Enovix Corp

Where It Passes

Where It Falls Short

• Debt & Leverage0% pass✓ 2✗ 13▾

  No clean pass — all 12 investors flag at least one debt & leverage criterion

  LT Debt vs Net Current AssetsLT Debt $521.0M vs NCA $453.6M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 2.53, IC: -7.9x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity2.53

  ✗Lynch< 0.33

  Cash - Long-term Debt$-487.3M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change32.21% -> 59.08%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities9.71

  ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity2.53

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels2.53

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=-7.9x, D/EBITDA=N/A

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity2.53

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-2.5320; #3880/4210 (top 92.2%)

  ✗AsnessTop 30% of eligible cross-section
• Valuation0% pass✓ 4✗ 24▾

  No clean pass — all 13 investors flag at least one valuation criterion

  Price / Book Value per Share1.3x

  ✗Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio1.3x

  ✓Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value-21.3%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-21.3%, ROC=-29.9%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)N/A (negative CFPS)

  ✗Dreman< 8x

  Valuation ReasonablenessOE Yield=-40.2%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldFCF Yield=-33.4%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=1.3x

  ✓MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Price vs. Trailing Low100% of trailing low ($1.60)

  ✓Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-50.08%; #5051/6340 (top 79.7%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.6183; #2466/6449 (top 38.2%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share1.53x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.1057; #4309/5247 (top 82.1%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization-36.58%; #3740/4519 (top 82.8%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-73.73%; #5728/6202 (top 92.4%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Cash Flow0% pass✓ 1✗ 11▾

  No clean pass — all 10 investors flag at least one cash flow criterion

  Free Cash Flow Proxy$-139.9M

  ✗BuffettPositive and growing

  FCF Positive and Growing$-124.2M

  ✗LynchPositive and growing

  Operating Cash Flow$-95.3M

  ✗PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=-10.84%, ROA=-17.83%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)N/A (negative CFPS)

  ✗Dreman< 8x

  P/E or FCF YieldFCF Yield=-33.4%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive0/6 years FCF positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap-35.7%

  ✗Ackman>= 4%

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency0/6 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$-124.2M

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization-36.58%; #3740/4519 (top 82.8%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Profitability6% pass✓ 6✗ 29▾

  15 of 16 flag ENVX's profitability — Graham, Buffett, Lynch +12 more

  Positive EPS (10 years)0/7 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)0/7 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-56.8%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)-557.0% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-139.9M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)N/A (negative mean EPS)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-81.0%

  ✗Lynch> 15%

  EBIT / Enterprise Value-21.3%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-21.3%, ROC=-29.9%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-17.83%

  ✗PiotroskiROA > 0

  ROA Change YoY-42.16% -> -17.83% (delta: +24.33%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=-10.84%, ROA=-17.83%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY-8.9% -> 19.2%

  ✓PiotroskiImproved YoY

  Pre-Tax Income / Revenue-476.6%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-81.0%

  ✗Dreman> 12%

  Margin of SafetyP/B=1.3x

  ✓PabraiP/B < 1.5 or P/E < 15

  Return on Equity-76.9% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency0/6 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue-496.5%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-81.0%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-3012.2% (2023) -> -557.0% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin -725.0% -> 19.2%, operating margin -3012.2% -> -557.0%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-50.08%; #5051/6340 (top 79.7%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+0.84%; #3362/3702 (top 90.8%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-80.99%; #4483/5226 (top 85.8%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.1156; #3661/5884 (top 62.2%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years0/6 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Growth13% pass✓ 3✗ 10▾

  7 of 8 flag ENVX's growth — Graham, Lynch, Dreman +4 more

  EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: 30.9% vs Rev: 34.9%

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction$-0.49 (2020) -> $-0.75 (2025)

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency0/6 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth37.9%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency3/5 years with positive EPS growth

  ✓AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin -725.0% -> 19.2%, operating margin -3012.2% -> -557.0%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Verdicts13% pass✓ 2✗ 14▾

  Split decision: 13 FAIL · 2 PASS · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)✗GreenblattRank #2382✓PiotroskiPASS (F-Score 4)✗DremanFAIL (1/11)✗MungerFAIL (0/4)✗PabraiFAIL (1/3)✗AkreFAIL (0/6)✗MarksFAIL (1/5)✗AckmanFAIL (2/9)✓TempletonPASS (4/8)✗SleepFAIL (0/6)✗AsnessFAIL (Rank #2284/2370 (Top 96.4%))✗NeffFAIL (1/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
• Efficiency25% pass✓ 3✗ 8▾

  6 of 8 flag ENVX's efficiency — Buffett, Greenblatt, Piotroski +3 more

  Current Ratio9.71

  ✓Graham>= 2.0

  ROIC (3-5 yr avg)-136.7%

  ✗Buffett> 10%

  ROIC - WACC-146.7%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)-29.9%

  ✗Greenblatt> 25%

  Current Ratio Change YoY5.49 -> 8.34

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.04x -> 0.04x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities9.71

  ✓Dreman> 1.5

  Return on Invested Capital-19.0%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-42.0%; FY2024: ROIC=-45.0%; FY2025: ROIC=-17.5%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest -17.5%)

  ✗SleepROIC > 12% in a majority of years