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Novonix Ltd (NVX) stock

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NASDAQ: NVX Nasdaq Electrical Components & Equipment

C Fundamentals grade

Novonix Ltd 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

Not valued: the figures our models need are missing or failed our data-quality checks.

Price vs value

No model value: free cash flow after stock pay is not positive. How we value companies.

Novonix Ltd 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.

  • Funds5 adding, 23 cuttingOf 3 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Novonix files

Where Novonix stands after its latest Filing

Revenue for the twelve months was $6m, down 4.1% on a year earlier, a smaller fall than the 27.3% decline a quarter earlier. Free-cash-flow margin fell to -1822.5% from -656.9% a year earlier. The diluted share count is up 37.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 7 financial-health checks.

Our models give no value for Novonix at present, so past values are not shown.

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

Novonix Ltd's trailing-twelve-month revenue fell 4.1% year on year, with a free-cash-flow margin of -1822.5%. Where it stands out: operating margin of 4916.0% ranks 1 of 53 electrical components & equipment companies we cover. Where it lags: net margin of -1650.8% ranks 56 of 57 electrical components & equipment companies we cover.

Current signal Operating margin expanding: TTM operating margin reached 4916.0%, up 2339.8pp year over year.

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

  • High operating margin. 4916.0% of revenue is left as operating profit, against a median of -20.0% for electrical components & equipment companies we cover.
  • Margins widening. Operating margin is up 2339.8 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 4.1% over the last 12 months.
  • Burning cash. Free cash flow was -1822.5% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 37.2% in a year.
  • Below peers: net margin. Net margin of -1650.8% ranks 56 of 57 electrical components & equipment companies we cover (median -23.4%).
  • Below peers: days sales outstanding. Days sales outstanding of 138 days ranks 42 of 50 electrical components & equipment companies we cover (median 72 days).

Price chart

  • 1 day-4.4%
  • 1 week+2.4%

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)
$5.6M
Operating margin
4916.0%
Net margin
-1650.8%
EPS (TTM, diluted)
$-0.54

Growth

Revenue growth
−4.1%
Change in growth rate
+23.3 pts
Share count change
+37.2%

Cash

Free cash flow (TTM)
-$102M
FCF margin
-1822.5%
Stock pay % of revenue
-20.1%

News & updates

Updated November 2, 2026

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

No recent updates are available for NVX from the sources we follow. See filings →

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

Novonix Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

Valuation models

We value Novonix Ltd 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.

Value per share by model
Model Value per share In the combined value?
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
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
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. — 0 Does not apply: no positive value
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity 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. — No model applies: the filings don’t yet support a value.

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

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

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

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current — — $5m −41%

Positioning

Short interest
1.7%
of tradable shares
Days to cover
16.39
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
1%
of shares
Held by insiders
0.0%
of shares
Employees
192
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

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

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.

Novonix Ltd 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) Novonix Ltd
$2M $4M $6M $8M $10M FY20 Q2 FY21 Q2 FY22 Q2 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY20 Q2: $2.9M Revenue (TTM), FY21 Q2: $3.9M Revenue (TTM), FY22 Q2: $6.1M Revenue (TTM), FY23 Q4: $8.1M Revenue (TTM), FY24 Q4: $5.9M Revenue (TTM), FY25 Q4: $5.6M $5.6M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY20 Q2 $2.9M
FY21 Q2 $3.9M
FY22 Q2 $6.1M
FY23 Q4 $8.1M
FY24 Q4 $5.9M
FY25 Q4 $5.6M
Revenue growth, TTM YoY Novonix Ltd
-50% 0% 50% 100% FY21 Q2 FY22 Q2 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY21 Q2: 36.6% Revenue growth, TTM YoY, FY22 Q2: 56.7% Revenue growth, TTM YoY, FY24 Q4: -27.3% Revenue growth, TTM YoY, FY25 Q4: -4.1% -4.1%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY21 Q2 36.6%
FY22 Q2 56.7%
FY24 Q4 -27.3%
FY25 Q4 -4.1%
FCF margin (TTM) Novonix Ltd
-2000% -1500% -1000% -500% 0% FY20 Q2 FY21 Q2 FY22 Q2 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY20 Q2: -257.0% FCF margin (TTM), FY21 Q2: -656.9% FCF margin (TTM), FY22 Q2: -1850.8% FCF margin (TTM), FY23 Q4: -687.9% FCF margin (TTM), FY24 Q4: -1200.8% FCF margin (TTM), FY25 Q4: -1822.5% -1822.5%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY20 Q2 -257.0%
FY21 Q2 -656.9%
FY22 Q2 -1850.8%
FY23 Q4 -687.9%
FY24 Q4 -1200.8%
FY25 Q4 -1822.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. 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 2020 Jun 2020 2021 Jun 2021 2022 Jun 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 3 4 6 8 6 6
EBITDA — — — — 155 281
Operating income — — — — 151 276
Net income −13 −13 −52 −46 −75 −93
Diluted EPS −$0.40 −$0.16 −$0.44 −$0.36 −$0.60 −$0.56
Growth (year on year)
Revenue — +36.6% +56.7% +32.0% −27.3% −4.1%
EBITDA — — — — — +80.6%
Operating income — — — — — +83.1%
Margins
EBITDA margin — — — — >999% >999%
Operating margin — — — — >999% >999%
Net margin −471.1% −345.3% −850.0% −574.2% <−999% <−999%
Free-cash-flow margin −257.0% −656.9% <−999% −687.9% <−999% <−999%
Cash flow
Cash from operations −4 −6 −29 −36 −40 −42
Capital spending 4 19 84 19 30 60
Free cash flow −7 −26 −113 −55 −70 −102
Stock-based pay 5 4 15 6 6 −1
Free cash flow after stock pay −12 −30 −128 −61 −76 −101
Balance sheet
Cash — — — 79 43 80
Total debt 2 5 37 65 64 94
Net debt (negative = net cash) — — — −14 22 14
Diluted shares 34m 92m 116m 122m 124m 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

