MeritValue

Enovix Corp

ENVXdata completeness 100%6 fiscal years on file
The thesis, from the filings

Enovix Corp earns about -57% on invested capital, but has diluted owners by 77% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2023FY 2024FY 2025
Revenue$01$6.2M2$7.64M3$23.1M3$31.8M3
Net income−$125.9M4−$51.6M5−$214.1M6−$222.2M6−$156.7M6
Operating cash flow−$51.3M7−$82.7M8−$104.6M9−$108.6M9−$95.3M9
Capital expenditure$43.6M10$36.2M11$61.8M12$76.2M12$18.2M12
Free cash flow (derived)−$94.9M7−$119M8−$166.4M9−$184.8M9−$113.5M9
Total debt—$013$351.6M14$358.7M15$1.06B15
Cash & equivalents$385.3M16$322.9M17$233.1M18$272.9M18$106M18
Diluted shares117.2M154.1M169.6M186.0M207.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$13.06
your share of equity
Profit it earned you last year
−$7.55
Free cash flow it threw off
−$5.47
Debt you’d be carrying
$50.98

10 shares is a claim on $13.06 of net worth that earned you −$7.55 and generated −$5.47 of cash last year, against $50.98 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-57% avg · 5y
FY22 —FY23 -121%FY23 -44%FY24 -52%FY25 -9%

It earned an average -57% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+77% shares · 5y

Share count is up 77% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-01-02 · accession 0001828318-24-000021 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-01-01 · accession 0001828318-25-000057 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001828318-26-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-01-02 · accession 0001828318-24-000021 (NetIncomeLoss)
  5. 10-K · period ending 2023-01-01 · accession 0001828318-25-000057 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001828318-26-000006 (NetIncomeLoss)
  7. 10-K · period ending 2022-01-02 · accession 0001828318-24-000021 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-01-01 · accession 0001828318-25-000057 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001828318-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-01-02 · accession 0001828318-24-000021 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-01-01 · accession 0001828318-25-000057 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001828318-26-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-01-01 · accession 0001828318-24-000021 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001828318-25-000057 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-29 · accession 0001828318-26-000006 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2022-01-02 · accession 0001828318-24-000021 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-01-01 · accession 0001828318-25-000057 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001828318-26-000006 (CashAndCashEquivalentsAtCarryingValue)