Enovix (ENVX)
NASDAQ:ENVX
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Enovix
(NASDAQ:ENVX)
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Rating:52Neutral
Price Target:
$5.00
▼(-10.07% Downside)
Action:ReiteratedDate:02/26/26
The score is driven primarily by mixed fundamentals: strong revenue growth, improving margins, and a cleaner balance sheet are offset by very large ongoing losses and persistent cash burn. Technicals further weigh on the score as the stock remains in a clear downtrend. The earnings call adds support due to strong liquidity and improving commercialization indicators, but qualification and manufacturing execution risks remain significant.
Positive Factors
Revenue & margin improvement
Sustained double‑digit revenue growth from a small base alongside a material gross margin recovery indicates improving product-market fit and unit economics. Over 2–6 months this trend supports scalable commercialization and better leverage as volumes rise and higher-margin programs expand.
Negative Factors
Large ongoing losses and cash burn
Despite margin gains and revenue growth, the company remains deeply unprofitable with substantial negative operating and free cash flow. Continued burn will progressively deplete reserves or require external funding if cost structure and revenue scale do not improve, constraining strategic optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & margin improvement
Sustained double‑digit revenue growth from a small base alongside a material gross margin recovery indicates improving product-market fit and unit economics. Over 2–6 months this trend supports scalable commercialization and better leverage as volumes rise and higher-margin programs expand.
Read all positive factors
Enovix (ENVX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.24B
Dividend YieldN/A
Average Volume (3M)6.11M
Price to Earnings (P/E)―
Beta (1Y)2.28
Revenue Growth45.98%
EPS Growth44.14%
CountryUS
Employees570
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.14
Shares Outstanding217,224,440
10 Day Avg. Volume5,385,011
30 Day Avg. Volume6,110,696
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 Cap-67.21
Enterprise Value/Revenue-2.63K
Enterprise Value/Gross Profit-17.02K
Enterprise Value/Ebitda826.60
Forecast
1Y Price Target
$12.31Price Target Upside121.40% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)-0.59
Revenue Forecast (FY)$40.68M
Enovix Business Overview & Revenue Model
Company Description
Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California....
How the Company Makes Money
Enovix makes money primarily by selling lithium-ion battery cells it manufactures using its proprietary silicon-anode battery architecture. Revenue is generated from (1) product sales of battery cells shipped to customers (recognized when control ...
Enovix Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call presented a number of meaningful operational and commercial positives: record quarterly and annual revenue, improved gross margins, a strong cash position ($621M), clear near-term commercialization pathways (smart eyewear shipments expected H2 2026), an expanding defense and drone pipeline (~$100M), and improving manufacturing yields and leadership. However, there are important near-term risks and uncertainties — most notably the smartphone qualification gap on the accelerated 0.7C cycle-life test, the Zone 1 dicing throughput constraint, continued substantial operating losses, and Q1 seasonality-driven revenue decline. Management articulated defined mitigation paths for technical and manufacturing challenges and emphasized ample liquidity and disciplined capital allocation. Overall, the progress and liquidity mitigate many risks, but timing and execution on qualification and scale remain key variables.Positive Updates
Record Quarterly and Annual Revenue
Q4 2025 revenue of $11.3M (record quarter), up 16% year-over-year; Full Year 2025 revenue of $31.8M (record year), up 38% year-over-year. Q4 revenue was above the top end of guidance ($10.5M).
Negative Updates
Smartphone Accelerated Cycle-Life (0.7C) Shortfall
Batteries currently appear on track to exceed 1,000 cycles at 0.2C but are not on track to meet the accelerated 0.7C cycle-life requirement used by smartphone OEMs. Because no prior 100% silicon-anode smartphone battery qualification exists, test protocols are ambiguous, creating qualification risk and multiple possible (and time-consuming) resolution pathways.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly and Annual Revenue
Q4 2025 revenue of $11.3M (record quarter), up 16% year-over-year; Full Year 2025 revenue of $31.8M (record year), up 38% year-over-year. Q4 revenue was above the top end of guidance ($10.5M).
