HYLNHyliion Holdings Corp.
Is the business good?
Margins steady. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Margins have held roughly steady, a stable cost structure.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is HYLN?
Hyliion Holdings Corp. earns −30% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 39 points below what the capital costs: growth destroys value
- Operating margin
- −635%
Operating margin · Auto Parts median 5.8% · 12 months to Q2 2026
- Share count, year on year
- +1.8%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 6.5%
Gross margin
| Year | Operating margin |
|---|---|
| FY2021 | −48049% |
| FY2022 | −7551% |
| FY2023 | −20442% |
| FY2024 | −4261% |
| FY2025 | −1886% |
Details›
- Gross margin12 months to Q2 2026
- 6.5%
- Operating margin12 months to Q2 2026
- −635%
- Net margin12 months to Q2 2026
- −564%
- Free cash flow margin
- −612%
- R&D as % of revenue
- 403%
- Revenue, trailing twelve months
- $9.2M
- Free cash flow, trailing twelve months
- −$57M
- Net income, trailing twelve months
- −$52M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −30%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from HYLN and who it buys from, as the companies report it.
- Customer A81%
Share of revenue · FY2025 10-K
- Customer B19%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; HYLN’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.