Latest Ratios: P/E Ratio -6.6x · 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 | $1.1B | $1.6B | $2.0B | $2.0B | $1.9B | $3.2B | — | — |
| Enterprise Value | $1.5B | $2.0B | $1.9B | $1.9B | $1.6B | $2.8B | — | — |
| P/E Ratio → | -6.65 | — | — | — | — | — | — | — |
| P/S Ratio | 34.18 | 49.79 | 85.57 | 259.21 | 309.19 | — | — | — |
| P/B Ratio | 3.78 | 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 | -8.17 | -8.17 | -31.99 | -47.20 | -9.87 | -371.78 | -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 | 5.4% | 3.7% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 5.4% | 3.7% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $208M | $175M | $158M | $154M | $117M | $145M | $58M |
Manufacturing yield and scale execution
Based on current market data, Enovix trades at a P/S multiple of 40.79, which suggests that investors are pricing in significant future growth potential despite the company's lack of positive earnings and the inherent risks associated with its unproven high-volume manufacturing transition in Malaysia.
The elevated P/S ratio indicates that the market is valuing the company as a high-growth technology disruptor rather than a traditional industrial manufacturer. This valuation appears to rely heavily on the successful qualification of its 3D cell architecture with Tier-1 OEMs, as the current lack of positive P/E or EV/EBITDA metrics makes traditional fundamental valuation models difficult to apply.
As reported in quarterly financial filings, Enovix's ROIC has remained consistently negative, bottoming out at -40.0% in 2024Q2, which underscores the company's current inability to generate a return on the substantial capital invested in its proprietary laser-stacking production infrastructure and R&D initiatives.
The persistent decay in ROIC reflects the high cost of building out specialized manufacturing capabilities before achieving the necessary scale to offset fixed overhead. Investors should monitor whether the recent shift to the Malaysian facility can eventually drive a positive inflection in capital returns as production yields stabilize.
According to recent financial statements, the company's cash conversion cycle has exhibited extreme volatility, ranging from -190 days to over 30,000 days in 2026Q1, which highlights the significant operational friction and inventory management challenges inherent in transitioning to a high-volume manufacturing model for advanced battery cells.
The erratic nature of the CCC suggests that the company is struggling to synchronize its supply chain and production throughput, likely due to the calibration of the Gen2 Autoline. This inefficiency warrants further investigation, as it directly impacts the company's ability to manage its limited cash runway effectively.
Based on the reported figures, Enovix's current ratio has fluctuated significantly, reaching 10.97 in 2026Q1, yet this high liquidity metric may be misleading given the company's persistent cash burn and the substantial capital requirements needed to sustain its ongoing manufacturing expansion in the Malaysian facility.
While the current ratio appears healthy on the surface, the rapid depletion of cash reserves from $233.1M in 2023Q4 to $106.0M in 2026Q1 suggests that the company's liquidity is under structural pressure. The reliance on external financing to fund operations indicates that the current liquidity position may be insufficient to reach self-sustaining profitability without further dilution.
The most commonly misapplied metric for Enovix is the P/E ratio, which obscures the company's true operational status as a pre-revenue manufacturing entity, and analysts should instead focus on 'Units Per Hour' (UPH) and manufacturing yield as more accurate indicators of future commercial viability.
Using traditional valuation multiples like P/E or EV/EBITDA for a company in the pre-scale phase of hardware manufacturing is fundamentally flawed, as these metrics ignore the critical importance of mechanical execution and yield stability. Investors should prioritize operational KPIs that measure the efficiency of the laser-stacking process, as these are the true drivers of long-term margin expansion.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying ENVX stock.
Enovix Corporation's current P/E ratio is -6.6x. 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 -6.6x. 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.