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Enovix
(NASDAQ:ENVX)
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Rating:49Neutral
Price Target:
$3.00
▼(-11.24% Downside)
Action:Reiterated
Date:10/24/26
The score is held down primarily by weak financial performance (large losses and ongoing cash burn) and a technically challenged trend (below key longer-term moving averages with negative MACD). These are partly offset by a constructive earnings-call backdrop highlighting improving gross profit continuity, expanding pipeline and shipments, and a strong cash position, while valuation remains difficult to justify with negative earnings and no dividend data.
Positive Factors
Commercial Revenue Growth
Repeated year-over-year revenue growth indicates that Enovix is beginning to convert its battery technology and customer programs into commercial shipments. Although the base remains modest, sustained growth improves operating leverage potential and provides evidence of increasing market adoption over the next several quarters.
Negative Factors
Persistent Losses and Cash Burn
Large operating losses and recurring negative free cash flow show that Enovix has not yet achieved profitable or self-funding operations. Continued spending on manufacturing expansion and qualification will require substantial liquidity, while prolonged losses could constrain flexibility before commercial volumes reach sufficient scale.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial Revenue Growth
Repeated year-over-year revenue growth indicates that Enovix is beginning to convert its battery technology and customer programs into commercial shipments. Although the base remains modest, sustained growth improves operating leverage potential and provides evidence of increasing market adoption over the next several quarters.
Read all positive factors
Enovix (ENVX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$612.26M
Dividend YieldN/A
Average Volume (3M)8.76M
Price to Earnings (P/E)―
Beta (1Y)2.28
Revenue Growth34.88%
EPS Growth-18.59%
CountryUS
Employees664
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)N/A
Shares Outstanding219,448,530
10 Day Avg. Volume12,166,751
30 Day Avg. Volume8,760,667
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)5.83
Price to Sales (P/S)49.72
P/FCF Ratio-13.94
Enterprise Value/Market Cap2.02
Enterprise Value/Revenue34.42
Enterprise Value/Gross Profit-145.25
Enterprise Value/Ebitda-12.10
Forecast
1Y Price Target
$10.29Price Target Upside204.31% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Enovix Business Overview & Revenue Model
Company Description
Founded in 2007 and based in Fremont, California, Enovix Corporation specializes in the innovation, development, and production of lithium-ion battery technology....
How the Company Makes Money
Enovix makes money primarily by selling lithium-ion battery cells and related battery products to customers (i.e., product revenue from shipments). Its revenue model depends on qualifying its cells with device makers and then supplying cells at ag...
Enovix Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
35
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 35.88M | 31.82M | 23.07M | 7.64M | 6.20M | 0.00 |
| Gross Profit | -8.50M | -27.62M | -2.04M | -55.42M | -17.04M | -1.97M |
| EBITDA | -102.06M | -101.21M | -172.18M | -176.30M | -43.65M | -124.17M |
| Net Income | -170.03M | -156.74M | -222.24M | -214.07M | -51.62M | -125.87M |
Balance Sheet | ||||||
| Total Assets | 799.62M | 880.35M | 527.17M | 564.30M | 440.59M | 482.56M |
| Cash, Cash Equivalents and Short-Term Investments | 475.78M | 512.04M | 272.87M | 306.81M | 322.85M | 385.29M |
| Total Debt | 537.48M | 540.38M | 192.56M | 190.61M | 8.23M | 9.07M |
| Total Liabilities | 587.63M | 606.34M | 277.77M | 303.20M | 84.16M | 156.45M |
| Stockholders Equity | 209.94M | 271.21M | 246.74M | 258.15M | 356.43M | 326.12M |
Cash Flow | ||||||
| Free Cash Flow | -124.20M | -113.51M | -184.82M | -166.43M | -118.95M | -94.89M |
| Operating Cash Flow | -107.38M | -95.29M | -108.63M | -104.64M | -82.74M | -51.31M |
| Investing Cash Flow | -462.52M | -538.27M | -1.38M | -142.96M | -36.21M | -43.58M |
| Financing Cash Flow | 468.08M | 467.38M | 150.75M | 159.59M | 56.51M | 451.09M |
Enovix Technical Analysis
Neutral
3.38
Price Trends
2.99
Negative
4.23
Negative
5.27
Negative
Market Momentum
-0.15
Negative
51.78
Neutral
56.62
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ENVX, the sentiment is Neutral. The current price of 3.38 is above the 20-day moving average (MA) of 2.59, above the 50-day MA of 2.99, and below the 200-day MA of 5.27, indicating a neutral trend. The MACD of -0.15 indicates Negative momentum. The RSI at 51.78 is Neutral, neither overbought nor oversold. The STOCH value of 56.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ENVX.
Enovix Risk Analysis
Enovix disclosed 64 risk factors in its most recent earnings report. Enovix reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Enovix Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
51 Neutral | $192.42M | 3.09 | 11.54% | ― | -13.03% | ― | |
50 Neutral | $1.19B | -28.14 | -34.75% | ― | 143.61% | 13.94% | |
49 Neutral | $612.26M | -3.49 | -66.93% | ― | 34.88% | -18.59% | |
48 Neutral | $451.80M | -4.30 | -19.68% | ― | -51.49% | 14.04% | |
47 Neutral | $1.93B | -1.01 | -176.19% | ― | 10.59% | 41.83% | |
47 Neutral | $630.01M | -0.38 | 55.63% | ― | 533.87% | 31.49% |
* Industrials Sector Average
ENVX
Enovix
2.68
-9.49
-77.98%
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Enovix Corporate Events
Business Operations and StrategyFinancial Disclosures
Enovix Updates Outlook, Highlights Shift Toward Industrial Markets
Neutral
Oct 22, 2026
On October 21, 2026, Enovix moved to correct statements attributed to one of its officers in a media article that cited an estimated $100 million in 2027 revenue, largely from smartphone customers. The company said this revenue figure was not an a...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Enovix Boosts Q3 Revenue, Refocuses on Defense Markets
Positive
Oct 13, 2026
Enovix reported on October 12, 2026 that its preliminary, unaudited Q3 2026 revenue reached about $11.0 million, a 38% increase year over year and above guidance, marking its sixth consecutive quarter of revenue growth even as it remained loss-mak...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Enovix Appoints Interim CEO Following Leadership Transition
Neutral
Aug 17, 2026
On August 13, 2026, Enovix CEO and president Raj Talluri resigned from his roles, with the board appointing chairman and largest shareholder T.J. Rodgers as executive chairman and CFO Ryan Benton as interim CEO on August 14 while a search for a pe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.