One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
ESS Tech Inc
GWH · NYQ · Industrials · Electrical Equipment & Parts
Current price
$0.16
52-week range
$0.05 - $13.87
Market cap
$6.31M
Balance sheet
Distressed
-30.44x Concerning
Net debt $6.61M. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
2 Risks
0 rewards · 2 risks
- Risk Return on equity was -21339.7% last year — the company lost money on shareholders' equity.
- Risk Operating margin compressed from -11800.0% to -20731.5% over 3 years.
What this company does
ESS Tech Inc
ESS Tech makes and sells iron flow batteries, which are like big batteries for businesses and power companies to store energy, mainly for storing electricity from solar or wind power. Their money comes from selling these battery systems, and this matters because reliable energy storage is becoming really important as we use more renewable energy sources.
How the company got here
ESS Tech, Inc. was founded in 2011 with a mission to accelerate the shift to renewable energy through safer, more sustainable energy storage solutions. Initially, the company focused on developing and manufacturing iron flow batteries, which use earth-abundant materials like iron, salt, and water. These batteries are designed for long-duration energy storage, meaning they can provide power for extended periods, helping to stabilize the electrical grid when renewable energy sources like solar and wind aren't consistently available. In May 2021, ESS Tech merged with a special purpose acquisition company (SPAC) and began trading on the New York Stock Exchange under the ticker symbol GWH, marking its transition to a publicly traded company.
What it actually does
ESS Tech designs and produces energy storage systems that help manage electricity supply and demand, particularly for renewable energy integration and grid stability. Unlike many competitors that use lithium-ion batteries, ESS focuses on non-lithium chemistries, emphasizing safety and sustainability. Their systems are built to provide reliable power for various applications, from supporting large industrial facilities to ensuring the stability of the electrical grid. The company aims to offer solutions that are environmentally friendly, cost-effective, and have a long operational life.
Iron Flow Batteries
ESS Tech's core technology has historically been its iron flow batteries. These batteries store energy in liquid electrolytes made from iron, salt, and water, which are readily available and non-flammable, reducing safety risks compared to some other battery types. Iron flow batteries are particularly well-suited for 'long-duration' energy storage, meaning they can discharge power for many hours (typically 4 to 24 hours) continuously. This makes them ideal for applications like storing excess solar or wind power for later use, ensuring grid reliability, and providing stable power for large facilities.
Sodium-Ion Batteries
More recently, ESS Tech has expanded into developing sodium-ion battery technology. These batteries also use earth-abundant materials and are designed to be safer than lithium-ion alternatives, with a lower risk of thermal runaway (overheating). While iron flow batteries are best for long-duration storage, sodium-ion batteries are being developed for 'short- to medium-duration' applications, which can range from minutes to several hours. This move allows ESS to address a broader market, including the rapidly growing demand from data centers and critical infrastructure that require fast response times and reliable power.
What management is betting on now
ESS Tech's current strategy heavily emphasizes the development and commercialization of its sodium-ion battery technology, driven by strong customer interest, particularly from AI data centers and critical infrastructure operators. Management is also streamlining operations to reduce costs and conserve cash, while continuing to advance its iron flow battery offerings for long-duration storage. The company is positioning itself as a provider of U.S.-made, non-lithium energy storage solutions across both short- and long-duration needs. ESS is actively seeking strategic partnerships and exploring business combinations to strengthen its financial position and support its growth ambitions in the evolving energy storage market.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value — vs current price $0.16
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $6.6M. Interest coverage -30.4x.
Net debt
$6.61M
Interest coverage
-30.44x
ESS Tech Inc's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 5 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
GWH
BASELINE
ESS Tech Inc
Total debt $17.46M Interest coverage -30.44x This is the baseline the peer rows are being compared against.
Total debt $686.63M Interest coverage -11.07x Neither company has much profit cushion over interest right now.
Total debt $366.45M Interest coverage -2.33x Neither company has much profit cushion over interest right now.
Total debt $413.16M Interest coverage -22.96x Neither company has much profit cushion over interest right now.
Total debt $244.97M Interest coverage -8.79x Neither company has much profit cushion over interest right now.
Total debt $1.04B Interest coverage -10.43x Neither company has much profit cushion over interest right now.
What you should know
The case for and against GWH
0 Rewards
2 Risks
Rewards
Risks
-
Return on equity was -21339.7% last year — the company lost money on shareholders' equity.
-
Operating margin compressed from -11800.0% to -20731.5% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-0.20x
P/B
—
P/S
-5.38x
EV/EBITDA
-0.26x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
0.0%
Operating margin
-20,731.5%
Net margin
0.0%
ROE
-21,339.7%
ROA
-87.8%
Health
Liquidity and balance-sheet strength
Debt / equity
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Current ratio
0.68x
Quick ratio
0.57x
Total debt
$17.46M
Total cash
$10.85M
Growth
How the business has been compounding
Revenue TTM
$-1.17M
Revenue 5Y CAGR
21.0%
EPS TTM
-2.95
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-50.28M
Free CF TTM
$-53.67M
FCF margin
4,575.5%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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