Hyliion (HYLN)
Market Price (3/26/2026): $1.89 | Market Cap: $333.4 MilSector: Consumer Discretionary | Industry: Automotive Parts & Equipment
Hyliion (HYLN)
Market Price (3/26/2026): $1.89Market Cap: $333.4 MilSector: Consumer DiscretionaryIndustry: Automotive Parts & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26% | Weak multi-year price returns2Y Excs Rtn is -5.1%, 3Y Excs Rtn is -78% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -65 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1872% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 130% | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.35 | Expensive valuation multiplesP/SPrice/Sales ratio is 96x |
| Megatrend and thematic driversMegatrends include Sustainable Transportation, Future of Freight, and Electrification of Everything. Themes include Heavy-Duty Vehicle Electrification, Show more. | Weak revenue growthRev Chg QQuarterly Revenue Change % is -53% | |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 158% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1340%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2023% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21% | ||
| Key risksHYLN key risks include [1] significant delays and unproven large-scale manufacturing for its pivotal KARNO generator, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 130% |
| Megatrend and thematic driversMegatrends include Sustainable Transportation, Future of Freight, and Electrification of Everything. Themes include Heavy-Duty Vehicle Electrification, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -5.1%, 3Y Excs Rtn is -78% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.35 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -65 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1872% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 96x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -53% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 158% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1340%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2023% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21% |
| Key risksHYLN key risks include [1] significant delays and unproven large-scale manufacturing for its pivotal KARNO generator, Show more. |
Qualitative Assessment
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Hyliion (HYLN) stock has remained largely at the same level since 11/30/2025 because of the following key factors:
1. Mixed Q4 2025 Financial Performance: Hyliion's fourth-quarter 2025 earnings, reported on February 24, 2026, presented a mixed picture, leading to a largely neutral market reaction. The company exceeded analyst expectations for earnings per share, reporting a loss of -$0.07 against an estimated -$0.09. However, this positive was significantly offset by a substantial revenue miss, with reported revenue of $0.7 million falling 31% short of the $1.03 million forecast. While the net loss for the quarter improved slightly to $13.2 million from $14.4 million year-over-year, the full-year net loss increased to $57.2 million from $52.0 million in 2024, reflecting continued operational costs in a development phase.
2. Anticipation of Late 2026 Commercialization: Investor sentiment remains balanced between the promising progress of the KARNO Power Module and the delayed timeline for its full commercialization. Hyliion announced significant development milestones, including the successful completion of diesel fuel operation in February 2026 and mission-representative U.S. Navy load profile testing in January 2026. The company also reported nearly 500 non-binding letters of intent for KARNO cores and anticipates securing $40-$50 million in additional U.S. military contracts in 2026. Despite these positive indicators, the commercial launch and subsequent substantial product revenue are still projected for late 2026, creating a "wait and see" dynamic among investors.
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1. Mixed Q4 2025 Financial Performance: Hyliion's fourth-quarter 2025 earnings, reported on February 24, 2026, presented a mixed picture, leading to a largely neutral market reaction. The company exceeded analyst expectations for earnings per share, reporting a loss of -$0.07 against an estimated -$0.09. However, this positive was significantly offset by a substantial revenue miss, with reported revenue of $0.7 million falling 31% short of the $1.03 million forecast. While the net loss for the quarter improved slightly to $13.2 million from $14.4 million year-over-year, the full-year net loss increased to $57.2 million from $52.0 million in 2024, reflecting continued operational costs in a development phase.
2. Anticipation of Late 2026 Commercialization: Investor sentiment remains balanced between the promising progress of the KARNO Power Module and the delayed timeline for its full commercialization. Hyliion announced significant development milestones, including the successful completion of diesel fuel operation in February 2026 and mission-representative U.S. Navy load profile testing in January 2026. The company also reported nearly 500 non-binding letters of intent for KARNO cores and anticipates securing $40-$50 million in additional U.S. military contracts in 2026. Despite these positive indicators, the commercial launch and subsequent substantial product revenue are still projected for late 2026, creating a "wait and see" dynamic among investors.
