Enovix Corporation (NASDAQ:ENVX) Consensus Forecasts Have Become A Little Darker Since Its Latest Report

Enovix Corporation (NASDAQ:ENVX) just released its latest third-quarter results and things are looking bullish. Revenues and losses per share were both better than expected, with revenues of US$4.3m leading estimates by 5.0%. Statutory losses were smaller than the analystsexpected, coming in at US$0.13 per share. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. Readers will be glad to know we've aggregated the latest statutory forecasts to see whether the analysts have changed their mind on Enovix after the latest results.

View our latest analysis for Enovix

Taking into account the latest results, the current consensus from Enovix's eleven analysts is for revenues of US$46.1m in 2025. This would reflect a huge 122% increase on its revenue over the past 12 months. Losses are supposed to decline, shrinking 16% from last year to US$1.16. Before this earnings announcement, the analysts had been modelling revenues of US$53.4m and losses of US$1.14 per share in 2025. So there's been quite a change-up of views after the recent consensus updates, withthe analysts making a serious cut to their revenue forecasts while also making no real change to the loss per share numbers.

The consensus price target was broadly unchanged at US$28.58, implying that the business is performing roughly in line with expectations, despite a downwards adjustment to forecast revenue next year. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. Currently, the most bullish analyst values Enovix at US$100.00 per share, while the most bearish prices it at US$14.00. So we wouldn't be assigning too much credibility to analyst price targets in this case, because there are clearly some widely different views on what kind of performance this business can generate. With this in mind, we wouldn't rely too heavily the consensus price target, as it is just an average and analysts clearly have some deeply divergent views on the business.

One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. The period to the end of 2025 brings more of the same, according to the analysts, with revenue forecast to display 89% growth on an annualised basis. That is in line with its 77% annual growth over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to see their revenues grow 8.5% per year. So although Enovix is expected to maintain its revenue growth rate, it's definitely expected to grow faster than the wider industry.

The Bottom Line

The most obvious conclusion is that the analysts made no changes to their forecasts for a loss next year. Regrettably, they also downgraded their revenue estimates, but the latest forecasts still imply the business will grow faster than the wider industry. The consensus price target held steady at US$28.58, with the latest estimates not enough to have an impact on their price targets.

With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have forecasts for Enovix going out to 2026, and you can see them free on our platform here.

Even so, be aware that Enovix is showing 4 warning signs in our investment analysis , you should know about...

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.