Company Valuation: Energy Focus, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Capitalization 1 5.853 14.11 26.82 3.017 6.567 6.26
Change - 141.08% 90.05% -88.75% 117.67% -4.66%
Enterprise Value (EV) 1 10.86 15.66 27.65 8.479 6.089 6.088
Change - 44.17% 76.54% -69.33% -28.19% -0%
P/E ratio -0.79x -2.2x -2.47x -0.25x -1.14x -3.72x
PBR 1.47x 3.34x 4.38x -6.5x 2.15x 2.15x
PEG - 0.1x 0.45x 0x 0x 0x
Capitalization / Revenue 0.46x 0.84x 2.72x 0.51x 1.15x 1.29x
EV / Revenue 0.85x 0.93x 2.8x 1.42x 1.06x 1.25x
EV / EBITDA -1.69x -3.97x -3.24x -0.96x -1.55x -3.37x
EV / EBIT -1.61x -3.79x -3.17x -0.95x -1.53x -3.31x
EV / FCF -2.87x -40.2x -3.88x -2.61x -19.1x -5.8x
FCF Yield -34.9% -2.49% -25.8% -38.4% -5.25% -17.2%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -21 -12.8 -12.1 -8.872 -1.325 -0.3198
Distribution rate - - - - - -
Net sales 1 12.7 16.83 9.865 5.968 5.717 4.86
EBITDA 1 -6.433 -3.946 -8.54 -8.798 -3.938 -1.805
EBIT 1 -6.759 -4.13 -8.728 -8.957 -3.971 -1.842
Net income 1 -7.373 -5.981 -7.886 -10.28 -4.293 -1.582
Net Debt 1 5.009 1.549 0.828 5.462 -0.478 -0.172
Reference price 2 16.562 28.210 29.890 2.205 1.510 1.190
Nbr of stocks (in thousands) 353 500 897 1,368 4,349 5,261
Announcement Date 3/24/20 3/25/21 3/17/22 3/23/23 3/22/24 3/25/25
1USD in Million2USD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 14.12M
22.44x2.3x12.57x0.19% 11.09B
8.44x0.58x4.68x7.76% 2.85B
14.63x - - 4.92% 1.85B
28.06x - - 1.73% 1.15B
22.61x1.13x8.83x1.83% 756M
Average 19.24x 1.34x 8.69x 3.29% 2.95B
Weighted average by Cap. 19.74x 1.91x 10.85x 2.07%
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Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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