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Also trades as: NVX.AX (ASX) · $vol 0M · NVX (NASDAQ) · $vol 0M

NVNXF OTC

Novonix Limited
1W: +2.2% 1M: -2.7% 3M: -41.6% YTD: -73.3% 1Y: -78.4% 3Y: -86.1% 5Y: -98.5%
$0.07
+0.01 (+12.26%)
 
Weekly Expected Move ±39.2%
$0 $0 $0 $0 $0
OTC · Industrials · Electrical Equipment & Parts · Tech Score Sell · Power 37 · $51.3M mcap · 716M float · 0.016% daily turnover · Short 43% of daily vol

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

C-
Oct 02, 2026
DCF
1
ROE
1
ROA
1
D/E
1
P/E
1
P/B
4
The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. NVNXF receives an overall rating of C-. Strongest factors: P/B (4/5). Areas of concern: DCF (1/5), ROE (1/5), ROA (1/5), D/E (1/5), P/E (1/5).
Rating Change History
DateFromTo
2026-10-01 C C-
2026-05-04 C- C
2026-04-01 C C-
2026-03-24 C- C
2026-03-02 C C-

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ — Grade A+
Profitability
—
Balance Sheet
49
Earnings Quality
18
Growth
12
Value
33
Momentum
20
Safety
0
Cash Flow
30

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score
-3.25
Distress Zone
Piotroski F-Score
1/9
✗ ✗ ✗ ✓ ✗ ✗ ✗ ✗ ✗
Beneish M-Score
—
—
Ohlson O-Score
-3.52
Bankruptcy prob: 2.9%
Low Risk
Credit Rating
B-
Score: 24.1/100
Trend: Deteriorating
Earnings Quality
—
OCF/NI: 0.44x
Accruals: -35.9%
The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. NVNXF scores -3.25, placing it in the Distress Zone (safe > 2.99, distress < 1.81). Historically, companies in this range face elevated bankruptcy risk. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. NVNXF scores 1/9, suggesting weak financial fundamentals — the company fails the majority of these accounting tests. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. NVNXF's implied 2.9% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. NVNXF receives an estimated rating of B- (score: 24.1/100), with a deteriorating trend.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E
-0.47x
PEG
0.01x
P/S
22.88x
P/B
0.37x
P/FCF
-0.58x
P/OCF
—
EV/EBITDA
-0.97x
EV/Revenue
15.41x
EV/EBIT
-0.91x
EV/FCF
-0.77x
Earnings Yield
-159.61%
FCF Yield
-170.96%
Shareholder Yield
0.00%
Graham Number
—
Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. NVNXF currently has negative earnings — the P/E ratio is not meaningful.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden
1.008
NI / EBT
×
Interest Burden
1.098
EBT / EBIT
×
EBIT Margin
-16.879
EBIT / Rev
×
Asset Turnover
0.034
Rev / Assets
×
Equity Multiplier
1.627
Assets / Equity
=
ROE
-104.5%
The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. NVNXF's ROE of -104.5% is driven by Asset Turnover (0.034), indicating efficient use of assets to generate revenue. A tax burden ratio of 1.01 indicates minimal tax leakage — the company retains over 90% of pre-tax earnings.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate
0.00%
Fair P/E
8.50x
Intrinsic Value
—
Price/Value
—
Margin of Safety
—
Premium
—

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1440 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price
$0.07
Median 1Y
$0.03
5th Pctile
$0.00
95th Pctile
$0.15
Ann. Volatility
107.3%
25th–75th percentile 5th–95th percentile Median path Historical

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees
192
+6.7% YoY
Revenue / Employee
$45,353
Rev: $8,707,803
Profit / Employee
$-748,672
NI: $-143,744,997
SGA / Employee
$179,315
Avg labor cost proxy
R&D / Employee
$45,785
Innovation spend

