Enovix Corporation Common Stock (ENVX)

FairStock Score: 34/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses with durable moats, honest accounting, and a margin of safety. Enovix does not yet fit that picture. In fiscal Q2 2026, the quarter ended 2026-07-05, it reported revenue of $9.0M and a net loss of $43.1M—a -477.21% net margin. For FY2025, period ended 2025-12-28, revenue was $31.8M and net loss was $156.7M; FY2024 revenue was $23.1M with a $222.2M loss; FY2023 revenue was $7.6M with a $214.1M loss. The top line is growing, but the company has not earned a profit in any of the last four years, which is why FairStock's Lynch category is none. Trailing free cash flow is -$124.2M, a FairStock-calculated FCF yield of -22.5%. That is heavy cash consumption. The balance sheet gives me pause: D/E 2.56, ROE -81.28%, ROCE -17.55%, Piotroski F-Score 2/9, and Altman Z-Score -0.78, all FairStock calculations. At the 2026-10-13 close of $2.51 and market cap $550.8M, FairStock shows P/E -3.18, P/B 2.56, beta 2.30, and a FairStock Score of 34/100. A negative P/E is not a valuation anchor; the P/B and price versus $31.8M of FY2025 revenue suggest the market is paying for future execution. Battery manufacturing is capital-intensive and competitive, and I see no proven durable moat in the figures. Revenue growth from $7.6M in FY2023 to $31.8M in FY2025 is real, but losses remain enormous. Until cash burn shrinks and gross margins turn positive, this is speculation, not a Graham-style bargain.

In plain English: Enovix designs and makes lithium-ion battery cells for devices like wearables, phones, and electric vehicles. The business is not yet making money: in the quarter ended July 5, 2026, it lost $43.1 million on $9.0 million of revenue, and it has lost money every year for the last four years. At $2.51, the price looks expensive compared with current sales and profits, so it depends more on future hopes than today's numbers.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-07-05) · fiscal Q1 2026 10-Q (period ended 2026-04-05) · fiscal Q3 2025 10-Q (period ended 2025-09-28) · fiscal Q2 2025 10-Q (period ended 2025-06-29) · FY2025 10-K (period ended 2025-12-28) · FY2024 10-K (period ended 2024-12-29) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer