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) Piotroski F-score
Enovix Corporation's Piotroski F-score for fiscal 2025 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, down from 6 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 5 | (1.00) |
| FY2024 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (22.29%) | (40.72%) | Fail | 0 |
| Positive operating cash flow | (95.29m) | (108.63m) | Fail | 0 |
| Rising return on assets | (22.29%) | (40.72%) | Pass | 1 |
| Cash flow above net income | 61.45m | 113.61m | Pass | 1 |
| Falling long-term leverage | 0.74 | 0.31 | Fail | 0 |
| Rising current ratio | 8.34 | 5.49 | Pass | 1 |
| No new shares issued | 207,636,000 | 186,040,000 | Fail | 0 |
| Rising gross margin | 19.19% | (8.86%) | Pass | 1 |
| Rising asset turnover | 0.05 | 0.04 | Pass | 1 |
| Piotroski F-score | Mixed | 5 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| KE Kimball Electronics, Inc. compare | 8 |
| AMPX Amprius Technologies, Inc. compare | 6 |
| ENVX Enovix Corporation | 5 |
| FCEL FuelCell Energy, Inc. compare | 5 |
| EOSE Eos Energy Enterprises, Inc. compare | 5 |
| HYLN Hyliion Holdings Corp. compare | 4 |
| ADSE ADS-TEC Energy PLC compare | 3 |
| FAC Factorial Energy Inc. compare | — |
| TE T1 Energy Inc compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover