Polestar Automotive Holding UK PLC key statistics and ratios

In fiscal 2025, Polestar Automotive Holding UK PLC had an operating margin of -65.7% and a current ratio of 0.43. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Polestar Automotive Holding UK PLC: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	9.3%	0.8%	4.1%	−17.3%	−43.1%	−35.4%
Operating margin	—	−71.5%	−52.7%	−62.1%	−89.1%	−65.7%
Net margin	−79.5%	−72.2%	−19.6%	−49.9%	−100.8%	−77.1%
Free-cash-flow margin	−17.5%	−26.0%	−45.6%	−85.8%	−56.0%	−35.1%
Return on assets	—	−29.3%	−13.1%	−28.5%	−49.1%	−59.0%
Asset turnover	—	0.41	0.67	0.57	0.49	0.77
Current ratio	—	0.53	0.67	0.63	0.48	0.43
Interest cover (operating income ÷ interest)	—	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	30.1%	17.4%	7.2%	6.6%	1.9%	2.5%
Capital spending as % of revenue	8.1%	1.8%	1.3%	5.8%	7.3%	5.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 5 checks passed · December 31, 2025

What it owns · $3.9bn

Short-term assets $2.7bnLonger-term assets $1.2bn

What it owes, and who funded it · $9.1bn

Short-term liabilities $6.2bnLonger-term liabilities $2.8bnShareholders' equity $-5.1bn

Short-term assets cover short-term liabilities $2.7bn of assets due within a year against $6.2bn of liabilities due within a year.
Short-term assets cover long-term liabilities $2.7bn short-term assets against $2.8bn of longer-dated liabilities.
More cash than debt $1.2bn of cash against $6.4bn of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$915m of operating cash flow against $6.4bn of debt.
Operating profit covers interest at least five times over Operating income of −$2.0bn against $44m of interest.

From Polestar Automotive Holding UK PLC's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Polestar Automotive Holding UK PLC's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Polestar Automotive Holding UK PLC.