Forensic Analysis · Industrials / Manufacturing / Defense · as of Jul 15, 2026
Nuvve Holding Corp. (NVVE)
A forensic read on Nuvve Holding Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-48.9
Altman Z-score
Clean
Earnings quality
4
Forensic signals
Nuvve Holding Corp. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -48.9, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-656%Return on invested capital.Return on invested capital is -656% in the latest fiscal year and slipping from -166% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
stoppedShareholder returns — halted.Capital returns have STOPPED — $6M of buybacks + dividends in FY2021, but ~$0 in FY2022. A halt usually means the company is conserving cash; understand why before reading it as neutral.
n/m (sign flip)Accruals ratio.Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+3.8M to FY2025 $-1.2M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
51% of revStock-based comp load.Stock-based compensation ran 51% of revenue in FY2025 — about $5.97 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-642.9%
Free Cash Flow$-20.9M
Latest Revenue$4.8M
Revenue CAGR (3yr)-3.7%
Revenue Growth YoY-9.3%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Nuvve Holding Corp.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NVVE's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown