SES AI Corp

SES
Country: United StatesPrice: $0.53Market Cap: $189.0M

Investment snapshot

12%positive consensus
Scored 1d ago

Positive

2

BUY / PASS

Neutral / negative

1 / 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 13 investors flag at least one valuation 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 #2574 (Top 83.1%)PASSFAILFAILFAILFAILFAILFAILPASSFAILFAILFAILFAILNEUTRAL
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

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

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-04

Score computed: 2026-11-14

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

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-04

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-04

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: 2026-11-12

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-04

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-04

Score computed: 2026-11-14

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

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-04

Score computed: 2026-11-14

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

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-04

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-04

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: 2026-11-12

Score computed: 2026-11-14

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

Latest source filing: 2026-11-12

Score computed: 2026-11-14

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

Latest source filing: 2026-11-12

Score computed: 2026-11-14

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

Latest source filing: 2026-11-12

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: 0.00, IC: N/A
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities6.23
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0039; #472/4210 (top 11.2%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Valuation0% pass✓ 7✗ 21▾

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

    Price / Book Value per Share0.9x
    ✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio0.9x
    ✓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-51.5%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-51.5%, ROC=-43.2%
    ✗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
    Valuation ReasonablenessOE Yield=-33.9%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-32.4%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.9x
    ✓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 Low102% of trailing low ($0.52)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-31.96%; #4836/6340 (top 76.3%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.8802; #1722/6449 (top 26.7%)
    ✓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 Share0.97x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.1216; #4219/5247 (top 80.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-33.02%; #3701/4519 (top 81.9%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-59.54%; #5383/6202 (top 86.8%)
    ✗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$-65.6M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-62.4M
    ✗LynchPositive and growing
    Operating Cash Flow$-58.4M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-21.41%, ROA=-26.79%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-32.4%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive0/6 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-32.2%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency0/6 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-62.4M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-33.02%; #3701/4519 (top 81.9%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth0% pass✓ 1✗ 12▾

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

    EPS Growth (3-yr avg, 10-yr window)
    ✗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 GrowthInv: 2331.1% vs Rev: 929.4%
    ✗LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency0/6 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth929.4%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗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
  • Profitability6% pass✓ 3✗ 32▾

    15 of 16 flag SES's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)0/7 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)0/7 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-24.5%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-65.6M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗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-36.3%
    ✗Lynch> 15%
    EBIT / Enterprise Value-51.5%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-51.5%, ROC=-43.2%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-26.79%
    ✗PiotroskiROA > 0
    ROA Change YoY-30.38% -> -26.79% (delta: +3.59%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-21.41%, ROA=-26.79%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY63.1% -> 53.8%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue-261.9%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-36.3%
    ✗Dreman> 12%
    Margin of SafetyP/B=0.9x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-28.3% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency0/6 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-318.3%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-36.3%
    ✗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-31.96%; #4836/6340 (top 76.3%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+1.51%; #3303/3702 (top 89.2%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-36.31%; #4017/5226 (top 76.9%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0756; #3118/5884 (top 53.0%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years0/6 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Verdicts13% pass✓ 2✗ 14▾

    Split decision: 13 FAIL · 2 PASS · 1 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (1/7)✗GreenblattRank #2574✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (2/9)✓TempletonPASS (4/8)✗SleepFAIL (0/6)✗AsnessFAIL (Rank #2005/2370 (Top 84.6%))✗NeffFAIL (0/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
  • Efficiency25% pass✓ 3✗ 8▾

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

    Current Ratio6.23
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-1677.1%
    ✗Buffett> 10%
    ROIC - WACC-1687.1%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-43.2%
    ✗Greenblatt> 25%
    Current Ratio Change YoY12.14 -> 8.95
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.01x -> 0.08x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities6.23
    ✓Dreman> 1.5
    Return on Invested Capital-30.3%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=-30.3%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/1 years above 12% (latest -30.3%)
    ✗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: Micro Cap($189.0M)
Revenue: $21.0M+929.4% YoY
Net Income: $73.0M+27.1% YoY

Financial Snapshot

Operating Margin-393.4%
Return on Equity-34.0%
Debt / Equity0.00
Current Ratio8.95
EPS (Diluted)$-0.22
Buybacks (1y)$1.6M
Shares Retired−1.1% / −3.2% 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 1.1% of shares last year, 3.2% issued over two.

Buybacks
$1.6M
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: revenue, net income, operating income, gross profit, ebit, pre tax income, operating cash flow, depreciation amortization, capex, buybacks.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-03-04
FY 2024
Sources
  • 10-K · 2025-02-28
FY 2023
Sources
  • 10-K · 2024-02-27
FY 2022
Sources
  • 10-K · 2023-03-16
FY 2021
Sources
  • 10-K · 2022-03-31
Market Cap$189.0Mcurrent------$741.8Mest.$426.6Mest.$463.9Mest.$1.2Best.$499.7Mest.
Revenue$23.0M$6.6M↓7%$5.1M↑44%$6.7M↑16%$21.0M↑929%$2.0M------
Operating Income-$73.2M↑22%-$18.4M↑1%-$19.2M↑17%-$17.9M↑23%-$82.6M↑24%-$109.2M↓40%-$78.2M↑2%-$79.6M↓149%-$32.0M
Net Income-$60.4M↑33%-$13.4M↑36%-$17.9M↑21%-$12.1M↑3%-$73.0M↑27%-$100.2M↓88%-$53.4M↓5%-$51.0M↓63%-$31.3M
EPS (Diluted)--$-0.04↑33%$-0.05↑29%$-0.04$-0.22↑29%$-0.31↓82%$-0.17↑6%$-0.18↑65%$-0.51
Gross Margin13.9%4.9%↓90%22.6%↓69%18.1%↓77%53.8%↓15%63.1%———
Operating Margin-318.3%-277.4%↓6%-378.5%↑42%-266.3%↑34%-393.4%↑93%-5355.3%———
ROE-36.3%↑8%———-34.0%↑6%-36.0%↓142%-14.9%↓14%-13.0%↓137%35.4%
Total Debt----$442.0K$709.0K$830.0K--------
Shareholders' Equity$166.4M↓27%$166.4M↓27%$187.1M↓25%$203.2M↓25%$214.8M↓23%$278.3M↓22%$358.9M↓8%$391.5M↑543%-$88.3M
Current Ratio6.23↓24%6.23↓24%6.52↓48%6.86↓56%8.95↓26%12.14↓29%17.13↓16%20.49↑32%15.47
Debt / Equity——0.000.000.00————
Operating Cash Flow-$59.2M↑2%-$15.2M↓6%-$13.8M↓28%-$19.8M↑13%-$58.4M↑12%-$66.1M↓17%-$56.4M↓21%-$46.5M↓55%-$30.0M
Free Cash Flow-$62.4M-$16.7M↓13%-$14.5M↓25%-$20.1M↑15%-$61.2M↑22%-$78.3M↓8%-$72.2M↓18%-$61.2M↓57%-$38.9M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Electrical Equipment

SES vs Peers — Financial Grading

Revenue$21.0MBottom 25%
Net Income$73.0MBottom 25%
ROE-34.0%Bottom 25%
D/E0.00Top 25%
Op. Margin-393.4%Bottom 25%
Curr. Ratio8.95Top 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