Enovix Corporation
ENVX Industrials Electrical Equipment & Parts
Enovix Corporation’s revenue for fiscal 2025 (year ended December 2025) was $31.8 million, up 37.9% from fiscal 2024. In the quarter to June 2026, revenue grew 20.8%, EPS grew 9.09%, free cash flow grew 7.17% and total debt rose 195.6%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Enovix Corporation (ENVX) Beneish M-score
Enovix Corporation's Beneish M-score for fiscal 2025 is −3.40; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.40 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.70 | — | 0.65 | |
| Gross margin index | (0.46) | — | −0.24 | |
| Asset quality index | 1.56 | — | 0.63 | |
| Sales growth index | 1.38 | — | 1.23 | |
| Depreciation index | 1.24 | — | 0.14 | |
| SG&A index | 0.71 | — | −0.12 | |
| Total accruals to total assets | (0.07) | — | −0.33 | |
| Leverage index | 1.57 | — | −0.51 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.40 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| AMPX Amprius Technologies, Inc. compare | −4.8× |
| ENVX Enovix Corporation | −3.4× |
| KE Kimball Electronics, Inc. compare | −2.8× |
| HYLN Hyliion Holdings Corp. compare | −2.3× |
| TE T1 Energy Inc compare | 226× |
| EOSE Eos Energy Enterprises, Inc. compare | — |
| FCEL FuelCell Energy, Inc. compare | — |
| FAC Factorial Energy Inc. compare | — |
| ADSE ADS-TEC Energy PLC compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI