How does the current valuation (PE multiple, EV/EBITDA) compare to peers such as Tesla, Fluence, and other LDES manufacturers?

Bottom line:

The Business Wire release you posted does not contain any valuation metrics (P/E, EV/EBITDA, market‑cap, earnings, etc.) for ESS Tech, Inc. (NYSE :GWH). Consequently, we can’t give a precise, “apples‑to‑apples” multiple comparison to Tesla, Fluence or other long‑duration energy‑storage (LDES) peers based solely on that announcement.

1. What the news tells us (and what it doesn’t)

Because none of the above numbers are disclosed, any valuation comparison would have to draw on external, up‑to‑date market data (e.g., the latest price quote, the most recent Form 10‑Q/10‑K, Bloomberg/FactSet/Refinitiv screens).

2. How to compute the multiples yourself (step‑by‑step)

1. Gather the current equity market data
   
   • Share price (closing price the day before the call, e.g., Aug 13, 2025)
     
   • Shares outstanding (from the latest 10‑Q or the company’s investor‑relations page)
     

→ Market Capitalization = Share price × Shares outstanding

1. Calculate Enterprise Value (EV)
   
   • EV = Market Cap + Total Debt – Cash & Cash Equivalents – Short‑Term Investments
     

(All balance‑sheet items are in the most recent quarterly filing.)

1. Obtain the earnings numbers

   • Net income (or GAAP EPS) – from the Q2 2025 results (will be published after the call).
     
   • EBITDA (or Adjusted EBITDA) – often disclosed in the earnings release or the accompanying investor presentation.

2. Derive the multiples

• P/E multiple = Share price ÷ EPS (or Market Cap ÷ Net Income).
  
• EV/EBITDA multiple = Enterprise Value ÷ EBITDA.
  

1. Compare to peers – Pull the same figures for the peer set (Tesla, Fluence, and other LDES players such as Form Energy, Ambri, Highview Power, etc.) from a reliable financial data platform and place them side‑by‑side.

3. Typical valuation ranges for the sector (as of mid‑2025)

*These figures are illustrative and drawn from publicly available market data and analyst reports up to early 2025. They are not taken from the ESS press release you provided. For an exact, up‑to‑the‑minute comparison you will need the latest earnings numbers once ESS publishes its Q2 2025 results (expected after the Aug 14 conference call).

4. What to watch after the August 14 call

1. EPS & Net Income – If ESS posted a net loss, the P/E will be “N/A” (or a negative multiple). In that case analysts often look at price/‑sales or EV/Revenue instead.
   
2. EBITDA margin – A rising EBITDA margin (or positive EBITDA where it was previously negative) can cause the EV/EBITDA multiple to compress dramatically.
   
3. Guidance – Management’s outlook for 2025‑2026 (order backlog, capacity expansion, cost‑structure improvements) will influence forward multiples.
   
4. Comparative narrative – Management may explicitly benchmark against “industry peers such as Tesla, Fluence, and other LDES manufacturers,” giving you a qualitative sense of where they see themselves in the valuation spectrum.

5. Quick “how‑to” cheat‑sheet (if you want to do the math today)

# Example (fictional numbers for illustration only)

Share price (GWH)          = $12.40
Shares outstanding         = 150 M
Market cap                 = $1.86 B

Total debt                 = $200 M
Cash & cash equivalents    = $80 M
Enterprise Value (EV)      = $1.86 B + $200 M – $80 M = $1.98 B

Net income (Q2‑2025)       = $35 M  (annualized ≈ $140 M)
EPS (annualized)           = $0.93

EBITDA (annualized)        = $260 M

P/E (annualized)           = $12.40 ÷ $0.93 ≈ 13.3×
EV/EBITDA (annualized)     = $1.98 B ÷ $260 M ≈ 7.6×

Replace the placeholder numbers with the actual figures from ESS’s Q2 2025 release, then line‑up the same calculations for the peer set.

Takeaway

• The press release itself does not give you the data needed to compute P/E or EV/EBITDA.
  
• You can calculate those multiples as soon as the Q2 2025 earnings are released (expected after the August 14 call) using the steps above.
  
• Once you have the numbers, compare them to the typical ranges shown for Tesla, Fluence and other LDES manufacturers to see whether ESS is trading at a premium (higher multiples) or discount (lower multiples) relative to the sector.
  

If you need help pulling the post‑call numbers or running the calculations once the results are out, feel free to ask!