Energy Vault Holdings Inc

Energy Vault Holdings Inc maintains a capital structure characterized by a debt-to-equity ratio of 0.56, indicating moderate leverage relative to its equity base. The company holds $58.26 million in cash and equivalents against $37.97 million in long-term debt, resulting in a net cash position that supports its current liquidity profile. With a price-to-book ratio of 5.59 and an enterprise value-to-revenue multiple of 2.19, the market values the company at a premium to its tangible book value, reflecting expectations for future growth despite current unprofitability. The current ratio is not explicitly provided, but the balance sheet shows total assets of $312.88 million against total liabilities of $224.26 million, suggesting a manageable solvency position.

Profitability metrics indicate significant operational challenges, with a return on equity of -1.70 and a return on assets of -0.37, signaling that the company is currently destroying shareholder value on a per-dollar basis. The company reported a net loss of $103.61 million on revenues of $203.67 million, resulting in a negative net margin of approximately 51%. Operating income was negative at $74.37 million, highlighting the high cost structure relative to current sales volume. Without cohort median data for direct comparison, these returns are indicative of a growth-stage industrial company investing heavily in scaling operations before achieving economies of scale.

Revenue concentration and segment details are not explicitly broken down in the available data, limiting the ability to assess specific product or geographic risks. The company operates within the Electrical Equipment industry, which typically involves project-based revenue recognition and long sales cycles. The absence of detailed segment data suggests that revenue may be derived from a core offering of energy storage systems, with potential exposure to the broader industrial and utility sectors.

Growth trajectory analysis is constrained by the absence of historical period data in the input, preventing a year-over-year or quarter-over-quarter trend assessment. The current revenue base of $203.67 million serves as the baseline for future growth projections. Capital expenditure of $41.09 million indicates ongoing investment in infrastructure or inventory, supporting the narrative of a company in an expansion phase.

Risk assessment flags indicate low liquidity risk and low dilution risk, with no immediate filing-based flags detected. The company's negative operating cash flow of $5.65 million suggests a reliance on external financing or existing cash reserves to fund operations. The low dilution risk is consistent with the equal basic and diluted share counts of 168.97 million, implying no significant in-the-money options or warrants currently impacting the share count.

Recent observations include analyst estimates with a mean price target of $5.53 and a median target of $5.00, suggesting a potential upside from the current market price of $2.93. The mean recommendation of 2.20 indicates a moderate buy sentiment among analysts, with four strong buy or buy ratings and no hold or sell ratings recorded. No specific news events or filing observations were provided beyond the reconciler enqueue logs, which are internal system events and not material to the business analysis.

Analysts project 88.7% upside to a mean price target of $5.53, signaling strong institutional confidence in future growth.

Operating and net margins rank above the median for the Electrical Equipment cohort, suggesting relative competitive positioning.

Low dilution and liquidity risk flags indicate manageable capital structure pressures despite ongoing operational losses and cash burn.

Gross profit improved to $48 million in FY2026, indicating potential for margin expansion as revenue scales in the coming year.

Long-term debt decreased slightly to $94.7 million in FY2026, showing modest progress in managing leverage amidst negative cash flows.

Free cash flow deteriorated significantly to -$193.6 million in FY2025, highlighting severe liquidity consumption and operational inefficiency.

High credit risk and a debt-to-equity ratio of 1.40 signal substantial financial distress and potential solvency concerns.

Net losses widened to $135.8 million in FY2025, demonstrating an inability to control costs relative to shrinking revenue streams.

Revenue $21.9M, +156,4% YoY; Operating income −15,8% YoY.

• ▍Revenue $21.9M, +156,4% YoY
• ▍Operating income −15,8% YoY
• ▍Net income −53,7% YoY
• ▍Free cash flow −30,2% YoY
• ▍Net margin -148.5%

Revenue $153.3M, +358,0% YoY; Operating income +87,3% YoY.

• ▍Revenue $153.3M, +358,0% YoY
• ▍Operating income +87,3% YoY
• ▍Net income +66,5% YoY
• ▍Free cash flow +59,7% YoY
• ▍Net margin -13.5%

Revenue $33.3M, +2 678,9% YoY; Operating income +35,1% YoY.

• ▍Revenue $33.3M, +2 678,9% YoY
• ▍Operating income +35,1% YoY
• ▍Net income −0,8% YoY
• ▍Free cash flow +24,0% YoY
• ▍Net margin -80.5%

Revenue $8.5M, +125,8% YoY; Operating income −6,0% YoY.

• ▍Revenue $8.5M, +125,8% YoY
• ▍Operating income −6,0% YoY
• ▍Net income −33,4% YoY
• ▍Free cash flow −12,2% YoY
• ▍Net margin -410.3%

Revenue $8.5M; Operating income -$20.9M.

• ▍Revenue $8.5M
• ▍Operating income -$20.9M
• ▍Net margin -247.7%

Revenue $33.5M; Operating income -$62.1M.

• ▍Revenue $33.5M
• ▍Operating income -$62.1M
• ▍Net margin -184.7%

Revenue $1.2M; Operating income -$27.1M.

• ▍Revenue $1.2M
• ▍Operating income -$27.1M
• ▍Net margin -2217.9%

Revenue $3.8M; Operating income -$27.9M.

• ▍Revenue $3.8M
• ▍Operating income -$27.9M
• ▍Net margin -694.6%

Revenue $203.7M, +340,9% YoY; Operating income +45,9% YoY.

• ▍Revenue $203.7M, +340,9% YoY
• ▍Operating income +45,9% YoY
• ▍Net income +23,7% YoY
• ▍Free cash flow +27,4% YoY
• ▍Net margin -50.9%

Revenue $46.2M, −86,5% YoY; Operating income −31,4% YoY.

• ▍Revenue $46.2M, −86,5% YoY
• ▍Operating income −31,4% YoY
• ▍Net income −37,9% YoY
• ▍Free cash flow −44,4% YoY
• ▍Net margin -293.8%

Revenue $341.5M, +134,1% YoY; Operating income −27,6% YoY.

• ▍Revenue $341.5M, +134,1% YoY
• ▍Operating income −27,6% YoY
• ▍Net income −25,7% YoY
• ▍Free cash flow −84,0% YoY
• ▍Net margin -28.8%

Revenue $145.9M; Operating income −183,3% YoY.

• ▍Revenue $145.9M
• ▍Operating income −183,3% YoY
• ▍Net income −149,8% YoY
• ▍Free cash flow −149,9% YoY
• ▍Net margin -53.7%