Enovix (ENVX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Enovix

NasdaqGS•Industrials•Electrical Equipment & Parts

$3.05-0.05(-0.02%)Market open

Market Cap

$642.40M

P/S

17.9x

P/B

3.1x

Enovix Corporation designs, develops, and manufactures lithium-ion battery cells in the United States and internationally. It serves wearables and IoT, smartphone, computing, electrical vehicles, and original equipment manufacturers. The company was founded in 2006 and is headquartered in Fremont, California.

How this company scores

WeakMetricSide Score: 32/100

Grade capped at D — Interest coverage below 1× (-6.8x) — earnings cannot cover interest. Strongest: Growth (16/25); weakest: Balance Sheet & Red Flags (3/25).

Profitability5/25

Growth16/25

Balance Sheet & Red Flags3/25

Cash & Earnings Quality8/25

Strengths

Growing revenueConsistent growthImproving margins

Grade capped at D

Interest coverage below 1× (-6.8x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 200.6x5y range 15.6x – 200.6x

P/S · 17.9x5y range 17.9x – 2435.6x

Currently below its 17-quarter median.

P/B · 3.1x5y range 3.1x – 15.6x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $642.40M

Metrics at a Glance

as of July 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $35.88M
Q. Revenue: $9.02M
TTM EBITDA: $-139.26M
TTM Op. Income: $-178.15M
Q. Op. Income: $-43.30M
TTM Net Income: $-170.03M
Q. Net Income: $-43.06M
EPS: $-0.2
Shares Out.: $218.50M

$35.88M in TTM revenue grew 34.9% YoY, reaching $9.02M last quarter. TTM EBITDA of $-139.26M and TTM operating income of $-178.15M show growth is flowing through to the bottom line. However, net income is negative at $170.03M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 14.4%
EBITDA Margin: -368.6%
Op. Margin: -479.8%
Net Margin: -477.2%

Op. margin of -479.8% is up 105.8% YoY — cost efficiency is improving. Net margin at -477.2% and gross margin of 14.4% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 18% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 17.9x
P/B Ratio: 3.1x

P/S of 17.9x and P/B of 3.1x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $799.62M
Cash: $33.74M
Long-Term Debt: $520.99M
Book Value: $209.94M
D/E Ratio: 2.5
Debt/EBITDA: N/A

With $799.62M in assets and $520.99M in long-term debt, D/E is 2.5and book value is $209.94M — elevated leverage, meaning significant financial risk in a downturn. Across the last 8 quarters, debt/equity has risen for 6 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-21.78M
TTM Free Cash Flow: $-124.20M
FCF Margin: -346.2%
FCF / Net Income: 0.7

TTM FCF of $-124.20M on $-21.78M in operating cash flow. The FCF / Net Income ratio of 0.7x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 11% — an improving trend.