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability
Metric Trend Q4'20 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
ROE -6.0% -11.9% -32.3% -57.1% -46.8% -46.1% -82.0% -80.4% -79.4% -1.0% -1.05%
ROA -5.3% -9.9% -25.8% -41.1% -36.4% -34.7% -57.0% -52.5% -48.5% -64.2% -64.24%
ROIC -11.2% -14.2% -31.2% -51.6% -39.1% -40.7% -45.7% -39.6% -29.4% -41.7% -41.71%
ROCE -3.5% -11.5% -33.1% -55.3% -43.5% -48.2% -70.0% -57.4% -50.6% -77.8% -77.79%
Gross Margin -27.1% -5.6% -5.6% -4.3% -2.1% 63.3% -3.6% -5.2% -3.4% — —
Operating Margin -3.2% -10.6% -10.6% -7.3% -4.3% -10.1% -7.3% -9.4% -9.2% — —
Net Margin -4.6% -10.3% -10.3% -7.2% -4.4% -10.5% -14.8% -7.1% -25.9% — —
EBITDA Margin -2.7% -9.0% -9.0% -6.3% -3.4% -9.1% -13.5% -5.7% -21.5% — —
FCF Margin -4.2% -7.7% -6.5% -6.3% -4.9% -4.4% -6.2% -9.6% -14.3% -20.0% -20.02%
OCF Margin -1.3% -3.7% -2.7% -3.0% -2.6% -3.2% -4.2% -4.3% -6.2% -8.2% -8.24%
ROE 3Y Avg snapshot only -59.32%
ROA 3Y Avg snapshot only -36.80%
ROIC 3Y Avg snapshot only -31.63%
ROIC Economic snapshot only -31.05%
Cash ROA snapshot only -27.06%
Cash ROIC snapshot only -38.76%
CROIC snapshot only -94.12%
NOPAT Margin snapshot only -8.87%
Pretax Margin snapshot only -18.54%
R&D / Revenue snapshot only 1.39%
SGA / Revenue snapshot only 5.64%
SBC / Revenue snapshot only 0.00%
Valuation
Metric Trend Q4'20 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
P/E Ratio — -26.14 -9.74 -4.17 -2.83 -2.40 -1.82 -1.45 -1.07 -0.63 -0.473
P/S Ratio — 187.01 79.08 32.31 20.17 17.71 15.63 12.58 15.65 11.71 22.884
P/B Ratio — 3.12 3.15 2.38 1.30 1.43 1.57 1.13 0.76 0.67 0.371
P/FCF — -24.29 -12.13 -5.14 -4.13 -4.00 -2.53 -1.31 -1.09 -0.58 -0.585
P/OCF — — — — — — — — — — —
EV/EBITDA — -29.73 -11.21 -4.69 -3.16 -3.11 -2.36 -2.18 -1.54 -0.97 -0.975
EV/Revenue — 162.79 73.52 30.31 19.29 19.64 17.65 16.14 19.14 15.41 15.409
EV/EBIT — -20.11 -7.29 -2.97 -2.06 -2.25 -1.94 -1.99 -1.45 -0.91 -0.913
EV/FCF — -21.14 -11.27 -4.82 -3.95 -4.43 -2.85 -1.68 -1.34 -0.77 -0.770
Earnings Yield — -3.8% -10.3% -24.0% -35.4% -41.8% -54.8% -68.9% -93.2% -1.6% -1.60%
FCF Yield — -4.1% -8.2% -19.5% -24.2% -25.0% -39.5% -76.4% -91.4% -1.7% -1.71%
PEG Ratio snapshot only 0.009
Price/Tangible Book snapshot only 0.723
Shareholder Yield snapshot only 0.00%
Leverage & Solvency
Metric Trend Q4'20 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Current Ratio 35.83 20.56 13.72 17.45 11.37 6.15 1.24 0.93 1.07 0.97 0.967
Quick Ratio 35.14 20.32 13.35 17.04 11.12 5.94 1.21 0.90 1.04 0.97 0.967
Debt/Equity 0.06 0.16 0.27 0.34 0.37 0.45 0.51 0.49 0.70 0.63 0.627
Net Debt/Equity -0.71 -0.40 -0.22 -0.15 -0.06 0.16 0.20 0.32 0.17 0.21 0.211
Debt/Assets 0.05 0.14 0.21 0.25 0.26 0.30 0.31 0.30 0.39 0.36 0.362
Debt/EBITDA -1.67 -1.81 -1.02 -0.72 -0.94 -0.89 -0.68 -0.74 -1.17 -0.70 -0.697
Net Debt/EBITDA 20.49 4.42 0.85 0.31 0.14 -0.31 -0.27 -0.48 -0.28 -0.23 -0.234
