GWHTOTCMiscellaneous Electrical Machinery, Equipment & SuppliesFiscal year ends December 31
ESS Tech, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 11, 2026
$0.08−0.00 (-4.58%)
Close on Oct 19, 2026
- Market cap
- $2.75M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
-1748.1%
Operating margin
-3626.5%
Net margin
-4007.6%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -74.9% | +21.0% | – | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 237.0% | -338.3% | |
| Return on assets | – | – | -103.2% | |
| Current ratio | – | 0.82 | 1.04 | |
| Debt to equity | – | -0.20 | – | |
| Net debt to EBITDA | – | – | – | |
| Interest coverage | – | -131.8× | – | |
| Inventory turnover | – | – | 10.1× | |
| Capex to revenue | – | – | 214.0% | |
| Diluted shares | – | 4M | 15M |
Where the cash went
Fiscal 2021 to 2025, five years combined
ESS Tech generated $310.87M from operations and spent $33.42M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$310.87M
Used
$33.42M
Capital expenditure$33.42M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-4007.6%
×Asset turnover0.03×
×Equity multiplier3.28×
=Return on equity, FY2025-338.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -4007.6% | 0.03× | 3.28× | -338.3% |
| FY2024 | -1369.7% | 0.06× | 1.63× | -130.4% |
| FY2023 | -1028.9% | 0.05× | 1.32× | -64.6% |
| FY2022 | -8721.4% | 0.00× | 1.24× | -45.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
1of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$63.44M
- Cash generatingOperating cash flow above zero-$50.28M
- Return on assets improvedROA up on the prior year-60.2% → -88.3%
- Earnings backed by cashOperating cash flow above net income-$50.28M vs -$63.44M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.57 → 1.04
- No dilutionShare count did not rise12M → 15M
- Gross margin improvedGross margin up on the prior year-720.54% → -1748.07%
- More efficientAsset turnover rose0.04 → 0.02