Enovix (ENVX) AI Stock Analysis

• Market Cap: $1.55B
• Dividend Yield: N/A
• Average Volume (3M): 7.18M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.34
• Revenue Growth: 45.98%
• EPS Growth: 44.14%
• Country: US
• Employees: 570
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.14
• Shares Outstanding: 215,816,010
• 10 Day Avg. Volume: 6,851,301
• 30 Day Avg. Volume: 7,181,834
• PEG Ratio: 1.46
• Price to Book (P/B): 7.80
• Price to Sales (P/S): 83.45
• P/FCF Ratio: -10.42
• Enterprise Value/Market Cap: 1.33
• Enterprise Value/Revenue: 68.40
• Enterprise Value/Gross Profit: 444.73
• Enterprise Value/Ebitda: -19.14
• 1Y Price Target: $19.00
• Price Target Upside: 154.35% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): -0.6
• Revenue Forecast (FY): $30.48M

• Rating: 55 Neutral
• Price Target: $9.00 ▲(20.48% Upside)

Enovix's overall stock score reflects strong revenue growth and strategic advancements, but profitability and cash flow challenges weigh heavily. The company's improved balance sheet and recent corporate events provide a positive outlook, yet technical indicators suggest caution.

Positive Factors

Revenue Growth

Strong revenue growth indicates successful market penetration and product adoption, enhancing long-term business viability and competitive position.

Financial Position

A robust financial position with significant cash reserves supports strategic investments and operational stability, fostering sustainable growth.

Product Innovation

Innovative product development strengthens Enovix's market position and opens new revenue streams, particularly in high-demand sectors like smartphones.

Negative Factors

Profitability Challenges

Ongoing profitability issues may hinder long-term financial health, limiting reinvestment capabilities and affecting investor confidence.

Cash Flow Difficulties

Weak cash flow generation can constrain operational flexibility and growth initiatives, posing risks to sustained business operations.

Increased Operating Expenses

Rising operating expenses without corresponding revenue increases can pressure margins and profitability, affecting long-term financial performance.

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 generates revenue primarily through the sale of its advanced battery systems to manufacturers in the consumer electronics and electric vehicle sectors. The company employs a business model that includes direct sales to original equipment manufacturers (OEMs) and strategic partnerships for joint development projects. Key revenue streams include contracts for battery supply agreements, licensing of its 3D Silicon™ technology, and potential collaborations with automotive companies aiming to integrate Enovix’s battery solutions into their electric vehicle platforms. Additionally, government grants and funding for research and development activities further contribute to its earnings.

Enovix Financial Statement Overview

Summary

Enovix is experiencing revenue growth but struggles with profitability and cash flow management. The balance sheet shows moderate leverage, but the company needs to improve operational efficiency and profitability to ensure long-term financial health.

Income Statement

Enovix shows a positive revenue growth rate of 16.16% TTM, indicating potential market expansion. However, the company struggles with profitability, as evidenced by negative net profit and EBIT margins. The gross profit margin is slightly positive, suggesting some improvement in cost management, but overall profitability remains a concern.

Balance Sheet

The debt-to-equity ratio of 0.82 TTM indicates moderate leverage, which is manageable but requires monitoring. The return on equity is negative, reflecting ongoing losses. The equity ratio is stable, suggesting a solid capital structure, but the company needs to improve profitability to enhance shareholder returns.

Cash Flow

Enovix's cash flow situation is challenging, with negative operating and free cash flows. The free cash flow to net income ratio is positive, indicating some efficiency in cash usage relative to net losses. However, the negative growth in free cash flow and operating cash flow coverage ratio highlight liquidity concerns.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	30.27M	23.07M	7.64M	6.20M	0.00	0.00
Gross Profit	4.66M	-2.04M	-55.42M	-17.04M	-1.97M	-3.38M
EBITDA	-108.19M	-172.18M	-176.30M	-189.34M	-68.03M	-25.33M
Net Income	-159.22M	-222.24M	-214.07M	-51.62M	-125.87M	-39.65M
Balance Sheet
Total Assets	913.71M	527.17M	564.30M	440.59M	482.56M	64.96M
Cash, Cash Equivalents and Short-Term Investments	558.82M	272.87M	306.81M	322.85M	385.29M	29.14M
Total Debt	21.56M	192.56M	190.61M	8.23M	9.07M	0.00
Total Liabilities	616.61M	277.77M	303.20M	84.16M	156.45M	28.75M
Stockholders Equity	294.26M	246.74M	258.15M	356.43M	326.12M	36.22M
Cash Flow
Free Cash Flow	-117.82M	-184.82M	-110.39M	-118.95M	-95.29M	-47.00M
Operating Cash Flow	-84.25M	-108.63M	-77.41M	-82.74M	-51.70M	-20.05M
Investing Cash Flow	-355.56M	-1.38M	-132.01M	-36.21M	-43.58M	-26.95M
Financing Cash Flow	577.26M	150.75M	159.59M	56.51M	451.49M	65.92M

Enovix Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 7.47
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ENVX, the sentiment is Negative. The current price of 7.47 is below the 20-day moving average (MA) of 8.05, below the 50-day MA of 9.69, and below the 200-day MA of 9.45, indicating a bearish trend. The MACD of -0.39 indicates Positive momentum. The RSI at 39.36 is Neutral, neither overbought nor oversold. The STOCH value of 9.71 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ENVX.

Enovix Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
EOSE	56 Neutral	$3.98B	-1.47	―	―	324.10%	-214.91%
ENVX	55 Neutral	$1.55B	-9.21	-68.95%	―	45.98%	44.14%
PLUG	51 Neutral	$3.01B	-1.04	-95.42%	―	2.53%	-2.83%
SLDP	51 Neutral	$825.22M	-8.41	-23.63%	―	25.24%	-12.96%
AMPX	51 Neutral	$1.15B	-35.18	-39.01%	―	234.14%	42.67%
MVST	50 Neutral	$922.19M	-5.87	-35.82%	―	19.82%	-7.14%

Enovix Corporate Events

Enovix Completes $360M Convertible Notes Offering

On September 10, 2025, Enovix Corporation completed a private offering of $360 million in Convertible Senior Notes due 2030, with the proceeds intended for general corporate purposes and potential acquisitions. The offering is expected to enhance Enovix’s financial flexibility and support its strategic initiatives, potentially accelerating the adoption of its battery technology in new markets.

Enovix Advances AI-1 Battery Platform with New Certifications

Enovix Corporation has announced significant advancements in its AI-1 battery platform, which boasts a high energy density of over 900 Wh/L and is designed for AI-enabled products. The company has shipped sample batteries to leading smartphone and smart eyewear OEMs and has completed the UN38.3 certification for its smartphone batteries. Financially, Enovix reported a second-quarter revenue of $7.5 million, nearly double from the previous year, and raised approximately $232 million from a warrant dividend distribution. These developments position Enovix to capitalize on a multi-billion-dollar market opportunity in the smartphone industry, with their technology enabling on-device AI without compromising battery life.