NOVONIX Limited, a battery technology and materials company, provides products and mission critical services in North America, Asia, Australia, and Europe.
FAIL · Does not pass the screen
2.22 USD
Price as of 4 Nov 2026Daily close, not a live quote
Screened 2026-11-04 · the tape above runs as of 12:01 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
Key facts today
Price2.22 USD at the 4 Nov 2026 close
Fair value3.00. Our model only; only one analyst covers it, too few to cross-check it.
Our value readUndervalued vs our fair value, as of 4 Nov 2026
Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price2.22 USD
Fair value3.00Our model only; only one analyst covers it, too few to cross-check it.
Ethical score70.0/100
Value readUndervaluedas of 4 Nov 2026
Our investment reviews on this name
2026-10-02Read Markdown2.84-21.8% to today ✓Markup gives way to Markdown after a 587% rise in 3 weeks
2026-09-08Read Markup0.41+437.0% to today ✓Distribution gives way to Markup
2026-08-07Read Distribution0.41+437.0% to today Markdown gives way to Distribution after a 40% slide in 5 weeks
2026-07-02Read Markdown0.69+221.7% to today First review on file: Markdown
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Novonix Limited ADR holds its Markdown at $2.22. Consolidating, no directional conviction, held for 27 days.
As held on the ledger · 2026-11-04
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 27 days
Price at the screen
$2.22
Valuation
N/A trailing · -1.80 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.93
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
35.46%
Below 33%
Interest-bearing debt is 35.5% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
28.71%
Below 49%
Money owed to the company is 28.7% of assets, under the 49% limit.
Pass
Revenue purity
19.40%
Below 5%
19.4% of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Novonix's business is in a permissible area, but its interest-bearing debt is about 35% of the company, just over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when NVX's ethical verdict changes
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What the Numbers Say It Is Worth
The Fair Value Range
Our model only; only one analyst covers it, too few to cross-check it.
Our analysis reads Undervalued vs our fair value, as of 4 Nov 2026: it trades at roughly a 25% discount to our $3.00 fair value, none competitive moat.
Fair value range in USD, drawn from the 2026-11-04 screen. The gold marker is the market price at the same screen. A 26.0% discount to the base estimate.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Where our models see it going: fair-value estimate $3.00, range not available, dated to the 2026-11-04 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it stands out
Trading at -1.8x forward earnings, with a none competitive moat. That is a 25% discount to our $3.00 fair value: the market is pricing it cautiously while the fundamentals argue otherwise.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; its business and earnings are exposed to Australia and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
NVX trades on NASDAQ (the company is based in Australia). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-01Markdown$2.25+0.9%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 0.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading oversold. Over the past year the shares are down 54%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (1 analysts) rates it none, with a mean price target of $3.
2026-10-20Markdown$2.23-21.5%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 21.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading oversold. Over the past year the shares are down 54%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (1 analysts) rates it none, with a mean price target of $3.
2026-10-02Markdown · changed$2.84+587.0%Entry 6
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 587.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 54%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (1 analysts) rates it none, with a mean price target of $3. Since the last review it its composite score rose.
2026-09-08Markup · changed$0.41+0.0%Entry 5
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 54%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (1 analysts) rates it none, with a mean price target of $3.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 40.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 54%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (1 analysts) rates it none, with a mean price target of $3.
2026-07-18Markdown$0.69+0.0%Entry 3
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 54%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (1 analysts) rates it none, with a mean price target of $3.
2026-07-03Markdown$0.69+0.0%Entry 2
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-02Markdown$0.69Entry 1
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.