QuantumScape Corp

QS
About the company

QuantumScape Corporation, together with its subsidiaries, develops solid-state lithium-metal battery technology for electric vehicles and other applications in the United States. The company was founded in 2010 and is headquartered in San Jose, California.

Country: United StatesPrice: $3.68Market Cap: $2.3B

Investment snapshot

6%positive consensus
Scored 1d ago

Positive

1

BUY / PASS

Neutral / negative

2 / 13

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

8 of 12 pass — Graham, Buffett, Lynch +1 more object

Key risk

No clean pass — all 16 investors flag at least one profitability criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #2484 (Top 80.2%)PASSFAILFAILFAILFAILFAILFAILFAILFAILNEUTRALFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-10-23

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-10-23

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-10-23

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-10-23

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-10-23

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30

Latest source filing: 2026-10-23

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment

Latest source filing: 2026-10-23

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-10-23

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30

Latest source filing: 2026-10-23

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-25

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-10-23

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-10-23

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-10-23

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-10-23

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage67% pass✓ 11✗ 4▾

    8 of 12 pass — Graham, Buffett, Lynch +1 more object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.03, IC: -221.6x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.03
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities16.06
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.03
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.03
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-221.6x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.03
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0294; #845/4210 (top 20.1%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Profitability0% pass✓ 2✗ 33▾

    No clean pass — all 16 investors flag at least one profitability criterion

    Positive EPS (10 years)0/8 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)0/8 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-29.2%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-405.8M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)N/A (negative mean EPS)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-38.5%
    ✗Lynch> 15%
    EBIT / Enterprise Value-22.7%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-22.7%, ROC=-50.2%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-33.26%
    ✗PiotroskiROA > 0
    ROA Change YoY-36.14% -> -33.26% (delta: +2.88%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-18.54%, ROA=-33.26%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-38.5%
    ✗Dreman> 12%
    Margin of SafetyP/B=1.8x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity-37.2% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency0/7 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-38.5%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-16.84%; #4455/6340 (top 70.3%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-38.54%; #4059/5226 (top 77.7%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.1197; #3696/5884 (top 62.8%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years0/7 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation0% pass✓ 3✗ 25▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio1.8x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-22.7%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-22.7%, ROC=-50.2%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share1.8x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=-19.1%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-12.2%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=1.8x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low100% of trailing low ($3.68)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-16.84%; #4455/6340 (top 70.3%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.4369; #3110/6449 (top 48.2%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share1.81x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change+45.5%
    ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-11.36%; #3281/4519 (top 72.6%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-42.14%; #4890/6202 (top 78.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Cash Flow0% pass✓ 1✗ 11▾

    No clean pass — all 10 investors flag at least one cash flow criterion

    Free Cash Flow Proxy$-405.8M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-258.8M
    ✗LynchPositive and growing
    Operating Cash Flow$-242.5M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-18.54%, ROA=-33.26%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-12.2%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive0/7 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-12.2%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency0/7 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-258.8M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-11.36%; #3281/4519 (top 72.6%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth0% pass✓ 2✗ 11▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$-0.21 (2019) -> $-0.76 (2025)
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency0/7 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth
    ✗Ackman>= 5%
    Positive EPS Growth Frequency3/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Verdicts7% pass✓ 1✗ 14▾

    Split decision: 13 FAIL · 2 NEUTRAL · 1 PASS

    Overall verdict
    ✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #2484✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)✗TempletonFAIL (3/8)✗SleepFAIL (0/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (0/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag QS's efficiency — Buffett, Greenblatt, Piotroski +3 more

    Current Ratio16.06
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-30.2%
    ✗Buffett> 10%
    ROIC - WACC-40.2%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-50.2%
    ✗Greenblatt> 25%
    Current Ratio Change YoY14.21 -> 15.95
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities16.06
    ✓Dreman> 1.5
    Return on Invested Capital-32.2%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-27.5%; FY2024: ROIC=-34.8%; FY2025: ROIC=-31.1%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest -31.1%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Electrical Equipment
SIC Sector: Electronic & Electrical Equipment
Size: Mid Cap($2.3B)
Revenue: N/A
Net Income: $435.1M+9.0% YoY

Financial Snapshot

Operating Margin--
Return on Equity-37.2%
Debt / Equity0.03
Current Ratio15.95
EPS (Diluted)$-0.76
Shares Retired−13.4% / −24.6% 2y

Similar Companies

GEGENERAL ELECTRIC CO
$342.9B
ABBNYABB LTD
$151.6B
EMREMERSON ELECTRIC CO
$91.3B
WWDWoodward, Inc.
$19.5B

Shareholder Return

Fiscal 2025

Issued 13.4% of shares last year, 24.6% issued over two.

