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NOVONIX Ltd

NVX Nasdaq Miscellaneous Electrical Machinery, Equipment & Supplies Financials FY2019โ€“FY2025

Revenue Total sales reported in the income statement.
$5.6M
4.1% vs prior year
Operating margin Operating income as a share of revenue.
4,916.0%
2,339.8ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$92.7M
Free cash flow Cash from operations minus capital spending.
โˆ’$102M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
124.2%
49.5ย pts
Market cap Last close times the latest diluted share count, so it is approximate.
โ€”
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$0.56 EPS (TTM)

What NOVONIX Ltd does

No business description yet.

Legal name
NOVONIX Ltd
Fiscal year ends
December 31, 2025
Latest annual report
20-F ยท Feb 26, 2026
Accession ยท CIK
0001193125-26-072814
0001859795

Revenue and margins

NOVONIX Ltd had $5.6M of revenue in fiscal 2025, down 4.1% on the year before.

Revenue
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$102M in fiscal 2025, โˆ’1,822.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

NOVONIX Ltd returned โ€” to shareholders in fiscal 2025. The diluted share count rose 37.2%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably NOVONIX Ltd can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY20FY21FY23FY24FY25
Cash and short-term investments $103M$143M$78.7M$42.6M$79.9M
Debt incl. finance leases $4.7M$37.0M$64.6M$64.4M$93.8M
Net debt / EBITDA โ€”โ€”โ€”0.1x0.0x
Debt / equity 0.0x0.1x0.4x0.5x0.6x
Current ratio 26.9x20.6x2.4x1.2x1.1x
Quick ratio 26.4x20.3x2.3x1.2x1.0x
Total assets $152M$303M$263M$226M$283M
Total liabilities $13.9M$51.8M$79.4M$88.5M$121M
Shareholders' equity $138M$251M$184M$138M$162M
Net debt (โˆ’ = net cash) โˆ’$97.9Mโˆ’$106Mโˆ’$14.2M$21.9M$14.0M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY19FY20FY21FY24FY25
Net income is positive โœ• โœ• โœ• โœ• โœ•
Cash from operations is positive โœ• โœ• โœ• โœ• โœ•
Return on assets rose โ€” โœ“ โœ• โ€” โœ“
Cash from operations exceeds net income โœ“ โœ“ โœ“ โœ“ โœ“
Debt fell relative to assets โ€” โœ• โœ• โœ• โœ•
Current ratio rose โ€” โœ“ โœ• โœ• โœ•
Share count didn't rise โ€” โœ• โœ• โ€” โœ•
Gross margin rose โ€” โ€” โ€” โ€” โ€”
Revenue rose relative to assets โ€” โœ• โœ• โ€” โœ•
F-score โ€” / 33 / 81 / 8โ€” / 52 / 8
Accruals ratio โˆ’18.7%โˆ’7.2%โˆ’9.9%โˆ’14.1%โˆ’19.9%
Altman Z'' โ€”โ€”โ€”2.694.03

6 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY23FY24FY25
Income statement
Revenue $2.9M $3.9M $6.1M โ€” $5.9M $5.6M
Research and development $1.6M $2.1M $5.1M โ€” $4.8M $5.7M
Operating income โ€” โ€” โ€” โ€” $151M $276M
Pretax income โˆ’$13.4M โˆ’$13.4M โˆ’$51.9M โ€” โˆ’$74.7M โˆ’$92.7M
Income tax $0.0M $0.0M $0.0M โ€” $0.1M $0.0M
Net income โˆ’$13.4M โˆ’$13.4M โˆ’$51.9M โ€” โˆ’$74.8M โˆ’$92.7M
Diluted EPS โˆ’$0.40 โˆ’$0.16 โˆ’$0.44 โ€” โˆ’$0.60 โˆ’$0.56
Diluted shares 0.03B 0.09B 0.12B โ€” 0.12B 0.17B
Cash flow
Cash from operations โˆ’$3.7M โˆ’$6.1M โˆ’$29.2M โ€” โˆ’$40.4M โˆ’$42.2M
Capital expenditure $3.6M $19.5M $83.7M โ€” $29.9M $60.2M
Free cash flow โˆ’$7.3M โˆ’$25.6M โˆ’$113M โ€” โˆ’$70.3M โˆ’$102M
Depreciation and amortization $0.9M $1.3M $4.2M โ€” $4.6M $4.6M
Stock-based compensation $5.1M $4.5M $14.7M โ€” $5.5M โˆ’$1.1M
Balance sheet
Cash and short-term investments $26.7M $103M $143M $78.7M $42.6M $79.9M
Total debt $1.5M $4.7M $37.0M $64.6M $64.4M $93.8M
Current assets $28.5M $108M $162M $89.2M $57.3M $89.2M
Current liabilities $4.0M $4.0M $7.9M $37.3M $46.2M $83.6M
Inventory $0.9M $2.1M $1.9M $2.0M $1.4M $2.2M
Property and equipment, net $6.6M $23.7M $104M $140M $149M $175M
Goodwill $12.0M $12.0M $12.0M $12.0M $12.0M $12.0M
Intangible assets โ€” โ€” โ€” $12.0M โ€” โ€”
Total assets $51.8M $152M $303M $263M $226M $283M
Total liabilities $7.2M $13.9M $51.8M $79.4M $88.5M $121M
Shareholders' equity $44.5M $138M $251M $184M $138M $162M
Margins
Operating margin โ€” โ€” โ€” โ€” 2,576.2% 4,916.0%
EBITDA margin โ€” โ€” โ€” โ€” 2,654.2% 4,997.4%
Net margin โˆ’471.1% โˆ’345.3% โˆ’850.0% โ€” โˆ’1,278.0% โˆ’1,650.8%
FCF margin โˆ’257.0% โˆ’656.9% โˆ’1,850.7% โ€” โˆ’1,200.8% โˆ’1,822.5%
Returns
Return on capital โ€” โ€” โ€” โ€” 74.7% 124.2%
Return on capital employed โ€” โ€” โ€” โ€” 83.9% 138.5%
Return on equity โˆ’30.2% โˆ’14.7% โˆ’26.6% โ€” โˆ’46.5% โˆ’62.0%
Return on assets โˆ’25.9% โˆ’13.2% โˆ’22.8% โ€” โˆ’30.6% โˆ’36.4%
Return on tangible equity โˆ’41.3% โˆ’10.6% โˆ’21.7% โ€” โˆ’59.6% โˆ’61.9%
Growth
Revenue growth โ€” 36.6% 56.7% โ€” โ€” โˆ’4.1%
Share count change โ€” 169.5% 26.8% โ€” โ€” 37.2%
Financial health
Net debt / EBITDA โ€” โ€” โ€” โ€” 0.1x 0.0x
Debt / equity 0.0x 0.0x 0.1x 0.4x 0.5x 0.6x
Current ratio 7.1x 26.9x 20.6x 2.4x 1.2x 1.1x
Quick ratio 6.9x 26.4x 20.3x 2.3x 1.2x 1.0x
Capital allocation
Capex / revenue 125.5% 500.5% 1,371.7% โ€” 510.4% 1,071.2%
Stock comp / revenue 177.7% 114.7% 240.6% โ€” 94.3% โˆ’20.1%
Quality scores
Piotroski F-score โ€” 3.0 1.0 โ€” โ€” 2.0
Altman Z'' โ€” โ€” โ€” โ€” 2.7 4.0
Accruals ratio โˆ’18.7% โˆ’7.2% โˆ’9.9% โ€” โˆ’14.1% โˆ’19.9%

Source: SEC EDGAR XBRL filings (CIK 0001859795). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Per-share figures are per US-listed share (1 ADS = 4 ordinary shares). For information only โ€” not investment advice. Check the original filings before relying on any figure.

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