Enphase Energy, Inc. (ENPH) vs JinkoSolar Holding Company Limited (JKS)

Enphase Energy, Inc. and JinkoSolar Holding Company Limited are both Solar companies. Enphase Energy, Inc. is the larger, with a market value of $4.1B against $420.2M — 9.7× the size. JinkoSolar Holding Company Limited has negative trailing earnings, so its P/E is not meaningful; Enphase Energy, Inc. trades at 30.2×. Enphase Energy, Inc. grew revenue faster over the last twelve months: −10.4% against −19.1%. Enphase Energy, Inc. has the higher net margin (10.1% vs −5.87%) and the higher return on invested capital (8.45% vs −15.2%). Across the 19 metrics below, Enphase Energy, Inc. leads on 15 and JinkoSolar Holding Company Limited on 4.

Valuation

Metric ENPH JKS Solar median
P/E 30.22 n/m 11.00
P/S 3.06 0.05 0.49
P/B 3.44 0.12 1.06
Price to free cash flow 27.60 n/m 9.83
EV/EBITDA 22.09 n/m 9.48
EV/Sales 3.26 0.09 0.66
Earnings yield 3.31% (111.60%) 0.00%
Free cash flow yield 3.62% (673.09%) 0.00%

Profitability

Metric ENPH JKS Solar median
Gross margin 46.95% 4.68% 31.92%
Operating margin 8.32% (11.51%) (9.70%)
Net margin 10.09% (5.87%) (8.48%)
Free cash flow margin 11.49% 0.00% (2.95%)
Return on equity 13.00% 0.00% 5.34%
Return on assets 4.40% (2.91%) (5.36%)
Return on invested capital 8.45% (15.23%) (5.27%)

Growth

Metric ENPH JKS Solar median
Revenue growth (TTM) (10.41%) (19.06%) 16.97%
EPS growth (last fiscal year) 72.00% (1,668.12%) 47.20%
Revenue growth, 5-year CAGR 13.72% 11.71% 14.00%
Net income growth, 5-year CAGR 5.14% 0.00% 0.00%

Health

Metric ENPH JKS Solar median
Debt to equity 0.48 1.10 0.09
Current ratio 3.45 1.13 1.33
Net debt to EBITDA (1.29) (14.38) 0.03

Dividend

Metric ENPH JKS Solar median
Dividend yield — 17.94% —
Payout ratio — — —

Size

Metric ENPH JKS Solar median
Market cap 4.07b 420.17m 33.34m

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