Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Valued as a pre-revenue company: Net cash floor and Analyst consensus.
ACCE opinionAqua Metals Inc. Common Stock (AQMS)
Fair value
Not available
ACCE price target
$1.00
Rating
Not rated
Horizon
12 months
ACCE price target published on 21 Oct 2026, 01:52 CEST; previously $1.00 since 15 Oct 2026, 00:00 CEST.
Price used: $1.47 at the close on 23 Oct 2026, 22:00 CEST.
Models: Analyst consensus and Net cash floor.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
16
out of 100
Analysts
100% buy
1 covering
P/E
0.0x
forward 67.6x
1-year return
-85.4%
Dividend yield
0.00%
Aqua Metals Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Aqua Metals recycles lead-acid batteries and has been trying to scale a proprietary process that recovers lead without the smelting used by conventional recyclers, with its AquaRefining system the core of the pitch. The structural case rests on rising demand for lead recovery from the battery supply chain, but the company's reported revenue fell 100% over the period, its gross and operating margins are zero, and its return on equity is -218.4%, so the investable question is survival and financing rather than margin expansion. The score of 16/100 and the 6M USD market cap reflect a company that is effectively pre-commercial at scale, with a forward P/E of 67.6 pointing to earnings that are still largely hypothetical. A deeper look would need to establish current cash runway, dilution history, and whether any commercial plant has moved from demonstration to paying customers, since none of those are answered by the figures we have here.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
severe
Revenue collapse and cash burn
Revenue fell 100% year over year, with 5-year revenue CAGR at -38.6% and free cash flow of $-10,678,000 against a $6M market cap. The business is consuming cash with no revenue to show for it.
high
Negative margins and returns
Gross, operating and net margins are all zero, and ROE is -218.4%. Forward P/E is negative at -1.1, so the market is pricing in continued losses.
high
Price well above ACCE target
The stock trades 47.0% above the ACCE price target of $1.00, against a price of $1.47. The score sits at 16/100, with Quality at 31 and Growth at 7.
AI research notes
AI-assisted·How I use AIWritten Oct 19, 2026 · figures from 2026-10-18 · prices to Oct 23, 2026
Why it could do well
Analysts rate the stock Buy or Strong Buy, and their mean price target sits well above the current share price.
Debt is small relative to equity, with a debt to equity ratio of 0.04.
The company beat the earnings per share estimate, reporting a loss of 2.19 against 6.00 expected.
Why it could disappoint
Revenue fell 100.0% year over year, meaning the company reported no sales in the latest period.
Free cash flow over the last twelve months was negative at -$11M, and the share count rose 132.8%, diluting holders.
The ACCE price target of $1.00 sits 47.0% below the current price of $1.47, so our view sees limited upside.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 11, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where AQMS's valuation models land
Price
$1.47
Model fair valueConfidence: low
about $3.23
Model
Fair value
Upside
Analyst consensus
Net cash floor
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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+Conviction breakdown and growth / value / quality / momentum scores