Enovix (ENVX) AI Stock Analysis

• Market Cap: $1.95B
• Dividend Yield: N/A
• Average Volume (3M): 4.24M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.61
• Revenue Growth: 77.59%
• EPS Growth: 2.01%
• Country: US
• Employees: 570
• Sector: Industrials
• Sector Strength: 87
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.15
• Shares Outstanding: 192,003,860
• 10 Day Avg. Volume: 5,779,376
• 30 Day Avg. Volume: 4,241,231
• PEG Ratio: 0.00
• Price to Book (P/B): 195.41
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -57.37
• Enterprise Value/Market Cap: 0.81
• Enterprise Value/Revenue: 19.05
• Enterprise Value/Gross Profit: 99.23K
• Enterprise Value/Ebitda: -3.05
• 1Y Price Target: $17.17
• Price Target Upside: 69.16% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8

• Rating: 58 Neutral
• Price Target: $8.50 ▼(-16.26%Downside)

Enovix's overall stock score reflects a company with substantial financial challenges but some positive technical indicators and strategic corporate actions. The financial performance weighs heavily on the score, but the positive sentiment from recent acquisitions and leadership changes provides a slight counterbalance.

Positive Factors

Acquisition

Enovix's acquisition of SolarEdge battery facilities was an inexpensive and opportunistic addition to its Routejade business, increasing coating capabilities within the same campus.

Market Expansion

Interest in Enovix's technology is expanding beyond smartphones, with defense, smart glasses, and handheld computers showing interest.

Product Development

Enovix made significant progress toward commercializing its product with its primary smartphone OEM customer, with final dimensions, material specifications, and performance requirements established.

Negative Factors

Financials

An increase in operating and capital expenses is expected due to the ramp in sample cell production, which may impact financials.

Price Target

Analysts have lowered the price target for ENVX from $10 to $7 due to changes in discount rate and line ramp.

Stock Performance

The stock has fallen over 50% from its peak earlier this year despite the fundamentals improving and management executing on milestones.

Enovix Business Overview & Revenue Model

Company Description

Enovix Corporation (ENVX) is an advanced battery technology company based in Fremont, California. The company specializes in developing and manufacturing next-generation lithium-ion batteries with a focus on 3D cell architecture. Enovix's core products are designed to enhance energy density and improve performance for a variety of applications, including consumer electronics, electric vehicles, and other energy storage needs. The company is known for its innovative approach to battery design, which aims to meet the growing demand for higher-capacity and longer-lasting batteries.

How the Company Makes Money

Enovix makes money primarily through the sale of its advanced lithium-ion batteries to manufacturers of consumer electronics, electric vehicles, and other technology-driven sectors. The company's revenue model is centered around the commercial production and licensing of its unique 3D cell architecture, which offers significant improvements in energy density and battery life. Key revenue streams include direct sales of battery products to original equipment manufacturers (OEMs) and strategic partnerships that involve joint development and commercialization efforts. Additionally, Enovix may engage in research and development collaborations that contribute to its earnings by leveraging its proprietary technology to create tailored energy solutions.

Enovix Financial Statement Overview

Summary

Enovix faces substantial financial hurdles characterized by recurring losses and cash flow challenges. While there is moderate balance sheet stability, the company's inability to generate profit and positive cash flow from operations raises concerns about long-term financial health.

Income Statement

Enovix has faced significant challenges in terms of profitability, with a consistent pattern of net losses and negative EBIT and EBITDA margins. While there was a slight revenue increase in recent periods, the company’s gross profit margin remains extremely low, indicating difficulties in cost management and sales execution.

Balance Sheet

The balance sheet shows moderate stability with a relatively high equity ratio and manageable debt levels. However, the debt-to-equity ratio has increased slightly, emphasizing the need for cautious financial management. The return on equity remains negative due to persistent net losses.

Cash Flow

Cash flow analysis indicates a challenging situation, with negative operating and free cash flows. Despite positive financing cash flow, driven by external funding, the company's ability to generate cash from operations remains weak. This raises concerns regarding sustainability without additional financing.

