# QuantumScape Corporation (QS)

> Source: Nexqual · https://nexqual.com/QS · data as of 2026-10-23 15:30 UTC · cite as "Nexqual, QuantumScape Corporation (QS), nexqual.com/QS" · informational, not investment advice.

**Price:** USD 4.14 (-0.36% today) · US market open, as of October 23, 2026 at 15:30 UTC; quotes may be delayed. Prev close 4.15 · day 4.01–4.18 · 52w 3.8–18.56 · market cap $2.56B · NMS

## Key facts
- Analysts: Hold (mean 3.22 on a 1–5 scale) (9 analysts), mean target USD 5.41 (range 2.5–8.3).
- Total return with dividends: 1Y -71.8% vs S&P 500 +14.8%; 5Y -85.7% vs S&P 500 +77.6%.
- Next earnings: 2026-10-21, EPS estimate USD -0.16, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Operating income | -$215M | -$421M | -$479M | -$525M | -$473M | -$441M |
| Net income | -$46.0M | -$412M | -$445M | -$478M | -$435M | -$405M |
| EPS (diluted) | -$0.52 | -$0.95 | -$0.96 | -$0.94 | -$0.76 | — |
| Free cash flow | -$255M | -$377M | -$325M | -$337M | -$279M | -$273M |
| Cash + short-term investments | $1.45B | $1.06B | $1.07B | $911M | $971M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 2.4x · FCF yield -10.65% · Earnings yield -15.82%

## Analysts
Consensus Hold (mean 3.22 on a 1–5 scale), 9 analysts; mean target USD 5.41 (low 2.5, high 8.3).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Baird | Target lowered | Neutral | $8 → $6 |
| 2026-10-15 | Morgan Stanley | Target lowered | Equal-Weight | $8.5 → $4.5 |
| 2026-10-12 | Evercore ISI Group | Target lowered | In-Line | $10 → $7 |
| 2026-07-24 | TD Cowen | Target lowered | Hold | $8 → $6 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -71.8% | -85.7% |
| S&P 500 (SPY) | +14.8% | +77.6% |
| Per year | -71.8% | -32.3% |
| Volatility (annualized) | 71.2% | 84.6% |
| Max drawdown | -78.9% (Oct 2025→Oct 2026) | -90.3% (Nov 2021→Apr 2025) |

## Peers (Auto Parts)
ATMU (Atmus Filtration Technologies I) USD 44.7 -0.12% · DORM (Dorman Products, Inc.) USD 124.15 -2.62% · GTX (Garrett Motion Inc.) USD 21.32 -3.11% · GNTX (Gentex Corporation) USD 20.29 -6.67% · LKQ (LKQ Corporation) USD 18.13 -19.31% · LEA (Lear Corporation) USD 114.71 -3.29%

## More
Full page: https://nexqual.com/QS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in QS's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Volkswagen | "Our collaboration initially focused on the testing and evaluation of our battery technology with Volkswagen engineers working closely with our engineering team on our technology development efforts and battery testing." |

## Company outlook (8-K filed 2026-10-21)

- "Adjusted EBITDA loss was $60.7M in Q3, in line with expectations."
- "For full-year 2026, we reiterate our Adjusted EBITDA loss guidance of between $250M and $275M."
- "For full-year 2026, we reiterate our guidance for capex to be between $27M and $37M."
- "Strategic Outlook In 2026 we set out to take our solid-state battery technology and turn it into products across multiple verticals."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $-0.16 | $-0.17 | -4.7% | $0 | 5 |
| Next quarter (ends 2027-03-31) | $-0.16 | $-0.17 | -8.6% | $0 | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.62 | $-0.66 | -7.0% | $0 | 6 |
| Next fiscal year (ends 2027-12-31) | $-0.61 | $-0.66 | -8.2% | $7.3M | 6 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 79.2% | ±9.0% |
| 2026-11-06 | 14 | 77.1% | ±12.2% |
| 2026-11-13 | 21 | 68.3% | ±13.2% |
| 2026-11-20 | 28 | 70.5% | ±15.6% |
| 2026-11-27 | 35 | 68.8% | ±17.0% |
| 2026-12-04 | 42 | 72.4% | ±23.7% |
| 2026-12-18 | 56 | 71.1% | ±22.1% |
| 2027-01-15 | 84 | 68.6% | ±26.0% |