Enovix Corporation Financials
Enovix Corporation (ENVX) reported $31.8M in revenue for fiscal year 2025, up 37.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Enovix remains a manufacturing scale-up: unit economics improved, but new capital still funds the business more than sales do.
Gross margin moved from negative to positive territory at19.2% while free cash flow remained-$113.5M , so better product economics still did not make the operation self-funding. That disconnect shows up in financing: cash fell to$106.0M even after$467.4M of inflow, meaning the scale-up was still being financed outside the income statement.
The income statement is healing faster than cash generation because R&D spending was
The balance sheet also became much more debt-backed, with long-term debt climbing to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Enovix Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Enovix Corporation scores -0.80, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($746.1M) relative to total liabilities ($605.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Enovix Corporation passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Enovix Corporation reported a net loss of $156.7M while operations used $95.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Enovix Corporation reported an operating loss of $177.3M against $12.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Enovix Corporation generated $31.8M in revenue in fiscal year 2025. This represents an increase of 37.9% from the prior year.
Enovix Corporation's EBITDA was -$142.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 28.1% from the prior year.
Enovix Corporation reported -$156.7M in net income in fiscal year 2025. This represents an increase of 29.5% from the prior year.
Enovix Corporation earned -$0.75 per diluted share (EPS) in fiscal year 2025. This represents an increase of 37.0% from the prior year.
Cash & Balance Sheet
Enovix Corporation recorded an outflow of $113.5M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 38.6% from the prior year.
Enovix Corporation held $106.0M in cash against $519.3M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Enovix Corporation's gross margin was 19.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 28.0 percentage points from the prior year.
Enovix Corporation's ROE was -57.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 32.3 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Enovix Corporation invested $110.3M in research and development in fiscal year 2025. This represents a decrease of 11.4% from the prior year.
Enovix Corporation spent $58.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Enovix Corporation invested $18.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 76.1% from the prior year.
ENVX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $35.9M | $31.8M+37.9% | $23.1M+201.9% | $7.6M+23.3% | $6.2M | $0 | $0 |
| Cost of Revenue | $29.1M | $25.7M+2.4% | $25.1M-60.2% | $63.1M+171.4% | $23.2M+1081.4% | $2.0M-41.7% | $3.4M |
| Gross Profit | $6.8M | $6.1M+398.5% | -$2.0M+96.3% | -$55.4M-225.3% | -$17.0M-766.1% | -$2.0M+41.7% | -$3.4M |
| R&D Expenses | $107.2M | $110.3M-11.4% | $124.5M+40.9% | $88.4M+52.3% | $58.1M+53.4% | $37.9M+162.1% | $14.4M |
| SG&A Expenses | $77.7M | $73.0M-1.7% | $74.3M-6.0% | $79.0M+52.0% | $52.0M+75.0% | $29.7M+420.0% | $5.7M |
| Operating Income | -$178.2M | -$177.3M+27.0% | -$242.7M-5.4% | -$230.3M-74.5% | -$132.0M-89.8% | -$69.5M-195.5% | -$23.5M |
| Interest Expense | $22.5M | $12.4M+82.3% | $6.8M+52.3% | $4.5M | $0-100.0% | $187K+274.8% | -$107K |
| Income Tax | -$859K | -$1.3M+5.7% | -$1.4M-119.9% | -$633K | $0 | $0 | $0 |
| Net Income | -$170.0M | -$156.7M+29.5% | -$222.2M-3.8% | -$214.1M-314.7% | -$51.6M+59.0% | -$125.9M-217.5% | -$39.6M |
| EPS (Diluted) | — | -$0.75+37.0% | -$1.19+8.5% | -$1.30 | -$0.82 | -$1.07-118.4% | -$0.49 |
TTM is the trailing twelve months, ending July 5, 2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ENVX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $879.0M+66.7% | $527.2M-6.6% | $564.3M+28.1% | $440.6M-8.7% | $482.6M+642.8% | $65.0M |
| Current Assets | $542.2M+83.8% | $295.0M-8.7% | $323.2M-2.0% | $329.6M-17.2% | $398.1M+1104.8% | $33.0M |
| Cash & Equivalents | $106.0M-61.1% | $272.9M+17.1% | $233.1M-27.8% | $322.9M-16.2% | $385.3M+1222.1% | $29.1M |
| Inventory | $13.6M+77.7% | $7.7M-12.3% | $8.7M+1278.1% | $634K | $0 | N/A |
| Accounts Receivable | $4.4M-3.2% | $4.6M+402.3% | $909K+434.7% | $170K | $0 | N/A |
| Goodwill | $12.2M0.0% | $12.2M+1.0% | $12.1M | $0 | N/A | N/A |
| Total Liabilities | $605.0M+117.8% | $277.8M-8.4% | $303.2M+260.3% | $84.2M-46.2% | $156.4M+444.2% | $28.7M |
| Current Liabilities | $65.0M+21.1% | $53.7M-12.0% | $61.0M+165.0% | $23.0M+11.6% | $20.6M+89.9% | $10.9M |
| Long-Term Debt | $519.3M+205.8% | $169.8M+0.4% | $169.1M | $0 | N/A | N/A |
| Total Equity | $271.2M+9.9% | $246.7M-4.4% | $258.1M-27.6% | $356.4M+9.3% | $326.1M+800.5% | $36.2M |
