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Energy Vault Holdings, Inc. (NRGV) stock

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NYSE: NRGV NYSE Electrical Components & Equipment Next results ~November 10, 2026

C Fundamentals grade

Energy Vault Holdings, Inc. is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$3.4

Forward price-to-sales vs peers

Base case. Range ~$3.4–$11. Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Energy Vault Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders6 buying, 3 selling11 purchases and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds116 adding, 64 cuttingOf 36 active managers that changed their stake, 15 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Energy Vault Holdings files

Where Energy Vault stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $226m, up 336.8% on a year earlier, slower than the 362.0% growth a quarter earlier. That growth ranks 2 of 29 among the electrical components & equipment companies we cover. Free-cash-flow margin rose to -64.1% from -163.2% a year earlier. Operating margin widened to -32.8% from -244.7%. The diluted share count is up 11.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 6 financial-health checks. Our price-to-sales vs peers value is $1.82 a share, against a share price of $3.34.

Source: 10-Q filed August 11, 2026 on SEC EDGAR · Financials · Valuation

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.

The Fundamentalytics view

Next results ~November 10, 2026 (estimated)

Energy Vault Holdings, Inc.'s trailing-twelve-month revenue grew 336.8% year on year, with a free-cash-flow margin of -64.1%. Where it stands out: revenue growth of 336.8% ranks 3 of 57 electrical components & equipment companies we cover. Where it lags: long-term debt as % of assets of 44.5% ranks 37 of 40 electrical components & equipment companies we cover.

Current signal Net income rising while operating cash flow falls: TTM net income grew 24.1% while operating cash flow fell 227.0% — earnings and cash are telling different stories.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 336.8% over the last 12 months, against a median of 10.6% for electrical components & equipment companies we cover.
  • Margins widening. Operating margin is up 211.8 points on a year ago.

Things to watch

  • Growth slowing. The growth rate is 25.2 points lower than a quarter earlier.
  • Loss-making. Operating margin is -32.8%: costs exceed revenue.
  • Burning cash. Free cash flow was -64.1% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 11.1% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 102% and a beta of 3.3 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 44.5% ranks 37 of 40 electrical components & equipment companies we cover (median 17.8%).

Latest results: FY2026 Q2

Filed August 11, 2026
Earnings per share
-$0.14 against an average estimate of -$0.13: missed by 5.9%
Revenue
$17m, up 104.1% on a year earlier
Share reaction
+17.4% in the first session after the results on August 11, 2026, against -0.1% for the S&P 500
Next report
November 10, 2026; average EPS estimate -$0.15

Energy Vault Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.5%
  • 1 week+12.6%
  • 1 month-25.1%
  • This year-36.0%
  • 1 year-16.7%
  • 5 years-70.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$226M
Operating margin
-32.8%
Net margin
-48.6%
EPS (TTM, diluted)
$-0.64

Growth

Revenue growth
+336.8%
Change in growth rate
−25.2 pts
Share count change
+11.1%

Cash

Free cash flow (TTM)
-$145M
FCF margin
-64.1%
Stock pay % of revenue
13.2%

Earnings

Last results
August 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Financing
  2. Agreement
  3. Results
  4. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Energy Vault Holdings, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Energy Vault Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 12.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.6 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
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. ~$3.4 ~$3.6–$11 Included, half weight
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
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: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
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: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) 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. ~$3.4 ~$3.4–$11 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Energy Vault Holdings, 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$9.90$3.12$2.33$2.28$4.61$2.95
Market value$1.3bn$385m$333m$342m$740m$503m
+ Net debt (− = net cash)−$105m−$203m−$110m−$27m$41m$171m
Enterprise value$1.2bn$181m$223m$315m$781m$674m
Multiples
Price / sales —2.6x1.0x7.4x3.6x2.2x
Price / earnings ——————
Price / free cash flow ——————
EV / EBITDA ——————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

17 /100

Weak moat

How hard Energy Vault Holdings's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -29.6% of total assets over 5 years.

