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Energy Vault Holdings, Inc. key statistics and ratios

In fiscal 2025, Energy Vault Holdings, Inc. had return on equity of -107.0%, an operating margin of -36.5%, debt equal to 147.6% of equity and a current ratio of 0.73. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin—40.6%5.1%13.4%23.6%22.5%
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%
Return on equity—−71.5%−38.5%−77.6%−107.0%—
Return on assets−25.0%−28.9%−26.0%−51.7%−41.7%−32.1%
Asset turnover—0.540.900.180.820.66
Current ratio15.073.112.501.260.731.19
Debt to equity—0.0%0.0%0.0%147.6%>999%
Interest cover (operating income ÷ interest)n/mn/mn/mn/mn/mn/m
R&D as % of revenue—29.2%10.9%56.3%7.2%5.3%
Capital spending as % of revenue—1.6%8.9%127.4%20.2%18.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Energy Vault Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Energy Vault Holdings, Inc.