Hyliion Holdings Corp.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today is betting that commercialization actually lands by the end of 2026, that customers out of uniform appear, and that the planned $10 million financing closes without dilution — in a stock that swings about 15 percent on an average day and whose valuation already pays for the completed comeback. Whoever waits checks three lines in every quarterly report (10-Q): first product revenue beyond R&D services, the balance of cash and investments against the $100 million projection, and new counterparties besides the U.S. government. The next report is scheduled for August 11, 2026. A momentum rank can halve within weeks — so can a missed product-launch date. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Hyliion is the rare comeback story in which both sides are documented: a GE-born generator technology with a paying U.S. Navy, a $139 million cushion and a target market whose AI-driven hunger for power is real — and at the same time a self-declared early-stage company without a single product sale, whose entire revenue hangs on government contracts cancellable at any time, whose cash is melting on schedule and whose market value prices in 250 times annual revenue. Whoever invests here is not buying today's business but the hope that a research operation becomes a product company by the end of 2026. Not investment advice.
Demand story & technology
The KARNO generator emerged from General Electric's R&D labs (Asset Purchase Agreement 08/2022), runs on more than 20 fuels and, per the 10-K 2025, targets data centers first — a market whose power demand is growing structurally on AI workloads; the U.S. Navy is funding development with contracts totaling up to nearly $20 million.
Revenue base & customer concentration
All revenue (2025: $3.475 million; Q1 2026: $2.832 million) is R&D services for the U.S. government — no product sales; the remaining order book of up to $11.2 million (03/31/2026) is cancellable at any time "for convenience" per the 10-Q, and receivables came majority from a single customer (10-K 2025, Note 1).
Financial position
$139.4 million in cash and investments against minimal liabilities (03/31/2026) stand opposite a 2025 operating cash outflow of $46.5 million plus $23.7 million in capital spending; the company's own ~$100 million projection for year-end 2026 assumes a new $10 million equipment-backed financing that, per the 10-K, may not occur.
Profitability & maturity
Net loss of $57.2 million (2025) after $52.0 million (2024), $207 million accumulated; Hyliion calls itself an "early-stage company" in the 10-K 2025 and does not rule out never reaching sufficient gross margins; the first customer units were postponed in early 2025 over regenerator problems, and commercialization is only targeted "by year end" 2026.
Valuation
A market value of roughly $0.9 billion (as of 07/18/2026) equals about 250 times fiscal 2025 revenue and roughly 75 times the entire remaining order book; no P/E exists, and the recorded analyst estimate expects losses per share through 2028.
Momentum & tradability
Rank 4 in the Qullamaggie Top Gainers 3M scanner (U.S. selection, 07/18/2026), up 166 percent in three months, 3M RS of 99 — but an average daily range around 15 percent and a price that, despite the rally, sits more than 90 percent below the 2020 SPAC high: a trading vehicle by Qullamaggie criteria, not a resting pillow.
Worth Noting
HYLN made the research list as rank 4 of our in-house Qullamaggie Top Gainers 3M scanner (U.S. selection, as of July 18, 2026) — part of our series on the hits of this momentum scanner.
Scanner metrics (3M RS, daily range, Piotroski, Altman Z, dollar volume) are calculated as of July 18, 2026; the high Altman Z-Score around 21 results from a large securities portfolio meeting minimal debt and measures the cushion, not earning power.
Price and market-value figures (~$4.90, ~$0.9 billion) from the July 18, 2026 feed, sanity-checked against 178,327,240 shares outstanding per the 10-Q cover page dated May 7, 2026; analyses are evergreen, daily prices are not a buy argument.
The local database company name was reconciled with EDGAR (SEC title "Hyliion Holdings Corp.", former name "Tortoise Acquisition Corp." until 09/28/2020).
