stockrowEnphase 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
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Enphase Energy, Inc. (ENPH) Gross margin
Enphase Energy, Inc.'s gross margin over the twelve months to 30 September 2026 was 45.8%, down 0.9 percentage points from fiscal 2025 (46.6%). Over the past ten years it has ranged from 18.0% (fiscal 2016) to 47.3% (fiscal 2024); the current reading is higher than 91% of that period. That is above the Solar industry median of 28.6% and in line with the Technology sector median of 46.9%.
Gross margin, annual
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Annual newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| FY2025 | 46.6% | (0.65) |
| FY2024 | 47.3% | 1.09 |
| FY2023 | 46.2% | 4.39 |
| FY2022 | 41.8% | 1.69 |
| FY2021 | 40.1% | (4.56) |
| FY2020 | 44.7% | 9.24 |
| FY2019 | 35.4% | 5.57 |
| FY2018 | 29.9% | 10.29 |
| FY2017 | 19.6% | 1.60 |
| FY2016 | 18.0% | (12.31) |
Quarterly newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| Sep 2026 | 43.3% | (16.63) |
| Jun 2026 | 60.0% | 24.48 |
| Mar 2026 | 35.5% | (8.79) |
| Dec 2025 | 44.3% | (3.53) |
| 43 more quarters | Free account |
Against its own ten years
Gross margin against peers
| Company | Gross margin |
|---|---|
| FSLR First Solar, Inc. compare | 49.3% |
| ENPH Enphase Energy, Inc. | 45.8% |
| NXT Nextpower Inc. compare | 33.0% |
| SHLS Shoals Technologies Group, Inc. compare | 30.9% |
| SEDG SolarEdge Technologies, Inc. compare | 26.3% |
| ARRY Array Technologies, Inc. compare | 24.3% |
| JKS Jinko Holdings Limited - Unsponsored ADR compare | 4.68% |
| RUN Sunrun Inc. compare | 0.00% |
| DQ DAQO New Energy Corp. compare | −52.9% |
| Solar industry median | 28.6% |
| Technology sector median | 46.9% |
| Market median | 45.1% |
What Gross margin is
Gross Margin tells an investor how much of each sale a company keeps after paying the direct costs of making or buying what it sells.
Gross Profit ÷ Revenue
More on ENPH
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
- The full statement