  • Durability 10 / 20

    Operating margin has been a median -44.6%; its worst year was -244.7%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 5 years, at a median -71.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 10, 2026, after the close. Analysts expect revenue of $13m and EPS of −$0.15 (range −$0.18 to −$0.11) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.29 −7% $295m +45%
Next −$0.14 +53% $493m +67%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −9.2% on 90 days ago. In the last 30 days, 2 analysts raised Energy Vault Holdings, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Energy Vault Holdings, Inc., last 90 days
−$0.40 −$0.30 −$0.20 −$0.10 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.32 Current fiscal year, 60 days ago: −$0.30 Current fiscal year, 30 days ago: −$0.30 Current fiscal year, 7 days ago: −$0.29 Current fiscal year, Now: −$0.29 −$0.29 Next fiscal year, 90 days ago: −$0.20 Next fiscal year, 60 days ago: −$0.16 Next fiscal year, 30 days ago: −$0.16 Next fiscal year, 7 days ago: −$0.14 Next fiscal year, Now: −$0.14 −$0.14

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.32−$0.20
60 days ago −$0.30−$0.16
30 days ago −$0.30−$0.16
7 days ago −$0.29−$0.14
Now −$0.29−$0.14

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.13 −$0.14 −5.9%
Mar 2026 −$0.10 −$0.12 −14.3%
Dec 2025 −$0.02 $0.02 +200.0%
Sept 2025 −$0.05 −$0.10 −100.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

5 analysts, Oct 2026
Buy480%
Hold00%
Sell120%

Monthly trend

  1. Oct 2026415
  2. Sep 2026415
  3. Aug 2026415

Counts of recommendations published by analysts covering Energy Vault Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
21.2%
of tradable shares
Days to cover
7.98
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
61%
of shares
Held by insiders
17.7%
of shares
Employees
142
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −16.7%

$3.54 on October 31, 2025 to $2.95

ThenNowEffect
Revenue (last 12 months) $52m $226m +336.8%
P/S multiple 10.5x 2.2x −78.8%
Share count 153m 170m −10.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +29.4%

$2.28 on November 3, 2023 to $2.95

ThenNowEffect
Revenue (last 12 months) $153m $226m +47.5%
P/S multiple 2.1x 2.2x +6.6%
Share count 140m 170m −17.7%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
NRGV−69%−25%−2%+102%−36%
Industry peers (median)−30%−16%−8%+11%−35%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
NRGV50%50%58%58%55%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
NRGV−90%−70%−66%−75%−61%
S&P 500−25%−10%−8%−19%−9%

Worst fall since March 29, 2021: 97% from April 5, 2022 to April 21, 2025. Getting back needed a 3335% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.51 – $6.49
From 52-week high
−54.5%
vs 50-day average
−18.7%
vs 200-day average
−24.5%
Volatility (1 year)
103%
Beta vs S&P 500
3.27