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Stock Movement Drivers
Fundamental Drivers
The 0.5% change in HYLN stock from 11/30/2025 to 3/25/2026 was primarily driven by a 24.1% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 3252026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.88 | 1.89 | 0.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 3 | -18.7% |
| P/S Multiple | 77.3 | 95.9 | 24.1% |
| Shares Outstanding (Mil) | 176 | 176 | -0.4% |
| Cumulative Contribution | 0.5% |
Market Drivers
11/30/2025 to 3/25/2026| Return | Correlation | |
|---|---|---|
| HYLN | 0.5% | |
| Market (SPY) | -3.6% | 49.9% |
| Sector (XLY) | -6.2% | 40.7% |
Fundamental Drivers
The 12.5% change in HYLN stock from 8/31/2025 to 3/25/2026 was primarily driven by a 14.4% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 3252026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.68 | 1.89 | 12.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 3 | -1.1% |
| P/S Multiple | 83.8 | 95.9 | 14.4% |
| Shares Outstanding (Mil) | 175 | 176 | -0.6% |
| Cumulative Contribution | 12.5% |
Market Drivers
8/31/2025 to 3/25/2026| Return | Correlation | |
|---|---|---|
| HYLN | 12.5% | |
| Market (SPY) | 2.4% | 40.9% |
| Sector (XLY) | -4.1% | 31.2% |
Fundamental Drivers
The 11.8% change in HYLN stock from 2/28/2025 to 3/25/2026 was primarily driven by a 130.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282025 | 3252026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.69 | 1.89 | 11.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 3 | 130.3% |
| P/S Multiple | 194.6 | 95.9 | -50.7% |
| Shares Outstanding (Mil) | 174 | 176 | -1.5% |
| Cumulative Contribution | 11.8% |
Market Drivers
2/28/2025 to 3/25/2026| Return | Correlation | |
|---|---|---|
| HYLN | 11.8% | |
| Market (SPY) | 11.8% | 33.0% |
| Sector (XLY) | 3.4% | 32.3% |
Fundamental Drivers
The -33.2% change in HYLN stock from 2/28/2023 to 3/25/2026 was primarily driven by a -60.3% change in the company's P/S Multiple.| (LTM values as of) | 2282023 | 3252026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.83 | 1.89 | -33.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 3 | 65.0% |
| P/S Multiple | 241.6 | 95.9 | -60.3% |
| Shares Outstanding (Mil) | 180 | 176 | 1.9% |
| Cumulative Contribution | -33.2% |
Market Drivers
2/28/2023 to 3/25/2026| Return | Correlation | |
|---|---|---|
| HYLN | -33.2% | |
| Market (SPY) | 72.4% | 34.0% |
| Sector (XLY) | 56.1% | 34.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HYLN Return | -62% | -62% | -65% | 221% | -30% | -1% | -89% |
| Peers Return | -8% | -35% | -20% | -3% | 60% | 28% | -4% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| HYLN Win Rate | 25% | 33% | 42% | 58% | 50% | 33% | |
| Peers Win Rate | 45% | 37% | 43% | 42% | 55% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| HYLN Max Drawdown | -65% | -65% | -77% | 0% | -56% | -4% | |
| Peers Max Drawdown | -29% | -48% | -43% | -43% | -42% | -4% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BE, GNRC, CMI, PLUG, FCEL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/25/2026 (YTD)
How Low Can It Go
| Event | HYLN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -97.4% | -25.4% |
| % Gain to Breakeven | 3741.0% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -71.8% | -33.9% |
| % Gain to Breakeven | 254.6% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
Compare to BE, GNRC, CMI, PLUG, FCEL
In The Past
Hyliion's stock fell -97.4% during the 2022 Inflation Shock from a high on 2/11/2021. A -97.4% loss requires a 3741.0% gain to breakeven.
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About Hyliion (HYLN)
Hyliion Holdings Corp. designs, develops, and sells electrified powertrain solutions for the commercial vehicle industry. It also provides battery management systems for hybrid and fully electric vehicle applications; and battery packs. The company was founded in 2015 and is headquartered in Cedar Park, Texas.
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Here are a few analogies to describe Hyliion:
- The Cummins for electric and hybrid truck powertrains.
- A Bosch for commercial vehicle electrification technology.
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- Electrified Powertrain Solutions: Hyliion designs and sells advanced systems that power commercial vehicles using electric energy, often integrated into hybrid or fully electric configurations.