Buybacks
—
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: net income, operating income, ebit, interest expense, operating cash flow, depreciation amortization, capex.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-02-25
FY 2024
Sources
  • 10-K · 2025-02-26
FY 2023
Sources
  • 10-K · 2024-02-27
FY 2022
Sources
  • 10-K · 2023-02-28
FY 2021
Sources
  • 10-K · 2022-02-28
Market Cap$2.3Bcurrent------$5.1Best.$2.6Best.$3.1Best.$3.7Best.$1.6Best.
Revenue------------------
Operating Income-$418.2M↑15%-$92.4M↑20%-$106.1M↑14%-$109.2M↑12%-$472.6M↑10%-$525.2M↓10%-$479.0M↓14%-$420.6M↓95%-$215.3M
Net Income-$383.6M↑15%-$84.5M↑20%-$98.2M↑14%-$100.8M↑12%-$435.1M↑9%-$477.9M↓7%-$445.1M↓8%-$411.9M↓796%-$46.0M
EPS (Diluted)--$-0.14↑22%$-0.16↑20%$-0.16↑24%$-0.76↑19%$-0.94↑2%$-0.96↓1%$-0.95↓83%$-0.52
Gross Margin—————————
Operating Margin—————————
ROE-38.5%↓4%———-37.2%↑10%-41.3%↓24%-33.3%↓6%-31.3%↓993%-2.9%
Total Debt$29.2M↓11%$29.2M↓11%$30.1M↓10%$31.0M↓10%$31.9M↓9%$35.1M↓8%$38.0M↓3%$39.4M$39.4M
Shareholders' Equity$995.3M↓18%$995.3M↓18%$1.0B↑2%$1.1B$1.2B↑1%$1.2B↓13%$1.3B↑2%$1.3B↓18%$1.6B
Current Ratio16.06↓24%16.06↓24%18.42↑12%20.93↑26%15.95↑12%14.21↓25%18.98↓17%22.91↓52%47.81
Debt / Equity0.03↑9%0.03↑9%0.03↓12%0.03↓10%0.03↓10%0.03↑7%0.03↓5%0.03↑22%0.02
Operating Cash Flow-$227.5M↑7%-$55.1M↑14%-$56.7M↑8%-$59.5M↑2%-$242.5M↑12%-$274.6M↓14%-$240.0M↓10%-$218.0M↓70%-$127.9M
Free Cash Flow-$258.8M↑8%-$59.5M↑19%-$61.4M↑13%-$69.5M↓4%-$278.8M↑17%-$336.8M↓4%-$324.6M↑14%-$376.9M↓48%-$255.1M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Electrical Equipment

QS vs Peers — Financial Grading

RevenueN/A
Net Income$435.1MBottom 25%
ROE-37.2%Bottom 25%
D/E0.03Top 25%
Op. Margin—
Curr. Ratio15.95Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
GENERAL ELECTRIC COGE$342.9B$331.81$45.9B$8.7B46.6%1.1018.6%1.042/91/93/70/3F-Score 53/11
ABB LTDABBNY$151.6B$83.75$32.2B$3.8B28.5%0.5815.1%1.181/94/94/71/3F-Score 85/11
EMERSON ELECTRIC COEMR$91.3B$166.38$18.0B$2.3B11.3%0.65—0.884/93/92/70/3F-Score 75/11
Woodward, Inc.WWD$19.5B$329.86$3.6B$442.1M17.2%0.23—2.083/92/95/71/3F-Score 87/11
ACUITY INC. (DE)AYI$9.9B$330.53$4.3B$396.6M14.6%0.3313.0%1.953/96/96/71/3F-Score 55/11
LITTELFUSE INC /DELFUS$9.8B$387.64$2.4B$71.7M-3.0%0.331.6%2.695/92/94/70/3F-Score 54/11
Forgent Power Solutions, Inc.FPS$6.7B$22.12————————————
POWELL INDUSTRIES INCPOWL$5.2B$142.72$1.1B$180.7M28.2%—19.7%2.092/93/94/71/3F-Score 65/11