# Ceres Power Holdings plc (CWR.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Industrials / Electrical Equipment. Price 417p, market value 892 millionp.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Ceres Power Holdings plc reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 10.5×**. Each dollar of revenue is priced at 10.5×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 5.3×**. The shares trade at 5.3× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **Free-cash-flow yield: -6.5%** (5-yr avg -0.1%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.

## Profitability
- **Gross margin: 71.9%**. Ceres Power Holdings plc keeps 71.9% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: -92.7%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -145.7%**. The company reported a net loss over the last twelve months.
- **Return on equity: -44.2%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -292.7%**. Return on all capital, debt included, is -292.7%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -52.0%**. Each dollar of assets produces -52.0% of profit.

## Growth
- **Revenue growth (1 yr): -37.1%** (3-yr 18.2%/yr, 5-yr 9.1%/yr). Revenue fell 37.1% over the last year, against 9.1% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -66.7%**. Earnings per share fell 66.7%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.02**. Debt is 0.02 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 1.5×**. It would take 1.5 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: -160.6×**. Operating profit covers interest only -160.6×: fragile.
- **Current ratio: 3.27** (quick 3.17). Current assets cover the next year's liabilities 3.27 times.
- **Altman Z-score: 14.87**. A Z-score of 14.87 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 2/9**. 2 of 9 checks pass: weak or deteriorating financials.

## Dividends
- **Dividend: none**. Ceres Power Holdings plc does not currently pay a dividend, but it returned -0.1% of its market value through buybacks over the last year.

## Analyst view
- **Analyst consensus: buy** (7 analysts). 7 analysts cover Ceres Power Holdings plc; the consensus is buy, with an average price target of 794p (+90% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 303.7%** (YTD 95.2%, 3-mo -36.1%). The shares are up 303.7% over twelve months including dividends.
- **From 52-week high: -52.2%** (325.4% above the low). Trading 52% below its 52-week high, deep in a drawdown.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 51**. An RSI of 51 is neutral.
- **Beta (1 yr): 0.38** (volatility 101%). Beta of 0.38 against the FTSE All-Share: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=CWR.L · Page: https://foliofundamentals.com/stocks/cwr.l

Not investment advice.