Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 2026
Enovix Corp (ENVX)
A forensic read on Enovix Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-0.9
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-67.9%
ROE
$1.3B
Market cap
Enovix Corp earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -0.9, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+129.7%Accruals ratio.Net operating assets grew +129.7% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -15% of net operating assets.
193dInventory days.Days inventory outstanding moved from 111 to 193 FY2024→FY2025 (against cost of goods sold; inventory +78% vs +2% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-20%Return on invested capital.Return on invested capital is -20% and rising from -72% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+25.7%/yrShare-count dilution.Diluted share count changed +77% over the last 3 years to FY2025 (+25.7%/yr). The count is GROWING — existing holders are being diluted. That's ~25.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~77%.
155% of revStock-based comp load.Stock-based compensation ran 155% of revenue in FY2025 — about $0.24 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-492.6%
Debt / Equity1.92x
Free Cash Flow$-113.5M
Latest Revenue$31.8M
Return on Equity-57.8%
Revenue Growth YoY+37.9%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Enovix Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ENVX's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown