Latest Ratios: P/E Ratio 63.4x · EV/EBITDA 38.5x · ROE 16.9%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $256M | $244M | $79M | $96M | $104M | $140M | $80M | $16M | $16M | $71M | $204M |
| Enterprise Value | $272M | $260M | $99M | $114M | $127M | $147M | $92M | $29M | $42M | $93M | $212M |
| P/E Ratio → | 63.36 | 72.18 | — | — | — | — | 71.43 | — | — | — | — |
| P/S Ratio | 4.03 | 3.83 | 1.78 | 2.21 | 6.68 | 14.10 | 5.87 | 3.63 | 2.80 | 31.40 | 10.47 |
| P/B Ratio | 6.87 | 7.83 | 9.23 | 13.40 | — | — | — | — | — | — | 25.72 |
| P/FCF | — | — | 213.03 | — | — | — | — | — | — | — | — |
| P/OCF | 149.07 | 141.93 | 76.35 | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.09 | 2.23 | 2.62 | 8.12 | 14.84 | 6.72 | 6.45 | 7.54 | 41.01 | 10.84 |
| EV / EBITDA | 38.51 | 36.78 | 51.21 | 53.91 | — | — | — | — | — | — | — |
| EV / EBIT | 49.13 | 66.40 | 57.87 | 333.57 | — | — | 21.82 | — | — | — | — |
| EV / FCF | — | — | 266.78 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.6% | 30.6% | 30.6% | 25.7% | 20.6% | 22.8% | 29.8% | 33.3% | 31.3% | 39.8% | 24.9% |
| Operating Margin | 8.7% | 8.7% | 1.6% | 2.8% | -46.5% | -73.4% | -28.5% | -159.5% | -180.9% | -206.7% | -43.1% |
| Net Profit Margin | 5.3% | 5.3% | -3.3% | -3.4% | -59.0% | -75.9% | 8.1% | -64.1% | -402.2% | -930.7% | -45.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.9% | 16.9% | -18.9% | -673.8% | — | — | — | — | — | -629.3% | -85.8% |
| ROA | 6.5% | 6.5% | -3.9% | -5.0% | -49.6% | -58.8% | 17.5% | -31.7% | -88.2% | -63.8% | -30.2% |
| ROIC | 10.9% | 10.9% | 2.0% | 4.4% | -50.9% | -126.8% | -487.9% | -94.9% | -45.5% | -19.6% | -43.1% |
| ROCE | 17.1% | 17.1% | 7.0% | 25.5% | -1383.3% | -477.6% | — | — | -313.0% | -51.0% | -68.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.72 | 0.72 | 2.42 | 2.66 | — | — | — | — | — | — | 1.01 |
| Debt / EBITDA | 3.19 | 3.19 | 10.72 | 9.02 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.52 | 2.33 | 2.52 | — | — | — | — | — | — | 0.92 |
| Net Debt / EBITDA | 2.29 | 2.29 | 10.32 | 8.53 | — | — | — | — | — | — | — |
| Debt / FCF | — | — | 53.74 | — | — | — | — | — | — | — | — |
| Interest Coverage | 1.50 | 1.50 | 0.54 | 0.14 | -3.02 | -1.82 | 1.36 | -0.34 | -1.95 | -0.59 | -9.10 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.16 | 4.16 | 1.03 | 0.97 | 0.65 | 0.89 | 0.49 | 0.13 | 0.23 | 0.88 | 1.06 |
| Quick Ratio | 2.93 | 2.93 | 0.69 | 0.66 | 0.33 | 0.55 | 0.37 | 0.07 | 0.14 | 0.72 | 0.23 |
| Cash Ratio | 0.63 | 0.63 | 0.03 | 0.04 | 0.03 | 0.31 | 0.07 | 0.02 | 0.01 | 0.13 | 0.03 |
| Asset Turnover | — | 0.99 | 1.13 | 1.19 | 0.70 | 0.66 | 1.28 | 2.12 | 0.36 | 0.06 | 0.63 |
| Inventory Turnover | 3.54 | 3.54 | 3.19 | 3.90 | 1.69 | 1.64 | 4.73 | 2.96 | 2.20 | 0.34 | 0.81 |
| Days Sales Outstanding | — | 94.58 | 92.43 | 89.31 | 68.07 | 49.33 | 66.54 | 28.55 | 59.35 | 125.78 | 56.46 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 1.4% | — | — | — | — | 1.4% | — | — | — | — |
| FCF Yield | — | — | 0.5% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $41M | $34M | $34M | $29M | $28M | $24M | $21M | $20M | $18M | $17M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying ELVA stock.
