Value Investor
Start free

Solid Power

SLDP on Nasdaq. Solid Power sells solid electrolyte to battery makers and car companies. Market value $525m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-13.6%low

For every $100 of what the whole company costs, it produced $-13.60 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$2.35 a share, 19% above its 1-year low

Over the past year the price has ranged from $1.98 to $8.86.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.1
-0.1
-0.1
-0.1
-0.1
2021202220232024202512 monthsto Jun '26
Revenue
$3m$12m$17m$20m$22m
Operating margin
-978.8%-501.5%-520.5%-523.0%-463.7%
Debt to equity
0.000.00n/an/an/a
Shares outstanding
0.00bn0.18bn0.18bn0.19bn0.23bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsStrong, 68.3% a year

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $268,000 last quarter, down 104% on a year ago.
  • A loss of $24 million, compared with a loss of $25 million a year ago.
  • It loses 978 cents on each $1 of sales, compared with 452 cents a year earlier.
  • Over the past 12 months it spent $73 million more cash than it brought in, compared with $77 million a year earlier.
  • 25% more shares than a year ago. Each share owns a bit less of the company.
  • Sales did not grow on a year ago in any of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$5m
December 2024$4m
March 2025$6m
June 2025$8m
September 2025$5m
December 2025$4m
March 2026$3m
June 2026-$268,000
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$22m
December 2024-$31m
March 2025-$15m
June 2025-$25m
September 2025-$26m
December 2025-$27m
March 2026-$13m
June 2026-$24m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
25 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

None of the long-term investors we follow own it. 191 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • CVI Investments, Inc.
    Passive investor
    at least 9.9%0.0 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • BlackRock, Inc.
    Passive investor
    7.5%
    Since 30 June 2026
  • Pierre F. Lapeyre, Jr.
    at least 4.8%−3.6 pts
    (filed with 1 related holder)
    Since 19 September 2025
  • BMW Holding B.V.
    at least 4.7%
    (filed with 2 related holders)
    Since 20 April 2026
    What they said

    Item 4 is hereby amended and supplemented as follows (capitalized terms have the meanings ascribed to them in the Schedule 13D filed by the Reporting Persons on December 20, 2021): As announced in the Company's Current Report on Form 8-K, as filed with the Securities and…

    Read the filing
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • Ford Motor Company
    Passive investor
    Sold down below 5%
    Since 18 July 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 2 sold $260,291, $104,291 of it under preset trading plans.

  • Roe Lesa B
    Director
    Sold
    under a preset trading plan
    Date
    20 May 2026
    Shares
    39,207
    Price
    $2.66
    Value
    $104,291
  • ANDERSON ERIK J
    Director
    Sold
    Date
    4 December 2025
    Shares
    30,000
    Price
    $5.20
    Value
    $156,000

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.