# Enovix Corporation (ENVX)

> Source: Nexqual · https://nexqual.com/ENVX · data as of 2026-10-23 17:47 UTC · cite as "Nexqual, Enovix Corporation (ENVX), nexqual.com/ENVX" · informational, not investment advice.

**Price:** USD 2.94 (+15.10% today) · US market open, as of October 23, 2026 at 17:47 UTC; quotes may be delayed. Prev close 2.55 · day 2.45–2.96 · 52w 2.2–12.65 · market cap $644M · NMS

## Key facts
- Last four reported quarters (through Jul 5, 2026): revenue $35.9M, net income -$170M (-473.9% margin), free cash flow -$124M (SEC filings).
- Total return with dividends: 1Y -74.4% vs S&P 500 +14.4%; 5Y -88.9% vs S&P 500 +77.1%.
- Next earnings: 2026-11-12, EPS estimate USD -0.14, revenue estimate $9.8M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0K | $6.2M | $7.6M | $23.1M | $31.8M | $35.9M |
| Gross profit | -$2.0M | -$17.0M | -$55.4M | -$2.0M | $6.1M | — |
| Operating income | -$69.5M | -$132M | -$230M | -$243M | -$177M | -$178M |
| Net income | -$126M | -$51.6M | -$214M | -$222M | -$157M | -$170M |
| EPS (diluted) | -$1.07 | -$0.82 | -$1.30 | -$1.19 | -$0.75 | — |
| Free cash flow | -$94.9M | -$119M | -$166M | -$185M | -$114M | -$124M |
| Gross margin | — | -274.7% | -725.0% | -8.9% | 19.2% | — |
| Operating margin | — | -2128.0% | -3012.2% | -1051.7% | -557.0% | -496.5% |
| Net margin | — | -832.3% | -2800.5% | -963.2% | -492.6% | -473.9% |
| Revenue growth | — | — | +23.3% | +201.9% | +37.9% | — |
| Cash + short-term investments | $385M | $323M | $307M | $273M | $512M | — |
| Total debt | $0K | $0K | $171M | $170M | $520M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 5, 2026)
P/S 17.9x · EV/Sales 19.2x · P/B 3.1x · FCF yield -19.28% · Earnings yield -26.40% · Net debt $45.4M · EV $690M

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | StoneX | Target lowered | Buy | $15 → $10 |
| 2026-08-17 | William Blair | Downgrade | Outperform → Market Perform |  |
| 2026-08-14 | Canaccord Genuity | Target lowered | Buy | $15 → $10 |
| 2026-08-13 | B. Riley Securities | Target lowered | Buy | $10 → $9 |
| 2026-08-13 | Cantor Fitzgerald | Reiterated | Overweight | $25 |
| 2026-07-24 | TD Cowen | Target lowered | Hold | $7 → $5.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -74.4% | -88.9% |
| S&P 500 (SPY) | +14.4% | +77.1% |
| Per year | -74.5% | -35.6% |
| Volatility (annualized) | 88.5% | 91.1% |
| Max drawdown | -81.7% (Oct 2025→Oct 2026) | -93.1% (Nov 2021→Oct 2026) |

## Peers (Electrical Equipment & Parts)
EOSE (Eos Energy Enterprises, Inc.) USD 1.71 -0.00% · KE (Kimball Electronics, Inc.) USD 24.78 -0.90% · TE (T1 Energy Inc.) USD 2.27 -1.73% · ADSE (ADS-TEC ENERGY PLC) USD 9.69 +1.41% · FCEL (FuelCell Energy, Inc.) USD 11.28 -2.63% · AMPX (Amprius Technologies, Inc.) USD 8.17 +3.29%

## More
Full page: https://nexqual.com/ENVX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ENVX's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1828318/000182831826000006/envx-20251228.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | SOLAREDGE TECHNOLOGIES, INC. (SEDG) | "As our operations expanded, we invested in additional manufacturing capacity, including the construction of a high-volume production facility in Malaysia for our second production line ("Fab2"), the acquisition of Routej…" |
| Supplier | Panasonic | "Incumbent suppliers of Li-ion batteries include Amperex Technology Limited, Panasonic Corporation, Samsung SDI Co., Ltd., Contemporary Amperex Technology Co., Limited, SK On Co., Ltd., BYD Company Limited, and LG-Energy …" |
| Supplier | CATL | "Incumbent suppliers of Li-ion batteries include Amperex Technology Limited, Panasonic Corporation, Samsung SDI Co., Ltd., Contemporary Amperex Technology Co., Limited, SK On Co., Ltd., BYD Company Limited, and LG-Energy …" |
| Supplier | BYD | "Incumbent suppliers of Li-ion batteries include Amperex Technology Limited, Panasonic Corporation, Samsung SDI Co., Ltd., Contemporary Amperex Technology Co., Limited, SK On Co., Ltd., BYD Company Limited, and LG-Energy …" |

## Revenue by region (fiscal year ended 2025-12-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asia Pacific | $21.6M | 68.0% | +67.7% |
| Switzerland | $4.3M | 13.6% | -9.3% |
| United States | $2.1M | 6.7% | +138.5% |
| Norway | $1.5M | 4.8% | -34.8% |
| Other | $1.2M | 3.7% | -6.0% |
| Taiwan | $1.0M | 3.2% | +15.0% |
| Total revenue | $31.8M | 100% | — |

## Customer concentration

Period ended 2026-07-05: 65%, 15% of revenue from unnamed direct customers (10-Q, filed 2026-08-12).

## Company outlook (8-K filed 2026-10-13)

- "Q3'26 Guidance is as provided by the Company on August 12, 2026."
- "Full results and an earnings call and webcast are expected on or about November 12, 2026; details will be announced separately. 2 GAAP figures are preliminary; the Company's Q3'26 GAAP financial statements will be included in its Form 10-Q. 3 Non-GAAP loss from operations and net loss per share exclude stock-based compensation, amortization of intangible assets and certain other items."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.14 | $-0.14 | -5.4% | $9.8M | 5 |
| Next quarter (ends 2026-12-31) | $-0.14 | $-0.14 | +1.0% | $12.7M | 5 |
| Current fiscal year (ends 2026-12-31) | $-0.55 | $-0.56 | -2.9% | $39.1M | 5 |
| Next fiscal year (ends 2027-12-31) | $-0.63 | $-0.57 | +9.5% | $75.7M | 10 |