The company's financial position appears increasingly vulnerable, evidenced by a debt-to-equity ratio that spiked to 1.97 in 2025Q4 and a total equity base that has contracted to $240.7M as of 2026Q1.
| Total Current Assets | 558.5B | 542.21M | 295.01M | 323.18M | 329.65M | 398.12M | 33.04M | 10.6M |
| Cash & Short-Term Investments | 512.04M | 512.04M | 272.87M | 306.81M | 322.85M | 385.29M | 29.14M | 10.23M |
| Cash Only | 106.01M | 106.01M | 272.87M | 233.12M | 322.85M | 385.29M | 29.14M | 10.23M |
| Short-Term Investments | 439.99B | 406.03M | 0 | 73.69M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3.94B | 8.43M | 4.57M | 2.42M | 170K | 0 | 0 | 0 |
| Days Sales Outstanding | 10.53K | 96.73 | 72.29 | 115.7 | 10 | - | - | - |
| Inventory | 16.45B | 13.62M | 7.66M | 8.74M | 634K | 0 | 0 | 0 |
| Days Inventory Outstanding | 29.5K | 83.62 | 111.36 | 50.57 | 9.96 | - | - | - |
| Other Current Assets | 9.37B | 8.12M | 9.9M | 5.2M | 5.99M | 4.55M | 2.96M | 75K |
| Total Non-Current Assets | 275.4B | 338.14M | 232.16M | 241.13M | 110.94M | 84.44M | 31.92M | 6.02M |
| Property, Plant & Equipment | 176.56B | 181.94M | 181.43M | 181.76M | 110M | 83.28M | 31.29M | 4.92M |
| Fixed Asset Turnover | 0.00x | 0.17x | 0.13x | 0.04x | 0.06x | - | - | - |
| Goodwill | 12.22B | 12.22M | 12.22M | 12.1M | 0 | 0 | 0 | 0 |
| Intangible Assets | 30.36B | 31.64M | 36.39M | 42.17M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 52.3B | 106.81M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4.15B | 4.15M | 2.13M | 5.1M | 937K | 1.16M | 630K | 1.1M |
| Total Assets | 833.89B | 880.35M | 527.17M | 564.3M | 440.59M | 482.56M | 64.96M | 16.61M |
| Asset Turnover | 0.00x | 0.04x | 0.04x | 0.01x | 0.01x | - | - | - |
| Asset Growth % | 167164.63% | 67% | -6.58% | 28.08% | -8.7% | 642.82% | 291.02% | - |
| Total Current Liabilities | 50.89B | 65.02M | 53.7M | 61.02M | 23.03M | 20.64M | 10.87M | 1.03M |
| Accounts Payable | 14.94B | 17.82M | 9.49M | 21.25M | 7.08M | 3.14M | 2.08M | 257K |
| Days Payables Outstanding | 26.81K | 109.42 | 137.93 | 123 | 111.15 | 583.41 | 225.27 | 582.64 |
| Short-Term Debt | 9.44B | 9.87M | 9.45M | 5.92M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 4.3B | 5.01M | 3.65M | 6.71M | 50K | 5.58M | 5.41M | 0 |
| Other Current Liabilities | 22.24B | 26.1M | 11.26M | 13.17M | 8.81M | 4.81M | 1.38M | 95K |
| Current Ratio | 10.97x | 8.34x | 5.49x | 5.30x | 14.31x | 19.29x | 3.04x | 10.33x |
| Quick Ratio | 10.65x | 8.13x | 5.35x | 5.15x | 14.29x | 19.29x | 3.04x | 10.33x |
| Cash Conversion Cycle | 13.22K | 70.93 | 45.73 | 43.27 | -91.19 | - | - | - |
| Total Non-Current Liabilities | 540.27B | 541.32M | 224.06M | 242.18M | 61.13M | 135.81M | 17.88M | 11.88M |
| Long-Term Debt | 10.91B | 519.27M | 169.82M | 169.1M | 0 | 0 | 0 | 5.65M |
| Capital Lease Obligations | 34.84M | 11.24M | 13.29M | 15.59M | 8.23M | 9.07M | 0 | 0 |
| Deferred Tax Liabilities | 8.92B | 10.49M | 8.78M | 10.8M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 520.47B | 14K | 28.39M | 42.91M | 49.17M | 124.45M | 17.8M | 6.23M |
| Total Liabilities | 591.16B | 606.34M | 277.77M | 303.2M | 84.16M | 156.45M | 28.75M | 12.91M |
| Total Debt | 20.34B | 540.38M | 192.56M | 190.61M | 8.23M | 9.07M | 0 | 5.65M |
| Net Debt | 20.24B | 434.37M | -80.3M | -42.51M | -314.62M | -376.22M | -29.14M | -4.58M |
| Debt / Equity | 0.08x | 1.97x | 0.77x | 0.73x | 0.02x | 0.03x | - | 1.52x |
| Debt / EBITDA | -142.70x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -141.95x | - | - | - | - | - | - | - |
| Interest Coverage | -6.64x | -8.17x | -31.99x | -47.20x | -9.87x | -371.78x | -219.91x | - |
| Total Equity | 242.73B | 274.01M | 249.4M | 261.1M | 356.43M | 326.12M | 36.22M | 3.71M |
| Equity Growth % | 102083.83% | 9.87% | -4.48% | -26.74% | 9.29% | 800.48% | 876.7% | - |
