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Enphase Energy, Inc. (ENPH) vs Sunrun Inc. (RUN)

Enphase Energy, Inc. and Sunrun Inc. are both Solar companies. Enphase Energy, Inc. is the larger, with a market value of $3.8B against $2.4B — 1.6× the size. Sunrun Inc. trades at the lower P/E: 4.4× against 42.5×. Sunrun Inc. grew revenue faster over the last twelve months: 66.2% against −19.9%. Sunrun Inc. has the higher net margin (14.0% vs 7.49%) and the higher return on invested capital (4.29% vs 3.59%). Across the 21 metrics below, Sunrun Inc. leads on 13 and Enphase Energy, Inc. on 8.

Valuation

Metric ENPH RUN Solar median
P/E 42.48 4.39 11.37
P/S 3.18 0.63 0.60
P/B 3.11 0.52 0.90
Price to free cash flow 29.65 n/m 15.06
EV/EBITDA 30.18 19.60 10.71
EV/Sales 3.41 4.28 0.85
Earnings yield 2.35% 22.78% (16.54%)
Free cash flow yield 3.37% (74.15%) (1.15%)

Profitability

Metric ENPH RUN Solar median
Gross margin 45.78% 0.00% 28.56%
Operating margin 4.19% 6.29% (7.89%)
Net margin 7.49% 14.01% (7.34%)
Free cash flow margin 11.17% 5.79% (1.48%)
Return on equity 8.12% 12.61% 7.14%
Return on assets 2.93% 2.34% (3.25%)
Return on invested capital 3.59% 4.29% (4.96%)

Growth

Metric ENPH RUN Solar median
Revenue growth (TTM) (19.90%) 66.21% 10.49%
EPS growth (last fiscal year) 72.00% 113.35% 51.53%
Revenue growth, 5-year CAGR 13.72% 26.24% 13.86%
Net income growth, 5-year CAGR 5.14% 0.00% 0.00%

Health

Metric ENPH RUN Solar median
Debt to equity 0.46 0.00 0.01
Current ratio 4.09 1.52 1.50
Net debt to EBITDA (1.29) 22.50 0.19

Dividend

Metric ENPH RUN Solar median
Dividend yield — — —
Payout ratio — — —

Size

Metric ENPH RUN Solar median
Market cap 3.83b 2.38b 76.52m

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