# Ceres Power Holdings (CWR.LSE)

Canonical: https://gigainvestors.com/s/CWR.LSE

Analysis as of: 2026-10-16T07:44:27.982Z. Financial observations: FY2013–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 311.80 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 10

- Operating margin variation: 1.19×

Chart: Operating margin; fiscal year observations.

- FY2016: -11.95×

- FY2017: -4.00×

- FY2018: -2.00×

- FY2019: -0.58×

- FY2020: -0.60×

- FY2021: -0.76×

- FY2022: -2.73×

- FY2023: -2.66×

- FY2024: -0.60×

- FY2025: -1.45×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -67.6%

- ROIC, second-lowest year: -193.0%

- Typical minus recent gross margin: 3.6 pp

- Typical gross margin (annual median): 61.3%

- Recent gross margin (lower of latest and 3-year median): 57.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 48.8%

- ROIC including acquisitions, ten-year median: -85.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -317.2%

- FY2017: -57.0%

- FY2018: -193.0%

- FY2019: -53.2%

- FY2020: -42.0%

- FY2021: -47.3%

- FY2022: -78.2%

- FY2023: -108.4%

- FY2024: -46.2%

- FY2025: -139.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP -203M

- Net income, five-year total: GBP -199M

- Return on incremental invested capital: -58.1%

- Working capital / revenue, annual change: -8.2 pp

- Working capital / revenue, change between three-year averages: -72.6 pp

- Working capital / revenue, final three-year average: 38.9%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: GBP -22M

- FY2022: GBP -59M

- FY2023: GBP -58M

- FY2024: GBP -26M

- FY2025: GBP -38M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -193.0% vs -108.4%

- Per-share earnings: -0.13 to -0.24 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 9.7%

- Ordinary dilution, 5-year annual growth: 3.6%

- Market cap gain: GBP 403M

- Cumulative retained earnings: GBP -221M

- Diluted shares, 10-year annual growth: 9.7%

- Diluted shares, 5-year annual growth: 3.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: GBP -0.11

- Per-share value, starting three-year median: GBP -0.13

- Per-share value, ending three-year median: GBP -0.24

- Average buyback yield: 0.4%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 20M

- Cumulative net income, 10 years: GBP -243M

- ROIC, first three-year median: -193.0%

- ROIC, last three-year median: -108.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP -0.13

- FY2017: GBP -0.09

- FY2018: GBP -0.10

- FY2019: GBP -0.03

- FY2020: GBP -0.06

- FY2021: GBP -0.11

- FY2022: GBP -0.25

- FY2023: GBP -0.28

- FY2024: GBP -0.15

- FY2025: GBP -0.24

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -21.4%

- Receivables to sales index (DSRI): 1.59×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.15×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.6%

- FY2017: -3.7%

- FY2018: -3.0%

- FY2019: -2.1%

- FY2020: -3.1%

- FY2021: -0.3%

- FY2022: 1.0%

- FY2023: -9.7%

- FY2024: 4.2%

- FY2025: -21.4%

## Holders

## Price story

Down 75% since Oct 2021 · sales -37.1%

Story as of 2026-10-16T10:00:13.057Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -37.1%; source https://filings.xbrl.org/213800N7AAHSXQUOA733/2025-12-31/ESEF/GB/0/213800N7AAHSXQUOA733-2025-12-31/reports/213800N7AAHSXQUOA733-2025-12-31-T01.xhtml; observed 2026-04-15.

- FY2016: GBP 1.1M 

- FY2017: GBP 3.1M 

- FY2018: GBP 6.3M 

- FY2019: GBP 15M 

- FY2020: GBP 21M 

- FY2021: GBP 31M 

- FY2022: GBP 20M 

- FY2023: GBP 22M 

- FY2024: GBP 52M 

- FY2025: GBP 33M 

### Gross margin · FY2025

gross margin 57.7%; source https://filings.xbrl.org/213800N7AAHSXQUOA733/2025-12-31/ESEF/GB/0/213800N7AAHSXQUOA733-2025-12-31/reports/213800N7AAHSXQUOA733-2025-12-31-T01.xhtml; observed 2026-04-15.

- FY2017: 57.2% 

- FY2018: 51.1% 

- FY2019: 75.1% 

- FY2020: 67.3% 

- FY2021: 61.9% 

- FY2022: 66.0% 

- FY2023: 60.7% 

- FY2024: 77.4% 

- FY2025: 57.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electrical equipment & parts; annual sales are GBP 32.6 million.

- Source: https://filings.xbrl.org/213800N7AAHSXQUOA733/2025-12-31/ESEF/GB/0/213800N7AAHSXQUOA733-2025-12-31/reports/213800N7AAHSXQUOA733-2025-12-31-T01.xhtml (filed 2026-04-15); FY2025: revenue 32643000; grossProfit 18846000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CWR.LSE: Ceres Power Holdings plc engages in the development and commercialization of fuel cell and electrochemical technology in Europe, Asia, and North America. The company offers cell, stack, and factory; power system and power modules for data centers, commercial power, industrial power, and marine applications; and stack array module and electrolyser module for ammonia, refineries, green steel, and eFuels applications. It also provides a solid oxide electrolysis cell (SOEC) technology to produce green hydrogen; and a solid oxide fuel cell (SOFC) technology to generate electrical power from various fuel types, including natural gas, biofuels, hydrogen blends, and pure hydrogen. In addition, the company is involved in the provision of overseas license and royalty services; business development and technical support; development of flow battery technologies for energy storage systems; and administration of registered intellectual property. Ceres Power Holdings plc was incorporated in 2004 and is based in Horsham, the United Kingdom.

### Why customers stay

Margins ranged from 57.7% to 77.4% during 2023–25; it lost 67.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2023: grossProfit / revenue = 60.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2024: grossProfit / revenue = 77.4%.

- Source: https://filings.xbrl.org/213800N7AAHSXQUOA733/2025-12-31/ESEF/GB/0/213800N7AAHSXQUOA733-2025-12-31/reports/213800N7AAHSXQUOA733-2025-12-31-T01.xhtml (filed 2026-04-15); FY2025: grossProfit / revenue = 57.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); 10-year return on capital observations [[2016,-3.1719263285024155],[2017,-0.5701162857969337],[2018,-1.9302297740876617],[2019,-0.532462957687821],[2020,-0.41964690984054864],[2021,-0.4732728202505753],[2022,-0.7819220831577212],[2023,-1.084385673021375],[2024,-0.4616527028792148],[2025,-1.3972112907441288]]; median -0.6760191844773275. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,170689000],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 18.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CWR.LSE SharesStats.PercentInsiders = 18.228 percentage points; cache date 2026-10-16.

### What the price says

The price is 18.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); Closing price 311.8 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 0.1676493246366391; price multiple 18.59834512759244. FY2025 cash earnings/share -0.19563864208309795. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 10.50 per share

