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Next-generation batteries

The 8 companies in this industry listed on the NYSE and Nasdaq are worth $5.3 bn combined; the largest are QuantumScape (QS), Amprius Technologies, Inc. (AMPX) and Enovix (ENVX). For each one: what it does, revenue, margin, free cash flow over the last five years and a score from 0 to 10.

Data as of October 2026

Comfortable leader
8 companies value 5.3 bn revenue 0.2 bn margin -283.4% free cash flow -0.7 bn avg. score 0.1
QS holds 45.2% of the group's value, 2.2x the runner-up
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 QS QuantumScape
United States · score 0.0
45% 2.4 bn — — -0.3 bn -11.3% — Solid-state lithium-metal batteries · Solid-state batteries for electric cars; partnership with Volkswagen
2 AMPX Amprius Technologies, Inc.
United States · score 0.0
21% 1.1 bn 0.1 bn -33.4% -0.1 bn -5.3% — Lithium-ion batteries for aviation and vehicles · California — revenue of $109m
3 ENVX Enovix
United States · score 0.0
10% 0.5 bn 0.0 bn -534.3% -0.1 bn -24.1% — Silicon-anode lithium batteries · Higher-density silicon batteries for electronics and defense
4 FAC Factorial Energy Inc.
United States · score 0.6
10% 0.5 bn — — -0.0 bn -5.8% — Solid-state batteries for electric vehicles · Massachusetts
5 SLDP Solid Power
United States · score 0.0
8% 0.4 bn 0.0 bn -816.4% -0.1 bn -16.4% — Solid-state batteries for electric vehicles · Solid electrolyte in partnership with BMW and Ford
6 SES SES AI Corp
United States · score 0.0
5% 0.3 bn 0.0 bn -289.6% -0.1 bn -23.3% — Lithium-metal and lithium-ion batteries powered by AI · Massachusetts — revenue of $23m
7 NVX NOVONIX Ltd
Australia · score 0.0
1% 0.0 bn 0.0 bn -17x -0.1 bn -172.1% — Synthetic graphite for lithium-ion battery anodes, with a plant being set up in Tennessee (US) · Australia — revenue of $6m
8 STI Solidion Technology Inc.
United States · score 0.0
1% 0.0 bn 0.0 bn -238x -0.0 bn -14.7% — Advanced battery technology and materials · Texas

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What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.

The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.

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