- Battery Management Systems (BMS): The company develops and provides systems that monitor, control, and optimize the performance, health, and safety of batteries in electric and hybrid vehicle applications.
- Battery Packs: Hyliion supplies integrated units of battery cells that serve as the energy storage component for various electric vehicle applications.
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Hyliion (HYLN) sells primarily to other companies within the commercial vehicle industry, specifically large trucking fleets and logistics providers. Its major customers, including those who have placed significant pre-orders or expressed strong interest, are:- Ryder System, Inc. (NYSE: R)
- Walmart Inc. (NYSE: WMT)
- XPO, Inc. (NYSE: XPO)
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- Dana Incorporated (DAN)
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Thomas Healy, Chief Executive Officer and Founder
Thomas Healy is the Founder and CEO of Hyliion. Prior to founding Hyliion in 2015, he launched two other startups while in college. Healy was recognized as one of Forbes' "30 Under 30" and became the youngest public company CEO when Hyliion went public in 2020, having raised over $750 million. He holds more than twenty patents and in 2023, he joined the Board of Trustees of Carnegie Mellon University.
Jon H. Panzer, Chief Financial Officer
Jon H. Panzer joined Hyliion as Chief Financial Officer in 2022. He previously spent 26 years at Union Pacific Railroad Company, where his roles included Senior Vice President of Intermodal Operations, Senior Vice President of Technology and Strategic Planning, Vice President and Treasurer, and Vice President, Financial Planning and Analysis. Before joining Union Pacific, Panzer served as a nuclear engineer in the United States Navy.
Jose Oxholm, Chief Legal & Compliance Officer
Jose Oxholm joined Hyliion in 2021 as Chief Legal and Compliance Officer. He brings over two decades of domestic and international experience to the company.
Josh Mook, Chief Technology Officer
Josh Mook serves as Hyliion's Chief Technology Officer. He previously worked at GE for 20 years.
Govindaraj Ramasamy, Chief Commercial Officer
Govindaraj Ramasamy, also known as Govi, is the Chief Commercial Officer at Hyliion. He joined the company after a 17-year career at Cummins, a global power generation industry leader.
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The key risks to Hyliion's business (HYLN) are primarily centered around the successful commercialization of its new core technology, market competition, and supply chain vulnerabilities.Key Risks to Hyliion (HYLN)
- Successful Commercialization and Market Adoption of KARNO Generator: Hyliion has transitioned its business focus entirely to the KARNO generator, and its future success is dependent on the development, commercialization, and widespread adoption of this technology. The company has a history of significant losses and a high cash burn rate, with profitability not anticipated for several years. The successful conversion of non-binding letters of intent into actual product orders and sustained revenue generation from the KARNO system are critical to the company's viability.
- Intense Competition: Hyliion faces substantial competition in the stationary power generation market. Competitors, such as Mainspring Energy, have already commercialized similar linear generator technology and benefit from significant financial backing from well-established investors. While Hyliion's KARNO solution may offer advantages in certain applications, competing against existing, proven technologies in a larger market segment presents a considerable challenge.
- Supply Chain and Production Challenges: The company has encountered supply chain disruptions, notably concerning the sourcing of high-strength magnets from China, which are essential components for its linear electric motors. Although Hyliion has some inventory and is exploring alternative suppliers, potential trade tensions or further disruptions could severely impact production schedules and hinder the timely delivery of KARNO generators. The company has also faced internal production challenges and delays in deploying early adopter units.
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Major commercial vehicle OEMs (e.g., Daimler Truck, Volvo Group, PACCAR, Traton) are extensively investing in and developing their own proprietary electrified powertrain solutions and battery systems, leading to increased vertical integration and reducing reliance on third-party suppliers like Hyliion for core components.
Established Tier 1 automotive suppliers (e.g., Bosch, ZF, Cummins, Dana) are leveraging their significant scale, engineering capabilities, global manufacturing footprint, and deep existing relationships with commercial vehicle manufacturers to rapidly develop and offer comprehensive, integrated, and cost-effective electric powertrain solutions, potentially outcompeting smaller, specialized providers.