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±19.8%
After a week
6 up, 6 down
typical move ±17.4%
After a month
6 up, 6 down
typical move ±25.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 11, 2026 +17.4% −0.1% +9.3% +26.0%
May 5, 2026 −5.2% +2.2% +19.8% +46.2%
March 17, 2026 +3.8% −1.1% +6.6% +4.0%
February 11, 2026 −22.2% −1.6% −20.7% −17.7%
January 6, 2026 +10.4% +0.3% +14.2% −18.1%
November 10, 2025 +21.5% +1.8% −10.2% +32.0%
August 7, 2025 +23.9% +0.7% +34.2% +65.0%
May 12, 2025 +42.5% +4.0% +15.7% +12.0%
March 17, 2025 −21.7% −0.3% −17.7% −39.1%
November 12, 2024 −30.6% −0.3% −21.8% −7.8%
August 6, 2024 −17.1% +0.2% −20.5% −13.0%
May 9, 2024 −21.7% +0.7% −18.2% −18.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Energy Vault Holdings, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Energy Vault Holdings, Inc.
$0 $100M $200M $300M $400M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $323.6M Revenue (TTM), FY23 Q4: $341.5M Revenue (TTM), FY24 Q1: $337.9M Revenue (TTM), FY24 Q2: $302M Revenue (TTM), FY24 Q3: $131M Revenue (TTM), FY24 Q4: $46.2M Revenue (TTM), FY25 Q1: $47M Revenue (TTM), FY25 Q2: $51.7M Revenue (TTM), FY25 Q3: $83.8M Revenue (TTM), FY25 Q4: $203.7M Revenue (TTM), FY26 Q1: $217M Revenue (TTM), FY26 Q2: $225.9M $225.9M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $323.6M
FY23 Q4 $341.5M
FY24 Q1 $337.9M
FY24 Q2 $302M
FY24 Q3 $131M
FY24 Q4 $46.2M
FY25 Q1 $47M
FY25 Q2 $51.7M
FY25 Q3 $83.8M
FY25 Q4 $203.7M
FY26 Q1 $217M
FY26 Q2 $225.9M
Revenue growth, TTM YoY Energy Vault Holdings, Inc.
-200% 0% 200% 400% 600% 800% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 610.4% Revenue growth, TTM YoY, FY23 Q4: 134.1% Revenue growth, TTM YoY, FY24 Q1: 195.3% Revenue growth, TTM YoY, FY24 Q2: 97.2% Revenue growth, TTM YoY, FY24 Q3: -59.5% Revenue growth, TTM YoY, FY24 Q4: -86.5% Revenue growth, TTM YoY, FY25 Q1: -86.1% Revenue growth, TTM YoY, FY25 Q2: -82.9% Revenue growth, TTM YoY, FY25 Q3: -36.0% Revenue growth, TTM YoY, FY25 Q4: 340.9% Revenue growth, TTM YoY, FY26 Q1: 362.0% Revenue growth, TTM YoY, FY26 Q2: 336.8% 336.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 610.4%
FY23 Q4 134.1%
FY24 Q1 195.3%
FY24 Q2 97.2%
FY24 Q3 -59.5%
FY24 Q4 -86.5%
FY25 Q1 -86.1%
FY25 Q2 -82.9%
FY25 Q3 -36.0%
FY25 Q4 340.9%
FY26 Q1 362.0%
FY26 Q2 336.8%
Operating margin (TTM) Energy Vault Holdings, Inc.
-300% -200% -100% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -33.5% Operating margin (TTM), FY23 Q4: -31.3% Operating margin (TTM), FY24 Q1: -29.1% Operating margin (TTM), FY24 Q2: -32.4% Operating margin (TTM), FY24 Q3: -79.2% Operating margin (TTM), FY24 Q4: -281.4% Operating margin (TTM), FY25 Q1: -268.8% Operating margin (TTM), FY25 Q2: -244.7% Operating margin (TTM), FY25 Q3: -139.6% Operating margin (TTM), FY25 Q4: -36.5% Operating margin (TTM), FY26 Q1: -35.8% Operating margin (TTM), FY26 Q2: -32.8% -32.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -33.5%
FY23 Q4 -31.3%
FY24 Q1 -29.1%
FY24 Q2 -32.4%
FY24 Q3 -79.2%
FY24 Q4 -281.4%
FY25 Q1 -268.8%
FY25 Q2 -244.7%
FY25 Q3 -139.6%
FY25 Q4 -36.5%
FY26 Q1 -35.8%
FY26 Q2 -32.8%
FCF margin (TTM) Energy Vault Holdings, Inc.
-300% -200% -100% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -37.2% FCF margin (TTM), FY23 Q4: -36.0% FCF margin (TTM), FY24 Q1: -14.4% FCF margin (TTM), FY24 Q2: -15.0% FCF margin (TTM), FY24 Q3: -37.6% FCF margin (TTM), FY24 Q4: -248.3% FCF margin (TTM), FY25 Q1: -247.8% FCF margin (TTM), FY25 Q2: -163.2% FCF margin (TTM), FY25 Q3: -89.6% FCF margin (TTM), FY25 Q4: -22.9% FCF margin (TTM), FY26 Q1: -45.2% FCF margin (TTM), FY26 Q2: -64.1% -64.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -37.2%
FY23 Q4 -36.0%
FY24 Q1 -14.4%
FY24 Q2 -15.0%
FY24 Q3 -37.6%
FY24 Q4 -248.3%
FY25 Q1 -247.8%
FY25 Q2 -163.2%
FY25 Q3 -89.6%
FY25 Q4 -22.9%
FY26 Q1 -45.2%
FY26 Q2 -64.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 146 342 46 204 226
Gross profit 0 59 18 6 48 51
EBITDA −27 −55 −106 −129 −71 −67
Operating income −30 −63 −107 −130 −74 −74
Net income −31 −78 −98 −136 −104 −110
Diluted EPS −$0.24 −$0.64 −$0.69 −$0.91 −$0.65 −$0.64
Growth (year on year)
Revenue — — +134.1% −86.5% +340.9% +336.8%
Margins
Gross margin — 40.6% 5.1% 13.4% 23.6% 22.5%
EBITDA margin — −37.9% −31.0% −279.1% −34.8% −29.8%
Operating margin — −43.2% −31.3% −281.4% −36.5% −32.8%
Net margin — −53.7% −28.8% −293.8% −50.9% −48.6%
Free-cash-flow margin — −17.6% −36.0% −248.3% −22.9% −64.1%
Cash flow
Cash from operations −22 −23 −93 −56 −6 −103
Capital spending 0 2 30 59 41 42
Free cash flow −22 −26 −123 −115 −47 −145
Stock-based pay 1 41 43 39 37 30
Free cash flow after stock pay −23 −67 −166 −153 −83 −175
Balance sheet
Cash 105 203 110 27 58 93
Total debt 0 0 0 0 100 264
Net debt (negative = net cash) −105 −203 −110 −27 41 171
Diluted shares 128m 123m 143m 150m 161m 170m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · June 30, 2026
What it owns · $371m
Short-term assets $182mLonger-term assets $189m
What it owes, and who funded it · $345m
Short-term liabilities $152mLonger-term liabilities $186mShareholders' equity $7m
  • Short-term assets cover short-term liabilities $182m of assets due within a year against $152m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $182m short-term assets against $186m of longer-dated liabilities.
  • More cash than debt $93m of cash against $243m of debt.
  • Debt below 40% of shareholders' equity Debt is 3544% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$103m of operating cash flow against $243m of debt.
  • Operating profit covers interest at least five times over Operating income of −$74m against $14m of interest.

