Novonix Ltd key statistics and ratios

In fiscal 2025, Novonix Ltd had return on equity of -62.0%, an operating margin of 4916.0%, debt equal to 58.0% of equity and a current ratio of 1.07. 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.

Novonix Ltd: financial ratios, annual
Fiscal year	2020Jun 2020	2021Jun 2021	2022Jun 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
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%
Return on equity	−30.2%	−14.7%	−26.6%	−21.3%	−46.5%	−62.0%
Return on assets	−25.9%	−13.2%	−22.8%	−16.3%	−30.6%	−36.4%
Asset turnover	0.06	0.04	0.03	0.03	0.02	0.02
Current ratio	7.14	26.92	20.56	2.39	1.24	1.07
Debt to equity	3.4%	3.4%	14.7%	35.1%	46.8%	58.0%
R&D as % of revenue	57.0%	53.8%	83.6%	71.4%	82.8%	101.0%
Capital spending as % of revenue	125.5%	500.5%	>999%	238.2%	510.4%	>999%

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

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.

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.

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Figures from Novonix Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Novonix Ltd.