Friday 16 October 2026
Export ENPH’s income statement to Excel — free account
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. In the quarter to June 2026, revenue fell 19.6%, EPS fell 3.57%, free cash flow grew 41.2% and total debt fell 52.4%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
30.82
1.47
+5.01%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
24.28 | 90.37 | 40.88 | 86.16 | 169.39 | 165.54 | 19.80 | 0.00 | 0.00 | 0.00 |
Piotroski F-Score |
6 | 6 | 6 | 8 | 5 | 5 | 6 | 5 | 3 | 1 |
P/S ratio |
2.85 | 6.98 | 7.81 | 14.71 | 17.74 | 28.45 | 4.88 | 1.49 | 0.75 | 0.16 |
Altman Z-Score |
1.99 | 3.30 | 6.32 | 11.40 | 10.25 | 19.96 | 5.64 | 0.64 | (0.58) | (0.99) |
P/FCF ratio |
46.38 | 19.55 | 30.80 | 49.47 | 83.25 | 115.91 | 24.72 | 42.58 | 0.00 | 0.00 |
Altman Z″-Score (non-manufacturers) |
3.10 | 3.64 | 5.07 | 4.84 | 3.56 | 3.80 | 3.53 | (1.81) | (5.82) | (6.15) |
Beneish M-Score |
(2.40) | (3.71) | (2.82) | (2.62) | (2.21) | (2.83) | (1.47) | (1.69) | (2.98) | (2.80) |
P/Operating CF |
88.35 | 55.49 | 504.88 | 135.13 | 252.32 | 261.73 | 29.82 | 251.31 | (112.67) | (12.15) |
P/B ratio |
3.87 | 11.14 | 18.20 | 41.53 | 57.00 | 45.52 | 11.20 | 60.60 | 0.00 | 40.80 |
Price to Tangible BV |
4.95 | 16.03 | 25.55 | 66.90 | 162.21 | 51.19 | 14.06 | 0.00 | 0.00 | 0.00 |
EV/Sales |
2.64 | 6.67 | 7.68 | 14.57 | 17.76 | 28.00 | 4.58 | 1.50 | 0.83 | 0.18 |
EV/EBITDA |
16.28 | 59.09 | 34.84 | 67.33 | 98.84 | 106.01 | 24.47 | 42.15 | 0.00 | 0.00 |
EV/Operating CF |
28.53 | 17.26 | 25.25 | 45.60 | 69.71 | 100.23 | 20.56 | 29.43 | (8.31) | (1.79) |
EV/FCF |
42.97 | 18.68 | 30.27 | 49.00 | 83.32 | 114.07 | 23.18 | 42.90 | (7.06) | (1.28) |
Quick Ratio |
1.38 | 2.94 | 4.02 | 3.22 | 3.07 | 1.61 | 2.22 | 1.26 | 1.03 | 0.95 |
Current Ratio |
2.07 | 3.53 | 4.59 | 3.55 | 3.33 | 1.75 | 2.51 | 1.51 | 1.42 | 1.42 |
Net Debt/EBITDA |
(1.29) | (2.77) | (0.79) | (0.64) | 0.08 | (1.70) | (1.63) | 0.31 | (0.68) | (0.12) |
Debt/Assets |
34.31% | 40.08% | 38.24% | 41.84% | 49.90% | 27.57% | 14.80% | 32.30% | 29.41% | 14.55% |
Debt/Equity |
1.11 | 1.56 | 1.32 | 1.56 | 2.41 | 0.68 | 0.39 | 14.12 | (5.45) | 18.31 |
Asset Turnover |
0.44 | 0.40 | 0.71 | 0.90 | 0.84 | 0.81 | 1.19 | 1.24 | 1.72 | 1.96 |
Operating CF/Net income |
0.79 | 5.00 | 1.59 | 1.87 | 2.42 | 1.61 | 0.86 | (1.39) | 0.63 | 0.49 |
Capex/Depreciation |
(0.50) | (0.46) | (1.87) | (0.83) | (1.62) | (1.41) | (1.05) | (0.43) | (0.46) | (1.19) |
Interest Coverage |
34.84 | 8.68 | 50.43 | 47.50 | 4.78 | 8.88 | 10.60 | 0.15 | (4.80) | (22.61) |
| 17.93% | 11.30% | 48.52% | 63.29% | 31.82% | 35.44% | 115.11% | 1,722.52% | 1,154.92% | (315.62%) | |
| 5.09% | 3.10% | 13.57% | 15.39% | 8.87% | 14.01% | 30.60% | (4.57%) | (27.16%) | (41.00%) | |
ROIC |
12.65% | 11.56% | 47.84% | 55.69% | 29.90% | 86.01% | 78.64% | 8.81% | (214.37%) | (534.18%) |
Return on Tangible Assets |
11.62% | 5.66% | 21.11% | 22.87% | 13.16% | 30.32% | 48.94% | (12.09%) | (69.33%) | (101.40%) |
Average Days of Receivables |
56.96 | 61.39 | 71.06 | 69.04 | 88.11 | 85.86 | 85.01 | 91.13 | 83.35 | 69.04 |
Research and Development Expense of Revenue |
12.84% | 15.13% | 9.92% | 7.24% | 7.64% | 7.22% | 6.47% | 10.31% | 11.59% | 15.72% |
Selling, General and Administrative Expense of Revenue |
22.63% | 25.36% | 16.14% | 15.23% | 16.86% | 13.38% | 12.10% | 17.75% | 15.85% | 20.53% |
Intangible Assets out of Total Assets |
