Enphase Energy, Inc. ENPH

Information TechnologyRenewable EnergyUnited States of America

Last close 25.65 USD on Nov 1, 2026, −20.0% year to date

Quant rating

Quant rating D Rank 312 of 389 in Information Technology

Growth D 339 of 389
Valuation B 97 of 389
Quality B 118 of 389
Revisions D 358 of 389
Momentum D 359 of 389

Wall Street consensus Hold (2.76)Average target 35.52 USD +38.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.4B
Enterprise value: 3.0B
52-week range: 23.84 – 73.65
3-year range: 23.84 – 137.34
Dividend yield: –
Beta (5 years): 1.43
Shares outstanding: 132M
Next earnings: Feb 3, 2027

About the company

Enphase Energy, Inc. is a global energy technology company. The Company is a supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power and control it all with a smart mobile application. It designs, develops, manufactures and sells home energy solutions that manage energy generation, energy storage, and control and communications on one intelligent platform. The Enphase Energy System brings a networked approach to solar generation plus energy storage, by leveraging its design expertise across power electronics, semiconductors and cloud-based software technologies. The Enphase Energy System, powered by IQ Microinverters, IQ Batteries and other products and services, is an integrated solar, storage and energy management offer that enables self-consumption. Its other products include IQ PowerPack 1500, IQ Balcony Solar System, IQ Energy Management and IQ EV Chargers, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,473	1,330	2,291	2,331	1,382	–
Revenue growth	10.7%	−41.9%	−1.7%	68.7%	78.5%	13.7%
EPS (basic, normalized)	2.96	2.37	4.41	4.62	2.41	–
EPS growth	24.9%	−46.3%	−4.5%	91.7%	–	–
Gross margin	47.6%	47.3%	46.2%	41.8%	40.1%	44.6%
Net margin	11.7%	7.7%	19.2%	17.0%	10.5%	13.2%
ROE	17.9%	11.3%	48.5%	63.3%	31.8%	34.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	932
Current ratio	4.09x
Long-term debt (mil)	573
Net debt (mil)	−359
Total equity (mil)	1,242
Net debt / equity	−0.29x
Net debt / EBITDA	−0.75x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,473	+10.7%	2.1x	477	+31.8%	6.4x	2.96	+24.9%	8.7x
2026	1,140	−22.6%	2.7x	272	−42.9%	11.2x	1.70	−42.6%	15.1x
2027	1,067	−6.4%	2.8x	225	−17.2%	13.5x	1.69	−0.6%	15.2x
2028	1,244	+16.6%	2.4x	298	+32.3%	10.2x	1.99	+17.9%	12.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,140	−3.9%	−4.0%	−6.5%	1.70	−11.6%	−12.6%	−16.7%
2027	1,067	−13.8%	−15.1%	−19.0%	1.69	−24.5%	−26.8%	−31.5%
2028	1,244	−9.3%	−11.3%	−14.8%	1.99	−22.6%	−28.2%	−31.3%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	263	303	381	383	356	363	410	343	283	292
Sales mean (mil)	280	310	392	378	361	360	366	341	284	290
Surprise	−5.9%	−2.1%	−2.9%	+1.4%	−1.3%	+1.0%	+12.0%	+0.8%	−0.3%	+0.7%
EPS reported	0.35	0.43	0.65	0.94	0.68	0.69	0.90	0.71	0.47	0.46
EPS mean	0.39	0.48	0.77	0.72	0.70	0.62	0.65	0.58	0.41	0.46
Surprise	−9.5%	−9.8%	−15.2%	+29.9%	−3.2%	+11.0%	+39.0%	+22.1%	+14.4%	−0.3%

Peer comparison Renewable Energy

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ENPH Enphase Energy, Inc.	3.4B	−0.75x	11.7%	2.73x	15.1x	15.2x	11.2x	13.5x
FSLR First Solar, Inc.	18.7B	−0.70x	29.3%	1.72x	9.9x	7.6x	6.5x	5.3x
NXT Nextpower Inc	12.0B	−1.21x	16.5%	4.55x	16.7x	13.9x	12.0x	9.8x
SEDG SolarEdge Technologies, Inc.	1.8B	1.56x	−34.2%	4.49x	−82.5x	33.3x	118.2x	17.6x
PLUG Plug Power Inc.	1.9B	−1.05x	−229.8%	3.28x	−4.4x	−8.7x	−13.6x	−30.7x
RUN Sunrun Inc	1.8B	27.04x	15.2%	0.51x	5.6x	20.7x	22.3x	18.2x
Mean		4.15x	−31.9%	2.88x	−6.6x	13.7x	26.1x	5.6x
Median		−0.72x	13.5%	3.00x	7.8x	14.5x	11.6x	11.7x