Rapid advancements and increasing market acceptance of hydrogen fuel cell electric vehicle (FCEV) technology for heavy-duty, long-haul applications present a competing zero-emission solution to Hyliion's battery-centric offerings. If FCEV infrastructure expands and costs become more competitive faster than expected, it could shift market demand for certain commercial vehicle segments.
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```htmlHyliion (symbol: HYLN) operates in several key markets related to electrified commercial vehicles.
Electrified Powertrain Solutions for the Commercial Vehicle Industry
The global electric commercial vehicle market, which encompasses electrified powertrain solutions, was estimated at approximately USD 80.69 billion in 2025. This market is projected to grow to about USD 554.37 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 22.28% during this forecast period. Other estimates also indicate significant growth, with the market reaching USD 222 billion in 2035 at a CAGR of 10.1%, or USD 166.30 billion by 2031 with a CAGR of 13.5% (2026-2031). The Asia-Pacific region held the largest share of this market, at 58.16% in 2025.
Battery Management Systems for Hybrid and Fully Electric Vehicle Applications
The global automotive battery management system (BMS) market was valued at approximately USD 12.05 billion in 2025. It is projected to increase to around USD 53.54 billion by 2034, growing at a CAGR of 18.40%. The Asia-Pacific region dominated this market with a 47.78% share in 2025. The commercial vehicle segment within the automotive BMS market is anticipated to experience the fastest growth.
Battery Packs for Hybrid and Fully Electric Vehicle Applications
For electric commercial vehicles, the global battery pack market is estimated to be USD 19.79 billion in 2025. This market is expected to reach USD 32.49 billion by 2029, with a CAGR of 13.19%. In the United States, the electric commercial vehicle battery pack market was valued at approximately USD 7.32 billion in 2023 and is projected to exceed USD 35.54 billion by 2033, growing at a CAGR of 17.12% from 2023 to 2033. The U.S. holds over 80% of the North American market for electric commercial vehicle battery packs.
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Hyliion (HYLN) is poised for future revenue growth over the next two to three years, primarily driven by the commercialization and market adoption of its KARNO Power Module. The company has shifted its strategic focus, moving away from its Hypertruck ERX powertrain solutions to concentrate on this fuel-flexible linear generator technology. The anticipated drivers of revenue growth include:
- Commercialization and Sales of the KARNO Power Module: Hyliion expects to begin recognizing product revenue from the commercialization of its KARNO Power Module in 2026. This module is a core growth driver, with the company forecasting initial commercial sales and deployment of early adopter units in the coming year.
- Expansion into Military and Defense Applications: Hyliion has existing research and development service contracts with the U.S. Navy's Office of Naval Research for KARNO generator applications. The company anticipates securing significant follow-on U.S. military contracts, ranging from $40 million to $50 million, in 2026, further contributing to revenue growth through specialized defense applications.
- Penetration of the Data Center Market: The KARNO Power Module's 800-volt DC architecture is well-suited for the evolving AI data center market. Hyliion has already secured nearly 500 KARNO Cores under non-binding Letters of Intent for various applications, including data centers, indicating strong future demand in this segment.
- Strategic Partnerships for Integrated Energy Solutions: A strategic partnership with ABM Industries, formed in early 2026, aims to deliver comprehensive, end-to-end turnkey energy solutions. This collaboration targets commercial, industrial, mission-critical, and e-mobility applications, providing a broader market reach for the KARNO Power Module and its associated services.
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Share Repurchases
- Hyliion's Board of Directors authorized a stock repurchase program of up to $20 million of its common stock in late 2023.
- Cash used in financing activities for the nine months ended September 30, 2024, included $14.3 million mainly due to treasury stock repurchases. For the full year 2025, net cash used in financing activities was $670, which included repurchase of treasury stock.
Share Issuance
- Hyliion's financing model is almost exclusively equity-funded, primarily from capital raised during its SPAC merger and subsequent share issuances.
- The number of shares outstanding for Hyliion was approximately 175.65 million at the end of 2025 and as of March 2026. The number of shares outstanding showed a slight increase in 2021 (12.62%) and 2023 (1.76%), and a slight decrease in 2024 (-4.99%).
- Routine dispositions of common stock tied to restricted stock unit (RSU) vesting occurred, where shares were withheld to satisfy tax liabilities.
