A Business at a Glance
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Enphase Energy, Inc.
ENPH
$4.9B
Mkt Cap
$36.70
-5.63%
Enphase Energy, Inc. (ENPH) has a current P/E ratio of 28.4, compared to its historical median P/E of 43.8. The stock is currently considered Fair based on its historical valuation range.
Enphase Energy, Inc. (ENPH) has a 5-year average return on invested capital (ROIC) of 50.5%. This indicates strong capital allocation and a potential competitive advantage.
Enphase Energy, Inc. (ENPH) has a market capitalization of $4.8B. It is classified as a mid-cap stock.
Enphase Energy, Inc. (ENPH) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.62%.
Based on historical P/E analysis, Enphase Energy, Inc. (ENPH) appears fair. The current P/E of 28.4 is 35% below its historical median of 43.8. The estimated fair value CAGR (P/E method) is 14.1%.
Enphase Energy, Inc. (ENPH) operates in the Semiconductors & Related Devices industry, within the Technology sector.
Enphase Energy, Inc. (ENPH) reported annual revenue of $1.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Enphase Energy, Inc. | 2025 Form 10-K | 6 Table of Contents Our Company We are a global energy technology company originally founded in March 2006. We deliver smart, easy-to-use solutions that manage solar generation, storage and communication on one platform. Our intelligent microinverters work with virtually every solar panel made, and when paired with our smart technology, result in one of the industry’s best-performing clean energy systems. For the first time in the evolution of our centuries-old grid, people can get paid for the clean energy they produce and share with their communities, helping to build a new energy future that harnesses the sun. This clean, free, abundant source of energy can power our lives and ultimately help greatly reduce our dependence on fossil fuels. As of December 31, 2025, we have shipped approximately 86.4 million microinverters, and more than 5.1 million Enphase residential and commercial systems have been deployed in over 160 countries.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.4B | 1.5B | 1.3B | 2.3B | 2.3B | 1.4B |
| Net Income | 135M | 172M | 103M | 439M | 397M | 145M |
| EPS | $1.03 | $1.29 | $0.75 | $3.08 | $2.77 | $1.02 |
| Free Cash Flow | 145M | 96M | 480M | 586M | 698M | 300M |
| ROIC | 12.1% | 19.9% | 11.7% | 68.7% | 80.5% | 71.7% |
| Gross Margin | 44.2% | 46.6% | 47.3% | 46.2% | 41.8% | 40.1% |
| Debt/Equity | 0.52 | 1.14 | 1.60 | 1.34 | 1.59 | 2.45 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 96M | 158M | 77M | 446M | 448M | 216M |
| Operating Margin | 6.9% | 10.7% | 5.8% | 19.5% | 19.2% | 15.6% |
| ROE | 12.2% | 17.9% | 11.3% | 48.5% | 63.3% | 31.8% |
| Shares Outstanding | 132M | 133M | 137M | 143M | 143M | 143M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 344M | 357M | 323M | 286M | 316M | 624M | 774M | 1.4B | 2.3B | 2.3B | 1.3B | 1.5B | 1.4B |
| Gross Margin | 32.9% | 30.3% | 18.0% | 19.6% | 29.9% | 35.4% | 44.7% | 40.1% | 41.8% | 46.2% | 47.3% | 46.6% | 44.2% |
| R&D | 45M | 51M | 51M | 33M | 33M | 40M | 56M | 106M | 169M | 227M | 201M | 189M | 184M |
| SG&A | 31M | 31M | 27M | 22M | 29M | 39M | 51M | 104M | 140M | 138M | 131M | 136M | 135M |
