AEVA Technology

Aeva Technologies, Inc.

$8.94+3.95%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Technology
Industry: Software - Infrastructure
Country: United States
Market cap: 623.2M USD
Enterprise value: 547.7M USD
Full-time employees: 239

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.41 vs a peer median of 0.87) and more debt relative to equity (3.72× vs a peer median of 0.25×)higher risk: bigger price swings (beta 2.41 vs peers 0.87) and more debt vs equity (3.72× vs peers 0.25×)

Ranks #1,321 of 1,612 technology companies (bottom 19%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 59% from December 2022 to July 2026.
Aeva Technologies had 59% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Aeva Technologies had 59% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Much more borrowing than peers. Debt is 3.7× equity vs a peer median of 0.2×.Debt is 3.7× equity vs peers 0.2×.
Debt is 3.7× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 3.7× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Stock-based pay is a large cost. Stock pay was 121% of revenue in 2025.
Aeva Technologies paid employees $22M in stock in 2025, 121% of its $18M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss, from a small base ($22M of revenue over 12 months).
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -611%).

StockQuotient Score

32/ 100

Oct 5 32 → Nov 4 32

Valuation

Is the price right?

10/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 10.6% (existing holders diluted)

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-5.1%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-23.1%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield-18.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield4.4%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

92/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 3.0%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.30Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth84.2%

SEC filings · 3 years to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.42Sector median: 0.0483 · MAD: 0.0793

Revenue growth56.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 4.69Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

0/100

Weak

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-610.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -7.12Sector median: 0.0631 · MAD: 0.0710

Return on assets-14.0%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.92Sector median: 0.0293 · MAD: 0.0362

Return on invested capitalUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin27.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-116.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 24 → 25

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.41

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.51Sector median: 0.8710 · MAD: 0.3700

Current ratio7.85×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 8.42Sector median: 1.8295 · MAD: 0.6848

Debt / equity3.72×

Yahoo Finance fallback · no standard SEC debt tagOutlier capped at sector 5th/95th percentile33% base weight · Z-score -7.82Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Aeva Technologies

Is Aeva Technologies getting weaker?: Its latest SEC filing (Aug 6, 2026) got weaker in some ways: share count up 10.6%. Its overall score is unchanged at 32/100 since Oct 28, 2026.
How is Aeva Technologies valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -5.1% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -5.1% vs peers 2.2% (weaker than 100% of peers).
Is Aeva Technologies growing?: Yes, faster than most of its peers. Growth scores 92/100 against 1,711 technology peers. 3-year revenue growth 84.2% vs a peer median of 4.8% (stronger than 95% of peers).3-year revenue growth 84.2% vs peers 4.8% (stronger than 95% of peers).
How profitable is Aeva Technologies?: Less profitable than most of its peers. Profitability scores 0/100 against 1,711 technology peers. Operating margin -610.9% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -610.9% vs peers 6.3% (weaker than 100% of peers).
How risky is Aeva Technologies?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 7.85× vs a peer median of 1.83× (stronger than 95% of peers).Current ratio 7.85× vs peers 1.83× (stronger than 95% of peers). Beta 2.41 vs a peer median of 0.87 (weaker than 100% of peers).Beta 2.41 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Share count up 10.6% (existing holders diluted)

Worth watching: Aeva Technologies is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	21.0M USD	21.6M USD	+3.0%
Net income (12 months)	−145.1M USD	−32.0M USD	−78.0%
Operating margin	-630.9%	-610.9%	+19.9 pts
Free cash flow (12 months)	−116.5M USD	−116.7M USD	+0.1%
Cash	31.2M USD	43.2M USD	+38.7%
Shares outstanding	63.0M	69.7M	+10.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Infrastructure · 71 companies

Valuations in Software - Infrastructure are above their usual range since 2016.

61% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +19% and earnings +22% (medians): prices and earnings moved broadly together.
Median price-to-sales is +97% vs the whole market, against a usual +103%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	37.0%	-101.5%	-136.5%	-41.8%	-3.7%	▲ 38 pts
Operating margin	-1124.5%	-3624.9%	-3427.4%	-1747.1%	-705.8%	▲ >999 pts
Net margin	-1099.6%	-3514.0%	-3463.2%	-1679.7%	-804.4%	▲ 875 pts
Return on assets (ROA)	-21.3%	-41.3%	-58.0%	-103.2%	-80.9%	▲ 22 pts
Return on equity (ROE)	-22.3%	-44.6%	-65.4%	-153.3%	-1100.5%	▼ 947 pts
Free cash flow margin	-927.7%	-2799.4%	-2897.3%	-1235.7%	-662.0%	▲ 574 pts
Current ratio	32.07×	15.35×	12.46×	3.15×	4.28×	▲ 36%
Quick ratio	31.92×	15.22×	12.33×	3.09×	4.12×	▲ 33%

AEVA price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.41 vs a peer median of 0.87) and more debt relative to equity (3.72× vs a peer median of 0.25×)higher risk: bigger price swings (beta 2.41 vs peers 0.87) and more debt vs equity (3.72× vs peers 0.25×)

Ranks #1,321 of 1,612 technology companies (bottom 19%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 59% from December 2022 to July 2026.

Aeva Technologies had 59% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Aeva Technologies had 59% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Much more borrowing than peers. Debt is 3.7× equity vs a peer median of 0.2×.Debt is 3.7× equity vs peers 0.2×.

Debt is 3.7× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 3.7× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

Stock-based pay is a large cost. Stock pay was 121% of revenue in 2025.

Aeva Technologies paid employees $22M in stock in 2025, 121% of its $18M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss, from a small base ($22M of revenue over 12 months).

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -611%).

Questions investors ask about Aeva Technologies

Is Aeva Technologies getting weaker?

Its latest SEC filing (Aug 6, 2026) got weaker in some ways: share count up 10.6%. Its overall score is unchanged at 32/100 since Oct 28, 2026.

How is Aeva Technologies valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -5.1% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -5.1% vs peers 2.2% (weaker than 100% of peers).

Is Aeva Technologies growing?

Yes, faster than most of its peers. Growth scores 92/100 against 1,711 technology peers. 3-year revenue growth 84.2% vs a peer median of 4.8% (stronger than 95% of peers).3-year revenue growth 84.2% vs peers 4.8% (stronger than 95% of peers).

How profitable is Aeva Technologies?

Less profitable than most of its peers. Profitability scores 0/100 against 1,711 technology peers. Operating margin -610.9% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -610.9% vs peers 6.3% (weaker than 100% of peers).

How risky is Aeva Technologies?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 7.85× vs a peer median of 1.83× (stronger than 95% of peers).Current ratio 7.85× vs peers 1.83× (stronger than 95% of peers). Beta 2.41 vs a peer median of 0.87 (weaker than 100% of peers).Beta 2.41 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

21.0M USD

21.6M USD

+3.0%

Net income (12 months)

−145.1M USD

−32.0M USD

−78.0%

Operating margin

-630.9%

-610.9%

+19.9 pts

Free cash flow (12 months)

−116.5M USD

−116.7M USD

+0.1%

Cash

31.2M USD

43.2M USD

+38.7%

Shares outstanding

63.0M

69.7M

+10.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

37.0%

-101.5%

-136.5%

-41.8%

-3.7%

▲ 38 pts

Operating margin

-1124.5%

-3624.9%

-3427.4%

-1747.1%

-705.8%

▲ >999 pts

Net margin

-1099.6%

-3514.0%

-3463.2%

-1679.7%

-804.4%

▲ 875 pts

Return on assets (ROA)

-21.3%

-41.3%

-58.0%

-103.2%

-80.9%

▲ 22 pts

Return on equity (ROE)

-22.3%

-44.6%

-65.4%

-153.3%

-1100.5%

▼ 947 pts

Free cash flow margin

-927.7%

-2799.4%

-2897.3%

-1235.7%

-662.0%

▲ 574 pts

Current ratio

32.07×

15.35×

12.46×

3.15×

4.28×

▲ 36%

Quick ratio

31.92×

15.22×

12.33×

3.09×

4.12×

▲ 33%