Electrovaya Inc. is a US-listed company in the electrical components & equipment industry. Its financial year ends in September.
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~$4.3
Valuation models combined (2)
Base case. Range ~$2.9–$4.9. Weighted average of 2 models (forward price-to-earnings vs peers, forward price-to-sales vs peers).
No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.
Electrovaya Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $64m. Free-cash-flow margin held at 0.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 1 of our 1 financial-health checks. Our valuation models combined value is $4.27 a share, against a share price of $5.28.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Electrovaya Inc.'s trailing-twelve-month revenue grew 43.1% year on year, with a free-cash-flow margin of 0.3%. Where it stands out: change in growth rate of +41.8pp ranks 4 of 57 electrical components & equipment companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 43.1% (+41.8pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for ELVA from the sources we follow. See filings →
We value Electrovaya Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.46 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: no revenue, margin or share count to start from |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$4.9 ~$3.9–$6.9 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$2.9 ~$2.5–$9.6 | Included, half weight |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$4.3 ~$2.9–$4.9 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Electrovaya Inc. with Electrical Components & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Next results: December 9, 2026, after the close. Analysts expect revenue of $19m and EPS of $0.01 (range −$0.02 to $0.04) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.08 | −2% | $70m | +10% |
| Next | $0.27 | +250% | $101m | +43% |
Next year's EPS estimate has moved −19.4% in 90 days, across 5 analysts.
The consensus EPS forecast for the current fiscal year is −37.8% on 90 days ago. In the last 30 days, 0 analysts raised Electrovaya Inc.'s forecast and 5 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.13 | $0.34 |
| 60 days ago | $0.06 | $0.23 |
| 30 days ago | $0.08 | $0.27 |
| 7 days ago | $0.08 | $0.27 |
| Now | $0.08 | $0.27 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.02 | $0.01 | −55.6% |
| Mar 2026 | $0.01 | $0.02 | +66.7% |
| Dec 2025 | $0.01 | $0.02 | +66.7% |
| Sept 2025 | $0.05 | $0.05 | −4.8% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY22 Q4 | $16.3M |
| FY23 Q4 | $44.1M |
| FY24 Q4 | $44.6M |
| FY25 Q4 | $63.8M |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY22 Q4 | -3.1% |
| FY23 Q4 | -2.1% |
| FY24 Q4 | -0.4% |
| FY25 Q4 | 0.3% |
| Fiscal year | 2022 Sept 2022 | 2023 Sept 2023 | 2024 Sept 2024 | 2025 Sept 2025 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 16 | 44 | 45 | 64 |
| Gross profit | 4 | 12 | 14 | 20 |
| Net income | −9 | −1 | −1 | 3 |
| Growth (year on year) | ||||
| Revenue | — | +170.8% | +1.3% | +43.1% |
| Margins | ||||
| Gross margin | 23.8% | 26.9% | 30.7% | 30.9% |
| Net margin | −56.6% | −3.4% | −3.3% | 5.3% |
| Cash flow | ||||
| Cash from operations | −0 | −0 | 1 | 2 |
| Stock-based pay | 3 | 1 | 2 | 2 |
| Balance sheet | ||||
| Cash | 1 | 1 | — | — |
| Total debt | 4 | 3 | 2 | 0 |
| Net debt (negative = net cash) | 3 | 2 | — | — |
| Diluted shares | 29m | 34m | — | — |
| Last 12 months unless stated | ELVA | CETX | DFLI | EPOW | OESX | SKYX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $64m | $71m | $52m | $46m | $92m | $96m | $154m |
| Revenue growth, last 12 months | 43.1% | −6.5% | −4.9% | −28.6% | 16.5% | 8.1% | 10.6% |
| Revenue growth, 3-year average | — | 9.3% | −15.0% | — | 6.3% | 85.7% | 9.2% |
| Revenue growth, latest quarter | — | 8.7% | −19.0% | — | 31.5% | 9.6% | 10.2% |
| Gross margin | 30.9% | 38.2% | 25.4% | −12.6% | 33.6% | 30.2% | 29.3% |
| Operating margin | — | −10.3% | −43.6% | −34.5% | 1.6% | −30.3% | −17.7% |
| Operating margin, 3-year average | — | −5.4% | −42.0% | — | −5.7% | −35.4% | −32.6% |
| Net margin | 5.3% | −38.4% | −129.4% | −35.8% | 0.0% | −34.3% | −23.4% |
| Cash from operations / revenue | 2.7% | −11.5% | −55.4% | −54.2% | 0.9% | −17.3% | −6.5% |
| Free-cash-flow margin | 0.3% | −13.5% | −57.3% | −68.0% | 0.8% | −17.3% | −11.0% |
| Free-cash-flow margin, 3-year average | — | −6.8% | −41.7% | — | −0.7% | −17.7% | −6.8% |
| Stock pay / revenue | 2.8% | 0.0% | 1.7% | 0.7% | 0.5% | 13.0% | 2.5% |
| Change in share count | 15.3% | 7.3% | — | 10.0% | 2.0% | 17.6% | 10.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 43.1% | 10.6% | 15 of 57 |
| Change in growth rate Growth | +41.8pp | +0.0pp | 4 of 57 |
| Gross margin Profitability | 30.9% | 29.3% | 20 of 54 |
| Net margin Profitability | 5.3% | -23.4% | 20 of 57 |
| Free-cash-flow margin Cash generation | 0.3% | -8.8% | 22 of 56 |
| Stock pay as % of revenue Cash generation | 2.8% | 2.8% | 26 of 50 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| FMR LLC | $53.1M | 5.1M | 34.9% | ▼ 4.4% |
| Picton Mahoney Asset Management | $8M | 766K | 5.3% | ▼ 5.1% |
| Thompson Siegel & Walmsley LLC | $8M | 758K | 5.2% | ▼ 15.8% |
| Hood River Capital Management LLC | $7.7M | 730K | 5.0% | New |
| Herald Investment Management Ltd | $7.4M | 705K | 4.8% | ▼ 38.7% |
| Lazard Asset Management LLC | $6.1M | 576K | 4.0% | ▲ 131.1% |
| Wealthtrust Axiom LLC | $5.2M | 500K | 3.4% | ▼ 0.9% |
| Polar Asset Management Partners Inc. | $4.5M | 432K | 3.0% | ▼ 42.8% |
| Caldwell Investment Management Ltd. | $4.2M | 398K | 2.7% | 0.0% |
| Conestoga Capital Advisors, LLC | $3.4M | 328K | 2.3% | ▲ 24.6% |
| Penbrook Management LLC | $3.4M | 326K | 2.3% | ▲ 10.5% |
| Huntleigh Advisors, Inc. | $2.9M | 278K | 1.9% | ▲ 78.9% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Electrovaya Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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