| EBIT | -5.4M | -20M | -63M | -39M | 1.6M | 103M | 186M | 216M | 448M | 446M | 77M | 158M | 96M |
| Op. Margin | -1.6% | -5.7% | -19.4% | -13.8% | 0.5% | 16.5% | 24.1% | 15.6% | 19.2% | 19.5% | 5.8% | 10.7% | 6.9% |
| Net Income | -8.1M | -22M | -67M | -45M | -12M | 161M | 134M | 145M | 397M | 439M | 103M | 172M | 135M |
| Net Margin | -2.3% | -6.2% | -20.9% | -15.8% | -3.7% | 25.8% | 17.3% | 10.5% | 17.0% | 19.2% | 7.7% | 11.7% | 9.6% |
| Non-Recurring | 0 | 0 | 4.4M | 17M | 4.1M | 2.6M | 0 | 6.6M | 2.4M | 16M | 13M | 7.1M | 7.8M |
| Returns on Capital | |||||||||||||
| ROIC | -16.8% | -50.0% | N/M | -199.7% | 11.1% | 136.6% | 132.4% | 71.7% | 80.5% | 68.7% | 11.7% | 19.9% | 12.1% |
| ROE | -18.5% | -50.0% | -315.6% | N/A | -149.5% | 115.1% | 35.4% | 31.8% | 63.3% | 48.5% | 11.3% | 17.9% | 12.2% |
| ROA | -6.0% | -13.9% | -41.0% | -27.2% | -4.6% | 30.6% | 14.0% | 8.9% | 15.4% | 13.6% | 3.1% | 5.1% | 5.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 24M | -21M | -33M | -28M | 16M | 139M | 216M | 352M | 745M | 697M | 514M | 137M | 191M |
| Free Cash Flow | 11M | -34M | -45M | -33M | 12M | 124M | 196M | 300M | 698M | 586M | 480M | 96M | 145M |
| Owner Earnings | 6.2M | -44M | -54M | -44M | -5.0M | 105M | 156M | 207M | 469M | 409M | 221M | -158M | -98M |
| CapEx | 13M | 13M | 12M | 4.1M | 4.2M | 15M | 21M | 52M | 46M | 110M | 34M | 41M | 46M |
| Maint. CapEx | 8.3M | 11M | 11M | 9.0M | 9.7M | 14M | 18M | 31M | 59M | 75M | 81M | 81M | 82M |
| Growth CapEx | 5.0M | 2.0M | 1.5M | 0 | 0 | 669K | 2.5M | 21M | 0 | 36M | 0 | 0 | 0 |
| D&A | 8.3M | 11M | 11M | 9.0M | 9.7M | 14M | 18M | 31M | 59M | 75M | 81M | 81M | 82M |
| CapEx/OCF | 54.7% | N/A | N/A | N/A | 25.7% | 10.6% | 9.5% | 14.8% | 6.2% | 15.8% | 6.5% | 29.8% | 24.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500M | 0 | 410M | 391M | 130M | 30M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.9% | N/A | 2.1% | 4.0% | 3.0% | 0.6% |
| Stock-Based Comp | 9.7M | 13M | 10M | 6.7M | 11M | 20M | 43M | 114M | 217M | 213M | 211M | 214M | 207M |
| Debt Repayment | 8.7M | 0 | 0 | 0 | 10.0M | 46M | 2.6M | 1.7M | 0 | 0 | 7K | 102M | 102M |
| Balance Sheet | |||||||||||||
| Net Debt | -42M | -28M | 6.0M | 21M | 3.5M | -133M | -329M | 37M | -298M | -377M | -291M | -269M | -358M |
| Cash & Equiv. | 42M | 28M | 18M | 29M | 106M | 251M | 679M | 119M | 473M | 289M | 369M | 474M | 931M |
| Long-Term Debt | 0 | 0 | 21M | 32M | 82M | 103M | 4.9M | 952M | 1.2B | 1.3B | 1.2B | 572M | 573M |
| Debt/Equity | 0.00 | 0.00 | 18.31 | -5.45 | 14.12 | 0.43 | 0.72 | 2.45 | 1.59 | 1.34 | 1.60 | 1.14 | 0.52 |
| Interest Coverage | -2.9 | -40.3 | -22.6 | -4.8 | 0.1 | 10.6 | 8.9 | 4.8 | 47.5 | 50.4 | 8.7 | 34.8 | 34.8 |
| Equity | 47M | 41M | 1.3M | -9.1M | 7.8M | 272M | 484M | 430M | 826M | 984M | 833M | 1.1B | 1.1B |
| Total Assets | 152M | 166M | 164M | 169M | 340M | 713M | 1.2B | 2.1B | 3.1B | 3.4B | 3.2B | 3.5B | 2.7B |
| Total Liabilities | 105M | 124M | 162M | 178M | 332M | 441M | 716M | 1.6B | 2.3B | 2.4B | 2.4B | 2.4B | 1.6B |
| Intangibles | 1.8M | 2.2M | 945K | 515K | 35M | 31M | 29M | 98M | 100M | 69M | 42M | 22M | 18M |
| Retained Earnings | -161M | -183M | -251M | -296M | -346M | -185M | -51M | -406M | 17M | 46M | -245M | -204M | -211M |