Inbound Investments
- Hyliion received a $6 million grant from the U.S. Department of Energy's Methane Emission Reduction Program in late 2024 to advance methane emission reduction in the oil and gas industry.
- The company reported revenue from research and development services, including a contract with the Office of Naval Research, which contributed $0.8 million in Q3 2025 and $3.5 million for the full year 2025.
Outbound Investments
- In early 2026, Hyliion entered into a strategic partnership with ABM Industries to jointly deliver integrated distributed energy solutions to commercial and industrial customers.
- In September 2022, Hyliion acquired assets, including new hydrogen and fuel-agnostic generator technology (KARNO generator), from General Electric Company's GE Additive business.
Capital Expenditures
- Hyliion's capital expenditures for the full year 2025 totaled $23.7 million, primarily focused on investments in additive printing machines, related equipment, and facility enhancements to support printer operations.
- Year-to-date through Q3 2025, capital expenditures amounted to $22 million, mostly for specialized equipment like additive printing and facility enhancements.
- For 2026, Hyliion expects to slow capital spending and projects total cash use of approximately $50 million, partially offset by planned equipment financing of up to $10 million.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Hyliion Earnings Notes | 12/16/2025 | |
| Hyliion Stock Jump Looks Great, But How Secure Is That Gain? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to HYLN.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02272026 | MBLY | Mobileye Global | Dip Buy | DB | Cash/EquityDip Buyer with High Net Cash % EquityBuying dips for companies with significant net cash as a % of market cap along with meaningful cash flow generation | 0.0% | 0.0% | 0.0% |
| 02202026 | SAH | Sonic Automotive | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -5.9% | -5.9% | -6.1% |
| 02132026 | MAT | Mattel | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 2.9% | 2.9% | 0.0% |
| 02132026 | SONO | Sonos | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -0.7% | -0.7% | -4.6% |
| 02062026 | DECK | Deckers Outdoor | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 1.6% | 1.6% | -0.8% |
Research & Analysis
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 78.66 |
| Mkt Cap | 7.5 |
| Rev LTM | 1,367 |
| Op Inc LTM | 4 |
| FCF LTM | -7 |
| FCF 3Y Avg | -106 |
| CFO LTM | 34 |
| CFO 3Y Avg | -64 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 25.1% |
| Rev Chg 3Y Avg | 9.2% |
| Rev Chg Q | 9.3% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Mgn LTM | -32.4% |
| Op Mgn 3Y Avg | -59.5% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | -30.6% |
| CFO/Rev 3Y Avg | -55.3% |
| FCF/Rev LTM | -37.4% |
| FCF/Rev 3Y Avg | -82.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 7.5 |
| P/S | 3.6 |
| P/EBIT | -1.9 |
| P/E | -1.9 |
| P/CFO | 9.1 |
| Total Yield | -8.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -22.4% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.0% |
| 3M Rtn | 7.7% |
| 6M Rtn | 8.6% |
| 12M Rtn | 49.5% |
| 3Y Rtn | 36.4% |
| 1M Excs Rtn | -3.9% |
| 3M Excs Rtn | 11.9% |
| 6M Excs Rtn | 7.9% |
| 12M Excs Rtn | 34.5% |
| 3Y Excs Rtn | -30.1% |
Price Behavior
Price Behavior
| Market Price | $1.89 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 04/22/2019 | |
| Distance from 52W High | -24.7% | |
| 50 Days | 200 Days | |
| DMA Price | $2.04 | $1.86 |
| DMA Trend | up | up |
| Distance from DMA | -7.5% | 1.3% |
| 3M | 1YR | |
| Volatility | 67.0% | 91.5% |
