Enovix Corporation ENVX
Enovix posted Q2 2026 revenue of $9.0M at the high end of guidance (up 21% YoY) with H1 2026 revenue of $16.6M up 32% YoY, and its lead smartphone customer passed 1,000+ cycles in qualification testing with final accelerated cycle-life completion expected in 2026 — genuine commercial catalysts are approaching. However, the company remains deeply unprofitable with FY2025 negative gross profit of -$27.6M, operating losses of -$176.6M, and FCF of -$113.5M, while total debt nearly tripled to $540.4M against just $271.2M in equity, creating material solvency risk if commercialization milestones slip.
The stock at $4.39 trades well below both its 50-day ($5.40) and 200-day ($6.66) moving averages, and at 26.7x sales is richly valued for a pre-profit company, warranting patience until smartphone qualification completes and debt stabilizes.
What could go wrong
- Balance sheet deterioration. Total debt surged from $192.6M in FY2024 to $540.4M in FY2025 against $271.2M equity; with FCF of -$113.5M, the company faces escalating financing pressure if milestones are delayed.
- Negative gross margins. FY2025 gross profit was -$27.6M on $31.8M revenue, meaning the company loses money on every unit shipped; path to gross margin positivity is unproven at scale.
- Smartphone qualification failure or delay. Final accelerated cycle-life test for smartphone qualification is underway with completion expected in 2026; any failure or delay would undermine the core commercial thesis.
- Persistent technical downtrend. Stock at $4.39 trades 18% below its 50-day MA ($5.40) and 34% below its 200-day MA ($6.66), with institutional fund count declining from 41 to 38.
What would change my mind
Where this comes from: GlobeNewsWire Q2 2026 results · GlobeNewsWire Q2 2026 results · FMP TTM fundamentals · FMP annual fundamentals. Orin's read on ENVX; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All ENVX filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Capital Management | $51.6M | 0.0% of fund |
| Vanguard Portfolio Management | $50.8M | 0.0% of fund |
| Geode Capital Management | $31.5M | 0.0% of fund |
| Electron Capital Partners | $29.1M | 1.2% of fund |
| State Street | $28.7M | 0.0% of fund |
| Morgan Stanley | $21.1M | 0.0% of fund |
55 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 366 Form 4 filings, net −$43.3M. Of the 50 on hand, none was an open-market trade— the rest are grants, option exercises and tax withholding.
Ask Orin about ENVX
Orin answers questions about ENVX from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/S | 17.88× | — | — |
| P/B | 3.1× | — | — |
What Wall Street published
$11
$5 – $21 · +266% against today's price
- 12 buy or overweight
- 4 hold
- 1 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| ENVXEnovix Corporation | $641M | — | — | -23.7% | -473.9% | -67% |
| AMPXAmprius Technologies, Inc. | $1B | — | — | 22.3% | -35.2% | -35% |
| ATKRAtkore Inc. | $3B | — | — | 19.6% | -5.5% | -12% |
| MVSTMicrovast Holdings, Inc. | $232M | 4.3× | 3.7× | 25.1% | 13.9% | 12% |
| PCTPureCycle Technologies, Inc. | $1B | — | — | -991.0% | -1618.8% | -197% |
| XMTRXometry, Inc. | $6B | — | — | 38.7% | -3.8% | -9% |
The median is of the 1 peers listed above and nothing else — check it against the column. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.