Company Valuation: ESS Tech, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027
Market Cap 1 1,794 372.4 197.2 69.87 36.88 6.169 -
Change - -79.24% -47.04% -64.57% -47.22% -83.27% -
Enterprise Value (EV) 1 1,794 338 177.1 55.62 38.93 27.17 49.17
Change - -81.16% -47.62% -68.59% -30.01% -30.21% 80.97%
P/E -2x -4.76x -2.37x -0.8x -0.43x -0.11x -0.27x
PBR 8.48x 2.73x 1.92x - - - -
PEG - 0.1x 0.4x -0.48x 0x 0x 0x
Capitalization / Revenue - 417x 26.2x 11.1x 23.3x 15.4x 0.14x
EV / Revenue - 378x 23.5x 8.84x 24.6x 67.8x 1.11x
EV / EBITDA -29.7x -3.67x -2.58x -0.78x -0.88x -0.65x -2.08x
EV / EBIT -29.5x -3.2x -2.06x -0.62x -0.68x -0.51x -1.28x
EV / FCF -32.8x -3.53x -2.92x -0.7x -0.73x -0.61x -1.19x
FCF Yield -3.04% -28.3% -34.3% -143% -138% -164% -83.9%
Dividend per Share 2 - - - - - - -
Rate of return - - - - - - -
EPS 2 -85.95 -7.65 -7.2 -7.32 -4.34 -1.42 -0.57
Distribution rate - - - - - - -
Net sales 1 - 0.894 7.54 6.295 1.583 0.401 44.3
EBITDA 1 -60.32 -92.1 -68.76 -71.33 -44.28 -41.8 -23.6
EBIT 1 -60.9 -105.5 -85.9 -89.8 -57.41 -52.87 -38.52
Net income 1 -477.4 -77.97 -77.58 -86.22 -63.44 -56.36 -48.91
Net Debt 1 - -34.38 -20.16 -14.25 2.052 21 43
Reference price 2 171.6000 36.4500 17.1000 5.8800 1.8800 0.1567 0.1567
Nbr of stocks (in thousands) 10,454 10,217 11,534 11,883 19,617 39,370 -
Announcement Date 2/24/22 A 3/1/23 A 3/13/24 A 3/31/25 A 3/5/26 A - -
1USD in Million2USD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-0.11x67.75x-0.65x - 6.17M
25.49x3.02x16.47x2.03% 239B
14.05x1.73x7.84x3.64% 203B
31.8x4.07x18.77x1.53% 192B
38.81x5.73x24.05x1.01% 169B
46x6.17x27.61x1.08% 154B
30.69x4.41x21.61x0.88% 102B
93.76x11.62x66.36x0.33% 96.97B
41.74x6.86x27.54x0.1% 97.09B
32.65x4.05x21.73x1.03% 94.64B
Average 35.49x 11.54x 23.13x 1.29% 134.77B
Weighted average by Cap. 35.65x 4.75x 22.86x 1.55%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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