0.07 | 0.08 | 0.08 | 0.10 | 0.13 | 0.04 | 0.08 | 0.18 | 0.02 | 0.03 |
Share Based Compensation of Revenue |
14.53% | 15.89% | 9.29% | 9.30% | 8.27% | 5.49% | 3.23% | 3.62% | 2.35% | 3.20% |
Graham Net Nets |
0.04 | (0.01) | 0.00 | 0.00 | (0.01) | 0.01 | 0.02 | (0.23) | (0.22) | (0.84) |
Graham Number |
15.69 | 10.27 | 22.82 | 20.09 | 8.83 | 9.59 | 8.32 | 0.00 | 1.17 | 0.00 |
Earnings Yield |
4.12% | 1.11% | 2.45% | 1.16% | 0.59% | 0.60% | 5.05% | (2.54%) | (21.15%) | (131.43%) |
Free Cash Flow Yield |
2.16% | 5.11% | 3.25% | 2.02% | 1.20% | 0.86% | 4.05% | 2.35% | (15.52%) | (86.78%) |
Revenue per Share |
11.23 | 9.84 | 16.80 | 17.22 | 10.31 | 6.17 | 5.35 | 3.17 | 3.45 | 6.39 |
Operating CF per Share |
1.04 | 3.80 | 5.11 | 5.50 | 2.63 | 1.72 | 1.19 | 0.16 | (0.34) | (0.65) |
Capex per Share |
(0.31) | (0.25) | (0.81) | (0.34) | (0.39) | (0.20) | (0.13) | (0.04) | (0.05) | (0.25) |
Free Cash Flow per Share |
0.73 | 3.55 | 4.30 | 5.16 | 2.23 | 1.52 | 1.06 | 0.12 | (0.39) | (0.91) |
Cash per Share |
11.53 | 12.71 | 12.43 | 11.92 | 7.59 | 5.41 | 2.54 | 1.07 | 0.35 | 0.35 |
Shareholders Equity per Share |
8.29 | 6.16 | 7.21 | 6.10 | 3.21 | 3.85 | 2.33 | 0.08 | (0.11) | 0.03 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
8.29 | 6.16 | 7.21 | 6.10 | 3.21 | 3.85 | 2.33 | 0.08 | (0.11) | 0.03 |
Free Cash Flow |
95.90 | 480.09 | 586.38 | 698.37 | 299.52 | 190.77 | 124.28 | 11.98 | (32.56) | (45.80) |
Working Capital |
1,344.71 | 1,666.99 | 1,911.07 | 1,626.05 | 1,022.67 | 399.02 | 300.35 | 75.14 | 38.71 | 35.09 |
Capital Expenditures |
(40.64) | (33.60) | (110.40) | (46.44) | (52.51) | (25.57) | (14.79) | (4.15) | (4.12) | (12.84) |
Net Current Asset Value |
184.09 | (89.58) | 44.13 | 5.56 | (186.63) | 216.96 | 58.65 | (109.86) | (47.83) | (44.41) |
EV/EBIT |
24.73 | 114.73 | 39.47 | 75.77 | 113.70 | 116.30 | 27.83 | 297.46 | 0.00 | 0.00 |
Capex to Sales |
0.03 | 0.03 | 0.05 | 0.02 | 0.04 | 0.03 | 0.02 | 0.01 | 0.01 | 0.04 |
Price to Operating Income |
26.69 | 120.11 | 40.15 | 76.49 | 113.60 | 118.17 | 29.69 | 295.24 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.60 | 0.49 | 0.35 | 0.50 | 0.39 | 0.42 | 0.49 | 0.46 | 0.34 | 0.34 |
Cash ROIC |
2.52% | 12.46% | 14.76% | 18.73% | 12.06% | 12.77% | 18.44% | 5.35% | (46.67%) | (106.84%) |
Accounts Receivable Turnover |
6.49 | 3.97 | 5.17 | 6.02 | 5.36 | 4.73 | 5.57 | 4.38 | 4.53 | 6.02 |
Accounts Payable Turnover |
5.36 | 6.80 | 10.22 | 11.36 | 8.88 | 6.59 | 7.59 | 5.72 | 7.61 | 9.24 |
Inventory Turnover |
3.47 | 3.70 | 6.78 | 12.10 | 14.25 | 11.61 | 16.68 | 10.49 | 7.94 | 7.27 |
Average Days of Payables |
94.29 | 46.86 | 34.40 | 33.66 | 50.17 | 61.86 | 52.04 | 80.33 | 45.60 | 43.73 |
Days of Inventory on Hand |
133.77 | 85.89 | 63.26 | 40.29 | 32.81 | 35.58 | 29.03 | 26.78 | 41.24 | 44.09 |
Average Receivables |
226.82 | 334.85 | 443.43 | 387.26 | 257.90 | 163.79 | 112.18 | 72.14 | 63.18 | 53.56 |
Average Payables |
146.54 | 103.10 | 120.62 | 119.43 | 93.19 | 65.04 | 53.13 | 38.77 | 30.22 | 28.63 |
Average Inventory |
226.53 | 189.30 | 181.65 | 112.05 | 58.08 | 36.91 | 24.16 | 21.13 | 28.98 | 36.38 |
Average Assets |
3,379.73 | 3,316.34 | 3,233.65 | 2,581.77 | 1,639.68 | 956.66 | 526.58 | 254.54 | 166.36 | 164.55 |
Average Common Equity |
960.02 | 908.32 | 904.60 | 627.87 | 457.08 | 378.10 | 139.99 | (0.67) | (3.91) | 21.37 |
Columns are period end dates