Enovix Corporation ENVX

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsUnited States of America

Last close 3.15 USD on Nov 1, 2026, −56.9% year to date

Quant rating

Quant rating D Rank 384 of 486 in Industrials

Growth B 166 of 486
Valuation D 369 of 486
Quality D 362 of 486
Revisions C 250 of 486
Momentum D 430 of 486

Wall Street consensus Buy (2.33)Average target 9.75 USD +209.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 691M
Enterprise value: 749M
52-week range: 2.21 – 12.39
3-year range: 2.21 – 18.31
Dividend yield: –
Beta (5 years): 2.33
Shares outstanding: 219M
Next earnings: Nov 12, 2026

About the company

Enovix Corporation is a high-performance battery company. The Company is focused on designing, developing, manufacturing, and commercializing Lithium-ion, or Li-ion, batteries, including silicon-anode architectures, for smartphones, smart eyewear, defense, industrial and emerging edge artificial intelligence (AI) applications. Its silicon-anode battery architecture enables energy density and performance relative to conventional battery cells, particularly in space-constrained devices. It focuses on developing a battery architecture that allows the use of active silicon and no graphite in the battery's anode, which is the negative electrode that stores lithium ions when a battery is charged. Its AI-1 battery platform is architected as a unified silicon-anode platform designed to address the high-performance consumer electronics and defense applications. The AI-1 platform is designed to support AI-enabled smartphones and smart eyewear, as well as other edge-AI devices.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	31.8	23.1	7.6	6.2	0	–
Revenue growth	37.9%	201.9%	23.3%	–	–	–
EPS (basic, normalized)	−0.54	−0.73	−0.87	−0.60	−0.65	–
EPS growth	–	–	–	–	–	–
Gross margin	19.2%	−8.9%	−725.0%	−274.7%	–	−247.3%
Net margin	−492.6%	−963.2%	−2,800.5%	−832.3%	–	−1,272.1%
ROE	−60.5%	−88.0%	−69.7%	−15.1%	−69.5%	−60.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	476
Current ratio	9.71x
Long-term debt (mil)	521
Net debt (mil)	57.9
Total equity (mil)	210
Net debt / equity	0.28x
Net debt / EBITDA	−0.69x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	31.8	+37.9%	23.5x	−84.0	+12.5%	−8.9x	−0.54	+26.0%	−5.8x
2026	38.7	+21.7%	19.3x	−84.7	−0.8%	−8.8x	−0.57	−4.9%	−5.6x
2027	77.8	+101.0%	9.6x	−94.7	−11.8%	−7.9x	−0.59	−4.2%	−5.3x
2028	225	+189.6%	3.3x	−33.7	+64.4%	−22.3x	−0.17	+71.8%	−18.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	38.7	+0.6%	−4.3%	−4.7%	−0.57	0.0%	−0.1%	+3.5%
2027	77.8	+0.4%	−19.4%	−43.5%	−0.59	0.0%	−3.2%	−16.0%
2028	225	+1.2%	−31.4%	−56.4%	−0.17	+1.2%	−298.9%	−130.7%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	5.3	3.8	4.3	9.7	5.1	7.5	8.0	11.3	7.6	9.0
Sales mean (mil)	3.8	3.7	4.1	8.8	4.6	6.3	7.9	10.3	7.0	8.4
Surprise	+39.5%	+2.0%	+5.0%	+10.8%	+10.5%	+18.4%	+0.8%	+9.6%	+9.3%	+7.0%
EPS reported	−0.31	−0.14	−0.17	−0.11	−0.15	−0.13	−0.14	−0.14	−0.14	−0.13
EPS mean	−0.29	−0.23	−0.20	−0.18	−0.19	−0.17	−0.16	−0.18	−0.16	−0.15
Surprise	−6.2%	+38.2%	+16.8%	+38.9%	+19.2%	+22.5%	+10.6%	+20.6%	+10.0%	+11.4%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ENVX Enovix Corporation	691M	−0.69x	−492.6%	3.29x	−5.6x	−5.3x	−8.8x	−7.9x
373220 LG Energy Solution Ltd	63.1B	5.60x	−4.5%	3.77x	−208.1x	46.5x	20.4x	13.5x
006400 Samsung SDI Co Ltd	33.1B	32.63x	−7.1%	1.76x	53.5x	31.2x	19.9x	14.4x
300750 Contemporary Amperex Technology Co., Limited	163.8B	−1.98x	17.0%	2.79x	12.0x	10.2x	6.7x	5.8x
SYM Symbotic Inc.	22.9B	−8.96x	−0.8%	6.90x	70.4x	53.3x	64.1x	44.1x
SHLS Shoals Technologies Group, Inc.	1.2B	1.82x	7.1%	1.96x	16.4x	12.8x	11.3x	9.1x
Mean		4.74x	−80.1%	3.41x	−10.2x	24.8x	18.9x	13.2x
Median		0.57x	−2.6%	3.04x	14.2x	22.0x	15.6x	11.3x

