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Aqua Metals, Inc.

AQMS Industrials Waste Management

Aqua Metals, Inc.’s revenue for fiscal 2023 (year ended December 2023) was $25,000.00, up 525.0% from fiscal 2022. In the quarter to June 2026, EPS grew 82.4% and free cash flow fell 257.6%, each against the same quarter a year earlier. Revenue growth for three consecutive years.

1.70 0.01 +0.59%
Market cap
$6.0M
P/E
65.9×
Fwd P/E
−0.8×
Dividend yield
—
F-score
4/9
Altman Z
−5.53
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 14.03%

Capital & Financial Ratios $m

Market Cap 6.02
Revenue 0.29
Net Income (15.99)
Free Cash Flow (11.43)
Net Debt (4.74)
Current Ratio 2.43 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 65.89 (above 35: high)
Fwd P/E (0.82) (negative: loss-making)
P/S ratio 19.84 (above 10: high)
P/B ratio 0.61
Past 5Y EPS Growth —
This Y EPS Growth 27.50% (at or above 15%: strong)
Next Y EPS Growth 44.83% (at or above 15%: strong)
Next Y revenue growth 31,100.00% (at or above 10%: strong)
Next 5Y EPS Growth 35.00% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 27.6×, against a ten-year median of 49.3×; over the ten years it ranged from 7.4× in 2020 to 404× in 2023.
P/S against its own 10 years 20.89%
10-year low 10-year high
P/B against its own 10 years 3.83%
10-year low 10-year high
EV/Sales against its own 10 years 33.04%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 17 4 11 5
Receivables 0 — — 0
Inventory 1 0 0 0
Other — — — —
18 5 13 7
2023 2024 2025 Q'26
Payables 2 1 1 0
ST’ Debt — — — —
Other — — — —
5 8 4 3

Compound Annual Growth %

10y 5y 3y
Sales — (64.52%) (38.60%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value (7.91%) (13.86%) (10.95%)

Revenue $m

Mar Jun Sep Dec Year
’26 — — — — —
’23 — — 0 — 0
’22 — 0 — — 0
’21 — — — 0 0
’20 0 — 0 — 0
’19 0 1 2 1 5
’18 2 0 1 1 4
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (4) (3) — — —
’25 (3) (3) (2) (3) (10)
’24 (4) (7) 0 (2) (14)
’23 (3) 8 (3) (5) (3)
’22 (3) (3) (3) (1) (10)
’21 (2) (3) 1 (3) (7)
’20 (4) (4) (1) (2) (11)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (4) (3) — — —
’25 (3) 2 (2) (3) (6)
’24 (7) (12) 0 (2) (22)
’23 (8) 8 (4) (5) (9)
’22 (3) (3) (4) (4) (13)
’21 (3) (3) 1 (4) (9)
’20 (6) (5) (1) (2) (14)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (1.22) (1.31) — — —
’25 (10.30) (7.44) (2.19) 4.75 (15.15)
’24 (10.00) (7.64) (7.60) (10.60) (38.30)
’23 (12.00) (12.00) (8.00) (20.00) (50.00)
’22 (12.00) (8.00) (10.00) (10.00) (40.00)
’21 (12.00) (24.00) (4.00) (12.00) (52.00)
’20 (14.00) (14.00) (6.00) (50.00) (84.00)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 900.00 368.00 284.00 82.00 66.00 240.00 100.00 134.00 13.30 3.37

