Enovix (ENVX) AI Stock Analysis

• Market Cap: $1.38B
• Dividend Yield: N/A
• Average Volume (3M): 5.55M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.40
• 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: 6,310,971
• 30 Day Avg. Volume: 5,546,797
• 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: 0.65
• Enterprise Value/Revenue: 29.87
• Enterprise Value/Gross Profit: 194.23
• Enterprise Value/Ebitda: -8.36
• 1Y Price Target: $15.67
• Price Target Upside: 177.84% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: $6.50 ▲(15.25% Upside)

The score is held back primarily by weak profitability and negative operating/free cash flow despite improving revenue and margins. Technicals are neutral and do not yet confirm a durable uptrend, while valuation lacks support due to losses and no dividend. Offsetting these, earnings-call guidance and liquidity were notably strong, and recent operational leadership changes support the planned manufacturing ramp.

Positive Factors

Strong liquidity runway

A $648M cash and marketable securities balance gives Enovix a multi-quarter runway to fund Fab2 buildout, tooling and R&D during qualification and initial ramp. This reduces near-term financing risk, supports capital-intensive scale-up and allows management to prioritize execution over urgent fundraising.

Validated high energy-density product

Independent validation of the AI-1 as highest energy-density for smartphones confirms a durable technical advantage for Enovix's 3D Silicon approach. This strengthens OEM credibility, supports deeper integration conversations, and creates a structural product differentiation that can sustain premium win rates across device categories.

Manufacturing leadership & yield gains

Leadership realignment plus hires with high-volume production experience and reported yield improvements in Malaysia address core execution risks. Better operations governance and regional manufacturing strength materially improve the odds of a disciplined, repeatable ramp and lower per-unit costs over the next 2-6 months.

Negative Factors

Negative profitability & cash generation

Despite revenue growth and improving gross margin, persistent negative net and EBIT margins and weak operating/free cash flow limit self-funding and compress returns. Continued losses increase reliance on cash reserves or external funding, constraining flexibility and elevating execution risk during commercialization.

Smartphone qualification delays

Needing another design iteration to meet 1,000 cycle requirements delays the Honor smartphone program into H1 2026. That postpones a high-volume revenue driver, extends qualification costs, and risks schedule slippage with OEM partners—delaying meaningful scale and margin improvement tied to that program.

Elevated operating expenses

Rising operating expenses—driven by higher depreciation, R&D and manufacturing readiness—raise the burn rate during a capital-intensive ramp. Combined with ongoing CapEx for Fab2 and new lines, elevated opex increases the cash draw from reserves and narrows the window to achieve positive operating leverage.

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

Revenue is growing, and gross margin has improved to positive levels, but the company remains unprofitable with negative net/EBIT margins and weak cash generation. Balance sheet leverage is low, yet negative returns and negative operating/free cash flow keep the financial profile below average.

Income Statement

Enovix shows a positive revenue growth rate of 13.81% TTM, indicating some improvement in sales. However, the company struggles with profitability, as evidenced by negative net profit margins and EBIT margins. The gross profit margin has improved to 15.38% TTM from negative figures in previous years, but overall profitability remains a concern due to significant net losses.

Balance Sheet

The company's debt-to-equity ratio has improved significantly to 0.073 TTM, reflecting a stronger equity position relative to debt. However, the return on equity remains negative, indicating that the company is not generating profits from its equity base. The equity ratio is relatively stable, suggesting a solid asset base, but profitability issues persist.

Cash Flow

Enovix's cash flow situation is challenging, with negative operating and free cash flows. The free cash flow growth rate is negative, and the operating cash flow to net income ratio is also negative, indicating cash flow difficulties. The free cash flow to net income ratio is positive, suggesting some alignment between cash flow and accounting profits, but overall cash flow health is weak.

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: 5.64
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• 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 5.64 is below the 20-day moving average (MA) of 7.35, below the 50-day MA of 7.79, and below the 200-day MA of 9.50, indicating a bearish trend. The MACD of -0.48 indicates Positive momentum. The RSI at 28.09 is Positive, neither overbought nor oversold. The STOCH value of 11.02 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	59 Neutral	$4.02B	-1.35	―	―	324.10%	-214.91%
AMPX	58 Neutral	$1.62B	-40.68	-39.01%	―	234.14%	42.67%
ENVX	54 Neutral	$1.38B	-6.96	-68.95%	―	45.98%	44.14%
PLUG	52 Neutral	$2.85B	-0.85	-95.42%	―	2.53%	-2.83%
MVST	52 Neutral	$817.18M	-4.83	-35.82%	―	19.82%	-7.14%
SLDP	45 Neutral	$881.53M	-6.99	-23.63%	―	25.24%	-12.96%

Enovix Corporate Events

Enovix realigns leadership to support mass battery production

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 leadership realignment disclosed in a January 20, 2026 release, Enovix is shifting its operations organization to support the start of mass production of its batteries, expanding the role of Senior Vice President Kihong “KH” Park to lead global manufacturing operations and elevating Advanced Manufacturing Engineering to report directly to the CEO. The company has hired Ed Casey as Vice President, Operations to lead AME and added Sanghyuck Park as Senior Director, AME, both seasoned manufacturing executives with extensive experience scaling complex, high-volume production in Asia, Europe, and North America. Enovix credited its Korea operations under KH Park with strengthening regional performance and supporting approximately 38% preliminary, unaudited revenue growth in 2025, and it is positioning this new leadership structure to accelerate a disciplined, repeatable ramp as it transitions from qualification to sustained high-volume production, particularly at its Fab2 facility in Malaysia.

The most recent analyst rating on (ENVX) stock is a Buy with a $21.00 price target. To see the full list of analyst forecasts on Enovix stock, see the ENVX Stock Forecast page.