Technical analysis

1M−17.0%
3M−29.4%
1Y−30.1%
3Y−68.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Enphase Energy, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,473	1,330	2,291	2,331	1,382	774
Cost of revenue	772	701	1,232	1,356	828	428
Gross profit	701	629	1,058	975	554	346
Selling, general & administrative expenses	319	324	352	337	228	104
Research & development	189	201	227	169	106	55.9
Depreciation/amortization	13.8	13.8	17.4	15.8	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	20.8	13.2	15.7	5.0	61.4	0
Other operating expenses	0	0	0	0	0	0
Operating income	158	77.3	446	448	159	186
Net interest income (expense)	48.4	70.4	69.0	5.0	−44.5	−63.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.1	−27.5	−1.6	−1.2	6.0	−3.8
Net income before taxes	205	120	513	452	121	119
Provision for taxes	32.7	17.5	74.2	54.7	−24.5	−14.6
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	172	103	439	397	145	134
Extraordinary items	–	–	–	–	–	–
Net income	172	103	439	397	145	134
EBIT, normalized	178	90.4	461	453	221	186
EBITDA, normalized	259	172	536	512	253	205
Basic EPS, normalized	2.96	2.37	4.41	4.62	2.41	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Enphase Energy, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,513	1,623	1,695	1,613	1,017	679
Receivables	391	266	486	473	334	182
Total inventory	288	165	214	150	74.4	41.8
Prepaid expenses	354	179	48.7	28.7	37.8	29.8
Other current assets	61.1	95.0	0	0	0	0
Total current assets	2,607	2,327	2,444	2,264	1,462	933
Property, plant & equipment	137	172	188	133	96.6	60.7
Goodwill	215	212	215	214	181	24.8
Intangibles	22.3	42.4	68.5	99.5	97.8	28.8
Long-term investments	–	–	–	–	–	–
Note receivable	115	111	124	101	–	–
Other long-term assets	414	386	344	273	241	153
Total assets	3,510	3,250	3,383	3,084	2,079	1,200
Liabilities
Accounts payable	203	90.0	116	125	114	72.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	212	193	253	280	158	76.5
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	632	101	0	90.9	86.1	326
Other current liabilities	214	275	163	142	82.1	58.9
Total current liabilities	1,262	660	532	638	440	534
Long-term debt	572	1,201	1,294	1,199	952	4.9
Minority interest	–	–	–	–	–	–
Other liabilities	588	555	573	421	258	177
Total liabilities	2,423	2,417	2,399	2,259	1,649	716
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	1,289	1,085	939	819	838	535
Retained earnings (accumulated deficit)	−204	−245	46.3	17.3	−406	−51.2
Treasury stock	–	–	–	–	–	–
Other equity	1.8	−6.4	−2.0	−10.9	−2.0	0.4
Total equity	1,087	833	984	826	430	484
Total liabilities & shareholders' equity	3,510	3,250	3,383	3,084	2,079	1,200

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Enphase Energy, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	172	103	439	397	145	134
Depreciation, depletion & amortization	80.6	81.4	74.7	58.8	32.4	18.1
Deferred taxes	6.1	−58.3	−43.3	3.6	−31.2	−17.1
Non-cash items	231	245	209	223	190	106
Changes in working capital	−353	143	17.1	62.1	15.1	−24.7
Cash from operations	137	514	697	745	352	216
Investing activities
Capital expenditures	−40.6	−33.6	−110	−46.4	−52.5	−20.6
Other investing cash flows	147	162	−256	−325	−1,167	−5.0
Cash from investing	107	128	−366	−372	−1,220	−25.6
Financing activities
Financing cash flow items	−18.0	−81.6	−121	−27.5	−94.6	−85.8
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−224	−379	−396	10.4	404	278
Cash from financing	−242	−460	−517	−17.1	309	192
Foreign exchange effects	8.5	−6.3	1.9	−1.9	−2.0	0.8
Net change in cash	10.2	175	−184	354	−560	383
Free cash flow	95.9	480	586	698	300	196

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.