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. In the quarter to June 2026, revenue grew 3.40%, EPS fell 69.5%, free cash flow fell 266.0% and total debt rose 97.4%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
Follow ELVA
Electrovaya Inc. (ELVA) Altman Z-score
Electrovaya Inc.'s Altman Z-score for fiscal 2025 is 3.34, in the safe zone (above 2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.34 | 5.16 |
| FY2024 | −1.83 | (0.18) |
| FY2023 | −1.65 | 5.10 |
| FY2022 | −6.75 | (19.68) |
| FY2021 | 12.93 | 16.06 |
| FY2020 | −3.13 | 117.94 |
| FY2019 | −121.07 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.50 | — | 0.60 | |
| Retained earnings / total assets | (1.97) | — | −2.76 | |
| EBIT / total assets | 0.09 | — | 0.29 | |
| Market value of equity / total liabilities | 7.02 | — | 4.21 | |
| Sales / total assets | 1.00 | — | 1.00 | |
| Altman Z-score | Safe zone | 3.34 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.57 | ||
Z and Z″ put Electrovaya Inc. in different zones: safe zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| HYLN Hyliion Holdings Corp. compare | 14.8× |
| ESP Espey Mfg. & Electronics Corp. compare | 5.2× |
| NEOV NeoVolta, Inc. compare | 3.8× |
| ELVA Electrovaya Inc. | 3.3× |
| ENVX Enovix Corporation compare | 0.0× |
| EAF GrafTech International Ltd. compare | −0.5× |
| SKYX SKYX Platforms Corp. compare | −3.0× |
| LTBR Lightbridge Corporation compare | −13.5× |
| FAC Factorial Energy Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets