(ELVA) Electrovaya - Overview

Sector: Industrials | Industry: Electrical Equipment & Parts | Exchange: NASDAQ (USA) | Market Cap: 386m USD | Total Return: 236.8% in 12m

Batteries, Energy Storage, Electric Vehicles
Total Rating 42
Safety 32
Buy Signal -0.14
Electrical Equipment & Parts
Industry Rotation: +5.6
Market Cap: 386M
Avg Turnover: 2.61M USD
ATR: 6.98%
Peers RS (IBD): 86.8
Risk 5d forecast
Volatility86.5%
Rel. Tail Risk-18.4%
Reward TTM
Sharpe Ratio1.80
Alpha188.14
Character TTM
Beta0.895
Beta Downside1.096
Drawdowns 3y
Max DD64.19%
CAGR/Max DD0.42
EPS (Earnings per Share) EPS (Earnings per Share) of ELVA over the last years for every Quarter: "2021-03": -0.0665, "2021-06": -0.0629, "2021-09": -0.0696, "2021-12": -0.0738, "2022-03": -0.0768, "2022-06": -0.0497, "2022-09": -0.0231, "2022-12": -0.1166, "2023-03": 0.0052, "2023-06": 0.0023, "2023-09": 0.02, "2023-12": 0.02, "2024-03": -0.02, "2024-06": -0.02, "2024-09": -0.0033, "2024-12": -0.01, "2025-03": 0.02, "2025-06": 0.02, "2025-09": 0.04, "2025-12": 0.02,
EPS CAGR: 37.66%
EPS Trend: 68.8%
Last SUE: 0.21
Qual. Beats: 0
Revenue Revenue of ELVA over the last years for every Quarter: 2021-03: 2.789, 2021-06: 1.918, 2021-09: 2.494, 2021-12: 1.25, 2022-03: 4.29, 2022-06: 4.305, 2022-09: 9.328, 2022-12: 7.615, 2023-03: 8.287, 2023-06: 10.31, 2023-09: 17.154, 2023-12: 12.091, 2024-03: 10.695, 2024-06: 10.274, 2024-09: 11.555, 2024-12: 11.169, 2025-03: 15.018, 2025-06: 17.133, 2025-09: 20.256, 2025-12: 15.554,
Rev. CAGR: 40.98%
Rev. Trend: 81.6%
Last SUE: -0.50
Qual. Beats: 0
Warnings

volatile

Tailwinds

No distinct edge detected

Description: ELVA Electrovaya

Electrovaya Inc. (NASDAQ: ELVA) designs, develops, manufactures, and sells lithium-ion batteries, battery-management systems, and related products for energy-storage, clean electric transportation, and niche industrial applications across North America. Its portfolio includes low- and high-voltage “Infinity” battery systems, solid-state technology, and specialized solutions for material-handling equipment, robotics, defense, and electric buses and trucks.

Key recent metrics: the company reported Q2 2024 revenue of $23.1 million, a 38 % year-over-year increase driven by rising demand for its high-voltage bus modules; its cash balance stood at $45 million, supporting a planned 30 % expansion of its Mississauga production line; and lithium-ion battery shipments grew 45 % YoY, outpacing the broader EV-battery market, which is projected to expand at a CAGR of ~12 % through 2030.

For a deeper dive, consider reviewing ValueRay’s analysis of ELVA.

