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UK developer that licenses its solid-oxide fuel cell technology to industrial partners for clean power generation.
UK developer that licenses its solid-oxide fuel cell technology to industrial partners for clean power generation.
Earns licence fees and engineering-service payments from partners that build its fuel cells under licence, with royalties meant to follow once partners produce in volume, so income now mostly reflects development work rather than product sales. Its partners, not Ceres, carry the factories.
In one line: A UK fuel-cell IP licensor, akin to a smaller Bloom Energy.
Moat: narrow (IP / patents). Patented low-cost, steel-based fuel cell design licensed to major industrial partners.
Headquarters: Horsham, UK · Founded: 2001 · Employees: 351
Size Ceres Power (CWR.L) is a United Kingdom Information Technology company (Electronic Production Equipment) with a market value of $758M, the 248th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £263.60 on 6 Nov 2026.
Performance Over six months the shares fell 62.9%, against -34.0% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue fell 22.9% over the last twelve months (peer median +12.5%); the operating margin is -125.4% (peer median 6.1%).
Valuation It trades at 11.5× enterprise value to sales against a peer median of 2.3× (2nd most expensive of 21).
Capital Return on invested capital runs 168.4 points below its cost of capital (20.0% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £34.3M | £32.6M | £51.9M | £22.3M | £19.8M |
| Revenue growth | — | -37% | +132% | +13% | — |
| Gross profit | £18.3M | £18.8M | £38.8M | £12.5M | £9.68M |
| EBITDA | -£32.5M | -£35.7M | -£24.6M | -£54.0M | -£47.8M |
| Net income | -£44.8M | -£47.5M | -£28.3M | -£54.0M | -£47.6M |
| Free cash flow | -£30.7M | -£18.2M | -£32.2M | -£36.6M | -£61.9M |
| Capital expenditure | £1.73M | £1.86M | £6.74M | £14.7M | £18.2M |
| Total debt | n/a | £2.41M | £2.22M | £2.60M | £3.12M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Ceres Power CWR.L | $758M | -63% | -23% | -125% | 11.5× | n/a |
| Bloom Energy BE | $51.2B | -21% | +111% | 15% | 13.5× | n/a |
| FuelCell Energy FCEL | $796M | -27% | +1% | -88% | 2.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CWR.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.6% | -18.8% | 5th lowest of 21 |
| 6-month return | -62.9% | -34.0% | 2nd lowest of 20 |
| Distance from 52-week high | -69.8% | -52.1% | 4th lowest of 21 |
| Revenue growth (TTM) | -22.9% | +12.5% | 5th lowest of 21 |
| Operating margin | -125.4% | 6.1% | 2nd lowest of 21 |
| EV / Sales | 11.5× | 2.3× | 2nd most expensive of 21 |
| ROIC minus cost of capital | -168.4 pp | -1.4 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ceres Power CWR.L | United Kingdom | $758M | -63% | -23% | -125% | 11.5× | n/a | n/a |
| Kctech 281820.KS | South Korea | $770M | -14% | +19% | 20% | 2.1× | 2.8% | +3.7% |
| Suzhou Shihua New Material Technology 688093.SS | China | $772M | -43% | -26% | 32% | 5.6× | 7.0% | +27.0% |
| Japan Display 6740.T | Japan | $773M | -74% | -25% | -9% | 1.7× | n/a | n/a |
| Foxsemicon Integrated Technology 3413.TW | Taiwan | $778M | -29% | +16% | 13% | 1.1× | n/a | n/a |
| Suzhou Jinfu Technology 300128.SZ | China | $781M | -38% | +33% | -12% | 2.4× | n/a | n/a |
| Team 4967.TW | Taiwan | $783M | -7% | +91% | 35% | 0.8× | n/a | n/a |
| Suzhou Wanxiang Technology 301180.SZ | China | $724M | -32% | +8% | 2% | 3.5× | 25.2% | +4.4% |
| Radiant Opto-Electronics 6176.TW | Taiwan | $795M | -15% | -11% | 9% | 0.2× | n/a | n/a |
| DKE 1770.HK | Hong Kong | $796M | n/a | +35% | 5% | 3.0× | 17.5% | +9.6% |
| Thinking Electronic Industrial 2428.TW | Taiwan | $721M | 0% | +11% | 23% | 2.1× | 0.8% | +6.3% |
| Shenzhen S-king Intelligent Equipment 688328.SS | China | $718M | -7% | +31% | 11% | 5.8× | 29.2% | +0.7% |
| Beken 603068.SS | China | $810M | 0% | +35% | 1% | 3.9× | n/a | n/a |
| Guoguang Electric Co., Ltd.Chengdu 688776.SS | China | $709M | -46% | -38% | -89% | 21.2× | n/a | n/a |
| LianChuang Electronic Technology 002036.SZ | China | $818M | -42% | -32% | -25% | 2.4× | n/a | n/a |
| JVCKENWOOD 6632.T | Japan | $694M | -34% | +2% | 7% | 0.3× | -17.0% | +5.5% |
| Evertz Technologies ET.TO | Canada | $689M | -21% | +4% | 13% | 1.9× | 5.0% | +8.5% |
| AcBel Polytech 6282.TW | Taiwan | $838M | -35% | +14% | 3% | 1.0× | 15.7% | +8.6% |
| Shenzhen Yanmade Technology 688312.SS | China | $682M | -56% | +1% | 17% | 6.5× | 26.6% | +12.0% |
| Chicony Power Technology 6412.TW | Taiwan | $680M | -38% | +62% | -128% | 0.4× | -5.2% | -0.2% |
| Dongguan Mentech Optical & Magnetic 002902.SZ | China | $670M | -38% | +30% | -6% | 2.4× | n/a | n/a |