Interest Coverage -68.51 -45.15 -43.58 -42.78 -26.33 -20.31 -19.64 -14.28 -9.64 -8.71 -8.707
Equity Multiplier 1.14 1.21 1.25 1.39 1.43 1.52 1.64 1.66 1.80 1.73 1.734
Cash Ratio snapshot only 0.835
Debt Service Coverage snapshot only -8.154
Cash to Debt snapshot only 0.664
FCF to Debt snapshot only -1.817
Defensive Interval snapshot only 436.5 days
Efficiency & Turnover
Metric Trend Q4'20 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Asset Turnover 0.01 0.01 0.03 0.05 0.05 0.05 0.07 0.06 0.03 0.03 0.034
Inventory Turnover 1.06 8.11 12.64 28.07 24.31 23.98 27.17 26.49 17.17 45.86 45.856
Receivables Turnover 1.52 2.01 2.59 4.25 5.20 5.55 7.47 1.21 4.51 1.73 1.725
Payables Turnover 2.16 5.73 6.66 16.47 42.86 9.54 18.87 4.29 11.68 4.56 4.559
DSO 241 182 141 86 70 66 49 300 81 212 211.6 days
DIO 343 45 29 13 15 15 13 14 21 8 8.0 days
DPO 169 64 55 22 9 38 19 85 31 80 80.1 days
Cash Conversion Cycle 415 163 115 77 77 43 43 229 71 139 139.5 days
Fixed Asset Turnover snapshot only 0.049
Operating Cycle snapshot only 219.5 days
Cash Velocity snapshot only 0.137
Capital Intensity snapshot only 30.467
Growth (YoY)
Metric Trend Q4'20 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Revenue — — — — 4.1% 2.0% 1.3% 30.4% -3.8% -31.9% -31.90%
Net Income — — — — -6.9% -2.2% -1.4% -45.8% -96.6% -72.1% -72.12%
EPS — — — — -6.5% -2.1% -1.3% -13.0% -37.6% 2.8% 2.78%
FCF — — — — -5.0% -75.5% -1.2% -99.3% -1.8% -2.1% -2.08%
EBITDA — — — — -10.7% -2.5% -1.6% -49.4% -96.2% -70.4% -70.44%
Op. Income — — — — -10.7% -2.5% -1.1% -27.5% -19.4% -3.8% -3.80%
OCF Growth snapshot only -73.19%
Asset Growth snapshot only 9.91%
Equity Growth snapshot only -3.43%
Debt Growth snapshot only 33.46%
Shares Change snapshot only 77.03%
Growth Quality
Metric Trend Q4'20 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Revenue Stability — — — — — — — — 0.71 0.28 0.276
Earnings Stability — — — — — — — — 1.00 1.00 1.000
Margin Stability — — — — — — — — 0.21 0.69 0.691
Rev. Growth Consistency 0.00 0.00 0.00 0.00 0.50 0.50 0.50 0.50 0.00 0.00 0.000
Earn. Growth Consistency 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000
FCF Positive Streak 0 0 0 0 0 0 0 0 0 0 0
Earnings Persistence — — — — — — — — 0.50 0.50 0.500
Earnings Smoothness — — — — — — — — — — —
ROE Trend — — — — — — — — -0.45 -0.71 -0.706
Gross Margin Trend — — — — — — — — -0.88 -1.73 -1.729
FCF Margin Trend — — — — — — — — -9.78 -13.95 -13.952
Sustainable Growth Rate — — — — — — — — — — —
Internal Growth Rate — — — — — — — — — — —
Cash Flow Quality
Metric Trend Q4'20 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
OCF/Net Income 0.29 0.51 0.33 0.39 0.37 0.44 0.49 0.50 0.43 0.44 0.441
FCF/OCF 3.12 2.10 2.46 2.07 1.86 1.37 1.48 2.21 2.29 2.43 2.428
FCF/Net Income snapshot only 1.071
CapEx/Revenue 2.8% 4.0% 3.9% 3.2% 2.3% 1.8% 2.6% 5.9% 8.7% 11.8% 11.77%
CapEx/Depreciation snapshot only 10.980
Accruals Ratio -0.04 -0.05 -0.17 -0.25 -0.23 -0.19 -0.29 -0.26 -0.28 -0.36 -0.359
