Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Ceres Power Holdings plc is a UK-based leader in clean energy technology, specializing in the development of solid oxide fuel cells for power generation and electrolysers for green hydrogen production. Its proprietary SteelCell technology, featuring a steel-supported design with ceria-based ceramics, enables high-efficiency operations—up to 70% for electricity generation and 80-95% for hydrogen production when utilizing waste heat—outperforming alternative low-temperature electrolysers. The company pursues an asset-light licensing model, granting intellectual property rights for cell, stack, and system designs to global partners such as Doosan, Delta Electronics, Denso, Thermax, Shell, and Weichai, who manufacture and deploy products across sectors including commercial buildings, industry, transportation, data centres, and shipping. With over 150 patent families, 25 years of R&D, and four factories under establishment worldwide, Ceres Power Holdings plc supports decarbonisation efforts by providing robust, cost-effective solutions that leverage existing infrastructure like natural gas while transitioning to hydrogen, positioning it as a key enabler in the global energy transition.
£5.27
+£0.05 (+1.05%)
EOD Jul 3, 2026
The business is unprofitable at the operating level (-135.41% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 37.1% YoY. Margins deteriorated 75.1pp alongside, both lines moving the wrong way.
ROIC dropped from -14.58% to -26.24%, capital efficiency is deteriorating. Negative free cash flow of -£22M. The business is consuming cash, not generating it.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
£33M
▼ -37.1% YoY
Net Income (TTM)
-£48M
▼ -68.0% YoY
Op. Margin
-135.41%
▼ -75.1pp YoY
ROIC
-26.24%
▼ -11.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-£22M
▲ +48.6% YoY
Op. Cash Flow (TTM)
-£20M
▲ +52.6% YoY
Net Debt
-£81M
Net Cash Position
Cash & Equiv.
£83M
3Y CAGR: +18.2%
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Ceres Power Holdings (CWR.XLON)'s valuation is best read against its own history, its peers, and the growth its price implies. A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Ceres Power Holdings scores 46/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full . This is analysis, not investment advice.
Ceres Power Holdings scores 46 out of 100 on Intrinsiqq's quality score, a weighted blend of 6 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a -135.4% operating margin and a -26.2% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. you should weigh CWR.XLON's valuation and scores 46/100 on quality (mixed). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.