SES AI Corporation (SES) Stock Analysis & Winston Score

SES AI Corporation is a company working to build a new type of rechargeable battery called a lithium-metal battery. These batteries are designed to store more energy than the lithium-ion batteries used in most electric vehicles today. SES AI's main target customers are automakers, and the company has signed joint development agreements with General Motors, Honda, and Hyundai.

SES AI makes money primarily through research partnerships and development agreements rather than selling batteries at scale — it is still in the pre-commercial stage. The company is headquartered in Boston and operates research facilities in the United States, South Korea, and China. Its potential competitive advantage lies in its proprietary battery chemistry and AI-based software for monitoring battery safety, but the core risk is that the company is burning through cash with no meaningful product revenue yet, and it faces intense competition from much larger, better-funded battery developers around the world.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+15.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-6.1% YoY

YoY Growth Rate

Earnings declining

Insider Activity

12.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~7 months

$47M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

SES AI Corporation has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

18.1%

Thin — 18.1% gross margin

Operating Margin

-266.3%

Losing money on operations — -266.3%

ROCE

-8.7%

Weak — -8.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+179.8%

Fast-growing sales (179.8% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-263.3%

Burning cash (-263.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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