ENVX Industrials

Enovix Corporation

$2.94-1.01%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Industrials
Industry: Electrical Equipment & Parts
Country: United States
Market cap: 645.2M USD
Enterprise value: 602.3M USD
Full-time employees: 664

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.48 vs a peer median of 0.64) and more debt relative to equity (2.53× vs a peer median of 0.40×)higher risk: bigger price swings (beta 2.48 vs peers 0.64) and more debt vs equity (2.53× vs peers 0.40×)

Ranks #1,925 of 2,308 industrials companies (bottom 17%)

See how it ranks against its peers

Worth knowing

Paying shareholders without free cash flow. Paid out $58M over the 3 fiscal years to 2025 with -$465M of free cash flow.
Enovix returned $58M in buybacks and dividends over three fiscal years while its free cash flow totalled -$465M. The money came from its cash pile or from borrowing.
Shareholders being diluted. Shares outstanding up 39% from January 2023 to August 2026.
Enovix had 39% more shares at August 2026 than at January 2023, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Enovix had 39% more shares at August 2026 than at January 2023, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Much more borrowing than peers. Debt is 2.5× equity vs a peer median of 0.4×.Debt is 2.5× equity vs peers 0.4×.
Debt is 2.5× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 2.5× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.
Operating loss narrowing. Operating margin -557% in 2025, the smallest loss relative to revenue of the last 4 years.
Enovix still lost money on operations in 2025 (margin -557%), but that was its smallest operating loss relative to revenue in the 4 years of filings we have.

StockQuotient Score

31/ 100

Oct 5 31 → Nov 4 31

Valuation

Is the price right?

9/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-26.4%

SEC filings · 12 months to Jul 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.28Sector median: 0.0377 · MAD: 0.0294

EBITDA yield-20.1%

SEC filings · 12 months to Jul 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.64Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield-19.3%

SEC filings · 12 months to Jul 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield32.5%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

90/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 4.5%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.31Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth213.5%

SEC filings · 3 years to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.72Sector median: 0.0421 · MAD: 0.0625

Revenue growth34.9%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score 3.98Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

0/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-496.5%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -5.28Sector median: 0.0773 · MAD: 0.0507

Return on assets-21.3%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.56Sector median: 0.0311 · MAD: 0.0241

Return on invested capital-19.9%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.78Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin18.8%

SEC filings · 12 months to Jul 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity-81.0%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.48

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.49Sector median: 0.6440 · MAD: 0.2745

Current ratio9.71×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 6.75Sector median: 1.6180 · MAD: 0.5360

Debt / equity2.53×

SEC filings · latest balance sheetReported value33% base weight · Z-score -6.31Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Enovix

Is Enovix getting weaker?: Its latest SEC filing (Aug 12, 2026) showed no major changes. Its overall score is unchanged at 31/100 since Oct 28, 2026.
How is Enovix valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -26.4% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -26.4% vs peers 3.8% (weaker than 100% of peers).
Is Enovix growing?: Yes, faster than most of its peers. Growth scores 90/100 against 2,459 industrials peers. 3-year revenue growth 213.5% vs a peer median of 4.2% (stronger than 95% of peers).3-year revenue growth 213.5% vs peers 4.2% (stronger than 95% of peers).
How profitable is Enovix?: Less profitable than most of its peers. Profitability scores 0/100 against 2,459 industrials peers. Operating margin -496.5% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -496.5% vs peers 7.7% (weaker than 100% of peers).
How risky is Enovix?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 9.71× vs a peer median of 1.62× (stronger than 95% of peers).Current ratio 9.71× vs peers 1.62× (stronger than 95% of peers). Beta 2.48 vs a peer median of 0.64 (weaker than 100% of peers).Beta 2.48 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jul 5, 2026 · filed Aug 12, 2026 · compared with the quarter ended Apr 5, 2026

No major changes

Worth watching: Enovix is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	34.3M USD	35.9M USD	+4.5%
Net income (12 months)	−171.5M USD	−170.0M USD	−0.9%
Operating margin	-520.3%	-496.5%	+23.8 pts
Free cash flow (12 months)	−126.6M USD	−124.2M USD	−1.9%
Debt	529.6M USD	531.6M USD	+0.4%
Cash	88.8M USD	33.7M USD	−62.0%
Shares outstanding	218.2M	219.4M	+0.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Electrical Equipment & Parts companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	—	-274.7%	-725.0%	-8.9%	19.2%	▲ 28 pts
Operating margin	—	-2128.0%	-3012.2%	-1051.7%	-557.0%	▲ 495 pts
Net margin	—	-832.3%	-2800.5%	-963.2%	-492.6%	▲ 471 pts
Return on assets (ROA)	-26.1%	-11.7%	-37.9%	-42.2%	-17.8%	▲ 24 pts
Return on equity (ROE)	-38.6%	-14.5%	-82.9%	-90.1%	-57.8%	▲ 32 pts
Free cash flow margin	—	-1918.0%	-2177.3%	-801.0%	-356.7%	▲ 444 pts
Current ratio	19.29×	14.31×	5.30×	5.49×	8.34×	▲ 52%
Quick ratio	19.29×	14.29×	5.15×	5.35×	8.13×	▲ 52%
Debt to equity	0.00×	0.00×	0.68×	0.73×	1.95×	▲ 169%
Interest coverage	-371.78×	—	-51.67×	-35.75×	-8.21×	▲ 77%