From Energy Vault Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+11.1%
year over year
R&D spending
5.3%
of revenue
Days sales outstanding
12 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electrical components & equipment
Last 12 months unless stated NRGV EOSE ULBI WBX AMSC FCEL Median
Revenue, last 12 months $226m $214m $187m $164m $321m $154m $154m
Revenue growth, last 12 months 336.8% 533.9% 4.7% −7.5% 25.9% 1.1% 10.6%
Revenue growth, 3-year average 13.8% 129.1% 9.2% — 41.4% 3.2% 9.2%
Revenue growth, latest quarter 104.1% 351.4% −1.3% — 30.0% −29.4% 10.2%
Gross margin 22.5% −84.7% 24.4% — 28.6% −32.4% 29.3%
Operating margin −32.8% −142.6% −4.5% −68.4% 4.9% −116.3% −17.7%
Operating margin, 3-year average −103.3% −604.8% 2.7% — 0.7% −143.7% −32.6%
Net margin −48.6% −246.8% −3.5% −71.1% 42.6% −113.6% −23.4%
Cash from operations / revenue −45.4% −143.7% 2.7% 6.9% 10.9% −62.5% −6.5%
Free-cash-flow margin −64.1% −196.1% 1.1% 6.5% 6.4% −65.6% −11.0%
Free-cash-flow margin, 3-year average −80.8% −652.9% 4.6% — 7.0% −136.3% −6.8%
Stock pay / revenue 13.2% 10.4% 0.3% 1.4% 5.6% 6.4% 2.5%
Change in share count 11.1% 49.9% −0.7% — 24.1% 21.6% 10.0%

Median of all 57 companies we cover in electrical components & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 electrical components & equipment companies
Measure Company Peer median Rank
Revenue growth Growth 336.8% 10.6% 3 of 57
Change in growth rate Growth -25.2pp +0.0pp 48 of 57
Gross margin Profitability 22.5% 29.3% 33 of 54
Operating margin Profitability -32.8% -20.0% 31 of 53
Net margin Profitability -48.6% -23.4% 37 of 57
Free-cash-flow margin Cash generation -64.1% -8.8% 43 of 56
Stock pay as % of revenue Cash generation 13.2% 2.8% 43 of 50
Long-term debt as % of assets Balance sheet 44.5% 17.8% 37 of 40
Change in share count Balance sheet 11.1% 10.0% 25 of 46
Days sales outstanding Balance sheet 12 days 72 days 3 of 50

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Sale of Energy Storage Products $196M ▲ 340.0%
Sale of Energy Storage Products To Customers Under Bill and Hold Arrangements $47.2M ▲ 45.7%
Intellectual Property Licensing $3.3M ▲ 2780.0%
Operation and Maintenance Services $1.3M ▲ 17.8%
Software Licensing $540,000 ▲ 34.3%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
Australia $124M 61.0% ▲ 12427.5%
United States $74.2M 36.4% ▲ 67.1%
Other Countries $5.2M 2.5% ▲ 560.6%

From Energy Vault Holdings, Inc.'s 10-K filed March 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$489M
Institutions reporting
173
Shares held vs prior quarter
▲ 31.4%
Positions opened / closed
51 / 34