Read all positive updates
Company Guidance
Guidance for Q1 2026 called for revenue of $6.5 million to $7.5 million, non‑GAAP loss from operations of $29 million to $32 million, and capital expenditures of $9 million to $11 million (with the majority of Q4 equipment payments shifting into H1 2026); this follows a Q4 that beat top‑end revenue guidance ($11.3M versus $10.5M guide), produced $2.9M of non‑GAAP gross profit (~26% non‑GAAP gross margin), a non‑GAAP loss from operations of $28.9M (better than the $30–$33M guide) and non‑GAAP net loss per share of $0.14 (versus a $0.16–$0.20 guide); full‑year 2025 revenue was $31.8M (up 38% YoY) with full‑year non‑GAAP gross margin of 23%, ending the year with $621M in cash, cash equivalents and marketable securities, an authorized share repurchase program, a global defense pipeline of roughly $100M, and operational notes that yields are ≳80% (dicing ~80% to date) while drone cells are testing at ~342 Wh/kg with a roadmap targeting >400 Wh/kg.Enovix Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
63
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 31.82M | 23.07M | 7.64M | 6.20M | 0.00 |
| Gross Profit | 6.11M | -2.04M | -55.42M | -17.04M | -1.97M |
| EBITDA | -102.60M | -172.18M | -176.30M | -189.34M | -68.03M |
| Net Income | -156.74M | -222.24M | -214.07M | -51.62M | -125.87M |
Balance Sheet | |||||
| Total Assets | 878.98M | 527.17M | 564.30M | 440.59M | 482.56M |
| Cash, Cash Equivalents and Short-Term Investments | 512.04M | 272.87M | 306.81M | 322.85M | 385.29M |
| Total Debt | 21.11M | 192.56M | 190.61M | 8.23M | 9.07M |
| Total Liabilities | 604.96M | 277.77M | 303.20M | 84.16M | 156.45M |
| Stockholders Equity | 271.21M | 246.74M | 258.15M | 356.43M | 326.12M |
Cash Flow | |||||
| Free Cash Flow | -113.51M | -184.82M | -166.43M | -118.95M | -95.29M |
| Operating Cash Flow | -95.29M | -108.63M | -104.64M | -82.74M | -51.70M |
| Investing Cash Flow | -538.27M | -1.38M | -142.96M | -36.21M | -43.58M |
| Financing Cash Flow | 467.38M | 150.75M | 159.59M | 56.51M | 451.49M |
Enovix Technical Analysis
Neutral
5.56
Price Trends
5.64
Positive
6.80
Negative
9.06
Negative
Market Momentum
-0.04
Negative
56.29
Neutral
81.37
Negative
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 5.56 is above the 20-day moving average (MA) of 5.14, below the 50-day MA of 5.64, and below the 200-day MA of 9.06, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 56.29 is Neutral, neither overbought nor oversold. The STOCH value of 81.37 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ENVX.
Enovix Risk Analysis
Enovix disclosed 65 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% | |
59 Neutral | $2.32B | -10.68 | -49.74% | ― | 234.14% | 42.67% | |
57 Neutral | $517.97M | -31.12 | -7.40% | ― | 19.82% | -7.14% | |
52 Neutral | $1.24B | -10.09 | -0.23% | ― | 45.98% | 44.14% | |
50 Neutral | $3.69B | -1.40 | -110.00% | ― | 2.53% | -2.83% | |
48 Neutral | $661.73M | -7.26 | -23.87% | ― | 25.24% | -12.96% | |
46 Neutral | $1.56B | -3.08 | 73.98% | ― | 324.10% | -214.91% |
* Industrials Sector Average
ENVX
Enovix
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Enovix Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Enovix Announces New Share Buyback and Record Revenue
Positive
Feb 25, 2026
On February 25, 2026, Enovix’s board authorized a new share repurchase plan for up to $75 million of common stock, supplementing its July 2025 program that had about $1.6 million of remaining capacity as of December 28, 2025 and runs through...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Enovix realigns leadership to support mass battery production
Positive
Jan 20, 2026
On January 19, 2026, Enovix announced that Chief Operating Officer Ajay Marathe will retire effective February 17, 2026, a move the company said was not related to any disagreement over its operations, policies, or practices. In a broader leadersh...
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.