Analyst estimates 2026–2028

Powerpack
High 2,826.00 4,550.00 844.00 866.40 710.00 1,612.00 334.00 353.00 159.00 39.40
People
People Employees 67 69 76 23 21 23 30 53 11 11
Revenue/emp, $m 0.00 0.03 0.06 0.21 0.01 0.01 0.00 0.00 0.00 0.00
Income, $m
Income, $m Revenue — 2 4 5 0 0 0 0 — —
Gross margin, % 0.00 (356.94) (411.60) (408.80) (4,970.37) (3,956.07) (98,875.00) (25,028.00) 0.00 0.00
EBT (14) (27) (40) (45) (26) (18) (15) (24) (25) (23)
EBT margin, % 0.00 (1,272.89) (904.74) (919.02) (23,851.85) (10,515.03) (385,725.00) (95,752.00) 0.00 0.00
Net income (14) (27) (40) (45) (26) (18) (15) (24) (25) (23)
Depreciation 1 4 5 4 3 1 1 1 1 1
Per share, $
Per share, $ Revenue 0.00 20.57 26.05 18.65 0.35 0.49 0.01 0.05 0.00 0.00
Earnings (178.00) (262.00) (236.00) (172.00) (84.00) (52.00) (40.00) (50.00) (38.30) (15.15)
Cash flow (145.75) (187.21) (154.09) (96.35) (36.24) (20.18) (26.77) (6.80) (21.23) (6.86)
Capex (384.74) (92.91) (21.62) (48.99) (10.52) (5.93) (7.94) (11.77) (12.30) 2.65
Free cash flow (530.50) (280.12) (175.71) (145.35) (46.76) (26.11) (34.71) (18.57) (33.54) (4.21)
Book value 746.92 580.94 293.27 189.78 102.33 78.67 55.17 55.49 25.30 9.88
Shares, m 0 0 0 0 0 0 0 0 1 1
Valuation, ×
Valuation, × P/E — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — —
P/S — 0.00 13.97 8.10 59.63 98.51 305.94 244.18 — —
P/B — 0.82 1.24 0.80 5.86 3.13 4.17 2.74 — —
EV/Sales — 0.00 12.13 9.10 58.92 94.24 296.35 211.56 — —
EV/FCF — (1.45) (1.80) (1.17) (12.68) (9.01) (6.42) (7.08) — —
Cash, $m
Cash, $m Operating cash flow (11) (19) (26) (25) (11) (7) (10) (3) (14) (10)
Capex (29) (9) (4) (13) (3) (2) (3) (6) (8) 4
Free cash flow (40) (28) (30) (38) (14) (9) (13) (9) (22) (6)
Balance, $m
Balance, $m Working capital 23 22 11 18 5 8 11 14 (4) 9
Total debt 10 11 13 8 0 0 0 3 — —
Net debt (17) (12) (8) 1 (6) (8) (7) (14) (4) (11)
Shareholders’ equity 57 59 50 50 31 28 21 26 16 15
Returns, %
Returns, % ROA (22.82) (36.42) (55.21) (63.62) (49.26) (53.19) (46.22) (71.35) (81.90) (98.31)
ROIC (20.12) (33.23) (55.27) (50.57) (38.62) (55.34) (68.95) (122.66) (122.52) (368.23)
ROE (29.91) (45.85) (73.82) (89.88) (63.82) (62.02) (63.70) (101.91) (116.08) (146.04)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2023 · latest quarter Sep 2023 · fundamentals updated 5 Oct 2026

Charts ten years each

Aqua Metals, Inc. vs peers in Waste Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LNZA LanzaTech Global, Inc. $58.3M 0.3× — −0.77% (below 0%: shrinking) n/m +90.37% (above 0%: growing) 19.99% (109.53%) Compare
AMBIQ Ambipar Emergency Response $29.9M — (loss-making) — — −86.74% (below 0%: shrinking) +296.67% (above 0%: growing) 19.05% 17.12% Compare
LICYQ Li-Cycle Holdings Corp. $29.9M — (loss-making) — (loss-making) +9.38% (above 0%: growing) n/m +68.50% (above 0%: growing) (191.43%) (417.14%) Compare
QRHC Quest Resource Holding Corporation. $25.1M — (loss-making) — (loss-making) +7.61% (above 0%: growing) n/m +16.13% (above 0%: growing) 16.28% (15.55%) Compare
AWX Avalon Holdings Corporation $9.8M 8.1× 8.3× +3.19% (above 0%: growing) +228.57% (above 0%: growing) −13.53% (below 0%: shrinking) 23.39% 6.50% Compare
GWAV Greenwave Technology Solutions, Inc. $7.3M — (loss-making) — +45.47% (above 0%: growing) n/m −156.09% (below 0%: shrinking) 37.88% (17.80%) Compare
AQMS Aqua Metals, Inc. $6.0M 65.9× — (loss-making) +38.89% (above 0%: growing) n/m −257.58% (below 0%: shrinking) 0.00% 0.00%
CDTG CDT Environmental Technology Investment Holdings Limited $3.3M — — — — +67.03% (above 0%: growing) — — Compare
DXST Decent Holding Inc. $3.1M — — — — −1,205.75% (below 0%: shrinking) — — Compare
Median of peers $17.4M — — +7.61% — +41.58% 19.52% (16.67%)

All 20 Waste Management stocks →

Aqua Metals, Inc. (AQMS) key facts

  • Strength: Aqua Metals, Inc.’s revenue for fiscal 2023 (year ended December 2023) was $25,000.00, up 525.0% from fiscal 2022.
  • Aqua Metals, Inc. (AQMS) is a Waste Management company in the Industrials sector, listed on Nasdaq.
  • As of October 16, 2026, AQMS traded at $1.70, a market capitalization of $6.0 million.
  • Return on equity was −146.0% and debt-to-equity 0.00.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −5.53 (distress zone) for fiscal 2023.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 5, 2026.

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stockrow.com/AQMS · Data as of Oct 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com