| Retained Earnings | -$977.8M-19.1% | -$821.1M-37.1% | -$598.8M-55.6% | -$384.8M-15.5% | -$333.2M-60.7% | -$207.3M |
ENVX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$107.4M | -$95.3M+12.3% | -$108.6M-3.8% | -$104.6M-26.5% | -$82.7M-61.3% | -$51.3M-155.9% | -$20.1M |
| Capital Expenditures | $16.8M | $18.2M-76.1% | $76.2M+23.3% | $61.8M+70.6% | $36.2M-16.9% | $43.6M+61.7% | $27.0M |
| Free Cash Flow | -$124.2M | -$113.5M+38.6% | -$184.8M-11.0% | -$166.4M-39.9% | -$119.0M-25.4% | -$94.9M-101.9% | -$47.0M |
| Investing Cash Flow | -$462.5M | -$538.3M-38933.3% | -$1.4M+99.0% | -$143.0M-294.8% | -$36.2M+16.9% | -$43.6M-61.7% | -$27.0M |
| Financing Cash Flow | $468.1M | $467.4M+210.0% | $150.7M-5.5% | $159.6M+182.4% | $56.5M-87.5% | $451.1M+584.3% | $65.9M |
| Share Buybacks | N/A | $58.4M | $0 | $0-100.0% | $10K-63.0% | $27K | $0 |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, ending July 5, 2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ENVX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 19.2%+28.0pp | -8.9% | -725.0% | -274.7% | N/A | N/A |
| Operating Margin | -557.0% | -1051.7% | -3012.2% | -2128.0% | N/A | N/A |
| Net Margin | -492.6% | -963.2% | -2800.5% | -832.3% | N/A | N/A |
| Return on Equity | -57.8%+32.3pp | -90.1%-7.1pp | -82.9%-68.5pp | -14.5%+24.1pp | -38.6%+70.9pp | -109.5% |
| Return on Assets | -17.8%+24.3pp | -42.2%-4.2pp | -37.9%-26.2pp | -11.7%+14.4pp | -26.1%+34.9pp | -61.0% |
| Current Ratio | 8.34+2.8x | 5.49+0.2x | 5.30-9.0x | 14.31-5.0x | 19.29+16.3x | 3.04 |
| Debt-to-Equity | 1.91+1.2x | 0.690.0x | 0.66+0.7x | 0.00-0.5x | 0.48-0.3x | 0.79 |
| FCF Margin | -356.7% | -801.0% | -2177.3% | -1918.0% | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Enovix Corporation Ranks
Frequently Asked Questions
What is Enovix Corporation's annual revenue?
Enovix Corporation (ENVX) reported $31.8M in total revenue for fiscal year 2025. This represents a 37.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Enovix Corporation's revenue growing?
Enovix Corporation (ENVX) revenue grew by 37.9% year-over-year, from $23.1M to $31.8M in fiscal year 2025.
Is Enovix Corporation profitable?
No, Enovix Corporation (ENVX) reported a net income of -$156.7M in fiscal year 2025.
What is Enovix Corporation's EBITDA?
Enovix Corporation (ENVX) had EBITDA of -$142.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Enovix Corporation have?
As of fiscal year 2025, Enovix Corporation (ENVX) had $106.0M in cash and equivalents against $519.3M in long-term debt.
What is Enovix Corporation's gross margin?
Enovix Corporation (ENVX) had a gross margin of 19.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Enovix Corporation's return on equity (ROE)?
Enovix Corporation (ENVX) has a return on equity of -57.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Enovix Corporation's free cash flow?
Enovix Corporation (ENVX) recorded an outflow of $113.5M in free cash flow during fiscal year 2025. This represents a 38.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Enovix Corporation's operating cash flow?
Enovix Corporation (ENVX) recorded an outflow of $95.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Enovix Corporation's total assets?
Enovix Corporation (ENVX) had $879.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Enovix Corporation's capital expenditures?
Enovix Corporation (ENVX) invested $18.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Enovix Corporation spend on research and development?
Enovix Corporation (ENVX) invested $110.3M in research and development during fiscal year 2025.
What is Enovix Corporation's current ratio?
Enovix Corporation (ENVX) had a current ratio of 8.34 as of fiscal year 2025, which is generally considered healthy.
What is Enovix Corporation's debt-to-equity ratio?
Enovix Corporation (ENVX) had a debt-to-equity ratio of 1.91 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Enovix Corporation's return on assets (ROA)?
Enovix Corporation (ENVX) had a return on assets of -17.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Enovix Corporation's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Enovix Corporation (ENVX) held $618.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $95.3M over that year. Dividing the one by the other, the reported balance equals about 78 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Enovix Corporation's Altman Z-Score?
Enovix Corporation (ENVX) has an Altman Z-Score of -0.80, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Enovix Corporation's Piotroski F-Score?
Enovix Corporation (ENVX) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Enovix Corporation's earnings high quality?
Enovix Corporation (ENVX) reported a net loss of $156.7M while operations used $95.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Enovix Corporation cover its interest payments?
Enovix Corporation (ENVX) reported an operating loss of $177.3M against $12.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Enovix Corporation?
Enovix Corporation (ENVX) scores 66 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.