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On January 20, 2026 Aeva announced selection by Forterra to supply 4D LiDAR sensors for Forterra’s autonomous defense vehicle program, marking the company’s first announced defense contract. On January 6, 2026 Aeva introduced Omni, a compact wide-view short-range 4D LiDAR sensor aimed at physical-AI and robotics applications showcased at CES 2026.
Technical Analysis
ADX at 18.11 indicates no strong trend currently; momentum remains choppy rather than directionally decisive, which aligns with price consolidating around short-term averages.
Directional indicators present mixed impulses: DI+ at 24.95 shows a peak-and-reversal, which reads as waning bullish pressure; DI- at 16.23 trending lower signals reducing negative pressure. Together, the pattern suggests prior upside momentum lost strength while downside force has eased, leaving a range-bound bias for now.
MACD stands at -0.07 with an increasing trend and the MACD line above its signal line (-0.36), a bullish momentum shift that often precedes short-term upside. Given the lack of a strong ADX trend, the MACD cross implies a limited, tactical momentum lift rather than a durable breakout.
MRO at 15.02, increasing, places price above model target levels and therefore implies a propensity for mean reversion. The positive MRO combined with its rising profile indicates potential pressure on gains absent fresh supportive fundamentals.
RSI at 49.72 and rising places momentum near neutral territory; readings near 50 alongside an increasing RSI imply building buying interest but no overbought condition.
Price trades at $15.08 above the 12-day and 26-day EMAs (both ~ $13.93–$13.92) and above the 20-day average ($13.53) and 50-day average ($14.72), consistent with short-term bullish bias. Price sits below the 200-day average ($17.11), which limits the scope for trend-following strength until longer-term resistance clears. Price crossed above the upper 1x Bollinger band ($14.48) but remains below the 2x band ($15.43), suggesting recent strength without extreme short-term extension. SuperTrend upper at $15.29 currently sits above price, providing nearby upside resistance. Volume at 2.22M exceeds the 10-day average of 1.82M, supporting recent momentum but remaining below longer-term averages, which constrains conviction.
Fundamental Analysis
Revenue and margin profile shows continuing top-line pressure: total revenue equals $3,579,000 while revenue growth stands negative at -35.06%. Quarter-over-quarter revenue growth registers -155.10% and year-over-year growth reads -396.37% per the provided labels; those figures indicate acute near-term variability in sales recognition and warrant monitoring of subsequent reporting for reconciliation.
Operating results show operating income (EBIT) at -$33,161,000 and an operating/EBIT margin of -9.27%. Quarter-over-quarter the EBIT margin improved by 46.21%, yet the margin declined 44.96% year-over-year. Against the industry peer mean operating margin of 16.76% and industry peer median of 17.43%, Aeva’s margin sits well below peers, reflecting continued investment and scaling costs.
EPS registered at -$0.40 versus an estimate of -$0.44, producing an EPS surprise of +9.09%. Forward EPS appears negative at -$0.3806, and the forward PE remains negative, underlining expectations for ongoing losses in near-term earnings measures.
Liquidity and cash-flow metrics show cash of $45,688,000 and cash and short-term investments of $48,888,000 with a current ratio of 3.18 and quick ratio of 2.95, indicating ample near-term liquidity relative to current liabilities of $20,870,000. Operating cash flow stands negative at -$32,312,000 and free cash flow at -$33,586,000, with free cash flow yield negative at -3.34%, which confirms operational cash burn despite strong stated cash balances.
Balance-sheet leverage remains light: total debt equals $6,124,000 and debt-to-assets registers 6.60%, with debt-to-equity at 0.18. Asset-turnover at 0.0389 sits below the industry peer mean of 19.75% and peer median of 19.02% (presented as decimals in the dataset), reflecting low revenue per dollar of assets during the build phase.
