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.
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Enphase Energy, Inc. (ENPH) Altman Z-score
Enphase Energy, Inc.'s Altman Z-score for fiscal 2025 is 1.99, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.99 | (1.32) |
| FY2024 | 3.30 | (3.01) |
| FY2023 | 6.32 | (5.09) |
| FY2022 | 11.40 | 1.16 |
| FY2021 | 10.24 | (9.71) |
| FY2020 | 19.96 | 14.32 |
| FY2019 | 5.64 | 5.01 |
| FY2018 | 0.64 | 1.21 |
| FY2017 | −0.58 | 0.41 |
| FY2016 | −0.99 | (2.33) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.38 | — | 0.46 | |
| Retained earnings / total assets | (0.06) | — | −0.08 | |
| EBIT / total assets | 0.04 | — | 0.15 | |
| Market value of equity / total liabilities | 1.74 | — | 1.04 | |
| Sales / total assets | 0.42 | — | 0.42 | |
| Altman Z-score | Grey zone | 1.99 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.10 | ||
Z and Z″ put Enphase Energy, Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NXT Nextpower Inc. compare | 7.4× |
| FSLR First Solar, Inc. compare | 6.3× |
| SHLS Shoals Technologies Group, Inc. compare | 3.9× |
| DQ DAQO New Energy Corp. compare | 3.2× |
| ENPH Enphase Energy, Inc. | 2.0× |
| ARRY Array Technologies, Inc. compare | 1.3× |
| JKS JinkoSolar Holding Company Limited compare | 0.5× |
| SEDG SolarEdge Technologies, Inc. compare | 0.3× |
| RUN Sunrun Inc. compare | 0.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets