Positioning no disclosures inside 60 days, left as found
Options put/call open interest 1.45, read 2026-11-02
Ethical does not pass the values gate
Price2.79 USD
Fair valueUnder review
Ethical score10.0/100
Our investment reviews on this name
2026-11-03Read Markup3.15-11.4% to today Distribution gives way to Markup after a 25% rise in 8 days
2026-10-26Read Distribution2.51+11.2% to today Markdown gives way to Distribution after a 16% slide in 3 weeks
2026-10-02Read Markdown2.98-6.4% to today ✓Distribution gives way to Markdown after a 32% slide in 5 weeks
2026-08-28Read Distribution4.40-36.6% to today ✓Markup gives way to Distribution after a 40% slide in 8 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Enovix Corporation holds its Markup at $2.79. Consolidating, no directional conviction, held for 3 days.
As held on the ledger · 2026-11-04
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 3 days
Price at the screen
$2.79
Valuation
N/A trailing · -7.69 forward price to earnings
Values screen
FAIL· score 10.0
Beta
2.33
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
33.63%
Below 33%
Interest-bearing debt is 33.6% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
31.63%
Below 33%
Cash held in interest-bearing accounts and securities is 31.6% of assets, under the one-third limit.
Pass
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
40.85%
Below 5%
40.8% of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Enovix's business is in a permissible area, but its interest-bearing debt is about 34% of the company, just over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when ENVX's ethical verdict changes
Today ENVX does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Fair value under review. Its inputs are 13 days old; the analyst targets sit too far from the price to cross-check it. We show no fair value, margin of safety or value read built on it until the review clears.
Where our models see it going: no fair-value estimate yet, range not available, dated to the 2026-11-04 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Battery Startup Dreams Collide With Heavy Debt
Picture a startup promising better phone and car batteries while already owing more than its balance sheet can comfortably carry. Enovix shows 49 percent revenue growth yet posts zero profit margins and a minus 71 percent return on equity. The ethical screen flags the debt ratio immediately, which is enough on its own to trigger an avoid.
The forward earnings multiple sits at minus 8.2 times because the business is still losing money. Ten analysts may cluster around a buy rating and a 12 dollar target, but our fair value sits at 9.44 dollars and the debt problem overrides any apparent margin of safety.
High leverage in a capital-intensive battery maker creates real refinancing and dilution risk that growth alone has not yet fixed. This is exactly what the screen is for. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it already moves more than the market on an average day; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
ENVX trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-05Markup$2.79-11.4%Entry 17
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 11.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (10 analysts) rates it buy, with a mean price target of $13. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-03Markup · changed$3.15+25.5%Entry 16
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 25.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (10 analysts) rates it buy, with a mean price target of $13.
2026-10-27Distribution$2.51+0.0%Entry 15
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (10 analysts) rates it buy, with a mean price target of $13. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (10 analysts) rates it buy, with a mean price target of $13. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Markdown$2.51+0.0%Entry 13
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (10 analysts) rates it buy, with a mean price target of $13. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Markdown$2.51+0.0%Entry 12
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (10 analysts) rates it buy, with a mean price target of $13. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Markdown$2.51+0.0%Entry 11
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (10 analysts) rates it buy, with a mean price target of $13. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Markdown$2.51+0.0%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (10 analysts) rates it buy, with a mean price target of $13. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-21Markdown$2.51+0.0%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (10 analysts) rates it buy, with a mean price target of $13. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-20Markdown$2.51+0.0%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (10 analysts) rates it buy, with a mean price target of $13. It reported earnings in this window, a natural checkpoint for the thesis.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