Top buyers and sellers, Q2 2026: 116 institutions bought and 64 sold ; the biggest buyer was Blackrock, Inc (+9.0M shares) and the biggest seller Marshall Wace, LLP (−2.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Sb Investment Advisers (UK) Ltd $73.2M 15.5M 15.0% 0.0%
Blackrock, Inc. $52.7M 11.2M 10.8% ▲ 417.6%
Scoggin Management LP $29.1M 6.2M 5.9% ▲ 12.3%
Vanguard Capital Management LLC $28.4M 6.0M 5.8% ▲ 16.8%
Legal & General Group PLC $25.5M 5.4M 5.2% ▲ 31.9%
State Street Corp $24.8M 5.3M 5.1% ▼ 9.4%
Sailingstone Capital Partners LLC $21M 4.5M 4.3% ▲ 0.5%
Geode Capital Management, LLC $15.2M 3.2M 3.1% ▲ 155.6%
Mirae Asset Global Etfs Holdings Ltd. $15.1M 3.4M 3.1% ▲ 18.3%
Marshall Wace, LLP $13.3M 2.8M 2.7% ▼ 48.6%
Wasserstein Management, L.P. $13.1M 2.8M 2.7% New
UBS Group AG $11.5M 2.4M 2.3% ▼ 25.2%

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 Energy Vault Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $585,512 11 trades by 6 insiders, last 12 months Insider sales History → $18.1M 5 trades by 3 insiders · 3% under pre-set plans
Net ▼ $17.5M net selling
Insider Date Trade Shares Price Value
Unwin Stephanie Director August 26, 2026 Sell 115,000 $3.71 $426,650
Hixon Dylan Director August 17, 2026 Buy 27,472 $3.88 $106,591
Hixon Dylan Director August 14, 2026 Buy 31,864 $3.75 $119,490
Hixon Dylan Director August 14, 2026 Buy 26,845 $3.73 $100,132
Hixon Dylan Director August 14, 2026 Buy 26,809 $3.73 $99,998
Beer Michael Thomas Chief Financial Officer July 6, 2026 Sell pre-set plan 65,000 $4.08 $265,200
Beer Michael Thomas Chief Financial Officer April 6, 2026 Sell pre-set plan 65,000 $3.18 $206,700
Piconi Robert Chief Executive Officer March 31, 2026 Buy 12,500 $3.21 $40,125
Mandanas Mary Beth Director March 25, 2026 Buy 5,000 $3.65 $18,250
Ertel Thomas R Director March 4, 2026 Buy 5,450 $3.37 $18,366
Ladwa Akshay Chief Operations Officer March 2, 2026 Buy 4,000 $3.09 $12,360
Paulson Larry Director February 27, 2026 Buy 5,000 $3.15 $15,750

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.

Earnings dates and SEC filings

Results announcements

  • August 11, 2026
  • May 5, 2026
  • March 17, 2026
  • February 11, 2026
  • January 6, 2026
  • November 10, 2025

Recent SEC filings

Data status

When each part of this page on Energy Vault Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Energy Vault Holdings, Inc. in brief

What does Energy Vault Holdings, Inc. do?
Energy Vault Holdings, Inc. is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.
What is Energy Vault Holdings, Inc.'s stock ticker?
Energy Vault Holdings, Inc. trades under the ticker NRGV on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Energy Vault Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Energy Vault Holdings, Inc. reported revenue of $226M, 336.8% higher than a year earlier, according to its SEC filings.
What is Energy Vault Holdings, Inc.'s free cash flow?
Energy Vault Holdings, Inc.'s free-cash-flow margin is -64.1% of revenue over the trailing twelve months, ranking 43 of the 56 electrical components & equipment companies we cover.
Who are Energy Vault Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Sb Investment Advisers (UK) Ltd, Blackrock, Inc. and Scoggin Management LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Energy Vault Holdings, Inc.'s market cap?
On November 2, 2026, Energy Vault Holdings, Inc.'s market capitalisation was about $503M and net debt of $171M. Market figures come from third-party market data and may be delayed.
How much debt does Energy Vault Holdings, Inc. have?
Energy Vault Holdings, Inc.'s debt-to-equity ratio is 3544.0%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Energy Vault Holdings, Inc.'s competitors?
In our Electrical Components & Equipment peer group, the companies closest to Energy Vault Holdings, Inc. are Eos Energy Enterprises, Inc., Ultralife Corp, Wallbox N.V., American Superconductor Corp and Fuelcell Energy Inc. The side-by-side comparison below sets their revenue, margins and growth against Energy Vault Holdings, Inc.'s.
Are insiders buying or selling Energy Vault Holdings, Inc. stock?
Over the last 12 months, Energy Vault Holdings, Inc.'s directors and officers reported 11 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Energy Vault Holdings, Inc.'s next earnings date?
Around November 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Energy Vault Holdings, Inc. announces its own schedule.