| Downside Capture | 245.60 | 154.58 |
| Upside Capture | 297.54 | 148.99 |
| Correlation (SPY) | 46.9% | 31.4% |
HYLN Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.57 | 2.81 | 3.06 | 2.65 | 1.55 | 2.07 |
| Up Beta | 2.29 | 2.68 | 2.53 | 2.69 | 1.55 | 1.92 |
| Down Beta | 2.65 | 3.32 | 3.16 | 3.33 | 1.69 | 1.76 |
| Up Capture | 292% | 327% | 416% | 322% | 202% | 1504% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 10 | 20 | 30 | 63 | 121 | 341 |
| Down Capture | 244% | 216% | 255% | 189% | 127% | 113% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 11 | 19 | 29 | 59 | 121 | 384 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HYLN | |
|---|---|---|---|---|
| HYLN | 18.0% | 91.5% | 0.56 | - |
| Sector ETF (XLY) | 9.1% | 23.4% | 0.31 | 31.0% |
| Equity (SPY) | 15.5% | 18.8% | 0.63 | 31.4% |
| Gold (GLD) | 51.3% | 27.2% | 1.51 | 7.4% |
| Commodities (DBC) | 17.8% | 17.5% | 0.84 | 14.5% |
| Real Estate (VNQ) | 0.7% | 16.4% | -0.13 | 23.1% |
| Bitcoin (BTCUSD) | -19.2% | 43.9% | -0.36 | 23.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HYLN | |
|---|---|---|---|---|
| HYLN | -31.7% | 84.3% | -0.07 | - |
| Sector ETF (XLY) | 6.9% | 23.6% | 0.25 | 41.9% |
| Equity (SPY) | 12.4% | 17.0% | 0.57 | 39.0% |
| Gold (GLD) | 20.9% | 17.5% | 0.97 | 9.3% |
| Commodities (DBC) | 12.0% | 18.9% | 0.52 | 7.9% |
| Real Estate (VNQ) | 3.1% | 18.8% | 0.07 | 31.8% |
| Bitcoin (BTCUSD) | 4.1% | 56.7% | 0.29 | 24.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HYLN | |
|---|---|---|---|---|
| HYLN | -14.8% | 85.4% | 0.11 | - |
| Sector ETF (XLY) | 12.2% | 21.9% | 0.51 | 31.9% |
| Equity (SPY) | 14.3% | 17.9% | 0.68 | 26.8% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 9.0% |
| Commodities (DBC) | 8.3% | 17.6% | 0.39 | 8.0% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 19.9% |
| Bitcoin (BTCUSD) | 67.1% | 66.8% | 1.06 | 17.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/25/2026 | 12.0% | 5.7% | |
| 11/12/2025 | -12.8% | -22.9% | -11.0% |
| 8/12/2025 | -1.8% | -7.1% | -3.6% |
| 5/13/2025 | -17.8% | -34.0% | -20.9% |
| 2/25/2025 | 1.1% | -18.5% | -15.8% |
| 11/14/2024 | -2.7% | 42.1% | 12.3% |
| 8/6/2024 | -5.3% | 17.0% | -1.8% |
| 5/1/2024 | 7.1% | -8.3% | -5.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 8 |
| # Negative | 11 | 12 | 13 |
| Median Positive | 4.6% | 12.6% | 11.1% |
| Median Negative | -5.3% | -10.6% | -17.7% |
| Max Positive | 27.0% | 42.1% | 49.5% |
| Max Negative | -17.8% | -34.0% | -31.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/25/2026 | Prior: Q3 2025 Earnings Reported 11/12/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 10.00 Mil | 150.0% | Higher New | Actual: 4.00 Mil for 2025 | |||
| 2026 Total Cash Use | 50.00 Mil | -23.1% | Lower New | Actual: 65.00 Mil for 2025 | |||
| 2026 Year-end Cash and Investments Balance | 100.00 Mil | -35.5% | Lower New | Actual: 155.00 Mil for 2025 | |||
| 2026 Military Contracts | 40.00 Mil | 45.00 Mil | 50.00 Mil | Higher New | Actual: 0 for 2025 | ||
| 2026 Early Adopter Unit Deliveries | 10 | Higher New | Actual: 0 for 2025 | ||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Freeland, Richard Joseph | Direct | Buy | 8212025 | 1.57 | 65,000 | 102,050 | 349,793 | Form | |
| 2 | Standley, Greg | Chief Accounting Officer. | Direct | Buy | 5272025 | 1.13 | 5,000 | 5,650 | 273,075 | Form |
| 3 | Ramasamy, Govindaraj | Chief Commercial Officer | Direct | Buy | 5272025 | 1.13 | 20,000 | 22,600 | 647,492 | Form |
| 4 | Panzer, Jon | Chief Financial Officer | Direct | Buy | 5272025 | 1.14 | 40,000 | 45,600 | 1,055,263 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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