Energy Vault Holdings IncEnergy Vault Holdings Inc
Energy Vault Holdings Inc

Energy Vault Holdings Inc

NRGV
Utilities·Independent Power and Renewable Electricity Producers

Energy Vault Holdings, Inc. is an integrated power infrastructure company that develops, owns, and operates flexible and reliable energy systems for utilities, independent power producers, industrial customers, and the AI and data center sectors. It focuses on accelerating time-to-power through energy storage, power generation, and grid resilience solutions. The company was founded by Robert Piconi, Andrea Pedretti and Bill Gross in October 2017 and is headquartered in Westlake Village, CA.

California; U.S.A
Market cap
No dataNo data
Revenue
$203.7M+340.9% YoY
Net income
$-103.6M+23.7% YoY
Free cash flow
$-46.7M+59.3% YoY

Market

Listed stock
NRGVPriceNYSE
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Financial performance

Revenue
$203.7M+340.9% YoY
Operating income
$-74.4M+42.8% YoY
Net income
$-103.6M+23.7% YoY
Free cash flow
$-46.7M+59.3% YoY

Revenue, profit & cash trend

Revenue
Reference
Revenue: 2022 $145.9M, 2023 $341.5M, 2024 $46.2M, 2025 $203.7M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
340.9%+42733 bps YoY
Gross margin
No dataNo data
Operating margin
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FCF margin
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Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-1.2M, 2022-12-31 $-63.1M, 2023-12-31 $-106.7M, 2024-12-31 $-130M, 2025-12-31 $-74.4M. Net income: 2021-12-31 $-3.3M, 2022-12-31 $-78.3M, 2023-12-31 $-98.4M, 2024-12-31 $-135.8M, 2025-12-31 $-103.6M. Free cash flow: 2021-12-31 $-1.2M, 2022-12-31 $-25.7M, 2023-12-31 $-123.1M, 2024-12-31 $-114.7M, 2025-12-31 $-46.7M

Growth heatmap

202320242025CAGR
Revenue
+134.1%
-86.5%
+340.9%
+11.8%
Gross profit
-70.4%
-64.7%
+675.7%
-6.8%
Operating income
-4957.9%
-69.2%
-21.8%
+42.8%
No data
Free cash flow
-2124.2%
-379.6%
+6.8%
+59.3%
No data

Earnings quality

Operating cash flow
$-5.6M+89.9% YoY
Net income
$-103.6M+23.7% YoY
Free cash flow
$-46.7M+59.3% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 5%, 2024-12-31 41%, 2023-12-31 94%, 2022-12-31 30%, 2021-12-31 35%. Free cash flow: 2025-12-31 45%, 2024-12-31 85%, 2023-12-31 125%, 2022-12-31 33%, 2021-12-31 35%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
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FCF / share
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Diluted shares
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
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Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

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Valuation

Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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