Enphase Energy, Inc. (ENPH) vs Nextpower Inc. (NXT)

Enphase Energy, Inc. and Nextpower Inc. are both Solar companies. Nextpower Inc. is the larger, with a market value of $12.2B against $4.4B — 2.8× the size. Nextpower Inc. trades at the lower P/E: 20.3× against 31.8×. Nextpower Inc. grew revenue faster over the last twelve months: 17.0% against −10.4%. Nextpower Inc. has the higher net margin (16.4% vs 10.1%) and the higher return on invested capital (32.7% vs 8.45%). Across the 22 metrics below, Nextpower Inc. leads on 17 and Enphase Energy, Inc. on 5.

Valuation

Metric ENPH NXT Solar median
P/E 31.76 20.31 10.93
P/S 3.22 3.36 0.54
P/B 3.62 4.77 1.44
Price to free cash flow 29.01 22.22 9.91
EV/EBITDA 23.16 15.10 9.90
EV/Sales 3.42 3.06 0.74
Earnings yield 3.15% 4.92% 0.00%
Free cash flow yield 3.45% 4.50% 0.00%

Profitability

Metric ENPH NXT Solar median
Gross margin 46.95% 33.45% 31.92%
Operating margin 8.32% 19.34% (9.70%)
Net margin 10.09% 16.36% (8.48%)
Free cash flow margin 11.49% 15.12% (2.95%)
Return on equity 13.00% 27.22% 5.34%
Return on assets 4.40% 15.53% (5.36%)
Return on invested capital 8.45% 32.66% (5.27%)

Growth

Metric ENPH NXT Solar median
Revenue growth (TTM) (10.41%) 16.97% 16.97%
EPS growth (last fiscal year) 72.00% 10.66% —
Revenue growth, 5-year CAGR 13.72% 24.38% 14.00%
Net income growth, 5-year CAGR 5.14% 36.42% 0.00%

Health

Metric ENPH NXT Solar median
Debt to equity 0.48 0.00 0.09
Current ratio 3.45 2.69 1.33
Net debt to EBITDA (1.29) (1.50) 0.03

Dividend

Metric ENPH NXT Solar median
Dividend yield — — —
Payout ratio 0.00 — 0.00

Size

Metric ENPH NXT Solar median
Market cap 4.39b 12.19b 43.46m

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