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Energy Vault Holdings

NRGV on NYSE. Energy Vault sells energy storage systems to utilities and power producers. Market value $704m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-20.5%low

For every $100 of what the whole company costs, it produced $-20.52 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 35 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$3.88 a share, 55% above its 1-year low

Over the past year the price has ranged from $2.50 to $6.64.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.0
-0.1
-0.1
-0.0
-0.1
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $145 million in the past 12 months, a shortfall of $47 million in the year to December 2025.

Revenue
$0$146m$342m$46m$204m
Operating margin
n/a-43.2%-31.3%-281.4%-36.5%
Debt to equity
n/an/an/a0.001.48
Shares outstanding
0.14bn0.14bn0.15bn0.17bn0.18bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting looks honest (Beneish)Warning signs
  • Financial strength (Piotroski)3 of 9
  • Profit backed by cash (accruals)No
  • Debt1.48× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 32% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $17 million last quarter, up 104% on a year ago.
  • A loss of $30 million, compared with a loss of $35 million a year ago.
  • It loses 33 cents on each $1 of sales, compared with 245 cents a year earlier.
  • Over the past 12 months it spent $145 million more cash than it brought in, compared with $84 million a year earlier.
  • 14% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $171 million more than cash, up from $16 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1m
December 2024$33m
March 2025$9m
June 2025$9m
September 2025$33m
December 2025$153m
March 2026$22m
June 2026$17m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$27m
December 2024-$62m
March 2025-$21m
June 2025-$35m
September 2025-$27m
December 2025-$21m
March 2026-$32m
June 2026-$30m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
18 March 2026
Next quarterly (estimated, 10-Q)
10 November 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 174 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • Robert Piconi
    Insider or founder
    13.4%
    Since 31 October 2023
    What they said

    Settlement Agreement and Irrevocable Proxies On February 17, 2026, the Reporting Person disposed of 3,112,806 shares of Common Stock (the "Settlement Shares") pursuant to an agreement involving the transfer of shares, among other family-related matters (the "Settlement…

    Read the filing
  • at least 8.9%
    (filed with 1 related holder)
    Since 31 March 2026
  • Craig Effron
    Passive investor
    at least 6.3%
    (filed with 10 related holders)
    Since 27 February 2026
  • BlackRock, Inc.
    Passive investor
    6.0%
    Since 30 June 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 6 insiders bought $585,618 of shares on the open market. 2 sold $1m.

  • Unwin Stephanie
    Director
    Sold
    Date
    26 August 2026
    Shares
    115,000
    Price
    $3.71
    Value
    $426,984
  • Hixon Dylan
    Director
    Bought
    Date
    17 August 2026
    Shares
    27,472
    Price
    $3.88
    Value
    $106,536
  • Hixon Dylan
    Director
    Bought
    Date
    14 August 2026
    Shares
    85,518
    Price
    $3.74
    Value
    $319,780
  • Beer Michael Thomas
    Chief Financial Officer
    Sold
    Date
    6 July 2026
    Shares
    65,000
    Price
    $4.08
    Value
    $265,200
  • Beer Michael Thomas
    Chief Financial Officer
    Sold
    Date
    6 April 2026
    Shares
    65,000
    Price
    $3.18
    Value
    $206,700
  • Piconi Robert
    Chief Executive Officer, Director
    Bought
    Date
    31 March 2026
    Shares
    12,500
    Price
    $3.21
    Value
    $40,125
  • Mandanas Mary Beth
    Director
    Bought
    Date
    25 March 2026
    Shares
    5,000
    Price
    $3.65
    Value
    $18,250
  • Ertel Thomas R
    Director
    Bought
    Date
    4 March 2026
    Shares
    5,450
    Price
    $3.37
    Value
    $18,367
  • Ladwa Akshay
    Chief Operations Officer
    Bought
    Date
    2 March 2026
    Shares
    4,000
    Price
    $3.09
    Value
    $12,360
  • Paulson Larry
    Director
    Bought
    Date
    27 February 2026
    Shares
    5,000
    Price
    $3.15
    Value
    $15,750

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Mar 2026, plus the 10-Q filed 11 Aug 2026 and 8 later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 56% last year. Losing that customer would hurt.

    “Revenue from two customers accounted for 56 % and 32 % of total revenue, respectively, for the year ended December 31, 2025 and revenue from two customers accounted for 75 % and 19 % of total revenue, respectively, for the year ended December 31, 2024.”

    From the 10-K filed 18 March 2026, Item 8. Financial Statements and Notes. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Its accounts show patterns that sometimes come before companies have to correct past results (Beneish score).

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.