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ZYBERNO

Stock Report

Updated Sep 1, 2026

DRAGONFLY ENERGY HOLDINGS CORP. (DFLI)

Technology • NASDAQ

$1.10

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

8.0/100

POOR BUSINESS

DRAGONFLY ENERGY HOLDINGS CORP. (DFLI) scores 8/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full DFLI quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full DFLI valuation analysis · → View full DFLI Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.00x)

Operating Margin (Operational Efficiency):CRITICAL (-43.6%)

Return on Capital (Capital Efficiency):CRITICAL (-75.2%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

DRAGONFLY ENERGY HOLDINGS CORP. (DFLI) stock report — Zyberno Score 8/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, DFLI generated -$31.34M in Owner Earnings. Capital was deployed as follows: $1.45M invested in capital expenditures. Reinvestment rate: 1.7%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:1.10

Market Cap:$13.96M

Valuation Multiples (2)

P/S Ratio:0.27x

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$36.69M

Price Action & Momentum (1)

% of 52-Week High:4.2%

B. Profitability Assessment

Return Metrics (4)

ROA:-87.6%

Roic:

-75.2%

📊 Click to view full DFLI ROIC analysis →

Reinvestment Rate:1.7%

Fundamental Growth Rate (g):-1.3%

Margin Analysis (3)

Operating Margin Ttm:-43.6%

Net Margin Ttm:-129.4%

Ebitda Margin:-40.3%

TTM Performance (3)

Gross Margin Ttm:25.4%

Operating Margin Ttm:-43.6%

Net Margin Ttm:-129.4%

Yield Metrics (2)

Earnings Yield:-$1.12K

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.48

📊 Click to view full DFLI Earnings Surprise analysis →

EPS Surprise vs Expected:71.6%

Latest Earnings Filed:2026-08-14

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-8.2%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:2.34x

Quick Ratio:0.97x

Cash Ratio:0.42x

Leverage Analysis (1)

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-1.77x

Times Interest Earned:-1.77

Capital Structure (4)

Working Capital:19,903,000.00

Cash And Cash Equivalents:6,280,000.00

Long Term Debt:$10.61M

Net Debt:$22.73M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $51.89M

Linear Growth: -8.2%

📊 Click to view full DFLI Revenue analysis & methodology →

Cost Of Revenue Ttm:$38.72M

Profitability Breakdown (2)

Gross profit TTM: $13.17M

Linear Growth: -6.9%

📊 Click to view full DFLI Gross Profit analysis & methodology →

-$22.60M

Bottom Line Performance (3)

-$67.12M

Income Before Tax:-$67.21M

Ebitda Ttm:-20,917,000.00

Operating Expenses (5)

Operating Expenses:35,771,000.00

R And D Expense:2,917,000.00

Sga Expense:21,115,000.00

Income Tax Expense:-$840.00K

Interest Expense:13,123,000.00

Expense Ratios (3)

R And D To Revenue Percentage:22.2%

Sga To Revenue Percentage:160.5%

Ebitda Margin:-40.3%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$70.29M

Current Assets:$34.75M

Ppe Net:20,309,000.00

Goodwill:0.00

Intangible Assets:$194.00K

Liability Structure (4)

Total Liabilities:70,473,000.00

Current Liabilities:14,850,000.00

Long Term Debt:$10.61M

Short Term Debt:$18.40M

Equity & Capital (3)

Equity:-$184.00K

Retained Earnings:-$163.10M

Common Stock:400,000,000.00

Working Capital Items (3)

Accounts Receivable:3,480,000.00

Inventory:20,341,000.00

Accounts Payable:7,880,000.00

Special Items (2)

Contract Liabilities:114,000.00

Stock Based Compensation:461,000.00

C. Cash Flow Analysis

Operating Activities (2)

-$30.24M-$31.69M

Investment Activities (2)

Investing Cash Flow:-$279.00K

Capital Expenditures Ttm:1,450,000.00

Financing Activities (3)

Financing Cash Flow:-$570.00K

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:3,200,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$67.63M

Non-Cash Items (1)

Depreciation Amortization Ttm:1,687,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-14.36

-$14.36

Earnings Per Share Ttm:-$5.29

Revenue & Cash Per Share (2)

Sales Per Share Ttm:4.09

Operating Cash Flow Per Share:-$2.05

Book Value & Capital (2)

Book Value Per Share:-$0.01

Cash Per Share:0.49

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.68x

Working Capital Turnover Ttm:2.61x

Receivables Management (2)

Receivables Turnover Ttm:14.91x

Days Sales Outstanding Ttm:24.48

Inventory Management (2)

Inventory Turnover Ttm:1.90x

Days Inventory Outstanding Ttm:191.74

Payables & Cash Cycle (2)

Days Payable Outstanding:74.28

Cash Conversion Cycle:141.94

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:60.00

Quality Score:30.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$31.34M

Damodaran Growth Analysis (2)

Reinvestment Rate:1.7%

Fundamental Growth Rate (g):-1.3%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):-8.2%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):-6.9%

Book Value Growth Rate (Linear):34.5%

C. Company Profile & Context

Corporate Information (6)

Symbol:DFLI

Company Name:DRAGONFLY ENERGY HOLDINGS CORP.

Sector:Technology

Industry:Miscellaneous Electrical Machinery, Equipment & Supplies

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:12.69M

Shares Outstanding Basic:12.69M

Shares Outstanding Diluted:12.69M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 10:57:37 UTC

Data Timestamp:2026-08-21T02:35:04.070948