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Friday 6 November 2026
Export NRGV’s income statement to Excel — free account
Energy Vault Holdings, Inc.
NRGV Utilities Utilities Renewable
Energy Vault Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $203.7 million, up 340.9% from fiscal 2024.
- Revenue
- +104.1%
- EPS
- +22.7%
- Free cash flow
- −671.6%
- Total debt
- +628.7%
Quarter to June 2026, against a year earlier
2.85
0.33
−10.38%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| 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 | — | — | — | — | — | — | 146 | 342 | 46 | 204 | 226 | +11.8% | 328 | 548 | 639 | +46.4% | |
| Gross margin, % | — | — | — | — | — | 0.00 | 40.65 | 5.13 | 13.39 | 23.56 | 22.47 | +23.6 pt | ||||||
| EBT | — | — | — | — | 0 | (31) | (78) | (99) | (136) | (96) | (104) | +872.9% | ||||||
| EBT margin, % | — | — | — | — | 0.00 | 0.00 | (53.38) | (28.93) | (293.83) | (47.08) | (45.85) | (47.1) pt | ||||||
| Net income | — | 0 | — | — | 0 | (31) | (78) | (98) | (136) | (104) | (110) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 0.00 | 0.00 | 1.18 | 2.39 | 0.31 | 1.27 | 1.27 | n/m | |||||
| Earnings | — | — | — | — | 0.00 | (2.45) | (0.64) | (0.69) | (0.91) | (0.65) | (0.66) | +403.9% | ||||||
| Cash flow | — | — | — | — | 0.00 | (1.73) | (0.19) | (0.65) | (0.37) | (0.04) | (0.58) | n/m | ||||||
| Capex | — | — | — | — | 0.00 | (0.01) | (0.02) | (0.26) | (0.39) | (0.26) | (0.24) | n/m | ||||||
| Free cash flow | — | — | — | — | 0.00 | (1.74) | (0.21) | (0.90) | (0.76) | (0.30) | (0.81) | n/m | ||||||
| Book value | — | — | — | — | 0.00 | 8.92 | 2.33 | 1.57 | 0.84 | 0.42 | 0.04 | +156.3% | ||||||
| Shares, m | — | — | — | — | 6 | 13 | 123 | 143 | 150 | 161 | 168 | +91.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | 2.61 | 0.93 | 7.40 | 3.63 | 2.25 | 3.6 | ||||||
| P/B | — | — | — | — | — | — | 1.32 | 1.42 | 2.71 | 10.97 | 74.03 | 4.1 | ||||||
| EV/Sales | — | — | — | — | — | — | 0.66 | 0.51 | 6.81 | 3.79 | 2.85 | 2.9 | ||||||
| EV/FCF | — | — | — | — | — | — | (3.75) | (1.35) | (2.75) | (16.51) | (4.44) | (6.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 0 | (22) | (23) | (93) | (56) | (6) | (103) | +792.1% | |||||
| Capex | — | — | — | — | — | 0 | (2) | (37) | (58) | (42) | (42) | +297.6% | ||||||
| Free cash flow | — | — | — | — | 0 | (22) | (26) | (129) | (114) | (48) | (145) | +1,269.2% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | 0 | 103 | 265 | 168 | 14 | (44) | 29 | +407.1% | |||||
| Net debt | — | — | — | — | 0 | (105) | (286) | (146) | (28) | 32 | 136 | n/m | ||||||
| Shareholders’ equity | — | — | — | — | 0 | 114 | 288 | 224 | 126 | 67 | 7 | +389.9% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | (0.52) | (49.94) | (28.89) | (25.99) | (51.75) | (41.71) | (35.43) | (41.2) pt | |||||
| ROIC | — | — | — | — | 0.00 | (206.22) | (2,548.60) | (85.27) | (82.76) | (46.91) | (32.53) | (46.9) pt | ||||||
| ROE | — | — | — | — | (4.60) | 91.31 | (71.49) | (38.49) | (77.56) | (106.97) | (225.87) | (102.4) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | 177 | 183 | 163 | 148 | — | (5.8%) | |||||
| Revenue/emp, $m | — | — | — | — | — | — | 0.82 | 1.87 | 0.28 | 1.38 | — | +18.6% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Energy Vault Holdings, Inc. vs peers in Utilities Renewable (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 |
|---|---|---|---|---|---|---|---|---|---|
| ORA Ormat Technologies, Inc. | $5.7B | 42.4× | 42.6× | +10.17% (above 0%: growing) | +30.00% (above 0%: growing) | +197.66% (above 0%: growing) | 28.12% | 16.45% | Compare |
| MWH SOLV Energy Inc. | $4.8B | — | — | — | — | — | 14.68% | 7.33% | Compare |
| RNW ReNew Energy Global PLC | $2.5B | 18.8× | 26.5× | +19.35% (above 0%: growing) | +41.31% (above 0%: growing) | +192.68% (above 0%: growing) | 80.50% | 20.27% | Compare |
| FRVO Fervo Energy Company | $2.3B | — (loss-making) | — (loss-making) | — | n/m | — | (170.80%) | (25,435.40%) | Compare |
| XIFR XPLR Infrastructure, LP | $1.4B | 3.6× | 19.0× | +5.40% (above 0%: growing) | n/m | +77.03% (above 0%: growing) | 100.00% | 25.00% | Compare |
| FLNC Fluence Energy, Inc. | $940.5M | — (loss-making) | — (loss-making) | +7.85% (above 0%: growing) | n/m | +85.20% (above 0%: growing) | 5.12% | (8.85%) | Compare |
| NRGV Energy Vault Holdings, Inc. | $509.2M | — (loss-making) | — (loss-making) | +104.05% (above 0%: growing) | n/m | −671.56% (below 0%: shrinking) | 30.95% | (141.97%) | |
| ELLO Ellomay Capital Ltd. | $234.3M | 3.4× | — (loss-making) | +7.04% (above 0%: growing) | n/m | −268.27% (below 0%: shrinking) | 24.60% | 7.05% | Compare |
| SAFX XCF Global Capital, Inc. | $52.3M | — (loss-making) | — | −89.49% (below 0%: shrinking) | n/m | −89.55% (below 0%: shrinking) | 39.98% | (833.13%) | Compare |
| Median of peers | $1.9B | 11.2× | 26.5× | +7.45% | — | +81.12% | 26.36% | 7.19% |
Pay and ownership Proxy statement filed 17 April 2026
Ownership
Directors and executive officers, together
17.20%
Robert Piconi
13.40%
SoftBank Vision Fund (AIV M2) L.P.
8.90%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement