NOVONIX - Public Comps and Valuation Multiples

NOVONIX Overview

About NOVONIX

NOVONIX Ltd operates in the lithium-ion battery industry. The company has three operating segments namely Graphite Exploration, Battery Technology, and Battery Materials. Graphite Exploration segment is engaged in the exploration and development of high-grade flake graphite deposits. The Battery Technology segment develops battery cell testing equipment and carries out research and development in battery development. The Battery Materials segment develops and manufactures battery anode materials. The Battery Technology segment generates maximum revenue for the company.

Founded

2012

HQ

Employees

180

Website

novonixgroup.com

Sectors

Energy Storage

Financials

LTM Revenue $11.5M

Last FY EBITDA -$43.3M

EV

$377M

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NOVONIX Financials

As of October 2025, NOVONIX reported last 12-month revenue of $11.5M.

In the same period, NOVONIX generated $8.5M in LTM gross profit and -$98.4M in net income.

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NOVONIX P&L

In the most recent fiscal year, NOVONIX reported revenue of $3.8M and EBITDA of -$43.3M.

NOVONIX expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$11.5M	XXX	$3.8M	XXX	XXX	XXX
Gross Profit	$8.5M	XXX	$2.7M	XXX	XXX	XXX
Gross Margin	74%	XXX	70%	XXX	XXX	XXX
EBITDA	n/a	XXX	-$43.3M	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	-1138%	XXX	XXX	XXX
EBIT	-$77.2M	XXX	-$33.5M	XXX	XXX	XXX
EBIT Margin	-671%	XXX	-880%	XXX	XXX	XXX
Net Profit	-$98.4M	XXX	-$48.6M	XXX	XXX	XXX
Net Margin	-855%	XXX	-1278%	XXX	XXX	XXX
Net Debt	XXX	XXX	$13.6M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for NOVONIX including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $11.5M. In the most recent fiscal year, NOVONIX achieved $3.8M in revenue and -$43.3M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$11.5M	Analyst estimates available to subscribers	$3.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$8.5M	Analyst estimates available to subscribers	$2.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	73.6% gross margin	Analyst estimates available to subscribers	69.8% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	n/a	Analyst estimates available to subscribers	-$43.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	n/a	Analyst estimates available to subscribers	-1137.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$77.2M	Analyst estimates available to subscribers	-$33.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-671.3% EBIT margin	Analyst estimates available to subscribers	-880.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$98.4M	Analyst estimates available to subscribers	-$48.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-854.8% net profit margin	Analyst estimates available to subscribers	-1278.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$13.6M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for NOVONIX

This financial data table provides comprehensive performance metrics for NOVONIX, a company based in Australia. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

NOVONIX generated $11.5M in revenue over the last twelve months.
Gross profit for the last twelve months was $8.5M.
Net income over the last twelve months reached -$98.4M.

Fiscal Year Performance

In the most recent fiscal year, NOVONIX reported $3.8M in total revenue.
Fiscal year EBITDA was -$43.3M.
The company maintained a gross profit margin of 69.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was -1137.8%.
Net profit margin reached -1278.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for NOVONIX. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

NOVONIX Stock Performance

NOVONIX has current market cap of AUD 508M (or $330M), and EV of AUD 580M (or $377M).

Market Cap Evolution

NOVONIX Stock Data

As of November 3, 2025, NOVONIX's stock price is AUD 1 (or $0).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$377M	$330M	XXX	XXX	XXX	XXX	$-0.11

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NOVONIX Valuation Multiples

NOVONIX's trades at 99.0x EV/Revenue multiple, and -8.7x EV/EBITDA.

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NOVONIX Financial Valuation Multiples

As of November 3, 2025, NOVONIX has market cap of $330M and EV of $377M.

Equity research analysts estimate NOVONIX's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

NOVONIX has a P/E ratio of -5.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$330M	XXX	$330M	XXX	XXX	XXX
EV (current)	$377M	XXX	$377M	XXX	XXX	XXX
EV/Revenue	50.4x	XXX	99.0x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	-8.7x	XXX	XXX	XXX
EV/EBIT	-7.5x	XXX	-11.2x	XXX	XXX	XXX
EV/Gross Profit	68.5x	XXX	n/a	XXX	XXX	XXX
P/E	-5.2x	XXX	-6.8x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-8.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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NOVONIX Margins & Growth Rates

NOVONIX's last 12 month revenue growth is 1545%

NOVONIX's revenue per employee in the last FY averaged $21K, while opex per employee averaged $0.2M for the same period.

NOVONIX's rule of 40 is 1063% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

NOVONIX's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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NOVONIX Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	1545%	XXX	520%	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	-1138%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	1063%	XXX	407%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$21K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	83%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	950%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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