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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. 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.

5.07 0.29 −5.41%
Market cap
$268.0M
P/E
47.8×
Fwd P/E
76.7×
Dividend yield
—
F-score
6/9
Altman Z
3.34
Beneish M
22.58
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 30.73%

Capital & Financial Ratios $m

Market Cap 268.00
Revenue 71.82
Net Income 4.41
Free Cash Flow (15.63)
Net Debt 24.03
Current Ratio 7.53 (at or above 1.5: strong)
Debt/Equity 0.60
P/E ratio 47.79 (above 35: high)
Fwd P/E 76.70 (above 35: high)
P/S ratio 3.51
P/B ratio 3.75
Past 5Y EPS Growth 53.79% (at or above 15%: strong)
This Y EPS Growth (5.22%) (below 0%: weak)
Next Y EPS Growth 129.10% (at or above 15%: strong)
Next Y revenue growth 11.30% (at or above 10%: strong)
Next 5Y EPS Growth 67.55% (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 3.9×, against a ten-year median of 4.5×; over the ten years it ranged from 1.5× in 2024 to 60.3× in 2021.
P/S against its own 10 years 41.12%
10-year low 10-year high
P/B against its own 10 years 0.53%
10-year low 10-year high
EV/Sales against its own 10 years 41.75%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1 1 7 16
Receivables 11 11 16 30
Inventory 8 10 12 18
Other — — — —
26 29 42 76
2023 2024 2025 Q'26
Payables 8 9 10 9
ST’ Debt 3 2 — —
Other 13 16 0 —
27 29 10 10

Compound Annual Growth %

10y 5y 3y
Sales — 34.45% 57.71%
Cash Flow — 0.00% 0.00%
Earnings — 24.77% 0.00%
Book Value — 0.00% 0.00%

Revenue $m

Dec Mar Jun Sep Year
’26 16 18 18 — —
’25 11 15 17 21 64
’24 12 11 10 12 45
’23 9 8 11 16 44
’22 1 4 4 6 16
’21 3 3 2 4 12
’20 — — — — 15
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

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

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 (1) (7) (15) — —
’25 0 (5) (4) 7 (3)
’24 0 (1) 0 1 1
’23 (4) (1) 1 (1) (6)
’22 (4) (5) (3) 2 (9)
’21 (2) (4) (3) 0 (9)
’20 — — — (4) (4)
Fiscal quarters ending in the months shown.

EPS $

Dec Mar Jun Sep Year
’26 0.02 0.02 0.01 — —
’25 (0.01) 0.02 0.02 0.06 0.08
’24 (0.01) (0.02) (0.01) 0.00 (0.04)
’23 (0.09) (0.01) (0.02) 0.07 (0.04)
’22 (0.01) (0.02) (0.05) 0.00 (0.31)
’21 (0.01) (0.01) (0.01) (0.01) (0.05)
’20 — — — — 0.01
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 September

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 2.35 2.35 0.50 0.55 0.55 3.15 2.00 2.34 1.67 1.80