Valuation: WMDST values the stock as over-valued. Key valuation ratios highlight stretched multiples versus current revenue and earnings: price-to-sales at 280.68 and price-to-book at 30.24. Those multiples, combined with negative operating margins and negative free cash flow, create a valuation profile reliant on successful conversion of recent commercial wins into scalable, recurring revenue.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-02-26 |
| NEXT REPORT DATE: | 2026-05-28 |
| CASH FLOW | Begin Period Cash Flow | $ 21.7 M |
| Operating Cash Flow | $ -32.31 M | |
| Capital Expenditures | $ -1.27 M | |
| Change In Working Capital | $ -9.54 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 23.9 M | |
| End Period Cash Flow | $ 45.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 3.6 M | |
| Forward Revenue | $ -190.12 K | |
| COSTS | ||
| Cost Of Revenue | $ 3.1 M | |
| Depreciation | $ 1.4 M | |
| Depreciation and Amortization | $ 2.1 M | |
| Research and Development | $ 22.2 M | |
| Total Operating Expenses | $ 36.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 430.0 K | |
| EBITDA | $ -31.05 M | |
| EBIT | $ -33.16 M | |
| Operating Income | $ -33.16 M | |
| Interest Income | $ 385.0 K | |
| Interest Expense | — | |
| Net Interest Income | $ 385.0 K | |
| Income Before Tax | $ 107.6 M | |
| Tax Provision | $ 66.0 K | |
| Tax Rate | 0.061 % | |
| Net Income | $ 107.5 M | |
| Net Income From Continuing Operations | $ 107.5 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.44 | |
| EPS Actual | $ -0.40 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 9.091 % | |
| Forward EPS | $ -0.38 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 92.8 M | |
| Intangible Assets | $ 1.1 M | |
| Net Tangible Assets | $ 32.2 M | |
| Total Current Assets | $ 66.4 M | |
| Cash and Short-Term Investments | $ 48.9 M | |
| Cash | $ 45.7 M | |
| Net Receivables | $ 1.9 M | |
| Inventory | $ 4.9 M | |
| Long-Term Investments | $ 13.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 4.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 20.9 M | |
| Net Debt | — | |
| Total Debt | $ 6.1 M | |
| Total Liabilities | $ 59.6 M | |
| EQUITY | ||
| Total Equity | $ 33.2 M | |
| Retained Earnings | $ -731.98 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 0.55 | |
| Shares Outstanding | 60.008 M | |
| Revenue Per-Share | $ 0.06 | |
| VALUATION | Market Capitalization | $ 1.0 B |
| Enterprise Value | $ 961.8 M | |
| Enterprise Multiple | -30.973 | |
| Enterprise Multiple QoQ | 6.583 % | |
| Enterprise Multiple YoY | 1908.806 % | |
| Enterprise Multiple IPRWA | high: 230.414 median: 74.716 mean: 63.245 AEVA: -30.973 low: -236.709 |
|
| EV/R | 268.732 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.794 | |
| Asset To Liability | 1.558 | |
| Debt To Capital | 0.156 | |
| Debt To Assets | 0.066 | |
| Debt To Assets QoQ | 229.291 % | |
| Debt To Assets YoY | 229.785 % | |
| Debt To Assets IPRWA | high: 0.788 median: 0.28 mean: 0.251 AEVA: 0.066 low: 0.002 |
|
| Debt To Equity | 0.184 | |
| Debt To Equity QoQ | -1292.497 % | |
| Debt To Equity YoY | 603.933 % | |
| Debt To Equity IPRWA | high: 2.012 median: 0.644 mean: 0.6 AEVA: 0.184 low: -1.286 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 30.241 | |
| Price To Book QoQ | -458.359 % | |
| Price To Book YoY | 1997.219 % | |
| Price To Book IPRWA | AEVA: 30.241 high: 14.439 mean: 6.769 median: 5.079 low: -7.378 |
|
| Price To Earnings (P/E) | -36.392 | |
| Price To Earnings QoQ | -26.999 % | |
| Price To Earnings YoY | 635.742 % | |
| Price To Earnings IPRWA | high: 359.865 median: 99.818 mean: 99.452 AEVA: -36.392 low: -251.079 |
|
| PE/G Ratio | -8.007 | |
| Price To Sales (P/S) | 280.68 | |
| Price To Sales QoQ | 55.1 % | |
| Price To Sales YoY | 238.824 % | |
| Price To Sales IPRWA | AEVA: 280.68 high: 57.726 mean: 16.293 median: 15.795 low: 0.0 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -30.828 | |
| Forward PE/G | -6.783 | |
| Forward P/S | -3640.156 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.144 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.039 | |
| Asset Turnover Ratio QoQ | -27.38 % | |
| Asset Turnover Ratio YoY | 217.633 % | |
| Asset Turnover Ratio IPRWA | high: 0.503 mean: 0.197 median: 0.19 AEVA: 0.039 low: 0.001 |
|
| Receivables Turnover | 1.225 | |
| Receivables Turnover Ratio QoQ | -48.075 % | |
| Receivables Turnover Ratio YoY | -61.363 % | |
| Receivables Turnover Ratio IPRWA | high: 3.347 mean: 1.504 median: 1.405 AEVA: 1.225 low: 0.271 |
|
| Inventory Turnover | 0.732 | |
| Inventory Turnover Ratio QoQ | -66.485 % | |
| Inventory Turnover Ratio YoY | -36.908 % | |
| Inventory Turnover Ratio IPRWA | high: 2.365 median: 1.117 mean: 1.032 AEVA: 0.732 low: 0.134 |
|
| Days Sales Outstanding (DSO) | 74.474 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 71.159 | |
| Cash Conversion Cycle Days QoQ | 246.893 % | |
| Cash Conversion Cycle Days YoY | 4660.176 % | |
| Cash Conversion Cycle Days IPRWA | high: 384.751 mean: 106.431 median: 85.242 AEVA: 71.159 low: -90.357 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.079 | |
| CapEx To Revenue | -0.356 | |
| CapEx To Depreciation | -0.905 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 33.2 M | |
| Net Invested Capital | $ 33.2 M | |
| Invested Capital | $ 33.2 M | |
| Net Tangible Assets | $ 32.2 M | |
| Net Working Capital | $ 45.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.342 | |
| Current Ratio | 3.183 | |
| Current Ratio QoQ | 392.578 % | |
| Current Ratio YoY | -26.345 % | |
| Current Ratio IPRWA | high: 8.726 AEVA: 3.183 mean: 2.292 median: 2.07 low: 0.373 |
|
| Quick Ratio | 2.946 | |
| Quick Ratio QoQ | 381.679 % | |
| Quick Ratio YoY | -30.82 % | |
| Quick Ratio IPRWA | high: 6.406 AEVA: 2.946 mean: 1.532 median: 1.388 low: 0.295 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.197 | |
| Cost Of Debt | 0.251 % | |
| Interest Coverage Ratio | -3316.1 | |
| Interest Coverage Ratio QoQ | -5.045 % | |
| Interest Coverage Ratio YoY | -12.449 % | |
| Interest Coverage Ratio IPRWA | high: 93.794 mean: 15.922 median: 15.13 low: -89.6 AEVA: -3316.1 |
|
| Operating Cash Flow Ratio | 5.265 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 51.029 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.806 % | |
| Revenue Growth | -35.057 % | |
| Revenue Growth QoQ | -155.097 % | |
| Revenue Growth YoY | -396.365 % | |
| Revenue Growth IPRWA | high: 56.746 % median: 6.163 % mean: 6.106 % AEVA: -35.057 % low: -44.732 % |
|
| Earnings Growth | 4.545 % | |
| Earnings Growth QoQ | -304.545 % | |
| Earnings Growth YoY | -80.072 % | |
| Earnings Growth IPRWA | high: 200.0 % median: 14.085 % mean: 9.444 % AEVA: 4.545 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 12.015 % | |
| Gross Margin QoQ | -124.344 % | |
| Gross Margin YoY | -137.495 % | |
| Gross Margin IPRWA | high: 97.907 % mean: 38.738 % median: 38.088 % AEVA: 12.015 % low: -43.101 % |
|
| EBIT Margin | -926.544 % | |
| EBIT Margin QoQ | 46.213 % | |
| EBIT Margin YoY | -44.959 % | |
| EBIT Margin IPRWA | high: 44.499 % median: 17.428 % mean: 16.761 % low: -228.471 % AEVA: -926.544 % |
|
| Return On Sales (ROS) | -926.544 % | |
| Return On Sales QoQ | 46.213 % | |
| Return On Sales YoY | -44.959 % | |
| Return On Sales IPRWA | high: 44.617 % median: 17.308 % mean: 16.447 % low: -181.737 % AEVA: -926.544 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -33.59 M | |
| Free Cash Flow Yield | -3.343 % | |
| Free Cash Flow Yield QoQ | 6.908 % | |
| Free Cash Flow Yield YoY | -76.425 % | |
| Free Cash Flow Yield IPRWA | high: 2.804 % median: 0.858 % mean: 0.667 % AEVA: -3.343 % low: -13.716 % |
|
| Free Cash Growth | 7.682 % | |
| Free Cash Growth QoQ | -4039.487 % | |
| Free Cash Growth YoY | -165.462 % | |
| Free Cash Growth IPRWA | high: 288.449 % median: 8.386 % AEVA: 7.682 % mean: -14.735 % low: -351.784 % |
|
| Free Cash To Net Income | -0.312 | |
| Cash Flow Margin | 3070.215 % | |
| Cash Flow To Earnings | 1.022 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 116.878 % | |
| Return On Assets QoQ | -162.367 % | |
| Return On Assets YoY | -673.888 % | |
| Return On Assets IPRWA | AEVA: 116.878 % high: 6.668 % mean: 2.324 % median: 1.803 % low: -24.617 % |
|
| Return On Capital Employed (ROCE) | -46.105 % | |
| Return On Equity (ROE) | 3.236 | |
| Return On Equity QoQ | 98.42 % | |
| Return On Equity YoY | -1218.541 % | |
| Return On Equity IPRWA | AEVA: 3.236 high: 0.191 mean: 0.053 median: 0.046 low: -0.264 |
|
| DuPont ROE | -253.013 % | |
| Return On Invested Capital (ROIC) | -99.767 % | |
| Return On Invested Capital QoQ | -527.359 % | |
| Return On Invested Capital YoY | -538.228 % | |
| Return On Invested Capital IPRWA | high: 9.897 % mean: 3.362 % median: 2.735 % low: -12.328 % AEVA: -99.767 % |
|