Sloan Accruals snapshot only -0.239
Cash Flow Adequacy snapshot only -0.700
Dividends & Buybacks
Metric Trend Q4'20 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Dividend Yield — 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.00%
Dividend/Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Payout Ratio — — — — — — — — — — —
FCF Payout Ratio — — — — — — — — — — —
Total Payout Ratio — — — — — — — — — — —
Div. Increase Streak — — — — — — — — — — —
Chowder Number — — — — — — — — — — —
Buyback Yield — 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.00%
Net Buyback Yield — -0.1% -0.0% -0.0% -0.1% -0.2% -12.1% -16.1% -9.6% -30.2% -30.19%
Total Shareholder Return — -0.1% -0.0% -0.0% -0.1% -0.2% -12.1% -16.1% -9.6% -30.2% -30.19%
DuPont Factors
Metric Trend Q4'20 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Tax Burden (NI/EBT) 1.00 1.00 1.00 1.00 1.00 0.99 1.00 1.00 1.00 1.01 1.008
Interest Burden (EBT/EBIT) 1.55 0.88 0.81 0.76 0.76 0.85 0.94 1.07 1.10 1.10 1.098
EBIT Margin -2.99 -8.10 -10.08 -10.21 -9.36 -8.74 -9.12 -8.13 -13.24 -16.88 -16.879
Asset Turnover 0.01 0.01 0.03 0.05 0.05 0.05 0.07 0.06 0.03 0.03 0.034
Equity Multiplier 1.14 1.21 1.25 1.39 1.29 1.33 1.44 1.53 1.64 1.63 1.627
Per Share
Metric Trend Q4'20 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
EPS (Diluted TTM) $-0.02 $-0.06 $-0.10 $-0.16 $-0.17 $-0.19 $-0.24 $-0.18 $-0.24 $-0.19 $-0.19
Book Value/Share $0.38 $0.52 $0.31 $0.28 $0.38 $0.32 $0.27 $0.23 $0.34 $0.18 $0.18
Tangible Book/Share $0.31 $0.49 $0.28 $0.26 $0.35 $0.30 $0.25 $0.21 $0.31 $0.16 $0.16
Revenue/Share $0.01 $0.01 $0.01 $0.02 $0.02 $0.03 $0.03 $0.02 $0.02 $0.01 $0.00
FCF/Share $-0.02 $-0.07 $-0.08 $-0.13 $-0.12 $-0.12 $-0.17 $-0.20 $-0.23 $-0.20 $-0.09
OCF/Share $-0.01 $-0.03 $-0.03 $-0.06 $-0.06 $-0.08 $-0.11 $-0.09 $-0.10 $-0.08 $-0.05
Cash/Share $0.29 $0.29 $0.15 $0.14 $0.16 $0.10 $0.08 $0.04 $0.18 $0.07 $0.07
EBITDA/Share $-0.01 $-0.05 $-0.08 $-0.13 $-0.15 $-0.16 $-0.21 $-0.15 $-0.20 $-0.16 $-0.16
Debt/Share $0.02 $0.09 $0.08 $0.09 $0.14 $0.15 $0.14 $0.11 $0.24 $0.11 $0.11
Net Debt/Share $-0.27 $-0.21 $-0.07 $-0.04 $-0.02 $0.05 $0.06 $0.07 $0.06 $0.04 $0.04
Academic Models
Metric Trend Q4'20 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Altman Z-Score — — — — — — — — — — -3.254
Altman Z-Prime snapshot only -7.471
Piotroski F-Score 2 2 2 2 2 3 3 2 1 1 1
Beneish M-Score — — — — -3.00 -8.76 -2.29 9.88 -4.02 — —
Ohlson O-Score snapshot only -3.522
ROIC (Greenblatt) snapshot only -83.70%
Net-Net WC snapshot only $-0.04
EVA snapshot only $-95521399.80
Credit
Metric Trend Q4'20 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Credit Rating snapshot only B-
Credit Score 51.00 66.00 65.00 44.00 35.00 35.00 27.95 25.55 26.60 24.05 24.050
Credit Grade snapshot only 16
Credit Trend snapshot only -10.950
Implied Spread (bps) snapshot only 900.000

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