Electrovaya Inc.'s current P/E ratio is 63.4x. The historical average is 71.8x.
Electrovaya Inc.'s current EV/EBITDA is 38.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 47.3x.
Electrovaya Inc.'s return on equity (ROE) is 16.9%. The historical average is -29.1%.
Based on historical data, Electrovaya Inc. is trading at a P/E of 63.4x. Compare with industry peers and growth rates for a complete picture.
Electrovaya Inc. has 30.6% gross margin and 8.7% operating margin.
Electrovaya Inc.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
OEM partner concentration risk
Premium Valuation Reflects Growth Expectations
According to recent market data, Electrovaya trades at a P/E of 119.61 and a P/S of 6.00, suggesting that investors are pricing in significant future expansion that may not be fully supported by current earnings volatility or the company's historical financial performance.
The elevated P/E and PEG ratio of 10.21 indicate that the market is assigning a high growth premium to ELVA, likely anticipating that its proprietary separator technology will capture substantial market share in the industrial electrification space. However, this valuation appears aggressive when compared to peers like Microvast, suggesting that any failure to meet aggressive production targets at the Jamestown facility could lead to a sharp contraction in multiple expansion.
Capital Efficiency Remains Under Pressure
Based on reported figures, Electrovaya's ROIC has fluctuated between -1.6% and 4.0% over the last ten quarters, indicating that the company is currently struggling to generate returns on invested capital that consistently exceed its cost of capital during this intensive manufacturing scale-up phase.
The inconsistency in ROIC reflects the heavy burden of capital expenditures required to build out domestic cell production capabilities. While the 4.0% peak in 2025Q4 shows potential for improvement, the subsequent decline suggests that the company's capital allocation strategy is currently prioritizing long-term infrastructure over immediate shareholder value creation.
Working Capital Cycles Signal Inefficiency
As reported in financial statements, Electrovaya's cash conversion cycle has remained elevated, reaching 146 days in 2026Q2, which highlights significant challenges in managing inventory turnover and receivables collection relative to its industrial peers in the electrical equipment sector.
The high DIO of 106 days suggests that the company is carrying substantial inventory, which may be a strategic move for the Jamestown ramp-up but also poses a risk of obsolescence or liquidity strain. Investors should monitor whether the CCC can compress as production volumes stabilize, as current levels indicate inefficient use of working capital.
Rising Debt Burden Increases Risk
According to recent SEC filings, Electrovaya's debt-to-equity ratio has trended upward to 0.55 in 2026Q2, signaling an increasing reliance on external financing to fund its capital-intensive manufacturing expansion and bridge the gap between operational cash burn and long-term growth objectives.
While the interest coverage ratio of 2.83 provides a temporary buffer, the volatility in this metric suggests that debt service could become a constraint if revenue growth stalls or if the company requires further capital raises. The reliance on debt to fund infrastructure is a departure from historical norms and warrants close monitoring of covenant compliance.
Misapplication of P/E Multiples
Based on an analysis of the business model, the P/E ratio is a fundamentally flawed metric for Electrovaya, as it obscures the massive non-cash depreciation and amortization charges associated with its new manufacturing facilities and the lumpy nature of its industrial order-based revenue recognition.
Investors should instead focus on EV/Sales or adjusted EBITDA, which better capture the company's operational scale and underlying demand without the distortion of accounting-heavy earnings metrics. Relying on P/E in this context may lead to an incorrect assessment of the company's true earning power during its current transition from R&D to high-volume manufacturing.