Friday 16 October 2026 Export ENPH’s income statement to Excel — free account

Enphase Energy, Inc.

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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Market cap: $4.1B
P/E: 30.2×
Fwd P/E: 194×
Dividend yield: —
F-score: 6/9
Altman Z: 1.99
Beneish M: −2.40
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.80

Total sells 10.82

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	1	—	—	1	—	—	1	1	—	—	—	—
Sell	—	2	—	1	1	—	1	1	1	1	—	—

Insider Ownership 2.91%

Capital & Financial Ratios $m

Market Cap 4,070.00

Revenue 1,328.50

Net Income 134.02

Free Cash Flow 152.63

Net Debt (364.87)

Current Ratio 3.45

Debt/Equity 0.48

P/E ratio 30.22

Fwd P/E 194.00

P/S ratio 3.06

P/B ratio 3.44

Past 5Y EPS Growth 6.31%

This Y EPS Growth (33.17%)

Next Y EPS Growth 3.68%

Next Y revenue growth (19.48%)

Next 5Y EPS Growth (5.52%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 16.36%

10-year low 10-year high

P/S against its own 10 years 33.22%

10-year low 10-year high

P/B against its own 10 years 2.84%

10-year low 10-year high

EV/Sales against its own 10 years 36.32%

10-year low 10-year high

EV/FCF against its own 10 years 25.96%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2027	Powerpack
2026	Powerpack
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,695	1,718	1,513	938
Receivables	446	224	230	274
Inventory	214	165	288	285
Other	—	—	—	—
	2,444	2,327	2,607	1,951

	2023	2024	2025	Q'26
Payables	116	90	203	125
ST’ Debt	—	101	632	—
Other	36	35	29	28
	532	660	1,262	565

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	283	292	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.06)	0.27	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	0.95	0.65	1.83	4.61	21.49	108.88	113.40	73.49	58.33	25.78	Analyst estimates 2026–2028 Powerpack
	High	3.73	3.45	7.60	35.42	189.41	282.46	339.92	271.72	141.63	76.90
People
People	Employees	430	336	427	577	850	2,260	2,821	3,157	2,781	2,872
	Revenue/emp, $m	0.75	0.85	0.74	1.08	0.91	0.61	0.83	0.73	0.48	0.51
Income, $m
Income, $m	Revenue	323	286	316	624	774	1,382	2,331	2,291	1,330	1,473
	Gross margin, %	17.98	19.58	29.87	35.44	44.68	40.12	41.81	46.20	47.29	46.64
	EBT	(66)	(45)	(10)	90	119	121	452	513	120	205
	EBT margin, %	(20.46)	(15.84)	(3.24)	14.43	15.42	8.75	19.39	22.40	9.03	13.90
	Net income	(67)	(45)	(12)	161	134	145	397	439	103	172
	Depreciation	11	9	10	14	18	32	56	59	73	82
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
	Earnings	(1.34)	(0.54)	(0.12)	1.38	1.07	1.09	2.94	3.22	0.76	1.31
	Cash flow	(0.65)	(0.34)	0.16	1.19	1.72	2.63	5.50	5.11	3.80	1.04
	Capex	(0.25)	(0.05)	(0.04)	(0.13)	(0.20)	(0.39)	(0.34)	(0.81)	(0.25)	(0.31)
	Free cash flow	(0.91)	(0.39)	0.12	1.06	1.52	2.23	5.16	4.30	3.55	0.73
	Book value	0.03	(0.11)	0.08	2.33	3.85	3.21	6.10	7.21	6.16	8.29
	Shares, m	51	83	100	117	126	134	135	136	135	131
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	19.80	165.54	169.39	86.16	40.88	90.37	24.28
	P/S	0.16	0.75	1.49	4.88	28.45	17.74	14.71	7.81	6.98	2.85
	P/B	40.80	0.00	60.60	11.20	45.52	57.00	41.53	18.20	11.14	3.87
	EV/Sales	0.18	0.83	1.50	4.58	28.00	17.76	14.57	7.68	6.67	2.64
	EV/FCF	(1.28)	(7.06)	42.90	23.18	114.07	83.32	49.00	30.27	18.68	42.97
Cash, $m
Cash, $m	Operating cash flow	(33)	(28)	16	139	216	352	745	697	514	137
	Capex	(13)	(4)	(4)	(15)	(26)	(53)	(46)	(110)	(34)	(41)
	Free cash flow	(46)	(33)	12	124	191	300	698	586	480	96
Balance, $m
Balance, $m	Working capital	35	39	75	300	399	1,023	1,626	1,911	1,667	1,345
	Total debt	24	50	110	106	331	1,038	1,290	1,294	1,302	1,204
	Net debt	6	21	4	(191)	(349)	21	(322)	(401)	(415)	(308)
	Shareholders’ equity	1	(9)	8	272	484	430	826	984	833	1,087
Returns, %
Returns, %	ROA	(41.00)	(27.16)	(4.57)	30.60	14.01	8.87	15.39	13.57	3.10	5.09
	ROIC	(534.18)	(214.37)	8.81	78.64	86.01	29.90	55.69	47.84	11.56	12.65
	ROE	(315.62)	1,154.92	1,722.52	115.11	35.44	31.82	63.29	48.52	11.30	17.93

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$19.2B	11.0×	16.0×	−3.73% (below 0%: shrinking)	+23.20% (above 0%: growing)	−121.01% (below 0%: shrinking)	57.28%	42.64%	Compare
NXT Nextpower Inc.	$12.7B	20.9×	35.6×	+8.21% (above 0%: growing)	+3.77% (above 0%: growing)	+50.09% (above 0%: growing)	35.91%	20.41%	Compare
ENPH Enphase Energy, Inc.	$4.1B	30.2×	194×	−19.63% (below 0%: shrinking)	−3.57% (below 0%: shrinking)	+41.15% (above 0%: growing)	59.97%	17.65%
SEDG SolarEdge Technologies, Inc.	$1.9B	— (loss-making)	— (loss-making)	+19.63% (above 0%: growing)	n/m	+196.82% (above 0%: growing)	27.48%	(4.63%)	Compare
RUN Sunrun Inc.	$1.8B	4.5×	10.8×	+52.81% (above 0%: growing)	−60.66% (below 0%: shrinking)	+37.10% (above 0%: growing)	37.73%	4.00%	Compare
SHLS Shoals Technologies Group, Inc.	$1.3B	41.2×	42.0×	+47.39% (above 0%: growing)	−12.50% (below 0%: shrinking)	+99.01% (above 0%: growing)	30.31%	11.46%	Compare
DQ DAQO New Energy Corp.	$720.7M	— (loss-making)	— (loss-making)	−16.67% (below 0%: shrinking)	n/m	−60.43% (below 0%: shrinking)	(132.00%)	(156.53%)	Compare
ARRY Array Technologies, Inc.	$549.8M	— (loss-making)	43.9×	−5.57% (below 0%: shrinking)	−73.68% (below 0%: shrinking)	+205.42% (above 0%: growing)	29.12%	10.16%	Compare
JKS JinkoSolar Holding Company Limited	$420.2M	— (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	16.0×	35.6×	+2.24%	−12.50%	+64.41%	29.72%	7.08%

All 26 Solar stocks →

Enphase Energy, Inc. (ENPH) key facts

Strength: Enphase Energy, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, up 10.7% from fiscal 2024.
Enphase Energy, Inc. (ENPH) is a Solar company in the Technology sector, listed on Nasdaq.
As of October 15, 2026, ENPH traded at $30.82, a market capitalization of $4.1 billion.
Return on equity was 17.9% and debt-to-equity 0.48.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 1.99 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.