| Book Value per Share | 1116.66 | 1.32 | 1.42 | 1.65 | 2.31 | 2.78 | 0.25 | 0.06 |
| Total Shareholders' Equity | 240.67B | 271.21M | 246.74M | 258.15M | 356.43M | 326.12M | 36.22M | 3.71M |
| Common Stock | 22M | 22K | 19K | 17K | 15K | 15K | 10K | 59K |
| Retained Earnings | -1.02T | -977.83M | -821.09M | -598.85M | -384.77M | -333.15M | -207.28M | -167.63M |
| Treasury Stock | 0 | -58.38M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.24B | -508K | -143K | -62K | 0 | 0 | 0 | 0 |
| Minority Interest | 2.06B | 2.8M | 2.66M | 2.96M | 0 | 0 | 0 | 0 |
Capital intensity and liquidity
According to recent financial statements, Enovix's equity base has experienced significant volatility, contracting from $258.1M in 2023Q4 to $240.7M by 2026Q1, which reflects the ongoing impact of persistent net losses on the company's overall financial position as it attempts to scale its proprietary manufacturing technology.
The downward trend in retained earnings, which have deepened to -$1.0T, suggests that the company is consuming its capital base to fund operational deficits rather than generating internal growth. This trajectory warrants close monitoring, as the erosion of equity may limit future financing flexibility if the transition to high-volume production does not yield immediate margin improvements.
As reported in quarterly filings, Enovix's debt-to-equity ratio spiked to 1.97 in 2025Q4, indicating a reliance on external financing to bridge the gap between high capital expenditure requirements and the company's current inability to generate self-sustaining cash flows from its core battery manufacturing operations.
The fluctuation in debt levels suggests that management is actively managing liquidity through debt instruments to support the Fab-2 facility ramp-up. Investors should consider whether this leverage is a strategic bridge to commercialization or a sign of structural dependency on credit markets to maintain operations.
Based on the reported figures, Enovix's cash position has declined from $233.1M in 2023Q4 to $106.0M in 2026Q1, a trend that highlights the company's high burn rate relative to its current liquid assets as it navigates the capital-intensive phase of its manufacturing expansion.
While the current ratio remains elevated at 10.97, this metric may be distorted by the composition of current assets, potentially masking the urgency of the cash burn. The rapid depletion of cash reserves suggests that the company may face a liquidity crunch if the anticipated revenue milestones are not achieved in the near term.
As indicated in the balance sheet data, the company's net PPE of $176.6M represents a significant portion of total assets, underscoring the asset-heavy nature of the business model required to support the specialized laser-patterned, stacked battery architecture and the associated high-volume production lines in Malaysia.
The concentration of capital in fixed assets implies that the company's future success is inextricably linked to the operational efficiency of its manufacturing equipment. Any impairment or underutilization of these assets could have a disproportionate impact on the balance sheet, given the lack of diversified revenue-generating assets.
Quick answers to the most common questions about buying ENVX stock.
As of 2025, Enovix Corporation (ENVX) had total assets of $880.3M including $542.2M in current assets.
Enovix Corporation (ENVX) carries total debt of $540.4M, offset by $512.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Enovix Corporation (ENVX) has total shareholders' equity (book value) of $271.2M ($1.32 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Enovix Corporation (ENVX) reported a current ratio of 8.34x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.