Energy Vault Holdings (NRGV) Stock Analysis & Winston Score

Energy Vault builds systems that store large amounts of electricity for power grids and industrial customers. Its main product is a gravity-based energy storage system that lifts and lowers heavy blocks to store and release energy, similar to how a dam stores water. The company also offers battery-based storage solutions and software to manage energy flow, serving utilities, renewable energy developers, and large industrial buyers.

Energy Vault earns revenue by selling and licensing its storage systems and through long-term service contracts. It operates primarily in the United States, Europe, and parts of Asia, and is still a small company with under $1 billion in market value. Its gravity storage technology is relatively unique, but the company faces intense competition from cheaper lithium-ion battery storage and has not yet reached profitability, with operating losses running well above 30% of revenue. The key risk is whether it can scale up projects and cut costs fast enough before better-funded rivals dominate the grid-scale storage market.

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

+156.4% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-35.7% YoY

YoY Growth Rate

Earnings declining

Insider Activity

33.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

~6 months

$121M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Strong grower

Energy Vault Holdings is growing revenue at 156% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

11.7%

Thin — 11.7% gross margin

Operating Margin

-110.6%

Losing money on operations — -110.6%

ROCE

-11.9%

Weak — -11.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+362.0%

Fast-growing sales (362.0% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-45.2%

Burning cash (-45.2%)

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

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Stability

Debt / Equity

5.66

Heavy debt load (5.66)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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