- 2016-11: GBX 8.60 per share

- 2016-12: GBX 7.02 per share

- 2017-01: GBX 8.75 per share

- 2017-02: GBX 8.73 per share

- 2017-03: GBX 8.40 per share

- 2017-04: GBX 8.45 per share

- 2017-05: GBX 9.35 per share

- 2017-06: GBX 11.13 per share

- 2017-07: GBX 12.00 per share

- 2017-08: GBX 13.00 per share

- 2017-09: GBX 13.88 per share

- 2017-10: GBX 13.63 per share

- 2017-11: GBX 12.50 per share

- 2017-12: GBX 13.00 per share

- 2018-01: GBX 14.80 per share

- 2018-02: GBX 14.28 per share

- 2018-03: GBX 11.20 per share

- 2018-04: GBX 13.25 per share

- 2018-05: GBX 14.10 per share

- 2018-06: GBX 15.33 per share

- 2018-07: GBX 15.90 per share

- 2018-08: GBX 190.00 per share

- 2018-09: GBX 181.95 per share

- 2018-10: GBX 160.00 per share

- 2018-11: GBX 163.00 per share

- 2018-12: GBX 164.00 per share

- 2019-01: GBX 155.50 per share

- 2019-02: GBX 150.00 per share

- 2019-03: GBX 150.00 per share

- 2019-04: GBX 181.75 per share

- 2019-05: GBX 186.00 per share

- 2019-06: GBX 167.00 per share

- 2019-07: GBX 191.00 per share

- 2019-08: GBX 175.00 per share

- 2019-09: GBX 213.00 per share

- 2019-10: GBX 207.00 per share

- 2019-11: GBX 213.00 per share

- 2019-12: GBX 262.00 per share

- 2020-01: GBX 422.00 per share

- 2020-02: GBX 387.00 per share

- 2020-03: GBX 335.00 per share

- 2020-04: GBX 423.50 per share

- 2020-05: GBX 492.50 per share

- 2020-06: GBX 541.00 per share

- 2020-07: GBX 442.50 per share

- 2020-08: GBX 559.00 per share

- 2020-09: GBX 557.00 per share

- 2020-10: GBX 702.00 per share

- 2020-11: GBX 859.00 per share

- 2020-12: GBX 1,320.00 per share

- 2021-01: GBX 1,326.00 per share

- 2021-02: GBX 1,248.00 per share

- 2021-03: GBX 1,256.00 per share

- 2021-04: GBX 1,336.00 per share

- 2021-05: GBX 1,087.00 per share

- 2021-06: GBX 1,057.00 per share

- 2021-07: GBX 1,009.00 per share

- 2021-08: GBX 1,179.00 per share

- 2021-09: GBX 1,076.00 per share

- 2021-10: GBX 1,245.00 per share

- 2021-11: GBX 1,108.00 per share

- 2021-12: GBX 996.50 per share

- 2022-01: GBX 608.50 per share

- 2022-02: GBX 712.00 per share

- 2022-03: GBX 738.00 per share

- 2022-04: GBX 745.00 per share

- 2022-05: GBX 670.00 per share

- 2022-06: GBX 548.00 per share

- 2022-07: GBX 604.40 per share

- 2022-08: GBX 649.20 per share

- 2022-09: GBX 369.50 per share

- 2022-10: GBX 327.80 per share

- 2022-11: GBX 384.70 per share

- 2022-12: GBX 350.70 per share

- 2023-01: GBX 474.30 per share

- 2023-02: GBX 426.70 per share

- 2023-03: GBX 391.00 per share

- 2023-04: GBX 349.40 per share

- 2023-05: GBX 278.60 per share

- 2023-06: GBX 303.60 per share

- 2023-07: GBX 364.60 per share

- 2023-08: GBX 341.20 per share

- 2023-09: GBX 314.00 per share

- 2023-10: GBX 198.00 per share

- 2023-11: GBX 187.80 per share

- 2023-12: GBX 182.80 per share

- 2024-01: GBX 239.20 per share

- 2024-02: GBX 166.50 per share

- 2024-03: GBX 142.40 per share

- 2024-04: GBX 178.90 per share

- 2024-05: GBX 216.80 per share

- 2024-06: GBX 177.20 per share

- 2024-07: GBX 212.60 per share

- 2024-08: GBX 186.30 per share

- 2024-09: GBX 281.20 per share

- 2024-10: GBX 200.20 per share

- 2024-11: GBX 166.10 per share

- 2024-12: GBX 171.00 per share

- 2025-01: GBX 156.10 per share

- 2025-02: GBX 73.80 per share

- 2025-03: GBX 53.80 per share

- 2025-04: GBX 58.00 per share

- 2025-05: GBX 72.75 per share

- 2025-06: GBX 83.20 per share

- 2025-07: GBX 124.30 per share

- 2025-08: GBX 118.00 per share

- 2025-09: GBX 141.20 per share

- 2025-10: GBX 268.20 per share

- 2025-11: GBX 370.80 per share

- 2025-12: GBX 212.80 per share

- 2026-01: GBX 297.40 per share

- 2026-02: GBX 300.00 per share

- 2026-03: GBX 316.80 per share

- 2026-04: GBX 619.00 per share

- 2026-05: GBX 844.50 per share

- 2026-06: GBX 509.50 per share

- 2026-07: GBX 347.00 per share

- 2026-08: GBX 392.80 per share

- 2026-09: GBX 407.60 per share

- 2026-10: GBX 311.80 per share

## Annual estimated value (GBX per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800N7AAHSXQUOA733/2025-12-31/ESEF/GB/0/213800N7AAHSXQUOA733-2025-12-31/reports/213800N7AAHSXQUOA733-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-04-15.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations