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. In the quarter to June 2026, revenue grew 104.1%, EPS grew 22.7%, free cash flow fell 671.6% and total debt rose 628.7%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Energy Vault Holdings, Inc. (NRGV) Altman Z-score
Energy Vault Holdings, Inc.'s Altman Z-score for fiscal 2025 is −0.67, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −0.67 | 0.68 |
| FY2024 | −1.35 | (2.60) |
| FY2023 | 1.25 | (0.66) |
| FY2022 | 1.91 | (3.43) |
| FY2022 | 5.34 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.14) | — | −0.17 | |
| Retained earnings / total assets | (1.56) | — | −2.18 | |
| EBIT / total assets | (0.24) | — | −0.78 | |
| Market value of equity / total liabilities | 3.02 | — | 1.81 | |
| Sales / total assets | 0.65 | — | 0.65 | |
| Altman Z-score | Distress zone | −0.67 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −7.31 | ||
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 |
|---|---|
| FLNC Fluence Energy, Inc. compare | 1.6× |
| ORA Ormat Technologies, Inc. compare | 1.6× |
| EBR.B Eletrobras compare | 0.7× |
| ELLO Ellomay Capital Ltd. compare | 0.3× |
| RNW ReNew Energy Global PLC compare | 0.2× |
| NRGV Energy Vault Holdings, Inc. | −0.7× |
| SAFX XCF Global Capital, Inc. compare | −1.1× |
| XIFR XPLR Infrastructure, LP compare | — |
| BEPC Brookfield Renewable Corporation 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