ENVX price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.48 vs a peer median of 0.64) and more debt relative to equity (2.53× vs a peer median of 0.40×)higher risk: bigger price swings (beta 2.48 vs peers 0.64) and more debt vs equity (2.53× vs peers 0.40×)

Ranks #1,925 of 2,308 industrials companies (bottom 17%)

See how it ranks against its peers

Worth knowing

Paying shareholders without free cash flow. Paid out $58M over the 3 fiscal years to 2025 with -$465M of free cash flow.

Enovix returned $58M in buybacks and dividends over three fiscal years while its free cash flow totalled -$465M. The money came from its cash pile or from borrowing.

Shareholders being diluted. Shares outstanding up 39% from January 2023 to August 2026.

Enovix had 39% more shares at August 2026 than at January 2023, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Enovix had 39% more shares at August 2026 than at January 2023, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Much more borrowing than peers. Debt is 2.5× equity vs a peer median of 0.4×.Debt is 2.5× equity vs peers 0.4×.

Debt is 2.5× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 2.5× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.

Operating loss narrowing. Operating margin -557% in 2025, the smallest loss relative to revenue of the last 4 years.

Enovix still lost money on operations in 2025 (margin -557%), but that was its smallest operating loss relative to revenue in the 4 years of filings we have.

Questions investors ask about Enovix

Is Enovix getting weaker?

Its latest SEC filing (Aug 12, 2026) showed no major changes. Its overall score is unchanged at 31/100 since Oct 28, 2026.

How is Enovix valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -26.4% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -26.4% vs peers 3.8% (weaker than 100% of peers).

Is Enovix growing?

Yes, faster than most of its peers. Growth scores 90/100 against 2,459 industrials peers. 3-year revenue growth 213.5% vs a peer median of 4.2% (stronger than 95% of peers).3-year revenue growth 213.5% vs peers 4.2% (stronger than 95% of peers).

How profitable is Enovix?

Less profitable than most of its peers. Profitability scores 0/100 against 2,459 industrials peers. Operating margin -496.5% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -496.5% vs peers 7.7% (weaker than 100% of peers).

How risky is Enovix?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 9.71× vs a peer median of 1.62× (stronger than 95% of peers).Current ratio 9.71× vs peers 1.62× (stronger than 95% of peers). Beta 2.48 vs a peer median of 0.64 (weaker than 100% of peers).Beta 2.48 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

34.3M USD

35.9M USD

+4.5%

Net income (12 months)

−171.5M USD

−170.0M USD

−0.9%

Operating margin

-520.3%

-496.5%

+23.8 pts

Free cash flow (12 months)

−126.6M USD

−124.2M USD

−1.9%

Debt

529.6M USD

531.6M USD

+0.4%

Cash

88.8M USD

33.7M USD

−62.0%

Shares outstanding

218.2M

219.4M

+0.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

-274.7%

-725.0%

-8.9%

19.2%

▲ 28 pts

Operating margin

—

-2128.0%

-3012.2%

-1051.7%

-557.0%

▲ 495 pts

Net margin

—

-832.3%

-2800.5%

-963.2%

-492.6%

▲ 471 pts

Return on assets (ROA)

-26.1%

-11.7%

-37.9%

-42.2%

-17.8%

▲ 24 pts

Return on equity (ROE)

-38.6%

-14.5%

-82.9%

-90.1%

-57.8%

▲ 32 pts

Free cash flow margin

—

-1918.0%

-2177.3%

-801.0%

-356.7%

▲ 444 pts

Current ratio

19.29×

14.31×

5.30×

5.49×

8.34×

▲ 52%

Quick ratio

19.29×

14.29×

5.15×

5.35×

8.13×

▲ 52%

Debt to equity

0.00×

0.68×

0.73×

1.95×

▲ 169%

Interest coverage

-371.78×

—

-51.67×

-35.75×

-8.21×

▲ 77%