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Enphase Energy, Inc.

ENPH Technology Solar

Enphase Energy, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, up 10.7% from fiscal 2024.

Revenue
−28.5%
EPS
−65.3%
Free cash flow
−293.2%
Total debt
−52.4%

Quarter to September 2026, against a year earlier

28.23 0.74 −2.55%
Market cap
$3.8B
P/E
42.5×
Fwd P/E
82.4×
Dividend yield
—
F-score
6/9
Altman Z
1.99
Beneish M
−2.40
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.95
Sold, $m 10.82
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — 1 1 — — — — 2
Sell 2 — 1 1 — 1 1 1 1 — — —
Insider Ownership 2.98%

Capital & Financial Ratios $m

Size
Market Cap 3,830.00
Revenue ttm 1,211.40
Net income ttm 90.77
Free cash flow ttm 135.37
Net debt Q (358.68)
Valuation
P/E 42.48 (above 35: high)
Forward P/E 82.40 (above 35: high)
Price / sales 3.18
Forward P/S Powerpack
Price / FCF 29.65
Price / book 3.11
Financial health
Current ratio Q 4.09 (at or above 1.5: strong)
Debt / equity Q 0.46 (at or below 0.5: strong)
Interest coverage Q 19.77
Growth
Revenue growth Q −28.53% (below 0%: shrinking)
Operating income growth Q −90.23% (below 0%: shrinking)
EPS, this year −43.68% (below 0%: weak)
EPS, next year A −21.21% (below 0%: weak)
Revenue, next year A −24.91% (below 0%: weak)
EPS, past 5 yrs +6.31%
EPS, next 5 yrs A −15.55% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.4×, against a ten-year median of 5.2×; over the ten years it ranged from 0.2× in 2016 to 29.1× in 2021.
P/E against its own 10 years 34.29%
10-year low 10-year high
P/S against its own 10 years 34.62%
10-year low 10-year high
P/B against its own 10 years 2.20%
10-year low 10-year high
EV/Sales against its own 10 years 37.26%
10-year low 10-year high
EV/FCF against its own 10 years 27.87%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,695 1,718 1,513 932
Receivables 446 224 230 250
Inventory 214 165 288 244
Other — — — —
2,444 2,327 2,607 1,883
2023 2024 2025 Q'26
Payables 116 90 203 101
ST’ Debt — 101 632 —
Other 36 35 29 27
532 660 1,262 460

Compound Annual Growth %

10y 5y 3y
Sales 15.22% 13.72% (14.19%)
Cash Flow 0.00% (8.79%) (43.19%)
Earnings 0.00% 5.14% (24.34%)
Book Value 38.63% 17.57% 9.60%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.47 Actual 0.41

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.54 0.71 Beat by 0.17
Q1 FY26 0.43 0.47 Beat by 0.04
Q2 FY26 0.46 0.46 Met by 0.00
Q3 FY26 0.47 0.41 Miss by 0.06
Q4 FY26 0.23 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.06) 0.27 0.17 — —
’25 0.22 0.28 0.50 0.29 1.29
’24 (0.12) 0.08 0.33 0.45 0.75
’23 1.02 1.09 0.80 0.15 3.08
’22 0.37 0.54 0.80 1.06 2.77
’21 0.22 0.28 0.15 0.37 1.02
’20 0.50 (0.38) 0.28 0.50 0.95
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 283 292 293 — —
’25 356 363 410 343 1,473
’24 263 303 381 383 1,330
’23 726 711 551 303 2,291
’22 441 530 635 725 2,331
’21 302 316 352 413 1,382
’20 206 126 179 265 774
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 103 40 0 — —
’25 48 27 14 48 137
’24 49 127 170 167 514
’23 246 269 146 35 697
’22 102 201 188 254 745
’21 76 66 113 97 352
’20 39 25 68 84 216
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 83 26 (11) — —
’25 34 18 6 38 96
’24 42 117 162 159 480
’23 224 225 122 15 586
’22 90 192 179 237 698
’21 66 49 100 84 300
’20 36 21 64 70 191
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 323 286 316 624 774 1,382 2,331 2,291 1,330 1,473 1,211 +18.4% 1,106 1,035 1,209 (6.4%)
Gross margin, % 17.98 19.58 29.87 35.44 44.68 40.12 41.81 46.20 47.29 46.64 45.78 +28.7 pt
EBT (66) (45) (10) 90 119 121 452 513 120 205 83 n/m
EBT margin, % (20.46) (15.84) (3.24) 14.43 15.42 8.75 19.39 22.40 9.03 13.90 6.87 +34.4 pt
Net income (67) (45) (12) 161 134 145 397 439 103 172 91 n/m
Per share, $
Per share, $ Revenue 6.39 3.45 3.17 5.35 6.17 10.31 17.22 16.80 9.84 11.23 9.16 +6.5%
Earnings (1.34) (0.54) (0.12) 1.38 1.07 1.09 2.94 3.22 0.76 1.31 0.69 n/m
Cash flow (0.65) (0.34) 0.16 1.19 1.72 2.63 5.50 5.11 3.80 1.04 1.44 n/m
Capex (0.25) (0.05) (0.04) (0.13) (0.20) (0.39) (0.34) (0.81) (0.25) (0.31) (0.42) +2.2%
Free cash flow (0.91) (0.39) 0.12 1.06 1.52 2.23 5.16 4.30 3.55 0.73 1.02 n/m
Book value 0.03 (0.11) 0.08 2.33 3.85 3.21 6.10 7.21 6.16 8.29 9.39 +90.0%
Shares, m 51 83 100 117 126 134 135 136 135 131 132 +11.2%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 19.80 165.54 169.39 86.16 40.88 90.37 24.28 42.48 59.6
P/S 0.16 0.75 1.49 4.88 28.45 17.74 14.71 7.81 6.98 2.85 3.18 8.6
P/B 40.80 0.00 60.60 11.20 45.52 57.00 41.53 18.20 11.14 3.87 3.11 29.0
EV/Sales 0.18 0.83 1.50 4.58 28.00 17.76 14.57 7.68 6.67 2.64 3.41 8.4
EV/FCF (1.28) (7.06) 42.90 23.18 114.07 83.32 49.00 30.27 18.68 42.97 31.76 39.6
Cash, $m
Cash, $m Operating cash flow (33) (28) 16 139 216 352 745 697 514 137 191 n/m
Capex (13) (4) (4) (15) (26) (53) (46) (110) (34) (41) (55) +13.7%
Free cash flow (46) (33) 12 124 191 300 698 586 480 96 135 n/m
Balance, $m
Balance, $m Working capital 35 39 75 300 399 1,023 1,626 1,911 1,667 1,345 1,423 +49.9%
Net debt 6 21 4 (191) (349) 21 (322) (401) (415) (308) (359) n/m
Shareholders’ equity 1 (9) 8 272 484 430 826 984 833 1,087 1,242 +111.2%
Returns, %
Returns, % ROA (41.00) (27.16) (4.57) 30.60 14.01 8.87 15.39 13.57 3.10 5.09 2.93 +46.1 pt
ROIC (534.18) (214.37) 8.81 78.64 86.01 29.90 55.69 47.84 11.56 12.65 3.59 +546.8 pt
ROE (315.62) 1,154.92 1,722.52 115.11 35.44 31.82 63.29 48.52 11.30 17.93 8.12 +333.6 pt
People
People Employees 430 336 427 577 850 2,260 2,821 3,157 2,781 2,872 — +23.5%
Revenue/emp, $m 0.75 0.85 0.74 1.08 0.91 0.61 0.83 0.73 0.48 0.51 — (4.1%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Enphase Energy, Inc. vs peers in Solar (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FSLR First Solar, Inc. $21.0B 11.4× 10.1× −22.82% (below 0%: shrinking) +25.03% (above 0%: growing) −118.49% (below 0%: shrinking) 57.93% 44.37% Compare
NXT Nextpower Inc. $15.0B 24.5× 20.2× +22.54% (above 0%: growing) +10.10% (above 0%: growing) −21.25% (below 0%: shrinking) 31.13% 18.71% Compare
ENPH Enphase Energy, Inc. $3.8B 42.5× 82.4× −28.53% (below 0%: shrinking) −65.31% (below 0%: shrinking) −293.17% (below 0%: shrinking) 43.34% 2.20%
RUN Sunrun Inc. $2.4B 4.4× 5.4× +51.75% (above 0%: growing) +814.29% (above 0%: growing) +134.84% (above 0%: growing) 0.00% 13.96% Compare
SEDG SolarEdge Technologies, Inc. $1.6B — (loss-making) — (loss-making) −4.15% (below 0%: shrinking) n/m −84.40% (below 0%: shrinking) 33.19% (0.58%) Compare
SHLS Shoals Technologies Group, Inc. $1.5B 40.0× 28.7× +43.82% (above 0%: growing) +51.57% (above 0%: growing) +190.08% (above 0%: growing) 31.95% 14.83% Compare
ARRY Array Technologies, Inc. $816.2M — (loss-making) 18.1× −5.57% (below 0%: shrinking) −73.68% (below 0%: shrinking) +205.42% (above 0%: growing) 29.12% 10.16% Compare
DQ DAQO New Energy Corp. $803.9M — (loss-making) — (loss-making) −20.62% (below 0%: shrinking) n/m +35.96% (above 0%: growing) (31.20%) (40.50%) Compare
JKS Jinko Holdings Limited - Unsponsored ADR $517.2M — (loss-making) — (loss-making) −27.48% (below 0%: shrinking) n/m +78.73% (above 0%: growing) 4.15% (11.62%) Compare
Median of peers $1.6B 17.9× 18.1× −4.86% +25.03% +57.35% 30.13% 12.06%

All 24 Solar stocks →

Pay and ownership Proxy statement filed 1 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 9.60m (16.39k) 18.00
2024 12.63m 3.36m 263.00
2023 19.53m 2.54m 506.00
2022 16.63m 22.99m 1,014.00
2021 19.02m 13.79m 700.00

Ownership

Directors and executive officers, together 2.90%
BlackRock, Inc. 14.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Enphase Energy, Inc. (ENPH) Latest News

31 Oct

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ENPH metrics, ten years each

stockrow.com/ENPH · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com