SES SA (SGBAF) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 20, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 1, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SGBAF SEC filings page.
SES SA (SGBAF) reported $3.1B in revenue for fiscal year 2025, up 48.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
SES SA does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
SES SA passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 operating efficiency signals passes.
SES SA reported a net loss of $111.5M while generating $1.1B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
SES SA earns $0.36 in operating income for every $1 of interest expense ($75.1M vs $208.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
SES SA generated $3.1B in revenue in fiscal year 2025. This represents an increase of 48.9% from the prior year.
SES SA's EBITDA was $1.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 35.3% from the prior year.
SES SA reported a net loss of $111.5M in fiscal year 2025. This represents a decrease of 818.1% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
SES SA generated $453.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 39.7% from the prior year.
SES SA held $1.3B in cash against $6.5B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
SES SA's gross margin was 71.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 5.7 percentage points from the prior year.
SES SA's operating margin was 2.4% in fiscal year 2025, reflecting core business profitability. This is down 0.8 percentage points from the prior year.
SES SA's net profit margin was -3.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.4 percentage points from the prior year.
SES SA's ROE was -3.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.1 percentage points from the prior year.
Capital Allocation
SES SA invested $612.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 111.4% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
SGBAF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F |
|---|---|---|---|
| Revenue | $3.1B+48.9% | $2.1B-7.8% | $2.2B |
| Cost of Revenue | $886.1M+85.7% | $477.2M-2.8% | $491.2M |
| Gross Profit | $2.2B+37.8% | $1.6B-9.1% | $1.8B |
| Operating Income | $75.1M+13.4% | $66.2Mn/m | -$758.9M |
| EBITDA | $1.4B+35.3% | $1.0B-74.8% | $4.1B |
| Interest Expense | $208.9M+94.1% | $107.7M+13.2% | $95.1M |
| Income Tax | -$24.6M-143.3% | $56.9M-70.8% | $194.7M |
| Net Income | -$111.5M-818.1% | $15.5Mn/m | -$1.0B |
Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
SGBAF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F |
|---|---|---|---|
| Total Assets | $15.7B+46.8% | $10.7B | N/A |
| Current Assets | $2.6B-41.0% | $4.5B | N/A |
| Cash & Equivalents | $1.3B-65.4% | $3.6B+13.3% | $3.2B |
| Inventory | $230.0M+353.5% | $50.7M | N/A |
| Accounts Receivable | $903.7M+34.5% | $671.8M | N/A |
| Goodwill | $2.1B+1333.5% | $148.0M-85.5% | $1.0B |
| Total Liabilities | $12.5B+76.8% | $7.1B | N/A |
| Current Liabilities | $3.0B+91.5% | $1.6B | N/A |
| Non-Current Liabilities | $9.5B+72.5% | $5.5B | N/A |
| Long-Term Debt | $6.5B+47.0% | $4.4B | N/A |
| Total Equity | $3.1B-13.1% | $3.5B-14.8% | $4.2B |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Retained Earnings.
SGBAF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F |
|---|---|---|---|
| Operating Cash Flow | $1.1B+2.3% | $1.0B-72.9% | $3.8B |
| Depreciation & Amortization | $1.3B+36.8% | $961.6M-80.1% | $4.8B |
| Capital Expenditures | $612.6M+111.4% | $289.8M-31.6% | $423.7M |
| Free Cash Flow | $453.0M-39.7% | $751.5M-78.1% | $3.4B |
| Investing Cash Flow | -$2.0Bn/m | -$164.6Mn/m | -$409.3M |
| Financing Cash Flow | -$1.6Bn/m | -$388.2Mn/m | -$1.2B |
| Dividends Paid | $242.9M-26.7% | $331.2M+36.1% | $243.4M |
| Share Buybacks | N/A | $128.4M+329.7% | $29.9M |
Not reported in any period shown, so not listed: Stock-Based Compensation.
SGBAF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F |
|---|---|---|---|
| Gross Margin | 71.3%-5.7pp | 77.0%-1.2pp | 78.1% |
| Operating Margin | 2.4%-0.8pp | 3.2%+37.0pp | -33.8% |
| Net Margin | -3.6%-4.4pp | 0.8%+45.3pp | -44.6% |
| Return on Equity | -3.6%-4.1pp | 0.4%+24.5pp | -24.1% |
| Return on Assets | -0.7%-0.9pp | 0.1% | N/A |
| Current Ratio | 0.87-2.0x | 2.83 | N/A |
| Debt-to-Equity | 2.10+0.9x | 1.24 | N/A |
| Liabilities-to-Equity | 4.06+2.1x | 2.00 | N/A |
| Asset Turnover | 0.200.0x | 0.19 | N/A |
| FCF Margin | 14.7%-21.6pp | 36.3% | 152.5% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.
Note: The current ratio is below 1.0 (0.87), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where SES SA Ranks
Frequently Asked Questions
What is SES SA's annual revenue?
SES SA (SGBAF) reported $3.1B in total revenue for fiscal year 2025. This represents a 48.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is SES SA's revenue growing?
SES SA (SGBAF) revenue grew by 48.9% year-over-year, from $2.1B to $3.1B in fiscal year 2025.
Is SES SA profitable?
No, SES SA (SGBAF) reported a net loss of $111.5M in fiscal year 2025, with a net profit margin of -3.6%.
What is SES SA's EBITDA?
SES SA (SGBAF) had EBITDA of $1.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does SES SA have?
As of fiscal year 2025, SES SA (SGBAF) had $1.3B in cash and equivalents against $6.5B in long-term debt.
What is SES SA's gross margin?
SES SA (SGBAF) had a gross margin of 71.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is SES SA's operating margin?
SES SA (SGBAF) had an operating margin of 2.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is SES SA's net profit margin?
SES SA (SGBAF) had a net profit margin of -3.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is SES SA's return on equity (ROE)?
SES SA (SGBAF) has a return on equity of -3.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is SES SA's free cash flow?
SES SA (SGBAF) generated $453.0M in free cash flow during fiscal year 2025. This represents a -39.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is SES SA's operating cash flow?
SES SA (SGBAF) generated $1.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are SES SA's total assets?
SES SA (SGBAF) had $15.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are SES SA's capital expenditures?
SES SA (SGBAF) invested $612.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is SES SA's current ratio?
SES SA (SGBAF) had a current ratio of 0.87 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is SES SA's debt-to-equity ratio?
SES SA (SGBAF) had a debt-to-equity ratio of 2.10 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is SES SA's liabilities-to-equity ratio?
SES SA (SGBAF) had a liabilities-to-equity ratio of 4.06 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is SES SA's return on assets (ROA)?
SES SA (SGBAF) had a return on assets of -0.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is SES SA's P/E ratio?
SES SA (SGBAF) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $1.9B as of Oct 20, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is SES SA's price-to-sales ratio?
SES SA (SGBAF) trades at 0.6x sales, its market capitalization divided by $3.1B revenue, FY2025. The market capitalization is $1.9B as of Oct 20, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is SES SA's Piotroski F-Score?
SES SA (SGBAF) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are SES SA's earnings high quality?
SES SA (SGBAF) reported a net loss of $111.5M while generating $1.1B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can SES SA cover its interest payments?
SES SA (SGBAF) has an interest coverage ratio of 0.36x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.