Technical analysis

1M+23.3%
3M−20.7%
1Y−73.0%
3Y−64.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Enovix Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	31.8	23.1	7.6	6.2	0	0
Cost of revenue	25.7	25.1	63.1	23.2	2.0	3.4
Gross profit	6.1	−2.0	−55.4	−17.0	−2.0	−3.4
Selling, general & administrative expenses	72.3	74.3	79.0	52.0	29.7	5.7
Research & development	110	125	88.4	58.1	37.9	14.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−4.1	41.8	7.4	4.9	–	−1.6
Other operating expenses	0	0	0	0	0	0
Operating income	−172	−243	−230	−132	−69.5	−21.9
Net interest income (expense)	−8.6	5.5	9.6	5.2	−0.2	−0.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	23.2	13.2	5.9	75.1	−56.2	−17.6
Net income before taxes	−158	−224	−215	−51.6	−126	−39.6
Provision for taxes	−1.3	−1.4	−0.6	0	0	0
Minority interest	−0.1	0.3	0.1	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−157	−222	−214	−51.6	−126	−39.6
Extraordinary items	–	–	–	–	–	–
Net income	−157	−222	−214	−51.6	−126	−39.6
EBIT, normalized	−177	−201	−223	−127	−69.5	−23.5
EBITDA, normalized	−148	−163	−189	−120	−68.5	−23.0
Basic EPS, normalized	−0.54	−0.73	−0.87	−0.60	−0.65	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Enovix Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	512	273	307	323	385	29.1
Receivables	8.4	4.6	2.4	0.2	–	–
Total inventory	13.6	7.7	8.7	0.6	–	–
Prepaid expenses	8.1	9.9	5.2	5.2	8.3	0.9
Other current assets	0	0	0	0.8	4.6	3.0
Total current assets	542	295	323	330	398	33.0
Property, plant & equipment	182	181	182	110	83.3	31.3
Goodwill	12.2	12.2	12.1	–	–	–
Intangibles	31.6	36.4	42.2	–	–	–
Long-term investments	107	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	4.2	2.1	5.1	0.9	1.2	0.6
Total assets	879	527	564	441	483	65.0
Liabilities
Accounts payable	17.8	9.5	21.3	7.1	3.1	2.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	23.0	24.5	21.9	12.6	11.2	3.3
Short-term debt	9.6	9.3	4.3	0	0	0
Current portion of long-term debt	0.2	0.2	1.6	–	–	–
Other current liabilities	14.4	10.2	12.0	3.3	6.3	5.5
Total current liabilities	65.0	53.7	61.0	23.0	20.6	10.9
Long-term debt	519	170	169	0	0	0
Minority interest	2.8	2.7	3.0	–	–	–
Other liabilities	20.7	54.2	73.1	61.1	136	17.9
Total liabilities	608	280	306	84.2	156	28.7
Shareholders' equity
Preferred stock	–	0	–	0	0	202
Common stock	0	0	0	0	0	0.1
Additional paid-in capital	1,308	1,068	857	741	659	41.4
Retained earnings (accumulated deficit)	−978	−821	−599	−385	−333	−207
Treasury stock	−58.4	–	–	–	–	–
Other equity	−0.5	−0.1	−0.1	0	0	0
Total equity	271	247	258	356	326	36.2
Total liabilities & shareholders' equity	879	527	564	441	483	65.0

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Enovix Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−157	−223	−214	−51.6	−126	−39.6
Depreciation, depletion & amortization	35.1	45.0	34.0	7.4	1.0	0.6
Deferred taxes	−1.3	−2.7	−0.8	–	–	–
Non-cash items	32.7	85.3	68.4	−39.3	67.4	16.8
Changes in working capital	−5.2	−13.7	7.9	0.8	6.1	2.2
Cash from operations	−95.3	−109	−105	−82.7	−51.3	−20.1
Investing activities
Capital expenditures	−18.2	−76.2	−61.8	−36.2	−43.6	−27.0
Other investing cash flows	−520	74.8	−81.2	0	0	0
Cash from investing	−538	−1.4	−143	−36.2	−43.6	−27.0
Financing activities
Financing cash flow items	−70.1	−7.1	−27.1	−0.6	374	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	537	158	187	57.1	77.4	65.9
Cash from financing	467	151	160	56.5	451	65.9
Foreign exchange effects	−0.5	−1.2	0.2	–	–	–
Net change in cash	−167	39.6	−87.9	−62.4	356	18.9
Free cash flow	−114	−185	−166	−119	−94.9	−47.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.