Financial health
- Total debt ($100M) exceeds cash ($58M); net debt is $41M.
- Operating income covered interest expense -8.8× in the latest year.
- The company is unprofitable; at its current free-cash-flow burn it has roughly 1.2 years of cash runway.
NRGV Financials Energy Vault Holdings, Inc.
6 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $204M | -$104M | 23.6% | -36.5% | -$47M | $100M | $58M |
| 2024 | $46M | -$136M | 13.4% | -281.4% | -$115M | $0 | $27M |
| 2023 | $342M | -$98M | 5.1% | -31.3% | -$123M | — | $110M |
| 2022 | $146M | -$78M | 40.6% | -43.2% | -$26M | — | $203M |
| 2021 | $0 | -$31M | — | — | -$22M | — | $105M |
| 2020 | — | -$24M | — | — | — | — | $10M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $22M | -$32M | 21.9% | -110.6% | -$61M | $188M | $55M |
| Dec '25 | $153M | -$21M | 20.6% | -5.1% | -$17M | $100M | $58M |
| Sep '25 | $33M | -$27M | 27.0% | -52.8% | -$27M | $69M | $33M |
| Jun '25 | $9M | -$35M | 29.6% | -330.7% | $7M | $38M | $21M |
| Mar '25 | $9M | -$21M | 57.1% | -244.8% | -$10M | $26M | $18M |
| Dec '24 | $33M | -$62M | 7.7% | -150.6% | -$45M | $0 | $27M |
| Sep '24 | $1M | -$27M | 40.3% | -2258.1% | -$36M | — | $51M |
| Jun '24 | $4M | -$26M | 27.8% | -739.7% | -$25M | — | $107M |
| Mar '24 | — | -$21M | — | — | -$8M | — | $136M |
| Dec '23 | — | -$22M | — | — | $20M | — | $110M |
| Sep '23 | — | -$19M | — | — | -$33M | — | $74M |
| Jun '23 | — | -$26M | — | — | -$28M | — | $107M |
| Mar '23 | — | -$31M | — | — | -$82M | — | $115M |
| Dec '22 | — | -$23M | — | — | $23M | — | $203M |
| Sep '22 | — | -$29M | — | — | -$21M | — | $250M |
| Jun '22 | — | -$6M | — | — | -$10M | — | $299M |
| Mar '22 | — | -$20M | — | — | -$17M | — | $304M |
| Dec '21 | — | -$13M | — | — | -$8M | — | $105M |
| Sep '21 | — | -$6M | — | — | -$5M | — | $116M |
| Jun '21 | — | $17M | — | — | -$3M | — | $1M |
Valuation over time
How the market has priced NRGV against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-sales ratio has risen from 2.6× (Mar '23) to 3.7× (Jun '26).
P/S
Frequently asked questions
Is NRGV growing its revenue and profit?
See the revenue and net-income charts above for Energy Vault Holdings, Inc.'s multi-year trend.
How much debt does NRGV have?
As of FY2025, Energy Vault Holdings, Inc. reported $100M of total debt against $58M of cash; operating income covered interest expense -8.8×.
What is NRGV's profit margin?
In FY2025, gross margin was 23.6%, operating margin -36.5%, and net margin -50.9%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.