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at HYLN since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.60 $ to 8.10 $ · Last price: 4.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Auto Parts
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Hyliion Holdings Corp. HYLN | 0.7 | – | -0.8 | 6.5 | -481.7 | 130.3 | 130.5 |
| O’Reilly Automotive Inc ORLY | 68.8 | 29.1 | 18.8 | 51.6 | 18.5 | 6.4 | -18.8 |
| AutoZone Inc AZO | 44.9 | 20.5 | 14.2 | 51.7 | 19.1 | 2.4 | -32.6 |
| Hesai Group HSAI | 21.2 | 35.1 | 20.9 | 40.7 | -1.3 | 45.8 | -44.1 |
| Genuine Parts Co GPC | 18.0 | 311.7 | 32.9 | 37.6 | 5.8 | 3.5 | -2.6 |
| BorgWarner Inc BWA | 13.4 | 36.3 | 9.9 | 19.3 | 9.9 | 1.7 | 46.1 |
| Aurora Innovation Inc AUR | 12.8 | – | -4.0 | -15,980.0 | -24,400.0 | -100.0 | 10.2 |
| Allison Transmission Holdings Inc ALSN | 10.3 | 17.8 | 12.9 | 37.9 | 19.5 | -6.7 | 38.6 |
| Modine Manufacturing Company MOD | 9.8 | 74.6 | 32.8 | 22.2 | 11.8 | 23.1 | 21.2 |
| Median of companies shown | 13.4 | 35.1 | 14.2 | 37.6 | 9.9 | 3.5 | 10.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2018 | – | -20 | 0 | 0.00 | -18 | 0 | 0 |
| 2019 | 0 | -12 | -14 | -0.16 | -11 | -18 | 14 |
| 2020 | 0 | -22 | 324 | 0.00 | -23 | 640 | 655 |
| 2021 | 0 | -96 | -96 | -0.56 | -81 | 554 | 578 |
| 2022 | 2 | -159 | -153 | -0.87 | -117 | 424 | 447 |
| 2023 | 1 | -137 | -124 | -0.68 | -117 | 306 | 328 |
| 2024 | 2 | -64 | -52 | -0.30 | -57 | 244 | 263 |
| 2025 | 3 | -65 | -57 | -0.33 | -47 | 192 | 204 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.08 | – | 2 | – | -954.10 | -13 | -19 |
| 2025: Q1 | -0.10 | – | 1 | – | -3,528.40 | -14 | -21 |
| 2025: Q2 | -0.08 | – | 2 | – | -885.40 | -10 | -14 |
| 2025: Q3 | -0.08 | – | 1 | -70.50 | -1,757.20 | -11 | -21 |
| 2025: Q4 | -0.07 | – | 1 | -52.80 | -1,851.50 | -12 | -14 |
| 2026: Q1 | -0.07 | – | 3 | 479.10 | -414.40 | -13 | -15 |
| 2026: Q2 | -0.08 | 0.00 | 5 | 226.70 | -283.70 | -7 | -7 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 17 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
- Insider Buying (Net)
- Institutional + Insiders Building Positions
- Institutional Accumulation
- U/D Accumulation
Momentum & Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Qullamaggie: Top Gainers 1M
- Qullamaggie: Top Gainers 3M
- Qullamaggie: Top Gainers 6M
- RS Leader (≥90)
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.28 | -0.28 – -0.28 | 15 | 14.9% | 1 |
| 12/31/2027 | -0.31 | -0.34 – -0.27 | 38 | -8.9% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Hyliion verkauft keine KI, profitiert aber gezielt von ihr: Der Geschäftsbericht (10-K 2025, Item 1) nennt Rechenzentren als erstgenannten Zielmarkt des KARNO-Generators und begründet dies ausdrücklich mit dem durch Cloud, künstliche Intelligenz und Edge Computing wachsenden Strombedarf sowie steigenden Rack-Leistungsdichten für KI-Workloads, zu denen die 800-Volt-DC-Architektur des Moduls passen soll — KI-Nachfrage als Absatztreiber, nicht als Umsatzquelle. Zusätzlich dokumentiert das 10-K (Item 1A) den operativen KI-Einsatz im eigenen Haus: KI- und Machine-Learning-Werkzeuge sind in Software-Entwicklung, Recherche und das Verfassen von Mitteilungen integriert. Die KI-Risk-Factor-Passagen betreffen nur Nutzungs- und Regulierungsrisiken dieses eigenen Einsatzes, keine konkrete Bedrohung des Geschäftsmodells durch KI; KI-Produkte als Umsatzquelle („verkauft“) liegen nicht vor.
