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ZYBERNO

Stock Report

Updated Aug 31, 2026

Enovix Corporation (ENVX)

Technology • NASDAQ

$3.36

Enovix Corporation is an American advanced silicon lithium-ion battery company headquartered in Fremont, California, that designs and manufactures batteries using a unique 3D cell architecture. The company's batteries use a 100% active silicon anode (rather than graphite) enabled by its constrained-silicon architecture, potentially providing higher energy density for smartphones, wearables, and electric vehicles.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

14.0/100

POOR BUSINESS

Enovix Corporation (ENVX) scores 14/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full ENVX quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full ENVX valuation analysis · → View full ENVX Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-66.3%)

Debt-to-Equity (Solvency Risk):CRITICAL (2.56x)

Operating Margin (Operational Efficiency):CRITICAL (-496.5%)

Return on Capital (Capital Efficiency):CRITICAL (-15.3%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Enovix Corporation (ENVX) stock report — Zyberno Score 14/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, ENVX generated -$126.63M in Owner Earnings. Capital was deployed as follows: $15.17M invested in capital expenditures. Reinvestment rate: 12.6%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:3.36

Market Cap:$734.17M

Valuation Multiples (3)

P/B Ratio:3.46x

P/S Ratio:20.46x

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$1.39B

Price Action & Momentum (3)

12-1 Momentum:

-68.4% (12th pctile)

📈 Click to view full ENVX Momentum analysis →

Momentum Percentile:12 / 100

% of 52-Week High:23.6%

B. Profitability Assessment

Return Metrics (5)

ROE:

-66.3%

📊 Click to view full ENVX ROE analysis →

ROA:-19.9%

Roic:

-15.3%

📊 Click to view full ENVX ROIC analysis →

Reinvestment Rate:12.6%

Fundamental Growth Rate (g):-1.9%

Margin Analysis (3)

Operating Margin Ttm:-496.5%

Net Margin Ttm:-473.9%

Ebitda Margin:-392.8%

TTM Performance (3)

Gross Margin Ttm:18.8%

Operating Margin Ttm:-496.5%

Net Margin Ttm:-473.9%

Yield Metrics (2)

Earnings Yield:-$23.51

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.27

📊 Click to view full ENVX Earnings Surprise analysis →

EPS Surprise vs Expected:-160.5%

Latest Earnings Filed:2026-08-12

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):100.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:9.71x

Quick Ratio:9.37x

Cash Ratio:0.65x

Leverage Analysis (3)

Debt To Equity Ttm:2.56x

Debt-to-Equity Ratio:2.56x

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-5.59x

Times Interest Earned:-5.59

Capital Structure (4)

Working Capital:453,630,000.00

Cash And Cash Equivalents:33,741,000.00

Long Term Debt:$520.99M

Net Debt:$659.81M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $35.88M

Linear Growth: 100.0%

📊 Click to view full ENVX Revenue analysis & methodology →

Cost Of Revenue Ttm:$29.12M

Profitability Breakdown (2)

Gross profit TTM: $6.76M

Linear Growth: 100.0%

📊 Click to view full ENVX Gross Profit analysis & methodology →

-$178.15M

Bottom Line Performance (3)

-$170.03M

Income Before Tax:-$171.00M

Ebitda Ttm:-140,929,000.00

Operating Expenses (5)

Operating Expenses:184,908,000.00

R And D Expense:107,226,000.00

Sga Expense:77,682,000.00

Income Tax Expense:-$1.88M

Interest Expense:31,705,000.00

Expense Ratios (3)

R And D To Revenue Percentage:1,188.2%

Sga To Revenue Percentage:860.8%

Ebitda Margin:-392.8%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$799.62M

Current Assets:$505.74M

Ppe Net:165,155,000.00

Goodwill:12,217,000.00

Intangible Assets:$29.17M

Liability Structure (4)

Total Liabilities:587,630,000.00

Current Liabilities:52,110,000.00

Long Term Debt:$520.99M

Short Term Debt:$172.55M

Equity & Capital (3)

Equity:$211.99M

Retained Earnings:-$1.06B

Common Stock:1,000,000,000.00

Working Capital Items (3)

Accounts Receivable:3,097,000.00

Inventory:17,520,000.00

Accounts Payable:12,173,000.00

Special Items (2)

Contract Liabilities:4,000,000.00

Stock Based Compensation:13,034,000.00

C. Cash Flow Analysis

Operating Activities (2)

-$111.46M-$126.63M

Investment Activities (2)

Investing Cash Flow:$18.33M

Capital Expenditures Ttm:15,171,000.00

Financing Activities (3)

Financing Cash Flow:-$2.46M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:107,192,000.00

Long Term Debt Issuance:$360.00M

Long Term Debt Repayments:$209.00K

Non-Cash Items (1)

Depreciation Amortization Ttm:37,223,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.79

-$0.79

Earnings Per Share Ttm:-$0.78

Revenue & Cash Per Share (2)

Sales Per Share Ttm:0.16

Operating Cash Flow Per Share:-$0.44

Book Value & Capital (2)

Book Value Per Share:$0.97

Cash Per Share:0.15

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.04x

Working Capital Turnover Ttm:0.08x

Receivables Management (2)

Receivables Turnover Ttm:11.59x

Days Sales Outstanding Ttm:31.51

Inventory Management (2)

Inventory Turnover Ttm:1.66x

Days Inventory Outstanding Ttm:219.58

Payables & Cash Cycle (2)

Days Payable Outstanding:152.56

Cash Conversion Cycle:98.52

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:40.00

Quality Score:25.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$126.63M

Damodaran Growth Analysis (2)

Reinvestment Rate:12.6%

Fundamental Growth Rate (g):-1.9%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):100.0%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):100.0%

Book Value Growth Rate (Linear):-9.7%

C. Company Profile & Context

Corporate Information (6)

Symbol:ENVX

Company Name:Enovix Corporation

Sector:Technology

Industry:Miscellaneous Electrical Machinery, Equipment & Supplies

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:218.50M

Shares Outstanding Basic:218.50M

Shares Outstanding Diluted:218.50M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 16:28:20 UTC

Data Timestamp:2026-08-31T16:28:20.763171