Enovix Corporation (ENVX) financials
NASDAQ · Industrials · Electrical Equipment & Parts · 664 employees · CEO Ryan A. Benton
- Price
- $3.15 -10.26%
- Market cap
- $691M
- Enterprise value
- $1.2B
- Last report
- Q2 '26 filed 2026-08-12
- Next report
- 2026-11-04 EPS est. -$0.15
Revenue (TTM)$35.9M+34.9% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-496.5%+142.8 pp vs a year agoOperating income -$178M
Net income (TTM)-$170M-32.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$124M+11.0% vs a year agoCapex $16.8M
Diluted EPS (TTM)-$0.81+3.6% vs a year agoSum of the last 4 quarters
Net cash-$61.7M-642.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $691M EV $1.2B
- Revenue
- $35.9M Trailing 12 months
- Revenue growth
- +22% FY2026 consensus
- Profit margin
- -473.9% Net income / revenue, TTM
- P/E
- -3.9× Forward -5.6× (FY2026)
- P/S
- 19.3× Price / sales, TTM
- EV / EBITDA
- -11.7× TTM
- Free cash flow
- -$124M Trailing 12 months
- Net income
- -$170M Trailing 12 months
- Revenue estimate
- $38.9M FY2026 consensus
- Earnings
- 2026-11-04 Revenue est. $9.49M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-12): revenue beat by 6.8%, EPS beat by 10.7%Revenue $9M vs $8.43M expected (+6.8%); EPS -$0.13 vs -$0.15 (+10.7%).
- Revenue growth slowing: 20.8% year on yearQ2 '26 revenue $9.02M, against an average of 62.1% over the four quarters before.
- Operating margin -496.5% (TTM), +142.8 pp on a year agoOperating income grew -4.7% while revenue grew 34.9%.
- Capex 46.9% of revenue (a year ago 188.5%)$16.8M invested in the last 4 quarters (-66.4% on a year earlier). Free cash flow -$124M.
- Diluted share count up 6.7% in a year219M diluted shares in Q2 '26, 205M a year earlier.
- Net debt $61.7MCash + short-term investments $476M, debt incl. leases $537M; a year ago net cash $11.4M.
Last quarter: Q2 '26
Quarter ended 2026-07-05. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $9.02M | $7.47M | +20.8% |
| Gross margin | 14.4% | -92.2% | +106.6 pp |
| Operating income | -$43.3M | -$43.7M | +1.0% |
| Operating margin | -479.8% | -585.6% | +105.8 pp |
| Net income | -$43.1M | -$44.5M | +3.3% |
| Diluted EPS | -$0.20 | -$0.22 | +9.1% |
| Operating cash flow | -$21.8M | -$25.9M | +15.8% |
| Capex | $9.62M | $7.97M | +20.7% |
| Free cash flow | -$31.4M | -$33.8M | +7.2% |
| R&D | $24.4M | $28.1M | -13.2% |
| Stock-based compensation | $13M | $14.1M | -7.7% |
Reported vs consensus
2026-08-12| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $9M | $8.43M | +6.8% |
| EPS (as estimated) | -$0.13 | -$0.15 | +10.7% |
From the report of 2026-08-12 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q1 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Product | $7.6M | +49.0% | 100.0% | $34.3M | +21.6% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$107M
- Capex
- -$16.8M
- Buybacks
- -$60.1M
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- $360M
- Stock-based compensation
- $48M
- Free cash flow
- -$124M
- Returned to shareholders / FCF
- -48.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -3.9× | – | – |
| EV / EBITDA | -11.7× | – | – |
| EV / Sales | 33.3× | 163.0× 4 of 5 years | 63.4× – 256.0× |
| Price / FCF | -5.6× | – | – |
| Price / Book | 3.3× | 7.3× | 5.3× – 9.8× |
| FCF yield | -18.0% | -6.9% | -9.6% – -3.0% |
| Return on invested capital | -23.4% | -32.3% | -49.9% – -15.1% |
| Return on equity | -66.9% | -56.8% | -90.1% – -14.5% |
Analysts
Consensus target $9.60 (+204.8%)
range $5.00 – $21.00 · rating Buy
Strong buy0
Buy13
Hold4
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $38.9M | +22.1% | -$0.56 | +24.8% | -5.6× | 7 |
| FY2027 | $75.8M | +95.0% | -$0.59 | -5.5% | -5.3× | 8 |
| FY2028 | $225M | +197.5% | -$0.22 | +63.8% | -14.6× | 5 |
| FY2029 | $784M | +248.0% | $0.36 | +267.0% | 8.8× | 1 |
| FY2030 | $2.08B | +165.4% | $2.12 | +489.3% | 1.5× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 284 figures Enovix Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $75M2026-02-28 | – | – | – | – | – | |
| Accounts Payable, Current | $12.2M | $13.9M | -12.5% | $17.8M | $9.49M | +87.7% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $3.1M | $4.24M | -27.0% | $4.42M | $4.57M | -3.2% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $0 | $0 | – |
| Accrued Income Taxes, Current | $393K2025-12-28 | $3.56M | -89.0% | $393K | $3.56M | -89.0% |
| Accrued Liabilities, Current | $11.5M | $6.22M | +84.3% | $14M | $19.8M | -29.5% |
| Accrued Professional Fees, Current | $2.57M2025-12-28 | $648K | +296.9% | $2.57M | $648K | +296.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $49.7M2025-12-28 | $21M | +136.7% | $49.7M | $21M | +136.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$1.42M | -$391K | -261.9% | -$508K | -$143K | -255.2% |
| Additional Paid in Capital | $1.33B | $1.09B | +21.6% | $1.31B | $1.07B | +22.5% |
