(ENVX) Enovix - Overview
Sector: Industrials | Industry: Electrical Equipment & Parts | Exchange: NASDAQ (USA) | Market Cap: 1.249m USD | Total Return: 5% in 12m
Industry Rotation: +20.3
Avg Turnover: 25.2M USD
Peers RS (IBD): 1.5
Warnings
Interest Coverage Ratio -6.3 is critical
Beneish M-Score 1.00 > -1.5 - likely earnings manipulation
Altman Z'' -1.77 < 1.0 - financial distress zone
Volatile
Tailwinds
No distinct edge detected
Enovix Corporation (NASDAQ: ENVX) designs, develops, and manufactures advanced lithium-ion battery cells in the United States and abroad, targeting wearables, IoT, smartphones, computing devices, electric vehicles, and OEM partners. Founded in 2007 and based in Fremont, California, the firm positions itself as a vertically integrated player in the high-energy-density battery niche.
In its latest fiscal quarter (Q4 2025), Enovix reported $112 million in revenue, a 28 % year-over-year increase, and a gross margin of 22 %, driven by higher volume shipments to EV-tier-1 suppliers. The balance sheet shows $210 million in cash and short-term investments, providing runway for its planned 150 MW expansion of domestic cell-fabrication capacity.
Key macro drivers include the U.S. Inflation Reduction Act’s battery tax credits, which are expected to boost domestic demand for high-performance cells by roughly 15 % annually through 2028, and the accelerating adoption of edge-AI wearables that require compact, high-energy batteries-segments where Enovix’s 3-D cell architecture offers a competitive edge.
For a deeper dive into Enovix’s valuation metrics, check out ValueRay.
- Battery production scale-up boosts revenue growth
- Manufacturing costs impact profitability
- EV market adoption drives demand
- Regulatory changes affect battery technology standards
- Supply chain disruptions hinder production
| Net Income: -156.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.00 > 0.02 and ΔFCF/TA 35.05 > 1.0 |
| NWC/Revenue: 1.50m% < 20% (prev 1.05k%; Δ 1.50m% < -1%) |
| CFO/TA -0.00 > 3% & CFO -95.3m > Net Income -156.7m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 8.34 > 1.5 & < 3 |
| Outstanding Shares: last quarter (207.6m) vs 12m ago 12.25% < -2% |
| Gross Margin: 15.45% > 18% (prev -0.09%; Δ 1.55k% > 0.5%) |
| Asset Turnover: 0.01% > 50% (prev 4.38%; Δ -4.37% > 0%) |
| Interest Coverage Ratio: -6.31 > 6 (EBITDA TTM -101.2m / Interest Expense TTM 21.6m) |
| A: 0.54 (Total Current Assets 542.21b - Total Current Liabilities 65.02b) / Total Assets 878.98b |
| B: -1.11 (Retained Earnings -977.83b / Total Assets 878.98b) |
| C: -0.00 (EBIT TTM -136.3m / Avg Total Assets 439.75b) |
| D: -1.62 (Book Value of Equity -978.31b / Total Liabilities 604.96b) |
| Altman-Z'' Score: -1.77 = D |
| DSRI: 701.5 (Receivables 4.42b/4.57m, Revenue 31.8m/23.1m) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 1.83 (AQ_t 0.18 / AQ_t-1 0.10) |
| SGI: 1.38 (Revenue 31.8m / 23.1m) |
| TATA: -0.00 (NI -156.7m - CFO -95.3m) / TA 878.98b) |
| Beneish M-Score: 574.2 (Cap -4..+1) = D |
Over the past week, the price has changed by +15.29%, over one month by +12.57%, over three months by -27.56% and over the past year by +4.95%.
- StrongBuy: 9
- Buy: 2
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 14.5 | 152.2% |
P/B = 4.0527
Revenue TTM = 31.8m USD
EBIT TTM = -136.3m USD
EBITDA TTM = -101.2m USD
Long Term Debt = 519.3m USD (from longTermDebt, last quarter)
Short Term Debt = 9.87b USD (from shortTermDebt, last quarter)
Debt = 21.11b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -490.93b USD (recalculated: Debt 21.11b - CCE 512.04b)
Enterprise Value = 1.25b USD (floored to Market Cap, CCE > MCap+Debt)
Interest Coverage Ratio = -6.31 (Ebit TTM -136.3m / Interest Expense TTM 21.6m)
EV/FCF = -11.00x (Enterprise Value 1.25b / FCF TTM -113.5m)
FCF Yield = -9.09% (FCF TTM -113.5m / Enterprise Value 1.25b)
FCF Margin = -356.7% (FCF TTM -113.5m / Revenue TTM 31.8m)
Net Margin = -492.6% (Net Income TTM -156.7m / Revenue TTM 31.8m)
Gross Margin = 15.45% ((Revenue TTM 31.8m - Cost of Revenue TTM 26.9m) / Revenue TTM)
Gross Margin QoQ = 11.65% (prev 17.53%)
Tobins Q-Ratio = 0.00 (Enterprise Value 1.25b / Total Assets 878.98b)
Interest Expense / Debt = 0.03% (Interest Expense 6.41m / Debt 21.11b)
Taxrate = 21.0% (US default 21%)
NOPAT = -107.7m (EBIT -136.3m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 8.34 (Total Current Assets 542.21b / Total Current Liabilities 65.02b)
Debt / Equity = 0.08 (Debt 21.11b / totalStockholderEquity, last quarter 271.21b)
Debt / EBITDA = 4.85k (out of range, set to none) (Net Debt -490.93b / EBITDA -101.2m)
Debt / FCF = 4.32k (out of range, set to none) (Net Debt -490.93b / FCF TTM -113.5m)
Total Stockholder Equity = 67.99b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.04% (Net Income -156.7m / Total Assets 878.98b)
RoE = -0.23% (Net Income TTM -156.7m / Total Stockholder Equity 67.99b)
RoCE = -0.20% (EBIT -136.3m / Capital Employed (Equity 67.99b + L.T.Debt 519.3m))
RoIC = -17.79% (negative operating profit) (NOPAT -107.7m / Invested Capital 605.3m)
WACC = 1.03% (E(1.25b)/V(22.36b) * Re(18.05%) + D(21.11b)/V(22.36b) * Rd(0.03%) * (1-Tc(0.21)))
Discount Rate = 18.05% (= CAPM, Blume Beta Adj.) -> capped to 17.38%
Shares Correlation 3-Years: 100.0 | Cagr: 11.94%
[DCF] Fair Price = unknown (Cash Flow -113.5m)
EPS Correlation: 35.90 | EPS CAGR: 14.53% | SUE: 2.65 | # QB: 1
Revenue Correlation: 74.99 | Revenue CAGR: 135.8% | SUE: 0.67 | # QB: 0
EPS next Quarter (2026-06-30): EPS=-0.15 | Chg7d=+0.001 | Chg30d=-0.001 | Revisions Net=-1 | Analysts=9
EPS current Year (2026-12-31): EPS=-0.59 | Chg7d=+0.004 | Chg30d=+0.012 | Revisions Net=+1 | Growth EPS=-8.6% | Growth Revenue=+27.9%
EPS next Year (2027-12-31): EPS=-0.50 | Chg7d=-0.017 | Chg30d=-0.144 | Revisions Net=-1 | Growth EPS=+14.0% | Growth Revenue=+206.9%
[Analyst] Revisions Ratio: -0.20 (2 Up / 3 Down within 30d for Next Quarter)