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Friday 6 November 2026
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Electrovaya Inc.
ELVA Industrials Electrical Equipment & Parts
Electrovaya Inc.’s revenue for fiscal 2025 (year ended September 2025) was $63.8 million, up 43.1% from fiscal 2024.
- Revenue
- +3.40%
- EPS
- −69.5%
- Free cash flow
- −266.0%
- Total debt
- +97.4%
Quarter to June 2026, against a year earlier
4.90
0.27
+5.83%
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Analyst price targets
Free accountTen years at a glance Fiscal years to September
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | 5 | 15 | 12 | 16 | 44 | 45 | 64 | 72 | +53.3% | 70 | 101 | 157 | +35.0% | |
| Gross margin, % | — | — | — | 37.48 | 33.96 | 33.87 | 23.81 | 26.91 | 30.68 | 30.90 | 33.00 | (6.6) pt | ||||||
| EBT | — | — | — | (9) | 1 | (8) | (9) | (2) | (1) | 1 | 2 | n/m | ||||||
| EBT margin, % | — | — | — | (182.64) | 7.66 | (65.04) | (56.61) | (4.90) | (3.33) | 2.05 | 3.14 | +184.7 pt | ||||||
| Net income | — | — | — | (3) | 1 | (8) | (9) | (1) | (1) | 3 | 4 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 0.23 | 0.12 | 0.08 | 0.55 | 1.30 | 1.31 | 1.63 | 1.44 | +38.7% | |||||
| Earnings | — | — | — | (0.14) | 0.01 | (0.05) | (0.31) | (0.04) | (0.04) | 0.09 | 0.11 | n/m | ||||||
| Cash flow | — | — | — | (0.14) | (0.03) | (0.06) | (0.30) | (0.15) | 0.03 | 0.04 | (0.17) | n/m | ||||||
| Capex | — | — | — | 0.00 | 0.00 | 0.00 | (0.01) | (0.01) | 0.00 | (0.12) | (0.15) | n/m | ||||||
| Free cash flow | — | — | — | (0.14) | (0.03) | (0.06) | (0.31) | (0.17) | 0.03 | (0.07) | (0.31) | (9.5%) | ||||||
| Book value | — | — | — | (0.67) | (0.07) | (0.01) | (0.23) | 0.21 | 0.25 | 0.80 | 1.35 | n/m | ||||||
| Shares, m | — | — | — | 21 | 120 | 140 | 29 | 34 | 34 | 39 | 45 | +10.6% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 65.44 | 44.02 | 9.3 | |||||
| P/S | — | — | — | 0.00 | 0.00 | 60.38 | 6.40 | 2.02 | 1.78 | 3.61 | 3.23 | 10.6 | ||||||
| P/B | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 12.45 | 9.23 | 7.39 | 3.46 | 4.2 | ||||||
| EV/Sales | — | — | — | 0.00 | 0.00 | 60.31 | 6.75 | 2.13 | 1.84 | 3.87 | 3.59 | 10.7 | ||||||
| EV/FCF | — | — | — | 0.00 | 0.00 | (80.16) | (12.02) | (16.33) | 89.78 | (85.34) | (16.50) | (14.9) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | (3) | (4) | (8) | (9) | (5) | 1 | 2 | (8) | n/m | |||||
| Capex | — | — | — | — | 0 | (1) | 0 | (1) | 0 | (5) | (7) | +158.4% | ||||||
| Free cash flow | — | — | — | (3) | (4) | (9) | (9) | (6) | 1 | (3) | (16) | 0.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | (14) | (8) | (1) | (8) | (1) | 1 | 32 | 66 | n/m | |||||
| Net debt | — | — | — | 13 | 2 | (1) | 6 | 5 | 3 | 15 | 24 | +3.3% | ||||||
| Shareholders’ equity | — | — | — | (14) | (9) | (2) | (7) | 7 | 9 | 31 | 67 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | 0.00 | 17.46 | (58.82) | (49.57) | (5.04) | (3.91) | 6.50 | 5.12 | +6.5 pt | |||||
| ROIC | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 6.31 | 4.03 | 7.48 | 4.60 | +7.5 pt | ||||||
| ROE | — | — | — | 0.00 | (9.66) | 144.73 | 219.23 | (673.80) | (18.88) | 16.94 | 9.85 | +16.9 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | 77 | 97 | 97 | 123 | — | +16.9% | |||||
| Revenue/emp, $m | — | — | — | 0.00 | 0.00 | 0.00 | 0.21 | 0.45 | 0.46 | 0.52 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Sep 2025 · latest quarter Jun 2026
Electrovaya Inc. vs peers in Electrical Equipment & Parts (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 |
|---|---|---|---|---|---|---|---|---|---|
| ENVX Enovix Corporation | $526.7M | — (loss-making) | — (loss-making) | +20.84% (above 0%: growing) | n/m | +7.17% (above 0%: growing) | 14.43% | (479.79%) | Compare |
| HYLN Hyliion Holdings Corp. | $469.7M | — (loss-making) | — (loss-making) | +226.34% (above 0%: growing) | n/m | +48.39% (above 0%: growing) | 7.40% | (309.43%) | Compare |
| FAC Factorial Energy Inc. | $422.7M | 41.2× | — | — | n/m | +11.54% (above 0%: growing) | — | 0.00% | Compare |
| ULBI Ultralife Corporation | $260.5M | — (loss-making) | 8.0× | +11.30% (above 0%: growing) | n/m | −341.91% (below 0%: shrinking) | 27.54% | 6.60% | Compare |
| EAF GrafTech International Ltd. | $253.1M | — (loss-making) | — (loss-making) | −2.66% (below 0%: shrinking) | n/m | −184.05% (below 0%: shrinking) | 4.01% | (16.18%) | Compare |
| ELVA Electrovaya Inc. | $231.5M | 44.0× | 95.4× | +3.40% (above 0%: growing) | −69.50% (below 0%: shrinking) | −265.97% (below 0%: shrinking) | 34.93% | 4.45% | |
| LTBR Lightbridge Corporation | $154.7M | — (loss-making) | — (loss-making) | −97.32% (below 0%: shrinking) | n/m | −52.58% (below 0%: shrinking) | 22.12% | 0.00% | Compare |
| ESP Espey Mfg. & Electronics Corp. | $139.5M | 11.5× | 14.9× | +40.39% (above 0%: growing) | +7.27% (above 0%: growing) | −199.91% (below 0%: shrinking) | 34.33% | 25.79% | Compare |
| NEOV NeoVolta, Inc. | $124.5M | — (loss-making) | — (loss-making) | −99.72% (below 0%: shrinking) | n/m | −1,293.55% (below 0%: shrinking) | (8,440.00%) | (75,445.93%) | Compare |
| Median of peers | $256.8M | — | — | +11.30% | — | −118.31% | 14.43% | (8.09%) |