Breakdown	TTM	Dec 2024	Dec 2023	Mar 2023	Mar 2022	Dec 2020
Income Statement
Total Revenue	22.90M	23.07M	263.00K	6.20M	0.00	0.00
Gross Profit	16.00K	-2.04M	-43.03M	-17.04M	-1.97M	-3.38M
EBITDA	-94.50M	-174.26M	-165.48M	-189.34M	-68.03M	-25.33M
Net Income	-199.38M	-222.24M	-154.09M	99.30M	-126.04M	-37.38M
Balance Sheet
Total Assets	499.05M	527.17M	564.30M	440.59M	482.56M	64.96M
Cash, Cash Equivalents and Short-Term Investments	248.16M	272.87M	306.81M	322.85M	385.29M	29.14M
Total Debt	192.19M	192.56M	190.61M	8.23M	9.07M	0.00
Total Liabilities	261.26M	277.77M	303.20M	84.16M	156.45M	28.75M
Stockholders Equity	235.14M	246.74M	258.15M	356.43M	326.12M	36.22M
Cash Flow
Free Cash Flow	-157.87M	-184.82M	-110.39M	-118.95M	-95.29M	-47.00M
Operating Cash Flow	-90.50M	-108.63M	-77.41M	-82.74M	-51.70M	-20.05M
Investing Cash Flow	-84.86M	-1.38M	-132.01M	-36.21M	-43.58M	-26.95M
Financing Cash Flow	143.83M	150.75M	159.59M	56.51M	451.49M	65.92M

Enovix Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 10.15
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ENVX, the sentiment is Positive. The current price of 10.15 is above the 20-day moving average (MA) of 8.95, above the 50-day MA of 7.90, and above the 200-day MA of 9.22, indicating a bullish trend. The MACD of 0.69 indicates Negative momentum. The RSI at 70.27 is Negative, neither overbought nor oversold. The STOCH value of 83.24 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ENVX.

Enovix Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MVST	65 Neutral	$1.16B	―	-26.38%	―	21.69%	-28.26%
SLDP	61 Neutral	$394.60M	―	-20.64%	―	3.22%	-33.20%
Sector *	59 Neutral	AU$1.63B	9.47	11.29%	3.71%	6.59%	5.93%
ENVX	58 Neutral	$1.95B	―	-85.86%	―	77.59%	2.01%
PLUG	56 Neutral	$1.62B	―	-83.81%	―	-19.85%	4.94%
EOSE	55 Neutral	$1.20B	―	125.43%	―	37.60%	-161.38%
AMPX	53 Neutral	$471.34M	―	-68.88%	―	209.20%	4.24%

Enovix Corporate Events

Enovix Holds 2025 Annual Stockholders Meeting

On June 12, 2025, Enovix Corporation held its 2025 Annual Meeting of Stockholders, where 67.5% of the voting power was represented. During the meeting, stockholders approved the election of seven directors for a one-year term, the compensation of named executive officers, and the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for fiscal year 2025.

The most recent analyst rating on (ENVX) stock is a Buy with a $36.00 price target. To see the full list of analyst forecasts on Enovix stock, see the ENVX Stock Forecast page.

Enovix Appoints New CFO to Boost Growth

On April 17, 2025, Enovix Corporation announced the appointment of Ryan Benton as Chief Financial Officer, effective April 14, 2025. Benton, who brings over three decades of financial leadership experience, previously served as CFO for several public companies, including Silvaco and Exar Corporation. His appointment is seen as a strategic move to strengthen Enovix’s financial leadership as the company approaches mass production of smartphone batteries and anticipates a significant consumer product launch by the end of the year. Benton’s experience and communication style are expected to enhance investor relations and support Enovix’s growth strategy, particularly in light of the company’s recent acquisition in Korea, which aims to improve cost and quality in its supply chain.

Enovix Acquires SolarEdge Assets to Boost Manufacturing

On April 3, 2025, Enovix Corporation announced the acquisition of battery cell manufacturing assets from SolarEdge in South Korea. This acquisition, which includes a 330,000 square foot facility adjacent to Enovix’s existing site in Nonsan City, aims to expand the company’s manufacturing capacity and meet the growing demand in the defense industry. The transaction is expected to close in April 2025, and Enovix plans to hire key personnel from SolarEdge Korea to enhance its manufacturing, quality, R&D, and process engineering capabilities. This strategic move is anticipated to simplify the supply chain, accelerate innovation, and improve gross margins, with a projected increase in battery sales for defense and industrial applications in 2025 and 2026.