data

Since last quarter: ▲ Stronger

12-month revenue up 7.0%

Why

Stronger than most peers on:

▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.33Sector median: 0.0420 · MAD: 0.2537

3-year revenue growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0425 · MAD: 0.0636

Revenue growth929.4%

Yahoo Finance fallback · SEC figure unavailable or out of date · fiscal year to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.60Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

0/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-312.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.25Sector median: 0.0638 · MAD: 0.0461

Return on assets-28.6%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.27Sector median: 0.0331 · MAD: 0.0254

Return on invested capital-47.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.50Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin27.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity-36.1%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.00

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.23Sector median: 0.6345 · MAD: 0.2980

Current ratio6.52×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 6.28Sector median: 1.4800 · MAD: 0.5570

Debt / equity0.04×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 1.20Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about SES AI

Is SES AI getting weaker?: Its latest SEC filing (Oct 16, 2026) showed no major changes. Its overall score is unchanged at 48/100 since Oct 28, 2026.
How is SES AI valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 6/100 against 1,612 consumer cyclical peers. Earnings yield -26.3% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -26.3% vs peers 4.4% (weaker than 100% of peers).
Is SES AI growing?: Yes, faster than most of its peers. Growth scores 91/100 against 1,612 consumer cyclical peers. Revenue growth 929.4% vs a peer median of 3.7% (stronger than 95% of peers).Revenue growth 929.4% vs peers 3.7% (stronger than 95% of peers).
How profitable is SES AI?: Less profitable than most of its peers. Profitability scores 0/100 against 1,612 consumer cyclical peers. Operating margin -312.8% vs a peer median of 6.4% (weaker than 100% of peers).Operating margin -312.8% vs peers 6.4% (weaker than 100% of peers).
How risky is SES AI?: Lower risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 6.52× vs a peer median of 1.48× (stronger than 95% of peers).Current ratio 6.52× vs peers 1.48× (stronger than 95% of peers). Beta 1.00 vs a peer median of 0.63 (weaker than 74% of peers).Beta 1.00 vs peers 0.63 (weaker than 74% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Oct 16, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: SES AI is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	21.9M USD	23.5M USD	+7.0%
Net income (12 months)	−72.7M USD	−67.5M USD	−7.2%
Operating margin	-352.3%	-312.8%	+39.4 pts
Free cash flow (12 months)	−57.6M USD	−60.5M USD	+5.0%
Cash	46.9M USD	64.1M USD	+36.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Auto Parts · 21 companies

Valuations in Auto Parts are within their usual range since 2016.

53% of months since 2016 were valued lower than now.
12% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is −62% vs the whole market, against a usual −53%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	—	—	—	63.1%	53.8%	▼ 9.3 pts
Operating margin	—	—	—	-5355.3%	-393.4%	▲ >999 pts
Net margin	—	—	—	-4911.0%	-347.8%	▲ >999 pts
Return on assets (ROA)	-16.2%	-11.6%	-13.1%	-30.4%	-26.8%	▲ 3.6 pts
Return on equity (ROE)	—	-13.0%	-14.9%	-36.0%	-34.0%	▲ 2.0 pts
Free cash flow margin	—	—	—	-3837.8%	-291.5%	▲ >999 pts
Current ratio	15.47×	20.49×	17.13×	12.14×	8.95×	▼ 26%
Quick ratio	—	20.47×	17.10×	12.13×	8.74×	▼ 28%
Debt to equity	—	—	—	—	0.00×	—

SES price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.00 vs a peer median of 0.63)bigger price swings (beta 1.00 vs peers 0.63)

Ranks #867 of 1,502 consumer cyclical companies (bottom 43%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 52% of revenue in 2025.

SES AI paid employees $11M in stock in 2025, 52% of its $21M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss, from a small base ($23M of revenue over 12 months).

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -313%).

Little borrowing. Debt is 0.04× equity vs a peer median of 0.5×.Debt is 0.04× equity vs peers 0.5×.

SES AI has among the least debt in its peer group relative to shareholders' equity.

Questions investors ask about SES AI

Is SES AI getting weaker?

Its latest SEC filing (Oct 16, 2026) showed no major changes. Its overall score is unchanged at 48/100 since Oct 28, 2026.

How is SES AI valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 6/100 against 1,612 consumer cyclical peers. Earnings yield -26.3% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -26.3% vs peers 4.4% (weaker than 100% of peers).

Is SES AI growing?

Yes, faster than most of its peers. Growth scores 91/100 against 1,612 consumer cyclical peers. Revenue growth 929.4% vs a peer median of 3.7% (stronger than 95% of peers).Revenue growth 929.4% vs peers 3.7% (stronger than 95% of peers).

How profitable is SES AI?

Less profitable than most of its peers. Profitability scores 0/100 against 1,612 consumer cyclical peers. Operating margin -312.8% vs a peer median of 6.4% (weaker than 100% of peers).Operating margin -312.8% vs peers 6.4% (weaker than 100% of peers).

How risky is SES AI?

Lower risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 6.52× vs a peer median of 1.48× (stronger than 95% of peers).Current ratio 6.52× vs peers 1.48× (stronger than 95% of peers). Beta 1.00 vs a peer median of 0.63 (weaker than 74% of peers).Beta 1.00 vs peers 0.63 (weaker than 74% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

21.9M USD

23.5M USD

+7.0%

Net income (12 months)

−72.7M USD

−67.5M USD

−7.2%

Operating margin

-352.3%

-312.8%

+39.4 pts

Free cash flow (12 months)

−57.6M USD

−60.5M USD

+5.0%

Cash

46.9M USD

64.1M USD

+36.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

63.1%

53.8%

▼ 9.3 pts

Operating margin

—

-5355.3%

-393.4%

▲ >999 pts

Net margin

—

-4911.0%

-347.8%

▲ >999 pts

Return on assets (ROA)

-16.2%

-11.6%

-13.1%

-30.4%

-26.8%

▲ 3.6 pts

Return on equity (ROE)

—

-13.0%

-14.9%

-36.0%

-34.0%

▲ 2.0 pts

Free cash flow margin

—

-3837.8%

-291.5%

▲ >999 pts

Current ratio

15.47×

20.49×

17.13×

12.14×

8.95×

▼ 26%

Quick ratio

—

20.47×

17.10×

12.13×

8.74×

▼ 28%

Debt to equity

—

0.00×

—