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) Beneish M-score
Energy Vault Holdings, Inc.'s Beneish M-score for fiscal 2025 is −1.02; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.02 | 2.49 |
| FY2024 | −3.51 | (8.29) |
| FY2023 | 4.79 | 8.36 |
| FY2022 | −3.57 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.35 | — | 0.32 | |
| Gross margin index | 0.57 | — | 0.30 | |
| Asset quality index | 3.63 | — | 1.47 | |
| Sales growth index | 4.41 | — | 3.93 | |
| Depreciation index | 0.19 | — | 0.02 | |
| SG&A index | 0.27 | — | −0.05 | |
| Total accruals to total assets | (0.31) | — | −1.47 | |
| Leverage index | 2.18 | — | −0.71 | |
| Beneish M-score | Flagged by the model | −1.02 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| XIFR XPLR Infrastructure, LP compare | −3.3× |
| EBR.B Eletrobras compare | −2.7× |
| BEPC Brookfield Renewable Corporation compare | −2.7× |
| RNW ReNew Energy Global PLC compare | −2.6× |
| ORA Ormat Technologies, Inc. compare | −2.6× |
| ELLO Ellomay Capital Ltd. compare | −2.5× |
| FLNC Fluence Energy, Inc. compare | −2.4× |
| NRGV Energy Vault Holdings, Inc. | −1.0× |
| SAFX XCF Global Capital, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI