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Solid Power, Inc. key statistics and ratios

In fiscal 2025, Solid Power, Inc. had return on equity of -22.6%, an operating margin of -463.7%, debt equal to 0.0% of equity and a current ratio of 15.92. 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.

Fiscal year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Operating margin−551.3%−978.8%−501.5%−520.5%−523.0%−463.7%−978.2%
Net margin−683.5%667.1%−81.1%−376.5%−479.3%−429.5%−816.4%
Free-cash-flow margin−523.8%<−999%−781.4%−532.9%−396.4%−384.4%−663.2%
Return on equity—6.4%−1.7%−12.4%−21.1%−22.6%−19.6%
Return on assets−101.2%5.7%−1.6%−11.6%−19.7%−20.7%−18.3%
Asset turnover0.150.010.020.030.040.050.02
Current ratio2.9771.0515.8111.536.2715.9214.61
Debt to equity125.2%0.0%0.0%—0.0%0.0%0.0%
Interest cover (operating income ÷ interest)n/mn/mn/mn/mn/mn/mn/m
Effective tax rate—−0.1%—————
R&D as % of revenue456.2%630.6%327.4%314.5%364.2%333.4%657.2%
SG&A as % of revenue————158.1%135.3%—
Capital spending as % of revenue48.5%465.2%494.5%198.2%79.2%46.9%119.1%
Free cash flow ÷ net income—−210.4%—————

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

2 of 3 checks passed · June 30, 2026
What it owns · $527m
Short-term assets $251mLonger-term assets $276m
What it owes, and who funded it · $527m
Short-term liabilities $17mLonger-term liabilities $8mShareholders' equity $502m
  • Short-term assets cover short-term liabilities $251m of assets due within a year against $17m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $251m short-term assets against $8m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • 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 Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$108m against $216,000 of interest.

From Solid Power, Inc.'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

17 /100

Weak moat

How hard Solid Power's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -15.8% of total assets over 5 years.

  • Durability 10 / 20

    Operating margin has been a median -505.8%; its worst year was -978.2%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 5 years, at a median -609.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

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 Solid Power, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Solid Power, Inc.