Enphase Energy, Inc. (ENPH)

Enphase Energy, Inc., together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter that converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control. It also provides microinverter units and related accessories; IQ Battery and related accessories; IQ PowerPack 1500 and related accessories; IQ Combiner, IQ Gateway, and IQ Energy Router; cloud-based monitoring service; and electric vehicle charging solutions, as well as design, proposal, permitting, installation and solar appointment generation services, and Enphase Care services. The company sells its solutions to solar distributors; and directly to large installers, original equipment manufacturers, strategic partners, and homeowners, as well as through its legacy product upgrade program or online store. Enphase Energy, Inc. was incorporated in 2006 and is headquartered in Fremont, California.

Symbol: ENPH
Exchange: Nasdaq
Sector: Technology
Industry: Solar
Market cap: $4.41B
52 week range: 25.78 - 73.74

Valuation

Share price: $33.47 (close of 2026-10-02)
P/E (TTM): 32.81x
Price to book: 4.00x
Price to free cash flow: 30.41x
Enterprise value: $4.49B
Book value per share: $8.36

Price performance

Period	Change
1 day	+1.98%
5 days	+3.30%
1 month	-5.77%
3 months	-22.29%
6 months	-4.15%
Year to date	+4.43%
1 year	-11.31%
3 years	-71.35%
5 years	-78.46%
10 years	+2736.44%
All time	+355.99%

Members of Congress who disclosed ENPH trades

Julie Johnson

Super investors holding ENPH

Philippe Laffont (Coatue Management) · Ken Griffin (Citadel) · Ray Dalio (Bridgewater Associates)

Profitability and growth

Return on equity: 15.84%
Return on invested capital: 6.84%
Return on assets: 4.90%
Return on capital employed: 7.01%
Gross margin: 46.64%
Net margin: 11.69%
EBITDA margin: 16.17%
Revenue growth: 10.72%
Net income growth: 67.68%
Free cash flow growth: -80.02%

Cash flow and balance sheet

Free cash flow yield (TTM): 3.29%
Current ratio: 3.80x
Net debt to EBITDA: 0.37x

Latest reported year

Period end: 2025-12-31
Fiscal year: 2025
Revenue: $1.47B
Cost of revenue: $785.98M
Gross profit: $687.00M
EBITDA: $238.17M
Net income: $172.13M
Earnings per share: $1.31
Research and development: $189.07M
Shares outstanding: 131.16M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$1.47B	$687.00M	$172.13M	$1.31
2024-12-31	$1.33B	$629.14M	$102.66M	$0.76
2023-12-31	$2.29B	$1.06B	$438.94M	$3.22
2022-12-31	$2.33B	$974.60M	$397.36M	$2.94
2021-12-31	$1.38B	$554.42M	$145.45M	$1.09
2020-12-31	$774.42M	$345.98M	$134.00M	$1.07
2019-12-31	$624.33M	$221.25M	$161.15M	$1.38
2018-12-31	$316.16M	$94.44M	-$11.63M	$-0.12
2017-12-31	$286.17M	$56.04M	-$45.19M	$-0.54
2016-12-31	$322.59M	$58.01M	-$67.46M	$-1.34

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	46.64%	11.69%	15.84%	6.84%
2024-12-31	47.29%	7.72%	12.32%	3.37%
2023-12-31	46.20%	19.16%	44.62%	18.63%
2022-12-31	41.81%	17.05%	48.13%	23.88%
2021-12-31	40.12%	10.52%	33.81%	15.82%
2020-12-31	44.68%	17.30%	27.69%	120.11%
2019-12-31	35.44%	25.81%	59.20%	73.87%
2018-12-31	29.87%	-3.68%	-149.52%	7.05%
2017-12-31	19.58%	-15.79%	495.20%	-341.69%
2016-12-31	17.98%	-20.91%	-5189.38%	-854.69%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$474.32M	$572.19M
2024-12-31	$369.11M	$1.20B
2023-12-31	$288.75M	$1.29B
2022-12-31	$473.24M	$1.20B
2021-12-31	$119.32M	$951.59M
2020-12-31	$679.38M	$4.90M
2019-12-31	$251.41M	$102.66M
2018-12-31	$106.24M	$81.63M
2017-12-31	$29.14M	$32.32M
2016-12-31	$17.76M	$20.77M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$95.90M	$214.09M
2024-12-31	$480.09M	$211.36M
2023-12-31	$586.38M	$212.86M
2022-12-31	$698.37M	$216.80M
2021-12-31	$299.77M	$114.29M
2020-12-31	$195.78M	$42.50M
2019-12-31	$124.28M	$20.18M
2018-12-31	$11.98M	$11.43M
2017-12-31	-$32.56M	$6.73M
2016-12-31	-$45.12M	$10.33M

Investor relations

Next earnings report

Next confirmed report: 2026-10-27
Consensus EPS estimate: $0.19

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-07-28	Jun/2026	$0.16
2026-04-28	Mar/2026	$0.08
2026-02-03	Dec/2025	$0.21
2025-10-28	Sep/2025	$0.29
2025-07-22	Jun/2025	$0.29
2025-04-22	Mar/2025	$0.37
2025-02-04	Dec/2024	$0.43
2024-10-24	-	-

Filings and sources

Company website: enphase.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

Similar companies

First Solar, Inc. (FSLR) · Amdocs Ltd (DOX) · Dropbox, Inc. (DBX) · GoDaddy Inc. (GDDY) · Gen Digital Inc. (GEN) · Akamai Technologies Inc (AKAM) · F5, Inc. (FFIV) · Verisign Inc (VRSN)

All Technology companies

Understanding these figures

Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

Explore

Company directory · S&P 500 heatmap · Earnings calendar · Super investor holdings · Congress trades