Analyst estimates 2026–2028

Powerpack
High 16.40 11.90 2.45 1.30 7.05 10.50 5.05 5.50 4.58 7.99
People
People Employees — — — — — — 77 97 97 123
Revenue/emp, $m — — — 0.00 0.00 0.00 0.21 0.45 0.46 0.52
Income, $m
Income, $m Revenue — — — 5 15 12 16 44 45 64
Gross margin, % — — — 37.48 33.96 33.87 23.81 26.91 30.68 30.90
EBT — — — (9) 1 (8) (9) (2) (1) 1
EBT margin, % — — — (182.64) 7.66 (65.04) (56.61) (4.90) (3.33) 2.05
Net income — — — (3) 1 (8) (9) (1) (1) 3
Depreciation — — — 0 0 0 1 1 1 1
Per share, $
Per share, $ Revenue — — — 0.23 0.12 0.08 0.55 1.30 1.31 1.63
Earnings — — — (0.14) 0.01 (0.05) (0.31) (0.04) (0.04) 0.09
Cash flow — — — (0.14) (0.03) (0.06) (0.30) (0.15) 0.03 0.04
Capex — — — 0.00 0.00 0.00 (0.01) (0.01) 0.00 (0.12)
Free cash flow — — — (0.14) (0.03) (0.06) (0.31) (0.17) 0.03 (0.07)
Book value — — — (0.67) (0.07) (0.01) (0.23) 0.21 0.25 0.80
Shares, m — — — 21 120 140 29 34 34 39
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 0.00 0.00 0.00 0.00 65.44
P/S — — — 0.00 0.00 60.38 6.40 2.02 1.78 3.61
P/B — — — 0.00 0.00 0.00 0.00 12.45 9.23 7.39
EV/Sales — — — 0.00 0.00 60.31 6.75 2.13 1.84 3.87
EV/FCF — — — 0.00 0.00 (80.16) (12.02) (16.33) 89.78 (85.34)
Cash, $m
Cash, $m Operating cash flow — — — (3) (4) (8) (9) (5) 1 2
Capex — — — — 0 (1) 0 (1) 0 (5)
Free cash flow — — — (3) (4) (9) (9) (6) 1 (3)
Balance, $m
Balance, $m Working capital — — — (14) (8) (1) (8) (1) 1 32
Total debt — — — 13 3 3 6 6 4 22
Net debt — — — 13 2 (1) 6 5 3 15
Shareholders’ equity — — — (14) (9) (2) (7) 7 9 31
Returns, %
Returns, % ROA — — — 0.00 17.46 (58.82) (49.57) (5.04) (3.91) 6.50
ROIC — — — 0.00 0.00 0.00 0.00 6.31 4.03 7.48
ROE — — — 0.00 (9.66) 144.73 219.23 (673.80) (18.88) 16.94
Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

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 $588.1M — (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. $585.8M — (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. $515.9M 50.5× — — n/m +11.54% (above 0%: growing) — 0.00% Compare
ELVA Electrovaya Inc. $268.0M 47.8× 76.7× +3.40% (above 0%: growing) −69.50% (below 0%: shrinking) −265.97% (below 0%: shrinking) 34.93% 4.45%
LTBR Lightbridge Corporation $200.4M — (loss-making) — (loss-making) −97.32% (below 0%: shrinking) n/m −52.58% (below 0%: shrinking) 22.12% 0.00% Compare
EAF GrafTech International Ltd. $192.0M — (loss-making) — (loss-making) −3.40% (below 0%: shrinking) n/m −32.19% (below 0%: shrinking) (0.33%) (11.45%) Compare
ESP Espey Mfg. & Electronics Corp. $171.0M 13.8× 15.4× +40.39% (above 0%: growing) +7.27% (above 0%: growing) −199.91% (below 0%: shrinking) 34.33% 25.79% Compare
NEOV NeoVolta, Inc. $143.4M — (loss-making) — (loss-making) −99.72% (below 0%: shrinking) n/m −1,293.55% (below 0%: shrinking) (8,440.00%) (75,445.93%) Compare
SKYX SKYX Platforms Corp. $136.8M — (loss-making) — (loss-making) +9.58% (above 0%: growing) n/m −56.37% (below 0%: shrinking) 28.86% (27.98%) Compare
Median of peers $196.2M — — +9.58% — −42.39% 14.43% (19.71%)

All 52 Electrical Equipment & Parts stocks →

Electrovaya Inc. (ELVA) key facts

  • Strength: Electrovaya Inc.’s revenue for fiscal 2025 (year ended September 2025) was $63.8 million, up 43.1% from fiscal 2024.
  • Electrovaya Inc. (ELVA) is an Electrical Equipment & Parts company in the Industrials sector, listed on Nasdaq.
  • As of October 16, 2026, ELVA traded at $5.07, a market capitalization of $268.0 million.
  • Return on equity was 16.9% and debt-to-equity 0.60.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 3.34 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Electrovaya Inc. (ELVA) Latest News

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stockrow.com/ELVA · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com