Latest Ratios: P/E Ratio -3.9x · EV/EBITDA N/A · ROE -59.9%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $641M | $1.6B | $2.0B | $2.0B | $1.9B | $3.2B | — | — |
| Enterprise Value | $1.1B | $2.0B | $1.9B | $1.9B | $1.6B | $2.8B | — | — |
| P/E Ratio → | -3.92 | — | — | — | — | — | — | — |
| P/S Ratio | 20.16 | 49.79 | 85.57 | 259.21 | 309.19 | — | — | — |
| P/B Ratio | 2.23 | 5.78 | 7.92 | 7.59 | 5.38 | 9.81 | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 63.44 | 82.09 | 253.65 | 258.47 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -86.8% | -86.8% | -8.9% | -725.0% | -274.7% | — | — | — |
| Operating Margin | -554.8% | -554.8% | -1051.7% | -3012.2% | -2048.7% | — | — | — |
| Net Profit Margin | -492.6% | -492.6% | -963.2% | -2800.5% | -832.3% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -59.9% | -59.9% | -87.1% | -69.3% | -15.1% | -69.5% | -198.6% | -436.6% |
| ROA | -22.3% | -22.3% | -40.7% | -42.6% | -11.2% | -46.0% | -97.2% | -97.4% |
| ROIC | -30.2% | -30.2% | -93.9% | -132.6% | — | — | -568.7% | — |
| ROCE | -27.4% | -27.4% | -49.7% | -50.0% | -28.9% | -26.9% | -67.5% | -105.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.97 | 1.97 | 0.77 | 0.73 | 0.02 | 0.03 | — | 1.52 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 1.59 | -0.32 | -0.16 | -0.88 | -1.15 | -0.80 | -1.23 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -6.31 | -6.31 | -31.99 | -47.20 | -9.87 | -672.12 | -219.91 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.34 | 8.34 | 5.49 | 5.30 | 14.31 | 19.29 | 3.04 | 10.33 |
| Quick Ratio | 8.13 | 8.13 | 5.35 | 5.15 | 14.29 | 19.29 | 3.04 | 10.33 |
| Cash Ratio | 7.88 | 7.88 | 5.08 | 5.03 | 14.02 | 18.67 | 2.68 | 9.97 |
| Asset Turnover | — | 0.04 | 0.04 | 0.01 | 0.01 | — | — | — |
| Inventory Turnover | 4.37 | 4.37 | 3.28 | 7.22 | 36.65 | — | — | — |
| Days Sales Outstanding | — | 96.73 | 72.29 | 115.70 | 10.00 | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 9.1% | 3.7% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 9.1% | 3.7% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $208M | $175M | $158M | $154M | $117M | $145M | $58M |
Includes 30+ ratios · 7 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ENVX stock.
Enovix Corporation's current P/E ratio is -3.9x. This places it at the 50th percentile of its historical range.
Enovix Corporation's return on equity (ROE) is -59.9%. The historical average is -133.7%.
Based on historical data, Enovix Corporation is trading at a P/E of -3.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Enovix Corporation has -86.8% gross margin and -554.8% operating margin.
Key Metrics
Top Statement Risk
Unsustainable cash burn rate
Metrics are mathematically derived from official filings.
Margin Volatility Masks Underlying Cost Structure
Enovix's gross margin has swung wildly from -160.6% to 14.4% over the past ten quarters, indicating that the recent positive margin is likely a function of low-volume, high-margin NRE shipments rather than sustainable manufacturing efficiency.
The extreme volatility in gross margin, with the TTM average at -86.79%, suggests the company's cost structure is dominated by fixed overhead from the Malaysia facility that is not yet being absorbed by consistent production volume. The recent positive 14.4% gross margin in 2026Q2 appears anomalous when viewed against the preceding quarters of severe negative margins, implying it may reflect a favorable mix of non-recurring engineering fees rather than a fundamental shift in production economics. Investors should monitor whether this margin improvement is sustained as volume increases, as the underlying operating margin remains deeply negative at -4.8%.
