Polestar Automotive Holding UK PLC PSNYW

Consumer DiscretionaryAutomobiles & Auto PartsSweden

Last close 3.12 USD on Nov 1, 2026, −51.0% year to date

Quant rating

Quant rating C Rank 153 of 297 in Consumer Discretionary

Growth C 123 of 297
Valuation C 128 of 297
Quality B 106 of 297
Revisions C 150 of 297
Momentum C 199 of 297

Wall Street consensus Sell (4.00)Average target 7.50 USD +140.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 674M
Enterprise value: 5.8B
52-week range: 2.12 – 9.00
3-year range: 2.12 – 14.10
Dividend yield: –
Beta (5 years): –
Shares outstanding: 4,928M
Next earnings: Nov 9, 2026

About the company

POLESTAR AUTOMOTIVE HOLDING UK PLC (Polestar) is a Swedish-based electric vehicle manufacturer. Company's portfolio includes Polestar 1, Polestar 2, Polestar 3, Polestar 4 and Polestar 5. Polestar products are currently available on markets across Europe, North America, China and Asia Pacific. Polestar cars are currently manufactured in two facilities in China. Polestar produces electric cars to reduce gas emmisions and develop new technologies to further minimize the carbon footprint.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,058	2,034	2,368	2,441	1,337	–
Revenue growth	50.3%	−14.1%	−3.0%	82.5%	119.1%	38.0%
EPS (basic, normalized)	−25.50	−29.10	−12.00	−6.90	–	–
EPS growth	–	–	–	–	–	–
Gross margin	−1.1%	−43.1%	−17.3%	4.1%	0.1%	−11.5%
Net margin	−77.1%	−100.8%	−49.9%	−19.6%	−75.3%	−64.5%
ROE	–	–	–	–	−286.5%	−286.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	888
Current ratio	0.32x
Long-term debt (mil)	1,031
Net debt (mil)	5,129
Total equity (mil)	−4,732
Net debt / equity	−1.08x
Net debt / EBITDA	−6.55x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,058	+50.3%	1.9x	−783	0.0%	−7.4x	−25.50	+12.4%	−0.1x
2026	3,246	+6.2%	1.8x	−833	−6.4%	−7.0x	−10.21	+60.0%	−0.3x
2027	4,238	+30.5%	1.4x	−640	+23.2%	−9.1x	−6.64	+35.0%	−0.5x
2028	5,610	+32.4%	1.0x	−329	+48.6%	−17.6x	−5.46	+17.8%	−0.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,246	0.0%	−9.9%	−18.8%	−10.21	0.0%	−15.6%	+14.7%
2027	4,238	0.0%	−13.4%	−25.3%	−6.64	0.0%	−12.4%	+3.0%
2028	5,610	0.0%	−15.3%	−31.5%	−5.46	0.0%	−22.1%	−37.4%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	FQ-7	Dec 2024	FQ-5	FQ-4	FQ-3	FQ-2	Mar 2026	Jun 2026
Sales reported (mil)	345	573	551	578	608	815	748	887	633	727
Sales mean (mil)	592	700	727	717	677	641	850	810	749	878
Surprise	−41.7%	−18.2%	−24.3%	−19.4%	−10.1%	+27.1%	−12.0%	+9.6%	−15.5%	−17.2%
EPS reported	−3.90	−3.81	–	−32.10	–	–	–	–	−2.66	−3.64
EPS mean	−3.99	−5.31	−4.40	−6.75	−3.45	−4.20	−5.10	−6.60	−2.83	−1.81
Surprise	+2.3%	+28.2%	–	−375.6%	–	–	–	–	+6.0%	−101.1%

Peer comparison Automobiles & Auto Parts

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PSNYW Polestar Automotive Holding UK PLC	674M	−6.55x	−77.1%	−0.14x	−0.3x	−0.5x	−7.0x	−9.1x
CYD China Yuchai International Ltd	842M	–	2.2%	0.58x	6.6x	5.7x	1.3x	1.1x
PGGCY Piaggio & C SpA	779M	1.89x	2.3%	1.61x	61.9x	46.2x	4.4x	4.2x
PSNY Polestar Automotive Holding UK PLC	674M	−6.55x	−77.1%	−0.14x	−0.4x	−0.6x	−7.0x	−9.1x
FOXF Fox Factory Holding Corp.	672M	3.60x	−37.1%	1.01x	15.6x	12.5x	8.3x	8.1x
MLR Miller Industries Inc	577M	−1.07x	2.9%	1.37x	25.9x	17.6x	10.6x	7.9x
Mean		−1.74x	−30.7%	0.72x	18.2x	13.5x	1.8x	0.5x
Median		−1.07x	−17.5%	0.80x	11.1x	9.1x	2.9x	2.7x

Technical analysis

1M−23.3%
3M+32.8%
1Y−62.2%
3Y−65.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Polestar Automotive Holding UK PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,058	2,034	2,368	2,441	1,337	610
Cost of revenue	3,092	2,910	2,778	2,340	1,336	554
Gross profit	−34.1	−876	−410	101	0.9	56.5
Selling, general & administrative expenses	847	891	944	840	706	311
Research & development	52.2	38.4	157	175	56.1	31.5
Depreciation/amortization	35.1	–	–	–	185	156
Interest expense (income), operating	−44.1	0	−37.5	2.3	49.3	−2.5
Unusual expense (income)	1,098	0.4	16.9	0	–	–
Other operating expenses	−12.9	−3.2	−18.3	−3.6	−1.6	−0.3
Operating income	−2,009	−1,802	−1,473	−913	−995	−440
Net interest income (expense)	−366	−372	−179	−101	−12.3	−30.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	14.8	115	461	564	−0.3	−1.0
Net income before taxes	−2,361	−2,059	−1,191	−449	−1,007	−471
Provision for taxes	−3.7	−9.2	−9.5	29.8	0.3	13.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−2,357	−2,050	−1,182	−479	−1,007	−485
Extraordinary items	–	–	–	–	–	–
Net income	−2,357	−2,050	−1,182	−479	−1,007	−485
EBIT, normalized	−945	−1,083	−988	−895	−945	−442
EBITDA, normalized	−910	−1,037	−872	−755	−702	−226
Basic EPS, normalized	−25.50	−29.10	−12.00	−6.90	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Polestar Automotive Holding UK PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,159	739	768	974	758	316
Receivables	561	427	521	439	253	360
Total inventory	853	1,079	928	659	546	433
Prepaid expenses	30.1	40.8	35.9	34.6	40.1	9.9
Other current assets	85.1	11.6	19.6	74.1	10.0	52.9
Total current assets	2,689	2,298	2,273	2,180	1,607	1,172
Property, plant & equipment	394	594	546	350	329	202
Goodwill	52.4	46.0	50.4	46.5	53.3	59.1
Intangibles	648	995	1,368	1,350	1,315	1,112
Long-term investments	–	0	2.4	2.3	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	147	121	52.1	13.1	5.5	3.6
Total assets	3,930	4,054	4,292	3,942	3,310	2,549
Liabilities
Accounts payable	1,107	103	92.4	98.5	114	68.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	811	730	710	490	575	276
Short-term debt	0	101	73.8	0	0	0
Current portion of long-term debt	3,898	2,526	2,046	1,367	666	375
Other current liabilities	392	1,281	700	1,297	1,685	1,149
Total current liabilities	6,208	4,741	3,623	3,253	3,041	1,868
Long-term debt	2,593	2,385	1,468	85.6	66.6	61.8
Minority interest	–	–	–	–	–	–
Other liabilities	251	257	453	738	79.9	37.8
Total liabilities	9,052	7,383	5,543	4,076	3,187	1,968
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	27.8	21.2	21.2	21.2	1,866	1,319
Additional paid-in capital	4,133	3,625	3,615	3,584	35.2	0
Retained earnings (accumulated deficit)	−9,269	−6,912	−4,862	−3,727	−1,762	−754
Treasury stock	–	–	–	–	–	–
Other equity	−14.7	−63.2	−25.6	−12.3	−16.8	16.4
Total equity	−5,122	−3,329	−1,251	−134	122	581
Total liabilities & shareholders' equity	3,930	4,054	4,292	3,942	3,310	2,549

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Polestar Automotive Holding UK PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−2,357	−2,050	−1,182	−479	−1,007	−485
Depreciation, depletion & amortization	52.7	55.7	115	141	239	216
Deferred taxes	–	–	–	–	–	–
Non-cash items	1,798	1,159	788	629	119	153
Changes in working capital	−408	−156	−1,615	−1,372	337	58.7
Cash from operations	−915	−991	−1,894	−1,081	−312	−57.0
Investing activities
Capital expenditures	−462	−378	−573	−709	−130	−244
Other investing cash flows	−58.7	−34.3	155	0	0	0
Cash from investing	−521	−413	−418	−709	−130	−244
Financing activities
Financing cash flow items	–	0	−1.9	−38.9	48.8	135
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,693	1,424	2,106	2,113	861	225
Cash from financing	1,693	1,424	2,104	2,074	910	360
Foreign exchange effects	163	−49.4	1.5	−67.0	−27.5	21.3
Net change in cash	420	−29.0	−206	217	440	80.2
Free cash flow	−1,377	−1,370	−2,467	−1,790	−442	−301

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.