Reading the tape
NYSE: GWH
ESS Tech, Inc.
Industrials · Electrical Equipment & Parts
Market Cap
$14.36M
52w High
$13.87
52w Low
$0.76
P/E
-0.36
Volume
65.32K
Outstanding Shares
12.60M
Price vs Fundamentals
Why The Stock Is Moving
Likely fundamental deteriorationModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: -46.63%Revenue (TTM): -74.85%FCF (TTM): 9.23%
What changed
The stock fell 46.63% over the last year. Revenue declined 74.85% over the trailing twelve months. Operating margin moved from -1,426.5% to -3,518.64%. Free cash flow grew 9.23% over the trailing twelve months.
What the market seems to be pricing
The market appears to be responding to weaker operating momentum rather than only rerating the stock.
What would invalidate this read
Operating margin stands at -3,518.64%. Revenue declined 74.85% — this read reverses if that trend stabilizes. If margins and cash flow stabilize while the stock stays depressed, the gap shifts from fundamental damage toward pure multiple compression.
Company profile
ESS Tech, Inc., an energy storage company, designs and produces iron flow batteries for commercial and utility-scale energy storage applications worldwide.
CEODrew Buckley
SectorIndustrials
IndustryElectrical Equipment & Parts
Employees240
IPO dateJan 4, 2021
Valuation
Forward P/E—
EV/EBITDA-0.34
Enterprise value$16.82M
Stock splits
Aug 26, 2024↓ Reverse
Every 15 shares became 1
Profitability & growth
Revenue growth-155.72%
Gross margin-2,110.68%▼192.93%vs FY2024
Operating margin-3,518.64%▼146.66%vs FY2024
ROE-736.13%▼146.60%vs FY2024
Analyst consensus
RatingHold
Target price$3.79▲232.46%
5
Buy
6
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 7, 2026
Q2 FY26 · EPS est -$0.29 · Revenue est $400K
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