Latest Ratios: P/E Ratio -0.4x · EV/EBITDA N/A · ROE -63.0%. (2014–2025 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 | $45M | $172M | $22M | $24M | $50M | $77M | — | — | — | — | — |
| Enterprise Value | $60M | $193M | $50M | $13M | $-8790314 | $-24692233 | — | — | — | — | — |
| P/E Ratio → | -0.41 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 7.93 | 30.62 | 3.82 | 2.94 | 13.31 | 12.56 | — | — | — | — | — |
| P/B Ratio | 0.23 | 1.10 | 0.16 | 0.13 | 0.33 | 0.31 | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
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 | — | 34.30 | 8.58 | 1.63 | -2.35 | -4.05 | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
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 | -433.3% | -433.3% | 69.8% | 65.0% | 74.1% | 71.7% | -62.7% | 48.8% | -83.8% | -27.5% | -1639.7% |
| Operating Margin | -929.6% | -929.6% | -880.0% | -598.8% | -1058.2% | -787.4% | -328.2% | -324.3% | -594.3% | -381.3% | -6752.3% |
| Net Profit Margin | -1650.8% | -1650.8% | -1278.0% | -574.2% | -1031.1% | -850.0% | -257.2% | -325.1% | -1470.8% | -475.3% | -7476.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -63.0% | -63.0% | -46.5% | -27.6% | -19.2% | -24.2% | -11.3% | -37.9% | -134.5% | -43.4% | -57.2% |
| ROA | -36.5% | -36.5% | -30.6% | -17.1% | -13.3% | -20.5% | -9.7% | -24.4% | -74.3% | -28.5% | -31.4% |
| ROIC | -23.2% | -23.2% | -22.8% | -27.2% | -24.5% | -34.1% | -27.3% | -33.6% | -28.2% | -21.4% | -28.5% |
| ROCE | -27.6% | -27.6% | -25.4% | -19.5% | -14.1% | -19.5% | -12.8% | -26.8% | -33.3% | -28.3% | -43.5% |
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 | 0.63 | 0.63 | 0.51 | 0.37 | 0.27 | 0.16 | 0.11 | 0.19 | 2.12 | 0.06 | 0.63 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.13 | 0.20 | -0.06 | -0.39 | -0.40 | -0.65 | -0.46 | 1.55 | 0.05 | 0.50 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -6.83 | -6.83 | -20.00 | -17.24 | -30.31 | -34.31 | -93.07 | -4.21 | -10.54 | -18.23 | -9.46 |
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 | 1.07 | 1.07 | 1.24 | 2.39 | 13.72 | 20.56 | 26.90 | 10.38 | 1.28 | 1.90 | 0.24 |
| Quick Ratio | 1.04 | 1.04 | 1.21 | 2.34 | 13.35 | 20.32 | 26.38 | 10.04 | 1.10 | 1.24 | 0.21 |
| Cash Ratio | 1.01 | 1.01 | 0.92 | 2.13 | 11.70 | 18.09 | 25.52 | 9.73 | 0.99 | 0.41 | 0.18 |
| Asset Turnover | — | 0.02 | 0.03 | 0.03 | 0.01 | 0.02 | 0.03 | 0.05 | 0.05 | 0.06 | 0.00 |
| Inventory Turnover | 13.73 | 13.73 | 1.28 | 1.41 | 7.68 | 0.92 | 3.06 | 0.88 | 2.99 | 4.28 | 4.41 |
| Days Sales Outstanding | — | 137.41 | 508.63 | 161.52 | 277.38 | 146.72 | 142.65 | 108.48 | 96.10 | 100.15 | 1309.87 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — | — | — | — |
| Shares Outstanding | — | $17M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M |
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying NVX stock.
Novonix Limited's current P/E ratio is -0.4x. This places it at the 50th percentile of its historical range.
Novonix Limited's return on equity (ROE) is -63.0%. The historical average is -50.6%.
Based on historical data, Novonix Limited is trading at a P/E of -0.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Novonix Limited has -433.3% gross margin and -929.6% operating margin.
Key Metrics
Top Statement Risk
Commercial scale execution failure
Speculative Premium Overrides Fundamental Metrics
According to recent market data, Novonix trades at a price-to-sales ratio of 11.85, a valuation level that appears to price in significant future market share gains rather than current fundamental performance, as the company lacks meaningful earnings or EBITDA to support traditional valuation multiples.
The absence of positive P/E or EV/EBITDA multiples suggests that investors are valuing the company as a venture-stage infrastructure play rather than an established industrial manufacturer. This high P/S ratio warrants caution, as it implies that any delay in customer qualification or production ramp-up could lead to a significant downward re-rating of the stock.
Capital Compounding Remains Deeply Negative
Based on reported financial statements, Novonix's ROIC has remained consistently negative, reaching -10.7% in 2025Q4, which indicates that the company is currently destroying invested capital rather than compounding it as it attempts to scale its proprietary furnace technology for commercial graphite production.
The persistent negative return on capital reflects the heavy burden of fixed costs associated with the Riverside facility relative to the company's limited revenue generation. Investors should monitor whether the company can achieve a positive ROIC as it approaches nameplate capacity, as current trends suggest that the business model has yet to reach an efficient scale.
Working Capital Cycles Indicate Inefficiency
As reported in recent filings, the company's cash conversion cycle has ballooned to 240 days in 2025Q4, a significant deterioration that highlights the challenges of managing inventory and receivables while the business remains in a pre-commercial phase of its operational lifecycle.
The high DSO of 342 days suggests that the company is struggling to collect on its technology services or hardware sales, potentially indicating weak bargaining power with its customer base. This inefficiency in working capital management further exacerbates the company's cash burn and increases its reliance on external financing.
Liquidity Buffers Face Increasing Pressure
Based on the 2025Q4 current ratio of 1.07, Novonix's liquidity position has tightened significantly compared to historical levels, suggesting that the company's ability to cover short-term obligations is becoming increasingly constrained as it continues to fund its operational losses through its remaining cash reserves.
The proximity of the current ratio to 1.0 indicates that the company has little margin for error in its cash management. Any unforeseen delays in grant disbursements or capital raises could leave the company in a precarious liquidity position, necessitating further dilution of existing shareholders.
Misapplication of Revenue-Based Valuation Multiples
The most commonly misapplied metric for Novonix is the price-to-sales ratio, which obscures the company's lack of unit-level profitability and the high risk associated with its unproven commercial-scale manufacturing process in the competitive synthetic graphite market.
Investors should instead focus on metrics like cash burn rate and the progress of customer qualification cycles, which are more indicative of the company's survival and long-term viability. Relying on revenue multiples in a pre-commercial industrial context risks ignoring the significant technical and execution hurdles that remain before the company can achieve sustainable margins.