| Additional Paid in Capital, Preferred Stock | – | – | – | $02025-07-21 | – | – |
| Adjustments to Additional Paid in Capital, Warrant Issued | $9.22M2025-09-28 | – | – | $9.22M | – | – |
| Amortization of Debt Issuance Costs and Discounts | – | – | – | $9.22M | $0 | – |
| Amortization of Intangible Assets | – | – | – | $4.8M | $4.7M | +2.1% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $13.3M | $13.7M | -3.1% | $52.5M | $62.7M | -16.4% |
| Assets | $800M | $469M | +70.5% | $879M | $527M | +66.7% |
| Assets, Current | $506M | $228M | +121.5% | $542M | $295M | +83.8% |
| Assets, Fair Value Disclosure | $529M | – | – | $557M | – | – |
| Business Combination, Bargain Purchase, Gain Recognized, Amount | – | – | – | $4.76M | $0 | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restructuring Liabilities | $02025-12-28 | $389K | -100.0% | $0 | $389K | -100.0% |
| Capital Expenditures Incurred but Not yet Paid | -$2.4M | -$4.62M | +48.0% | $10.2M | $13M | -21.4% |
| Capitalized Contract Cost, Net | $800K2025-12-28 | $800K | 0.0% | $800K | $800K | 0.0% |
| Cash and Cash Equivalents, at Carrying Value | $33.7M | $136M | -75.2% | $106M | $273M | -61.1% |
| Cash and Cash Equivalents, Fair Value Disclosure | $336M2025-09-28 | $201M | +67.0% | – | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $35.6M | $138M | -74.2% | $108M | $275M | -60.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$55M | -$53.6M | -2.6% | -$167M | $39.6M | -521.3% |
| Class of Warrant or Right, Exercise Price of Warrants or Rights | – | – | – | $8.752025-07-21 | – | – |
| Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | – | – | – | 12025-07-21 | – | – |
| Class of Warrant or Right, Outstanding | – | – | – | 29.2M2025-07-21 | – | – |
| Common Stock, Capital Shares Reserved for Future Issuance | 40.1M2025-12-28 | 36.5M | +10.0% | 40.1M | 36.5M | +10.0% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 1B | 1B | 0.0% | 1B | 1B | 0.0% |
| Common Stock, Shares, Issued | 219M | 193M | +13.6% | 217M | 191M | +13.6% |
| Common Stock, Shares, Outstanding | 219M | 193M | +13.6% | 217M | 191M | +13.6% |
| Common Stock, Value, Issued | $23K | $19K | +21.1% | $22K | $19K | +15.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -$14K | $262K | -105.3% | $134K | -$293K | +145.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$43.2M | -$44.7M | +3.3% | -$157M | -$222M | +29.3% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -$43.3M | -$44.5M | +2.7% | -$157M | -$223M | +29.5% |
| Concentration Risk, Percentage | 100.0% | 100.0% | 0.0% | – | – | – |
| Contract with Customer, Liability | $4M | $8.4M | -52.4% | $5.32M | $7.42M | -28.4% |
| Contract with Customer, Liability, Current | $3.71M | $8.07M | -54.1% | $5.02M | $3.65M | +37.4% |
| Contract with Customer, Liability, Noncurrent | $300K | $300K | 0.0% | $300K | $3.77M | -92.1% |
| Convertible Debt, Fair Value Disclosures | $612M2025-09-28 | $157M | +289.7% | $173M2024-12-29 | $179M | -3.4% |
| Cost of Goods and Services Sold | $6.59M2025-09-28 | $4.96M | +32.9% | $25.1M2024-12-29 | $63.1M | -60.2% |
| Cost of Revenue | $7.72M | $5.53M | +39.7% | $25.7M | $25.1M | +2.4% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $61K | $1.31M | -95.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $61K | $1.31M | -95.3% |
| Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction | -$1.5M2025-12-28 | $512K | -393.0% | $0 | $512K | -100.0% |
| Debt Issuance Costs, Net | $11.6M | $3.48M | +233.4% | $13.5M | $4.05M | +232.6% |
| Debt Securities, Available-for-sale | $403M2025-09-28 | $111M | +261.6% | $103M2024-12-29 | $138M | -25.8% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $0 | $0 | – | $170K | $0 | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $848K | $17K | +4,888.2% | $21K | $0 | – |
| Debt Securities, Available-for-sale, Amortized Cost | $403M2025-09-28 | $111M | +261.8% | $103M2024-12-29 | $138M | -25.8% |
| Debt, Current | $10.6M | $10.4M | +1.8% | $9.87M | $9.45M | +4.4% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$1.37M | -$2.7M | +49.1% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$1.37M | -$2.7M | +49.1% |
| Deferred Income Tax Liabilities, Net | $8.32M | $9.78M | -14.9% | $9.12M | $8.78M | +3.8% |
| Deferred Tax Assets, Gross | $244M2025-12-28 | $231M | +5.7% | $244M | $231M | +5.7% |
| Deferred Tax Assets, in Process Research and Development | $32.1M2025-12-28 | $42.3M | -24.0% | $32.1M | $42.3M | -24.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.37M2025-12-28 | $2.64M | -48.1% | $1.37M | $2.64M | -48.1% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-05, 10-Q 2026-04-05, 10-K 2025-12-28, 10-Q 2025-09-28, 10-Q 2025-06-29, 10-Q 2025-03-30, 10-K 2024-12-29, 10-Q 2024-09-29, 10-Q 2024-06-30
Data as of 2026-11-02