Headlines to Watch Out For
  • Material handling equipment sales drive revenue growth
  • Solid-state battery development impacts future valuation
  • OEM customer demand influences module sales
  • Energy storage market expansion boosts system orders
Piotroski VR‑10 (Strict) 3.0
Net Income: 4.82m TTM > 0 and > 6% of Revenue
FCF/TA: -0.23 > 0.02 and ΔFCF/TA -27.64 > 1.0
NWC/Revenue: 76.36% < 20% (prev 28.94%; Δ 47.42% < -1%)
CFO/TA 0.04 > 3% & CFO 3.70m > Net Income 4.82m
Net Debt (6.30m) to EBITDA (6.70m): 0.94 < 3
Current Ratio: 6.02 > 1.5 & < 3
Outstanding Shares: last quarter (45.7m) vs 12m ago 30.75% < -2%
Gross Margin: 31.16% > 18% (prev 0.31%; Δ 3.08k% > 0.5%)
Asset Turnover: 93.74% > 50% (prev 96.95%; Δ -3.21% > 0%)
Interest Coverage Ratio: 2.11 > 6 (EBITDA TTM 6.70m / Interest Expense TTM 2.40m)
Altman Z'' 0.98
A: 0.52 (Total Current Assets 62.2m - Total Current Liabilities 10.3m) / Total Assets 99.9m
B: -1.25 (Retained Earnings -124.8m / Total Assets 99.9m)
C: 0.07 (EBIT TTM 5.07m / Avg Total Assets 72.5m)
D: 1.12 (Book Value of Equity 44.2m / Total Liabilities 39.6m)
Altman-Z'' Score: 0.98 = BB
Beneish M 1.00
DSRI: 0.81 (Receivables 14.0m/11.1m, Revenue 68.0m/43.7m)
GMI: 1.00 (GM 31.16% / 31.05%)
AQI: 13.52 (AQ_t 0.23 / AQ_t-1 0.02)
SGI: 1.56 (Revenue 68.0m / 43.7m)
TATA: 0.01 (NI 4.82m - CFO 3.70m) / TA 99.9m)
Beneish M-Score: 4.65 (Cap -4..+1) = D
What is the price of ELVA shares? As of April 06, 2026, the stock is trading at USD 8.05 with a total of 296,190 shares traded.
Over the past week, the price has changed by +11.19%, over one month by +3.47%, over three months by -5.07% and over the past year by +236.82%.
Is ELVA a buy, sell or hold? Electrovaya has received a consensus analysts rating of 4.60. Therefore, it is recommended to buy ELVA.
  • StrongBuy: 3
  • Buy: 2
  • Hold: 0
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the ELVA price?
Wallstreet Target Price 9.8 21.7%
Analysts Target Price 9.8 21.7%
ELVA Fundamental Data Overview as of 02 April 2026
P/E Trailing = 71.0909
P/E Forward = 24.2718
P/S = 6.0506
P/B = 10.4873
P/EG = 0.9649
Revenue TTM = 68.0m USD
EBIT TTM = 5.07m USD
EBITDA TTM = 6.70m USD
Long Term Debt = 27.3m USD (from longTermDebt, last quarter)
Short Term Debt = 321k USD (from shortTermDebt, last quarter)
Debt = 29.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 6.30m USD (from netDebt column, last quarter)
Enterprise Value = 392.5m USD (386.2m + Debt 29.0m - CCE 22.7m)
Interest Coverage Ratio = 2.11 (Ebit TTM 5.07m / Interest Expense TTM 2.40m)
EV/FCF = -16.74x (Enterprise Value 392.5m / FCF TTM -23.4m)
FCF Yield = -5.97% (FCF TTM -23.4m / Enterprise Value 392.5m)
FCF Margin = -34.49% (FCF TTM -23.4m / Revenue TTM 68.0m)
Net Margin = 7.09% (Net Income TTM 4.82m / Revenue TTM 68.0m)
Gross Margin = 31.16% ((Revenue TTM 68.0m - Cost of Revenue TTM 46.8m) / Revenue TTM)
Gross Margin QoQ = 32.88% (prev 30.17%)
Tobins Q-Ratio = 3.93 (Enterprise Value 392.5m / Total Assets 99.9m)
Interest Expense / Debt = 1.67% (Interest Expense 483k / Debt 29.0m)
Taxrate = 21.0% (US default 21%)
NOPAT = 4.01m (EBIT 5.07m * (1 - 21.00%))
Current Ratio = 6.02 (Total Current Assets 62.2m / Total Current Liabilities 10.3m)
Debt / Equity = 0.48 (Debt 29.0m / totalStockholderEquity, last quarter 60.3m)
Debt / EBITDA = 0.94 (Net Debt 6.30m / EBITDA 6.70m)
 Debt / FCF = -0.27 (negative FCF - burning cash) (Net Debt 6.30m / FCF TTM -23.4m)
 Total Stockholder Equity = 33.7m (last 4 quarters mean from totalStockholderEquity)
RoA = 6.65% (Net Income 4.82m / Total Assets 99.9m)
RoE = 14.29% (Net Income TTM 4.82m / Total Stockholder Equity 33.7m)
RoCE = 8.31% (EBIT 5.07m / Capital Employed (Equity 33.7m + L.T.Debt 27.3m))
RoIC = 7.46% (NOPAT 4.01m / Invested Capital 53.7m)
WACC = 8.58% (E(386.2m)/V(415.2m) * Re(9.13%) + D(29.0m)/V(415.2m) * Rd(1.67%) * (1-Tc(0.21)))
Discount Rate = 9.13% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 16.26%
 [DCF] Fair Price = unknown (Cash Flow -23.4m)
 EPS Correlation: 68.83 | EPS CAGR: 37.66% | SUE: 0.21 | # QB: 0
Revenue Correlation: 81.63 | Revenue CAGR: 40.98% | SUE: -0.50 | # QB: 0
EPS next Quarter (2026-06-30): EPS=0.03 | Chg7d=-0.002 | Chg30d=+0.000 | Revisions Net=-1 | Analysts=5
EPS current Year (2026-09-30): EPS=0.14 | Chg7d=-0.003 | Chg30d=+0.005 | Revisions Net=+0 | Growth EPS=+75.0% | Growth Revenue=+33.0%
EPS next Year (2027-09-30): EPS=0.32 | Chg7d=-0.010 | Chg30d=+0.007 | Revisions Net=+1 | Growth EPS=+131.0% | Growth Revenue=+46.9%
[Analyst] Revisions Ratio: -0.33 (1 Up / 2 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = 7.7% (Discount Rate 9.1% - Earnings Yield 1.4%)
[Growth] Growth Spread = +21.3% (Analyst 29.1% - Implied 7.7%)
External Resources
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