QuantumScape Corp. (QS) intrinsic value & 10-year financials

QuantumScape Corp. (QS) has no Graham intrinsic value right now because the formula needs positive earnings.

Graham intrinsic value
—
Share price (Oct 17, 2026)
$4.01
Market cap
$2.3B
Revenue (FY2025)
—
ROIC (10-yr avg)
-33.5%
Free cash flow (FY2025)
-$278.8M

QS 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 — -$435.1M -$0.76 -$278.8M — -44.9%
FY2024 — -$477.9M -$0.94 -$336.7M — -43.9%
FY2023 — -$445.1M -$0.96 -$324.5M — -38.8%
FY2022 — -$411.9M -$0.95 -$376.9M — -33.0%
FY2021 — -$46.0M -$0.52 -$255.1M — -18.7%
FY2020 — -$1.1B -$6.67 -$85.4M — -15.0%
FY2019 — -$51.3M -$0.21 -$51.6M — -40.4%
FY2018 — — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

QuantumScape Corp revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

QuantumScape Corp has historically struggled to out-earn its cost of capital, averaging just -33.5% ROIC.

QuantumScape Corp capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

QuantumScape Corp is evaluated under Benjamin Graham's defensive framework using SEC EDGAR fundamentals using an 8.5 + 2g earnings multiple and a 5.1% AAA bond-yield baseline.

QS stock: frequently asked questions

What is the intrinsic value of QuantumScape Corp. (QS) stock?

Graham's formula only works with positive earnings. QuantumScape Corp. reported diluted EPS of -$0.76 in fiscal 2025, so no Graham value is shown. The 10-year table shows revenue and cash-flow trends instead.

Does QuantumScape Corp. generate free cash flow?

QuantumScape Corp. generated -$278.8M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 0 of the last 7 reported years.

What is QS's return on invested capital?

Average ROIC over the last 8 fiscal years was -33.5%, and average return on equity was -50.8%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this QS data come from?

From QuantumScape Corp.'s annual 10-K filings on SEC EDGAR, most recently filed Jul 24, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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