View the full file — quotes, sources, reviewed filings
„Data Centers: As cloud computing, artificial intelligence, machine learning, and edge computing continue to expand, data centers are projected to grow rapidly, consuming an increasing share of global energy demand. Onsite generation is an emerging solution to power new data center installations."
Rechenzentren: Da Cloud Computing, künstliche Intelligenz, maschinelles Lernen und Edge Computing weiter expandieren, dürften Rechenzentren rasant wachsen und einen zunehmenden Anteil des weltweiten Energiebedarfs verbrauchen. Die Stromerzeugung vor Ort ist eine aufkommende Lösung für die Versorgung neuer Rechenzentrums-Installationen.
10-K · 2026-02-25 · View SEC filing
„As datacenter rack power densities rise to support increased AI workloads, Hyliion’s KARNO Power Module’s native 800V DC architecture simplifies power system design and enhances site resiliency."
Da die Leistungsdichte der Rechenzentrums-Racks steigt, um wachsende KI-Arbeitslasten zu unterstützen, vereinfacht die native 800-Volt-Gleichstrom-Architektur von Hyliions KARNO Power Module das Design des Stromsystems und erhöht die Ausfallsicherheit des Standorts.
10-K · 2026-02-25 · View SEC filing
„We currently integrate and are working to further integrate artificial intelligence and machine learning technologies into our software coding processes, performing research, and in drafting certain communications, and these technologies present additional risks and challenges, including the proper management of their use."
Wir integrieren derzeit Technologien der künstlichen Intelligenz und des maschinellen Lernens in unsere Software-Entwicklungsprozesse, in die Durchführung von Recherchen und in das Verfassen bestimmter Mitteilungen — und arbeiten an einer weiteren Integration; diese Technologien bringen zusätzliche Risiken und Herausforderungen mit sich, einschließlich des richtigen Umgangs mit ihrer Nutzung.
10-K · 2026-02-25 · View SEC filing
Rated on July 18, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 18.2%
- More than 10% revenue growth is expected for the coming year 229.6%
- Share count grows by less than 3% a year 0.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -1,892.4%
- Gross margin at 40% or higher and without meaningful erosion -166.5%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 88 m net cash
- Operating cash flow covers the profits of the last three years 13 m
- Return on capital at 15% or higher, or up versus two years ago -33.6%
- Insiders hold at least 10% or are net buyers 29.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% 232.2%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 232.2%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -29.8%
- ROCE > 15% -33.6%
- Expected return > 10% 200.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | Cubbage Vincent T. | Director | Buy | 50,000 | 3.40 | 170,000 |
| Aug 21, 2026 | Healy Thomas J. | Chief Executive Officer | Other | 29,840 | 3.33 | 99,367 |
| Aug 21, 2026 | Ramasamy Govindaraj | Chief Commercial Officer | Other | 6,670 | 3.37 | 22,478 |
| Aug 21, 2026 | Oxholm Jose Miguel | Chief Legal&Compliance Officer | Other | 11,980 | 3.33 | 39,893 |
| Aug 21, 2026 | Mook Joshua T. | Chief Technology Officer | Other | 10,700 | 3.33 | 35,631 |
| Aug 21, 2026 | Panzer Jon | Chief Financial Officer | Other | 13,595 | 3.32 | 45,135 |
| Aug 19, 2026 | Standley Greg | Chief Accounting Officer. | Other | 3,731 | 3.73 | 13,917 |
The company
About the Company
Hyliion Holdings Corp. entwickelt und konstruiert Stromgeneratoren für stationäre und mobile Anwendungen.
- Employees
- 113
- Headquarters
- Cedar Park, TX
- Address
- 1202 BMC Drive, 78613 Cedar Park, United States
- Phone
- 833 495 4466
- Website
- hyliion.com
- IPO Date
- 04/22/2019
- ISIN
- US4491091074
Management
| Name | Title | Birth Year |
|---|---|---|
| Thomas J. Healy | Founder, President, CEO & Director | 1993 |
| Jon T. Panzer | Chief Financial Officer | 1967 |
| Joshua Mook | Chief Technology Officer | 1982 |
| Greg Standley | Chief Accounting Officer | 1972 |
| Jose Miguel Oxholm | Chief Legal & Compliance Officer | 1967 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.