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Electrovaya Inc. (ELVA) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Electrovaya Inc. stock $1.20, price $4.91, that is 75.6% below the price, quality 29 out of 100. Rating: strongly overvalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.

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Industrials US · Home Canada · ISIN CA28617B6061

EI Electrovaya Inc. logo Some data Nov 8, 2026

Electrovaya Inc.

ELVA · US
Very expensive, weak quality

Our calculation puts a fair price 76% below what the stock costs today.

Upbeat coverage
Mixed Growth (revenue 5y +36.0 %/yr in USD)
Thin margins · 6.1% net margin (TTM)
Moderate debt
Some data
Profit last quarter 69% below a year ago.
Fair value $1.20 · Strongly overvalued (−75.6%)
Quality 29/100
Negative free cash flow
Trails peers (4/13)
Narrow moat 42/100 · thin data
⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$12.26 $1.93 Fair Value $1.20 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range $1.93 – $12.26 · fair‑value band $0.9010 – $1.50 · the $4.91 price screens above the $1.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

Electrovaya Inc. engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in North America.

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It operates infinity battery systems comprising of low and high voltage systems. The company also operates solid state battery technology.

In addition, it offers lithium-ion battery systems to power MHEV, including fork-lifts, as well as accessories, such as battery chargers to charge the batteries; lithium-ion batteries for robotic applications; lithium ion battery cell and modules for sales to OEM customers in the defense, construction, and other applications; high voltage battery systems for electric bus, truck, and defense applications; and industrial products for energy storage.

The company was formerly known as Electrofuel Inc. and changed its name to Electrovaya Inc. in March 2002. Electrovaya Inc. was incorporated in 1996 and is headquartered in Mississauga, Canada.

Stock analysis

Electrovaya Inc. (ELVA) currently trades at $4.91, while our model-based Fair Value estimate is $1.20, 76% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of $3.08 per share, and 0 of the 14 models we run sit above the $4.91 price.

Bear case: the Asset-Based group reads lowest at $0.1800, and 14 of the 14 models stay below the price. Data coverage for this calculation is medium.

Scenario range: $0.9010 (bear) to $1.50 (bull), the price of $4.91 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 29/100 (below-average quality), in the Industrials sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Electrovaya Inc. reported revenue of $63.6M in FY2025 versus $9.9M in FY2021, a compound +59.1%/yr. Reported net income was $3.4M in FY2025.

Key figures

Market cap $258M Micro · P/E ratio 49.1 · P/S ratio 3.59 · EPS (TTM) $0.1000 · Net margin 6.1% · Return on equity 9.9% · Return on assets (EBIT) −13.5% (5-year average) · Operating margin 4.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 60% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −36% fair-value upside, at −76%, ELVA screens richer than that median.

Fair Value models

Bear $0.9010 Fair Value $1.20 Bull $1.50
Price $4.91 · Downside -75.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($0.1000 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EPV $0.4500 $0.5400 $0.6200 74
Residual Income $0.5100 $0.5500 $0.6500 74
ROIC Compounder $0.4500 $0.5400 $0.6200 70
All 14 models by family
Earnings-Based
Graham-Dodd $0.4600 $3.19 $4.48 61
Lynch FV $1.65 $2.35 $3.06 59
PEG = 1.0 $1.65 $2.35 $3.06 55
EPV $0.4500 $0.5400 $0.6200 74
Multiples
P/E Multiple $1.06 $1.41 $1.77 63
P/S Multiple $0.8600 $1.14 $1.43 58
P/B Multiple $1.99 $2.66 $3.32 55
EV/EBIT $1.09 $1.56 $2.03 65
EV/EBITDA $1.04 $1.49 $1.95 67
EV/Revenue $0.6800 $1.12 $1.55 52
Asset-Based
NCAV (Graham) $0.1200 $0.1800 $0.2300 54
Economic Profit
Residual Income $0.5100 $0.5500 $0.6500 74
ROIC Compounder $0.4500 $0.5400 $0.6200 70
Growth Earnings
Growth-Adj P/E $2.16 $3.08 $4.00 65

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 29/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 50
How much profit the company makes from its sales and capital
Quality Growth 64
Are margins and returns getting better?
Cashflow 6
Do the profits arrive as real cash?
Financial strength 51
Debt, balance sheet and risk of trouble
Investment 7
Does it invest with discipline instead of growing at any price?
Low Volatility 40
How calm the share price moves, does not count
Price momentum 12
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 14
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 50/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+42.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+59.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+36.0%
Start year 2020 (pandemic). Over 10 years: +14.4% a year
Revenue growth 28 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+92.2%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+11.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.8%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−29% → 9%

ELVA screens overvalued: fair value 76% below the price. Compare with Contemporary Amperex Technology Co →

Earlier news

News mood ⓘNews mood, the average tone of recent news (63 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electrical Equipment & Parts · 564 stocks

Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 29 · Bottom 25%
Fair Value upside −75.6% · Bottom 25%
Profitability
Return on equity (12 months) 9.9% · Above median
Return on assets 5.3% · Above median
Net margin (12 months) 6.1% · Above median
Operating margin (12 months) 4.5% · Below median
Growth and dividend
Revenue growth (quarter YoY) 3.4% · Below median
Balance sheet
Debt / equity 0.67× · Highest 25%

Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper

P/E (12 months) 49.1× · Priciest 25%
P/B 8.28× · Priciest 25%
P/S (12 months) 3.59× · Priciest 25%
EV/EBITDA 35.3× · Priciest 25%
PEG 0.38× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)17 · sector 66
PAST (return on equity)39 · sector 25
HEALTH (low debt)67 · sector 97
DIVIDEND (yield)0 · sector 23

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Contemporary Amperex Technology Co 300750 ¥254.22 ¥648.35 +155% vs ELVA
Sungrow Power Supply Co 300274 ¥81.97 ¥182.32 +122% vs ELVA
NARI Technology Co 600406 ¥23.86 ¥29.39 +23% vs ELVA
Vertiv Holdings VRT $182.86 $178.64 −2% vs ELVA
Legrand SA LR €129.65 €82.57 −36% vs ELVA
Prysmian S.p.A PRY €101.00 €64.29 −36% vs ELVA
ABB Ltd ABBN CHF 66.98 CHF 29.49 −56% vs ELVA
Samsung SDI Co 006400 468,000 KRW 153,766 KRW −67% vs ELVA
Delta Electronics (Thailand) Public Company DELTA 177.00 THB 39.14 THB −78% vs ELVA
LG Energy Solution, Ltd 373220 337,500 KRW 53,325 KRW −84% vs ELVA

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Electrovaya Inc.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Electrovaya Inc. Fair Value". https://www.fairvalue-calculator.com/stock/ELVA

Frequently asked questions

Is Electrovaya Inc. (ELVA) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $1.20 versus a price of $4.91, about 76% lower (overvalued).
What is the fair value of ELVA?
Our model-based fair value for Electrovaya Inc. is $1.20 (as of Nov 8, 2026), built from audited fundamentals. The current price: $4.91.
What is the quality score of ELVA?
Electrovaya Inc. has a Quality Score of 29/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Electrovaya Inc. (ELVA)?
Our model-based price target is the fair value of $1.20 (as of Nov 8, 2026) from 14 valuation models. Cautious scenario $0.9010, optimistic scenario $1.50. It is a calculation from audited fundamentals, not an analyst target.
What is the Electrovaya Inc. stock forecast for 2026?
Our models put fair value at $1.20, about 76% lower versus a price of $4.91 (overvalued). Cautious scenario $0.9010, optimistic scenario $1.50. The calculation is refreshed regularly with new filings.
What is the revenue of Electrovaya Inc. (ELVA)?
Electrovaya Inc. reported trailing-twelve-month revenue of about $71.8M (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Electrovaya Inc. (ELVA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Electrovaya Inc. it is $1.20 per share (as of Nov 8, 2026), against a price of $4.91. It is the blended result of 14 valuation models in 5 families (Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Electrovaya Inc. stock overvalued or undervalued in 2026?
As of Nov 8, 2026, ELVA trades above its calculated fair value: price $4.91, fair value $1.20, a gap of about −76% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ELVA?
No. The price is what the market pays today ($4.91); the fair value is what the company's own numbers justify ($1.20). For Electrovaya Inc. the two are $3.71 per share apart. That gap is exactly why we show both numbers side by side.
How much is Electrovaya Inc. worth?
The market values Electrovaya Inc. at about $258M (market capitalisation, as of Nov 8, 2026). Per share that is $4.91; our models calculate a fair value of $1.20 per share.
What do the bullish and bearish scenarios say about ELVA?
Our models span a range for Electrovaya Inc.: cautious scenario $0.9010, base $1.20, optimistic $1.50 per share (as of Nov 8, 2026, price $4.91). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ELVA?
Electrovaya Inc. trades at a price-to-earnings ratio of 49.1 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $1.20 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 61.4 (reported for FY2025: 66.8). Other multiples: PEG 0.4, P/B 8.3, P/S 3.6, EV/EBITDA 35.3.
What is the PEG ratio of ELVA?
The PEG ratio of Electrovaya Inc. is 0.38 (P/E divided by earnings growth, as of Nov 8, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Electrovaya Inc. (ELVA)?
Balance-sheet figures for Electrovaya Inc. (as of Nov 8, 2026): return on equity 9.9%, debt of 0.67 per unit of equity. They feed the Quality Score of 29/100, which measures business quality independently of the share price.
How far is ELVA from its 52-week high?
Electrovaya Inc. trades at $4.91, about 60% below its 52-week high of $12.26 and 16% above the low of $4.23 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $1.20 is for.
Which stocks are comparable to Electrovaya Inc.?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Vertiv Holdings, Delta Electronics (Thailand) Public Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Electrovaya Inc. stock attractive at the current price?
The data as of Nov 8, 2026: price $4.91, calculated fair value $1.20 (−76%), Quality Score 29/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ELVA calculated?
We run Electrovaya Inc. through 14 models from 5 families: Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $1.20 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Electrovaya Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Electrovaya Inc. (ELVA)?
The closing price on Nov 6, 2026 was $4.91. Our model-based fair value is $1.20, about 76% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Electrovaya Inc. right now?
The price sits above even our optimistic bull case ($1.50). The favourable scenario is already priced in. Weak quality (29/100) and above fair value at the same time, the margin of safety is missing on both counts.

Key figures of Electrovaya Inc.

How large is the market capitalisation of Electrovaya Inc. (ELVA)?
The market capitalisation of Electrovaya Inc. is $258M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Electrovaya Inc. (ELVA)?
The price-to-sales ratio of Electrovaya Inc. is 3.59 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Electrovaya Inc. (ELVA)?
Earnings per share at Electrovaya Inc. are $0.1000 (price ÷ EPS = P/E 49.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Electrovaya Inc. (ELVA)?
The net margin of Electrovaya Inc. is 6.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Electrovaya Inc. (ELVA)?
The return on equity (ROE) of Electrovaya Inc. is 9.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Electrovaya Inc. (ELVA)?
On an EBIT basis the return on assets of Electrovaya Inc. is −13.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Electrovaya Inc. (ELVA)?
The operating margin of Electrovaya Inc. is 4.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Electrovaya Inc. (ELVA)?
Revenue at Electrovaya Inc. is growing +3.4% versus a year earlier (3y avg +59.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Electrovaya Inc. (ELVA)?
Earnings per share at Electrovaya Inc. are growing −69.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Electrovaya Inc. (ELVA) generate?
The free cash flow of Electrovaya Inc. is −$9.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Electrovaya Inc. (ELVA) carry?
The net debt of Electrovaya Inc. is $16.2M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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