ENVX
Enovix Corporation

Enovix CorporationENVX

Industrials · Electrical Equipment & Parts
2.76USD
+15.00%
Nov 08, 2026
ENVX overview ready
Manufacturer of high-energy-density silicon-anode lithium-ion battery cells
Enovix is a direct developer and manufacturer of silicon-anode lithium-ion cells, commercializing compact high-energy-density batteries for smart eyewear and pursuing smartphone qualification while expanding drone, defense, and industrial battery production.
Theme not measured
Energy Storage has no leadership state this session.
Price trend is broken
Longer-term context reads early recovery, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Fundamentals under pressure
Ev / sales is weak.
Primary risk
Manufacturing scale-up challenges.
Market Nov 6Filing Jul 5Price action Nov 7Research Nov 1

Conviction Level

Theme Momentum has no canonical measurement for this company — a research-profile dimension, not an input to this score.

PriceAction3.4BusinessPerformance4.0BusinessQuality—Valuation0.3ThemeMomentum—Decelerating — Revenue is still growing (+21% YoY), but growth has slowed, down from +49%. The company is still loss-making: the diluted loss per share narrowed to -$0.20 from -$0.22 a year earlier. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
Energy Storage — Energy Storage has no leadership state this session
Its economic family, Power Infrastructure, reads Lagging (−12.0pp vs SPY) — the family’s reading, not this theme’s.
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads early recovery, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryWeak / unconfirmed recovery

The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.

Key Financials

Market Cap
$605.7M
Avg Volume (60D)
8.9M
60 sessions
Revenue Growth YoY
+37.9%
FY2025 vs FY2024
Gross Margin
+18.8%
Trailing twelve months
Operating Margin
-496.5%
Trailing twelve months
Free Cash Flow Yield
-20.5%
Distance from 200DMA
-45.1%
Next Earnings
2026-11-12
P/E
N/M
EV / Sales
18.1x
Market metrics as of Nov 6, 2026
Financial results for the period ended Jul 5, 2026
Filed balance-sheet data as of Jul 5, 2026

Business Performance

Decelerating

Revenue is still growing (+21% YoY), but growth has slowed, down from +49%. The company is still loss-making: the diluted loss per share narrowed to -$0.20 from -$0.22 a year earlier.

Latest reported: Q2 FY2026, ended Jul 5
Revenue growthSlowing
+21%
$9.0M in Q2 FY2026 · YoY
YoY growth, last 4 quarters
  1. +85%
  2. +16%
  3. +49%
  4. +21%
Earnings growthLoss narrowing
-$0.20
Diluted EPS -$0.20 vs -$0.22 a year earlier · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Gross marginSwinging
14.4%
-11.6 pp YoY
The business is consuming cash
The share count is rising

Business Quality

Not assessed

Not assessed yet — the business is too early-stage for its economics to show in filings.

Fundamentals & Valuation

Two of the three valuation perspectives say expensive; own history is the dissenting view.
Enovix Corporation has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces.

What changed

  • ENVX rose 15.0% in one session
    ENVX closed +15.0% while the broad market was close to flat (+0.3%).
    2026-11-06

Company Research

Thesis
Enovix is a direct developer and manufacturer of silicon-anode lithium-ion cells, commercializing compact high-energy-density batteries for smart eyewear and pursuing smartphone qualification while expanding drone, defense, and industrial battery production.
Opportunity
Moderate opportunity
Commercial scaling of silicon-anode lithium-ion cells and associated manufacturing capacity for devices and missions where materially higher energy density, lower weight, or faster charging creates product-level value.
Key risk
Manufacturing scale-up challenges.

Economic classification

Loading the economic classification…

Business & Markets

Industrials · Electrical Equipment & Parts
What they do

Enovix Corporation designs, develops, and manufactures lithium-ion battery cells primarily in the US and internationally, focusing on high-energy-density silicon-anode technology for compact and power-intensive devices.

How it earns

The company generates revenue through the sale of lithium-ion battery cells to original equipment manufacturers and device makers.

Products & services
Silicon-anode lithium-ion battery cells
Battery cells for smartphones and wearables
Customers & end markets
Original equipment manufacturers (OEMs)
Smartphone and wearable device makers
IoT device manufacturers
Drone and defense sectors
Market position

Niche player focused on next-generation silicon-anode battery technology competing with established lithium-ion battery manufacturers.

Demand drivers
Medium cyclicality

Demand tied to consumer electronics and mobility markets which have moderate cyclicality based on technology adoption and economic conditions.

Peers

Companies validated as economically comparable to ENVX — similar business, revenue model and scale.
PRICE ACTIONVALUATIONTHEME
Amprius Technologies, Inc.Trend Under Pressure — Base RepairFair8.0HighUnavailableNot in RS poolLocked$8.72+15.96%