Negative Returns Reflect Pre-Scale Capital Intensity
Return on Invested Capital has been consistently negative, ranging from -4.6% to -40.0% over the past ten quarters, indicating that the company's significant capital investments in manufacturing infrastructure are not yet generating any positive economic returns.
The persistent negative ROIC, with a TTM average of approximately -7.5%, confirms that Enovix is in a classic pre-scale phase where capital is being deployed ahead of revenue generation. The trend shows some improvement from the -40.0% low in 2024Q2, but the returns remain deeply negative, suggesting that the path to positive ROIC is contingent on achieving manufacturing scale and yield targets that have not yet been met. This pattern is typical for capital-intensive hardware companies in transition, but the magnitude of the negative returns underscores the execution risk.
Leverage Surge Funds Expansion Amidst Cash Depletion
The Debt-to-Equity ratio has surged from 0.81 in 2025Q1 to 2.54 in 2026Q2, as reported in recent filings, indicating a significant shift toward debt financing to fund the Malaysia facility ramp while cash reserves have plummeted.
The rapid increase in leverage, with total debt rising to $537.5M against a backdrop of declining cash reserves, suggests the company is relying heavily on borrowed capital to fund its capital expenditure program. The negative interest coverage ratio of -5.67 in 2026Q2 indicates that operating losses are insufficient to service the interest expense, which raises questions about the sustainability of this capital structure without either a rapid revenue ramp or additional equity financing. This leverage profile appears strained relative to the company's current cash generation capabilities.
Current Ratio Distorts Narrowing Cash Runway
While the current ratio appears robust at 9.71 in 2026Q2, the sharp decline in cash reserves from $335.5M to $33.7M over nine months suggests that a significant portion of current assets may be tied up in less liquid inventory or receivables.
The high current ratio is likely misleading as a measure of immediate liquidity, given the dramatic reduction in cash and the potential buildup of inventory related to the manufacturing ramp. The quick ratio of -326.51 in 2026Q2 appears to be a data anomaly, but even excluding that, the underlying liquidity position has deteriorated significantly. With TTM operating losses exceeding $170M and cash reserves at $33.7M, the company's operational runway appears critically short, necessitating either a rapid revenue inflection or additional financing.
Working Capital Swings Reflect Production Ramp Challenges
The Cash Conversion Cycle has been highly volatile, swinging from -190 days to 103,118 days over the past ten quarters, indicating severe inconsistencies in inventory management and receivables collection during the manufacturing transition.
The extreme volatility in the CCC, particularly the massive spike in 2026Q2, suggests significant operational inefficiencies as the company scales production. Days Inventory Outstanding of 103,242 in 2026Q2 appears to be a data anomaly, but even excluding that, the DIO has been inconsistent, ranging from 49 to 175 days. This pattern indicates challenges in managing inventory levels during the ramp-up phase, which could tie up working capital and increase the risk of obsolescence. The DSO has also been volatile, suggesting inconsistent collection patterns that may reflect the project-based nature of current revenue.
P/S Multiple Misapplied to Pre-Revenue Scale
The Price-to-Sales ratio of 23.03 is the most commonly misapplied metric for Enovix, as it values the company on a revenue base that is not yet representative of its manufacturing capacity or sustainable commercial demand.
The P/S ratio is particularly misleading for Enovix because the current revenue of $31.8M TTM reflects small-scale qualification shipments and NRE fees rather than the high-volume production the company is building toward. This metric obscures the true capital intensity of the business and the significant execution risk in transitioning to volume manufacturing. A more appropriate valuation framework would focus on the company's path to positive gross margins and the implied valuation based on target market share in the silicon anode battery segment, rather than applying a multiple to a revenue base that is not yet indicative of the company's long-term earning power.