Electrovaya

ELVA

Electrical Equipment & Parts · Industrials

Price

$9.48

-0.06 (-0.63%)

Market Cap

$469.3M

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+47.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 28.0M (2021) → 41.4M (2025)

Electrovaya Inc., together with its subsidiaries, engages in the designing, developing, and manufacturing lithium-ion advanced battery and battery systems in North America. It offers lithium-ion batteries and systems for materials handling electric vehicles, including warehouse forklifts and automated guided vehicles, as well as battery chargers to charge the batteries; electromotive power products for electric trucks, electric buses, and other transportation applications; industrial products fo

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+75.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$4M/ year

↑ Rising (+44% vs prior year)

6.9% of revenue

1.7x the sector average (4%)

R&D investment increasing — building for the future

Insider Activity

32.6%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$6M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Electrovaya grew revenue 75% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

30.2%

Modest — 30.2% gross margin

Operating Margin

11.7%

Modest — 11.7% operating margin

ROCE

4.6%

Weak — 4.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+55.5%

Fast-growing sales (55.5% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

77%

Modest — 77% of profit becomes cash

FCF Margin

-34.5%

Burning cash (-34.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.67

Moderate — manageable debt (0.67)

Interest Cover

2.96x

Tight — interest eats into profit (3.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

83.9x

Expensive — P/E 83.9

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+60.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (83.9 → 23.6)

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Dividends

Not applicable for this business.

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