Enovix Corporation (ENVX) Stock

Enovix Corporation (ENVX) is a Industrials stock trading at $3.27 (as of 2026-08-20), with a market capitalization of $717.60M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. Founded in 2007 and headquartered in Fremont, California, the company focuses on battery production.

Understand Enovix Corporation: how it makes money

Enovix designs and manufactures lithium-ion batteries, and it makes money by selling batteries and earning service revenue, with future growth tied to converting design wins and engaged customer opportunities into revenue.

Near-term financial results depend on whether Enovix can convert its design win and engaged opportunity pipeline into actual battery revenue while maintaining manufacturing yields and throughput.

Business quality (Weak): The company discloses a clear set of pipeline and production metrics that map to commercialization progress, but current profitability is deeply negative, and the revenue base appears small versus the scale of potential opportunities.

Bull case

  • Commercialization pipeline visibility: Enovix highlights “Engaged Opportunities Potential Annual Revenue” (USD_B 0.91) and “Potential Annual Revenue from Active Design and Design Win Programs” (USD_B 0.35), which can indicate progress toward future revenue.
  • Trackable manufacturing execution metrics: Enovix reports production and process performance metrics such as “Production Zone Yield” (percent 90.0) and “Zone 1 Dicing Step-Level Yield” (percent 80.0), which are important for scaling battery output.

Bear case

  • Current results show major profitability pressure: Operating margin is extremely negative (operating_margin_pct -577.6) as of the latest reported period (2026-04-05).
  • Potential does not equal realized revenue: Key drivers like “Engaged Opportunities Potential Annual Revenue” (USD_B 0.91) are explicitly potential, so there is risk that pipeline does not convert into actual revenue.
Valuation — source: SEC EDGAR (first-party)
Price$3.27
Market Cap$717.60M
Price / Book3.39
Price / Sales22.28
FCF Yield-31.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$31.82M
Net Margin-492.6%
Revenue Growth (YoY)37.9%
EPS Growth (YoY)-40.9%
FCF Growth (YoY)-38.6%
Financial Health — source: SEC EDGAR
Altman Z-Score-0.83 (distress)
Piotroski F-Score4/9 (moderate)
Valuation vs Sector & Industry
Sector P/E (Industrials)25.9
Industry P/E (Electrical Equipment)37.8
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($129.83M)
Institutional Holders Tracked10
Congressional Trades (recent)1
Company
SectorIndustrials
IndustryElectrical Equipment
CEORaj Talluri
Employees570
CountryUS
IPO Date2021-01-05

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ENVX earnings history · ENVX institutional & insider holders · ENVX KPIs & operating metrics · ENVX financials · ENVX investor presentations & press releases · ENVX SEC filings · ENVX peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.