| Working Capital | 56M | 49M | 35M | 39M | 75M | 300M | 399M | 1.0B | 1.6B | 1.9B | 1.7B | 1.3B | 1.3B |
| Current Assets | 115M | 122M | 118M | 130M | 222M | 500M | 933M | 1.5B | 2.3B | 2.4B | 2.3B | 2.6B | 1.8B |
| Current Liabilities | 59M | 73M | 83M | 92M | 147M | 199M | 534M | 440M | 638M | 532M | 660M | 1.3B | 482M |
| Per Share Data | |||||||||||||
| EPS | -0.19 | -0.49 | -1.34 | -0.54 | -0.12 | 1.23 | 0.95 | 1.02 | 2.77 | 3.08 | 0.75 | 1.29 | 1.03 |
| Owner EPS | 0.15 | -0.99 | -1.07 | -0.53 | -0.05 | 0.80 | 1.10 | 1.45 | 3.27 | 2.87 | 1.61 | -1.19 | -0.74 |
| Book Value | 1.11 | 0.92 | 0.03 | -0.11 | 0.08 | 2.08 | 3.43 | 3.02 | 5.76 | 6.90 | 6.09 | 8.15 | 8.36 |
| Cash Flow/Share | 0.57 | -0.47 | -0.65 | -0.34 | 0.17 | 1.06 | 1.53 | 2.47 | 5.19 | 4.89 | 3.75 | 1.02 | 1.64 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 42.4M | 45.1M | 50.3M | 83.7M | 96.9M | 131.0M | 141.0M | 142.6M | 143.5M | 142.5M | 136.9M | 133.4M | 131.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 21.8 | 184.7 | 183.1 | 96.5 | 43.8 | 96.2 | 25.6 | 35.6 |
| P/FCF | 57.2 | N/A | N/A | N/A | 39.1 | 28.2 | 126.4 | 88.9 | 54.9 | 32.8 | 20.6 | 45.9 | 33.3 |
| EV/EBIT | N/A | N/A | N/A | N/A | 246.5 | 30.3 | 132.6 | 123.9 | 85.1 | 42.2 | 124.9 | 30.0 | 46.7 |
| Price/Book | 13.4 | 3.9 | 38.0 | N/A | 60.2 | 12.9 | 51.1 | 61.9 | 46.5 | 19.5 | 11.9 | 4.1 | 4.4 |
| Price/Sales | 1.3 | 1.0 | 0.3 | 0.4 | 1.4 | 3.7 | 12.5 | 18.2 | 13.8 | 10.1 | 10.9 | 4.1 | 3.5 |
| FCF Yield | 1.7% | -20.8% | -91.5% | -15.6% | 2.6% | 3.5% | 0.8% | 1.1% | 1.8% | 3.1% | 4.9% | 2.2% | 3.0% |
| Market Cap | 628M | 162M | 49M | 208M | 468M | 3.5B | 24.8B | 26.6B | 38.4B | 19.2B | 9.9B | 4.4B | 4.8B |
| Avg. Price | 10.21 | 8.12 | 1.91 | 1.38 | 4.69 | 17.40 | 68.59 | 176.54 | 224.32 | 162.02 | 106.29 | 44.79 | 36.70 |
| Year-End Price | 14.82 | 3.59 | 0.98 | 2.49 | 4.83 | 26.76 | 175.49 | 186.79 | 267.38 | 134.79 | 72.13 | 33.00 | 36.70 |
Enphase Energy, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Enphase Energy, Inc. trades at 28.4x trailing earnings, compared to its 15-year median P/E of 43.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 50.2x vs a median of 39.1x. The company's 5-year average ROIC is 50.5% with a gross margin of 44.4%. Total shareholder yield (buybacks) is 0.6%. At current prices, the estimated annualized return to fair value is +32.5%.
Enphase Energy, Inc. (ENPH) has a net profit margin of 11.7%. This is a healthy margin.
Enphase Energy, Inc. (ENPH) generated $96 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Enphase Energy, Inc. (ENPH) has a debt-to-equity ratio of 1.14. This indicates moderate leverage.
Enphase Energy, Inc. (ENPH) reported earnings per share (EPS) of $1.29 in its most recent fiscal year.
Enphase Energy, Inc. (ENPH) has a return on equity (ROE) of 17.9%. This indicates the company generates strong returns for shareholders.
Enphase Energy, Inc. (ENPH) has a 5-year average gross margin of 44.4%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for Enphase Energy, Inc. (ENPH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Enphase Energy, Inc. (ENPH) has a book value per share of $8.15, based on its most recent annual SEC filing.