Is Aqua Metals, Inc. overvalued or undervalued?

As of 22 October 2020, Aqua Metals, Inc. has moved from a valuation grade of risky to does not qualify, indicating significant concerns regarding its financial health. The company is currently considered overvalued, especially given its troubling financial ratios, including a Price to Book Value of 0.71 and an EV to Capital Employed ratio of 0.76, which suggest inefficiencies in asset utilization. The negative ROCE of -160.01% and ROE of -229.30% further highlight the company's struggles to generate returns for its investors.
In comparison to its peers, Aqua Metals, Inc. stands out unfavorably. For instance, Centrus Energy Corp. holds an attractive valuation with a P/E ratio of 30.18, while TMC the metals co., Inc. is also classified as does not qualify with a P/E of -25.78. The stark contrast in these valuations, alongside Aqua Metals' significant decline in stock performance—down 91.54% over the past year compared to a 10.26% increase in the S&P 500—reinforces the conclusion that Aqua Metals is overvalued in its current state.