ESS Tech, Inc. (GWHT) Key Metrics
GWHT valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $3.4M
- Enterprise value
- $21.3M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- — 10-yr median 165.0
- Price / book
- 1.8 10-yr median 31.2
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 1.48
GWHT key metrics, 2022–2025
Fiscal year ended December 31, 2025 · U.S. dollarsGWHT valuation Price multiples at each fiscal year-end price.
GWHT returns How much profit the business earns on the capital it uses.
GWHT per-share figures Results divided by the shares outstanding at year-end.
GWHT financial health Debt, liquidity and how easily interest is covered.
GWHT efficiency & capital use Working capital cycle and where the cash goes.
GWHT valuation history
GWHT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
GWHT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
GWHT cash returned to shareholders
GWHT price vs earnings per share
GWHT key metrics
2022–2025| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Valuation | ||||
| Market capitalization | $27.5M | $1.04B | $2.74B | $5.57B |
| Enterprise value | $17.3M | $1.01B | $2.63B | $5.43B |
| Price / sales | 17.3 | 165.0 | 362.8 | — |
| Price / book | 3.2 | 36.0 | 26.5 | 40.6 |
| EV / sales | 10.9 | 160.2 | 348.8 | — |
| Earnings yield | −231.1% | −8.3% | −2.8% | −1.4% |
| Free cash flow yield | −195.5% | −7.7% | −2.2% | −1.7% |
| Shareholder yield (dividends + buybacks) | 0.2% | 0.0% | 0.0% | 0.1% |
| Share price at fiscal year-end | $1.88 | $5.88 | $17.10 | $36.45 |
| Per share | ||||
| Revenue per share | $0.11 | $0.04 | $0.05 | $0.01 |
| Earnings per share | −$4.34 | −$0.49 | −$0.48 | −$0.51 |
| Operating cash flow per share | −$3.44 | −$0.41 | −$0.34 | −$0.53 |
| Free cash flow per share | −$3.68 | −$0.45 | −$0.38 | −$0.63 |
| Cash per share | $1.51 | $0.18 | $0.68 | $0.92 |
| Book value per share | $0.59 | $0.16 | $0.65 | $0.90 |
| Tangible book value per share | $0.41 | $0.14 | $0.62 | $0.90 |
| Capex per share | $0.23 | $0.04 | $0.04 | $0.09 |
| Debt per share | $0.81 | $0.01 | $0.02 | $0.04 |
| Shares outstanding | 14.6M | 176.6M | 160.0M | 152.7M |
| Change in shares outstanding | −91.7% | +10.4% | +4.8% | — |
| Returns & profitability | ||||
| Return on equity (ROE) | −338.3% | −130.4% | −64.6% | −56.9% |
| Return on assets (ROA) | −103.2% | −80.2% | −49.0% | −44.9% |
| Return on tangible assets | −130.8% | −128.4% | −56.1% | −45.0% |
| Free cash flow margin | — | — | −804.9% | — |
| Financial health | ||||
| Total debt | $11.9M | $1.7M | $2.5M | $5.9M |
| Cash & short-term investments | $22.0M | $31.6M | $108.1M | $139.8M |
| Net debt | −$10.1M | −$29.9M | −$105.5M | −$133.9M |
| Debt / equity | 1.38 | 0.06 | 0.02 | 0.04 |
| Debt / assets | 0.23 | 0.02 | 0.02 | 0.03 |
| Current ratio | 1.04 | 1.57 | 5.97 | 5.42 |
| Quick ratio | 1.03 | 1.37 | 5.80 | 5.37 |
| Interest coverage | -10.2 | — | — | — |
| Working capital | $955,000 | $15.8M | $98.3M | $123.6M |
| Invested capital | −$1.5M | −$1.0M | −$2.2M | $3.0M |
| Tangible asset value | $5.9M | $24.2M | $98.4M | $136.8M |
| Net current asset value | −$16.3M | $435,000 | $78.2M | $115.1M |
| Graham net-net per share | −$1.33 | −$0.04 | $0.45 | $0.70 |
| Capital allocation | ||||
| Share buybacks (net) | $50,000 | $297,000 | $310,000 | $2.8M |
| Capex / revenue | 214.0% | 115.9% | 76.8% | 1,586.1% |
| Capex / depreciation | 0.59 | 1.54 | 0.89 | 9.31 |
| Stock-based compensation / revenue | 343.3% | 183.9% | 141.0% | 1,329.9% |
| R&D / revenue | 524.1% | 187.0% | 565.4% | 8,051.3% |
| SG&A / revenue | 1,112.1% | 519.0% | 402.1% | 3,848.7% |
| Efficiency | ||||
| Days sales outstanding | 445.6 | 135.1 | 174.1 | 2,021.8 |
| Days of inventory on hand | 30.1 | 31.8 | 40.8 | — |
| Days payables outstanding | 57.9 | 38.2 | 51.6 | — |
| Cash conversion cycle (days) | 417.9 | 128.7 | 163.4 | — |
| Receivables turnover | 0.82 | 2.70 | 2.10 | 0.18 |
| Payables turnover | 6.31 | 9.54 | 7.08 | 0.00 |
| Inventory turnover | 12.11 | 11.47 | 8.95 | 0.00 |
| Asset turnover | 0.03 | 0.06 | 0.05 | 0.01 |
| Average receivables | $1.9M | $2.3M | $3.6M | $5.0M |
| Average payables | $5.5M | $5.4M | $2.9M | $3.0M |
| Average inventory | $2.9M | $4.5M | $2.3M | $1.2M |
| Intangibles / total assets | 5.2% | 6.5% | 3.4% | 0.1% |
Computed from GWHT's annual financial statements (latest annual report filed March 5, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
GWHT valuation and financial ratios
ESS Tech earned a return on equity of −338.3% in fiscal 2025. It ended the year with $11.9 million of debt and $22.0 million in cash and short-term investments, a net cash position of $10.1 million. It returned $0.1 million to shareholders: $0 in dividends and $0.1 million in share buybacks.
See the GWHT income statement, the GWHT chart for price history, or the GWHT stock overview for the latest quote and news.
GWHT key metrics FAQ
What is ESS Tech's return on equity?
ESS Tech's return on equity (ROE) was −338.3% in fiscal 2025: net income of -$63.4 million on average shareholders' equity of $18.8 million.
How much debt does ESS Tech have?
ESS Tech had total debt of $11.9 million at the end of fiscal 2025, a debt-to-equity ratio of 1.38 and more cash than debt.
Does ESS Tech buy back its shares?
Yes. ESS Tech spent $0.1 million on net share repurchases in fiscal 2025 Shares outstanding changed −91.7% over the year, to 14.6M..
What is ESS Tech's free cash flow yield?
ESS Tech generated -$53.7 million of free cash flow in fiscal 2025, a free cash flow yield of −195.5% on its market value at year-end ($27.5 million).
What is ESS Tech's current ratio?
ESS Tech's current ratio was 1.04 at the end of fiscal 2025: current assets were 1.04 times current liabilities.