Nikola Corporation (0A3R.L)

Nikola Corporation (0A3R.L) — VMCI valuation read

Nikola Corporation sits at VMCI 25/100, with the broad-market sample median at 50. That 25-point spread is the first thing to note on 0A3R.L: it tells the reader the composite is unfavorable before any single ratio is examined, and the mid-cap tier sets the comparison set.

Form 4 disclosures on 0A3R.L are blank for the trailing 30 days. With the insider channel offline, the EV/EBITDA delta, free-cash-flow trajectory, and the next earnings print do the talking.

**Investor frame.** The Value read on 0A3R.L: 0A3R.L trades at 24.0x earnings, 33% above the sector median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 12.0% sits 2.0pp above the sector median (10.0%). The Risk read: net debt to EBITDA of 2.7x is the rate-sensitivity line to watch, anchoring the bear scenario on a measurable balance-sheet metric.

0A3R.L rose 2.7% over the trailing 7 days, with a -10.7% read on a 30-day basis.