Latest Ratios: P/E Ratio -5.8x · EV/EBITDA N/A · ROE -96.4%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $656M | $740M | $342M | $333M | $385M | $1.1B | — | — |
| Enterprise Value | $692M | $776M | $316M | $225M | $183M | $958M | — | — |
| P/E Ratio → | -5.83 | — | — | — | — | — | — | — |
| P/S Ratio | 3.22 | 3.63 | 7.40 | 0.97 | 2.64 | — | — | — |
| P/B Ratio | 6.87 | 8.35 | 2.71 | 1.49 | 1.34 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.81 | 6.84 | 0.66 | 1.25 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.6% | 23.6% | 13.4% | 5.1% | 40.6% | — | — | — |
| Operating Margin | -36.5% | -36.5% | -281.4% | -31.3% | -41.3% | — | — | — |
| Net Profit Margin | -50.9% | -50.9% | -293.8% | -28.8% | -53.7% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -96.4% | -96.4% | -77.6% | -38.5% | -71.5% | — | -577.9% | — |
| ROA | -41.7% | -41.7% | -51.7% | -26.0% | -28.9% | -40.3% | -70.0% | -26.2% |
| ROIC | -49.5% | -49.5% | -90.2% | -79.3% | -52.4% | — | -74.9% | — |
| ROCE | -53.7% | -53.7% | -72.6% | -41.0% | -29.4% | -37.1% | -46.6% | 28.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.07 | 1.07 | 0.01 | 0.01 | 0.01 | — | 0.10 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | 0.16 |
| Net Debt / Equity | — | 0.41 | -0.20 | -0.48 | -0.70 | — | -0.35 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | -1.30 |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -10.33 | -10.33 | -1102.63 | -2821.63 | — | -4475.71 | -113.21 | -8.40 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.73 | 0.73 | 1.26 | 2.50 | 3.11 | 15.07 | 2.77 | 5.20 |
| Quick Ratio | 0.73 | 0.73 | 1.26 | 2.50 | 3.08 | 15.07 | 2.77 | 5.20 |
| Cash Ratio | 0.35 | 0.35 | 0.55 | 0.98 | 1.62 | 14.32 | 2.58 | 5.05 |
| Asset Turnover | — | 0.65 | 0.25 | 1.00 | 0.35 | — | — | — |
| Inventory Turnover | 1120.01 | 1120.01 | 373.94 | 780.75 | 19.78 | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $161M | $150M | $143M | $123M | $107M | $68M | $1M |
Liquidity and execution risk
Based on reported figures, NRGV trades at a P/S ratio of 3.58, reflecting a market valuation that appears disconnected from the company's negative TTM P/E of -6.48 and the absence of a clear path to positive earnings in the near-term infrastructure deployment cycle.
The current valuation appears to be anchored more to speculative growth expectations than to traditional utility-style earnings multiples. Investors should monitor whether the market continues to price the firm as a high-growth tech entity or if it begins to apply a discount consistent with its capital-intensive, loss-making utility-scale operations.
As reported in recent financial statements, NRGV's debt-to-capital ratio has climbed to 0.76 in 2026Q1, indicating a rapid shift toward debt-heavy financing that warrants further investigation into the company's long-term solvency and its ability to service obligations amidst persistent negative interest coverage.
The sharp increase in leverage suggests that the company is increasingly reliant on external debt to fund its capital-intensive gravity storage deployments. This trend may indicate a narrowing margin of safety for creditors, as the firm lacks the internal cash generation necessary to support its current debt load.
According to comparative market data, NRGV's P/B ratio of 7.63 suggests a valuation premium compared to peers like Gorilla Technology, which may be difficult to justify given the company's significantly negative ROE and the execution risks inherent in its physical infrastructure business model.
While the market may be assigning a premium for the proprietary nature of the EVx platform, the disparity in valuation multiples relative to peers suggests that investors are currently overlooking the operational challenges of scaling mechanical storage. This premium appears vulnerable to correction if project milestones continue to face delays or if capital requirements remain elevated.
The most commonly misapplied ratio for NRGV is the P/E multiple, which obscures the company's true financial health by failing to account for the lumpy, project-based revenue recognition that characterizes early-stage infrastructure firms rather than stable, rate-regulated utility providers.
Using a P/E ratio for a company with negative earnings and high R&D overhead is fundamentally misleading, as it ignores the underlying cash burn and the capital-intensive nature of the business. Analysts should instead focus on cash runway and project backlog conversion rates to better assess the firm's viability, as these metrics provide a more accurate picture of the company's operational trajectory.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying NRGV stock.
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Energy Vault Holdings, Inc.'s return on equity (ROE) is -96.4%. The historical average is -71.0%.
Based on historical data, Energy Vault Holdings, Inc. is trading at a P/E of -5.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Energy Vault Holdings, Inc. has 23.6% gross margin and -36.5% operating margin.