3 of 7 checks passed · December 31, 2025
What it owns · $283m
Short-term assets $89mLonger-term assets $194m
What it owes, and who funded it · $283m
Short-term liabilities $84mLonger-term liabilities $38mShareholders' equity $162m
  • Short-term assets cover short-term liabilities $89m of assets due within a year against $84m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $89m short-term assets against $38m of longer-dated liabilities.
  • More cash than debt $80m of cash against $94m of debt.
  • Debt below 40% of shareholders' equity Debt is 58% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 3% to 58% over five years.
  • A year's operating cash flow covers at least 20% of debt −$42m of operating cash flow against $94m of debt.
  • Operating profit covers interest at least five times over Operating income of $276m against $286,503 of interest.

From Novonix Ltd'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
+37.2%
year over year
R&D spending
101.0%
of revenue
Days sales outstanding
138 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electrical components & equipment
Last 12 months unless stated NVX LNKS LASE EFOI POLA XPON Median
Revenue, last 12 months $6m $6m $6m $6m $5m $8m $154m
Revenue growth, last 12 months −4.1% 8.5% −11.0% 53.5% −61.4% −2.4% 10.6%
Revenue growth, 3-year average — — 20.5% 13.8% −36.3% 10.8% 9.2%
Revenue growth, latest quarter — — −30.5% 228.0% −62.4% −32.1% 10.2%
Gross margin — 8.9% −25.3% 4.6% −78.1% 15.4% 29.3%
Operating margin >999% −32.0% −257.8% −23.7% −191.7% −137.4% −17.7%
Operating margin, 3-year average — — −148.4% −32.6% −92.4% −119.0% −32.6%
Net margin <−999% −33.7% −327.6% −23.4% −207.9% −82.3% −23.4%
Cash from operations / revenue −751.3% −134.1% −144.7% −25.6% −48.6% −86.8% −6.5%
Free-cash-flow margin <−999% −137.4% −157.2% −26.3% −48.6% −86.8% −11.0%
Free-cash-flow margin, 3-year average — — −159.1% −27.5% −22.2% −95.9% −6.8%
Stock pay / revenue −20.1% — 1.0% 1.9% 43.9% 13.2% 2.5%
Change in share count 37.2% 959.6% 92.9% 13.8% 22.9% — 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 -4.1% 10.6% 45 of 57
Change in growth rate Growth +23.3pp +0.0pp 6 of 57
Operating margin Profitability 4916.0% -20.0% 1 of 53
Net margin Profitability -1650.8% -23.4% 56 of 57
Free-cash-flow margin Cash generation -1822.5% -8.8% 55 of 56
Stock pay as % of revenue Cash generation -20.1% 2.8% 1 of 50
Long-term debt as % of assets Balance sheet 11.2% 17.8% 14 of 40
Change in share count Balance sheet 37.2% 10.0% 39 of 46
Days sales outstanding Balance sheet 138 days 72 days 42 of 50

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

Who owns it

Funds buying and selling
Reported value
$1.6M
Institutions reporting
24
Shares held vs prior quarter
▼ 28.1%
Positions opened / closed
3 / 11

Top buyers and sellers, Q2 2026: 5 institutions bought and 23 sold ; the biggest buyer was Virtu Financial LLC (+50K shares) and the biggest seller UBS Group AG (−311K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
UBS Group AG $571,127 1.2M 36.6% ▼ 20.0%
Forest Avenue Capital Management LP $547,295 1.2M 35.0% ▼ 0.8%
Marshall Wace, LLP $90,849 197K 5.8% ▼ 4.7%
Citadel Advisors LLC $55,433 121K 3.5% ▼ 54.8%
Jane Street Group, LLC $52,191 126K 3.3% ▼ 38.5%
Bank Of America Corp $49,818 108K 3.2% ▲ 41.4%
Xtx Topco Ltd $49,559 108K 3.2% ▼ 70.7%
Morgan Stanley $29,066 63K 1.9% ▼ 12.3%
Virtu Financial LLC $23,000 50K 1.5% New
Vanguard Personalized Indexing Management, LLC $19,470 42K 1.2% ▼ 61.2%
Southeast Asset Advisors, LLC $12,650 28K 0.8% 0.0%
Geode Capital Management, LLC $12,147 26K 0.8% New

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 Novonix Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

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

Recent SEC filings

  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K

Data status

When each part of this page on Novonix Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
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.

Novonix Ltd in brief

What does Novonix Ltd do?
Novonix Ltd is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.
What is Novonix Ltd's stock ticker?
Novonix Ltd trades under the ticker NVX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Novonix Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Novonix Ltd reported revenue of $5.6M, 4.1% lower than a year earlier, according to its SEC filings.
What is Novonix Ltd's free cash flow?
Novonix Ltd's free-cash-flow margin is -1822.5% of revenue over the trailing twelve months, ranking 55 of the 56 electrical components & equipment companies we cover.
Who are Novonix Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are UBS Group AG, Forest Avenue Capital Management LP and Marshall Wace, LLP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
How much debt does Novonix Ltd have?
Novonix Ltd's debt-to-equity ratio is 58.0%, from its latest balance sheet (3.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Novonix Ltd's competitors?
In our Electrical Components & Equipment peer group, the companies closest to Novonix Ltd are Linkers Industries Ltd, Laser Photonics Corp, Energy Focus, Inc, Polar Power, Inc. and Expion Energy, Inc. The side-by-side comparison below sets their revenue, margins and growth against Novonix Ltd's.