ENVXEnovix Corp

Miscellaneous Electrical Machinery, Equipment & Supplies

Revenue: $32M; 38% YoY
Operating margin: -557.0%; 47% YoY
EBITDA: −$142M; 28% YoY
Market cap: $690M
Employees: 664; $48K revenue each
Net debt / EBITDA: —; −$34M net debt
AI in 10-K: 7.2; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
3 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
155% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-61% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$48K · 0th pct
Bottom quartile of its SIC industry
Quiet on AINo
7.2 per 10K words · 88th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$690M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$17K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	$0	$8M	$23M	$32M	38%
Operating income	—	−$70M	−$230M	−$243M	−$177M	27%
Net income	—	−$126M	−$214M	−$222M	−$157M	29%
Operating cash flow	—	−$51M	−$105M	−$109M	−$95M	12%
Capex	—	$44M	$62M	$76M	$18M	76%
Stock-based comp	—	$11M	$69M	$59M	$49M	16%
Buybacks	—	$27K	$0	$0	$58M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 22, 2025	Rodgers Thurman J	SCHEDULE 13D/A	15.5%	Passive
Feb 14, 2023	RODGERS THURMAN J	SC 13D/A	15.7%	Passive
Sep 10, 2021	RODGERS THURMAN J	SC 13D/A	14.5%	Passive
Jul 26, 2021	RODGERS THURMAN J	SC 13D	15.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $17K · 1
Net: −$17K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	37	126
FY2024	—	—	55	88
FY2023	—	—	61	73
FY2022	—	—	134	113