Enovix Corporation — Earnings Quality Grade F
ENVX · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 51 days, change -22 days YoY
AR growth -3.2% vs revenue growth 37.9%
Revenue 37.9%, CFFO 12.3%. Cash follows revenue
Expense Quality
Inventory growth 77.7% far exceeds COGS 2.4%, margin rising. Fraud signal
Small-cap context: Inventory ratios on a small base are noisy; a single product launch can move them sharply.
CapEx growth -76.1% vs revenue 37.9%. Normal
SG&A/Gross Profit = 1196.2%, exceeds 70%
Gross margin swung +28.0pp (-8.9% → 19.2%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -7.0%. Low accruals
Cash $0.5B covers 95% of debt $0.5B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 16% of equity. Manageable
Interest coverage = -8.2x (<2x). Financial stress
Other assets grew 95.4% vs revenue 37.9%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -10% YoY. Normal
Manipulation Score
M-Score = -3.29 (< -2.22). Unlikely manipulator
Portfolio monitoring
Monitor ENVX continuously
The full checks and model details are free to read. Use Watchlist to track your holdings; Pro adds automatic quarterly rescoring, risk-event email alerts, scans up to 50 tickers, and export workflows.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25