Aeva Technologies, Inc. (NASDAQ: AEVA)

Sector: Technology Industry: Software - Infrastructure CIK: 0001789029
Market Cap 1.06 Bn
P/B 31.79
P/E -6.76
P/S 69.69
ROIC (Qtr) 330.09
Div Yield % 0.00
Rev 1y % (Qtr) 59.07
Total Debt (Qtr) 4.58 Mn
Debt/Equity (Qtr) 0.14

About

Aeva Technologies, Inc., often recognized by its ticker symbol AEVA, operates in the technology industry, specifically in the development and manufacturing of 4D LiDAR-on-chip technology. This innovative company is a significant player in various sectors, including automotive, industrial automation, and consumer devices. Aeva's primary business activities revolve around the creation of advanced LiDAR technology, which provides high-performance, long-range, and fast detection capabilities. These features make their products ideal for a wide range...

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Price action

Investment thesis

Bull case

  • Strong tangible asset base of 91.75M provides 20.03x coverage of total debt 4.58M, indicating robust asset backing and low credit risk.
  • Tangible assets of 91.75M provide robust 5.57x coverage of other current liabilities 16.46M, indicating strong asset backing.
  • Cash reserves of 45.69M provide robust 2.19x coverage of current liabilities 20.87M, indicating strong short-term solvency.
  • Strong cash position of 45.69M provides 2.78x coverage of other current liabilities 16.46M, indicating excellent liquidity.
  • Cash reserves of 45.69M provide solid 1.34x coverage of other non-current liabilities 34.13M, indicating strong liquidity.

Bear case

  • Operating cash flow of (113.83M) barely covers its investment activities of 97.31M, with a coverage ratio of -1.17, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of 97.31M provide weak support for R&D spending of 90.92M, which is 1.07x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of (113.83M) shows concerning coverage of stock compensation expenses of 23.11M, with a -4.93 ratio indicating potential earnings quality issues.
  • Operating cash flow of (113.83M) provides minimal -519.75x coverage of tax expenses of 219000, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Free cash flow of (119.06M) provides weak coverage of capital expenditures of 5.24M, with a -22.73 ratio suggesting additional external financing needs for growth initiatives.

Geographical Breakdown of Revenue (2024)

Timing of Transfer of Good or Service Breakdown of Revenue (2024)

Peer comparison

Companies in the Software - Infrastructure
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 MSFT Microsoft Corp 3,563.59 Bn 33.97 12.13 60.56 Bn
2 ORCL Oracle Corp 561.87 Bn 36.43 9.21 124.39 Bn
3 PLTR Palantir Technologies Inc. 413.65 Bn 377.64 106.17 0.24 Bn
4 PANW Palo Alto Networks Inc 126.45 Bn 113.19 13.23 0.35 Bn
5 CRWD CrowdStrike Holdings, Inc. 116.42 Bn -370.56 25.50 0.82 Bn
6 SNPS Synopsys Inc 86.06 Bn 64.60 12.20 14.29 Bn
7 NET Cloudflare, Inc. 62.78 Bn -609.27 31.18 3.50 Bn
8 FTNT Fortinet, Inc. 60.83 Bn 32.47 9.28 1.00 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 11.15 2.69
EV to Cash from Ops. EV/CFO -9.09 28.91
EV to Debt EV to Debt 225.79 19.83
EV to EBIT EV/EBIT -6.63 -9.95
EV to EBITDA EV/EBITDA -8.35 6.82
EV to Free Cash Flow [EV/FCF] EV/FCF -8.69 26.09
EV to Market Cap EV to Market Cap 0.98 0.36
EV to Revenue EV/Rev 68.26 -9.34
Price to Book Value [P/B] P/B 31.79 3.88
Price to Earnings [P/E] P/E -6.76 -10.66
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -0.30
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 2.71
Dividend per Basic Share Div per Share (Qtr) 0.00 0.10
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 1.68
Interest Coverage Interest Coverage 0.00 -14.20
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 7.31 -408.01
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 49.98 226.39
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.28
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 2.99 25.27
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 18.58 47.48
EBIT Growth (1y) % EBIT 1y % (Qtr) 3.04 20.13
EBT Growth (1y) % EBT 1y % (Qtr) 3.04 14.16
EPS Growth (1y) % EPS 1y % (Qtr) 5.77 67.50
FCF Growth (1y) % FCF 1y % (Qtr) -0.05 296.60
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 26.72 46.75
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.16 0.67
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.01
Cash Ratio Cash Ratio (Qtr) 2.19 1.22
Current Ratio Curr Ratio (Qtr) 3.18 2.59
Debt to Equity Ratio Debt/Equity (Qtr) 0.14 -0.96
Interest Cover Ratio Interest Cover Ratio 0.00 -14.20
Times Interest Earned Times Interest Earned 0.00 -14.20
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -970.80 -548.16
EBIT Margin % EBIT Margin % (Qtr) -1,029.70 -199.84
EBT Margin % EBT Margin % (Qtr) -1,029.70 -607.20
Gross Margin % Gross Margin % (Qtr) -18.50 51.88
Net Profit Margin % Net Margin % (Qtr) -1,031.10 -610.00