Is Heliogen, Inc. overvalued or undervalued?

As of 7 July 2025, the valuation grade for Heliogen, Inc. has moved from attractive to very attractive, indicating a strong positive shift in its perceived value. The company appears to be undervalued, particularly highlighted by its Price to Book Value of 0.44 and an EV to Capital Employed ratio of 3.13, which suggests that the market is not fully recognizing its asset value. Additionally, the P/E ratio is 0, indicating that earnings are not being factored into the valuation, which could imply significant upside potential if the company can turn around its performance.
In comparison to peers, Heliogen's valuation metrics stand out, with its P/E ratio of 0.2119 contrasting sharply with LanzaTech Global, Inc. at -0.2744 and SunPower Corp. at -0.0001. The EV to EBITDA ratio for Heliogen is -0.3888, further emphasizing its relative valuation position. While the stock has experienced a significant decline over the past year with a return of -37.73%, it has shown remarkable growth over the past five years with a return of 33,900.00%, compared to the S&P 500's return of 96.61% in the same period, suggesting a potential for recovery and future gains.