Enphase Energy

US · ENPH #2228 by market cap Listed 1970

33.50 -0.41 -1.21%

Live - 5344 symbols - heartbeat 223s ago · 2026-10-08 08:29

Pre-market 33.00 -1.49%

After-hours 33.49 -0.02%

Overnight 33.07 -1.28%

Market cap: 4.43B
P/E (TTM): 33.17
P/B: 3.75
EPS: 1.29
Div yield: 0.00%
52W pos: 16%

Reader sentiment Are you bullish or bearish on ENPH?

Anonymous reader poll. Unscientific, not investment advice.

✦ Quant Financial Health how this is computed

Fair

Altman Z-Score is 2.05, in the 1.8-3.0 "grey zone".
Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.

Revenue annual, last 8 years

Latest year +10.72% YoY

Margins

Gross margin: 46.64%
Operating margin: 11.18%
Net margin: 11.69%

Key ratios & quality

Enterprise value: 4.13B
Altman Z-Score: 2.05

Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.

Income statement

Line item	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	316.16M	624.33M	774.43M	1.38B	2.33B	2.29B	1.33B	1.47B
Gross profit	94.45M	221.25M	345.98M	554.42M	974.60M	1.06B	629.14M	687.00M
Selling & admin expenses	56.13M	75.54M	103.62M	233.06M	355.10M	369.63M	337.38M	333.27M
Research & development	32.59M	40.38M	55.92M	105.53M	168.85M	227.34M	201.32M	189.08M
Operating profit	5.73M	105.33M	186.44M	215.83M	450.65M	461.43M	90.45M	164.66M
Pretax profit	-10.23M	90.11M	119.41M	120.93M	452.05M	513.14M	120.16M	204.81M
Tax	1.40M	-71.03M	-14.59M	-24.52M	54.69M	74.20M	17.50M	32.68M
Net profit	-11.63M	161.15M	134.00M	145.45M	397.36M	438.94M	102.66M	172.13M
Basic EPS	0	1	1	1	3	3	1	1
Diluted EPS	-0.12	1.23	0.95	1.02	2.77	3.08	0.75	1.29

Line item	2025-03	2025-06	2025-09	2025-12	2026-03	2026-06
Revenue	356.08M	363.15M	410.43M	343.32M	282.90M	291.85M
Gross profit	168.24M	170.49M	196.24M	152.03M	100.39M	175.01M
Selling & admin expenses	82.98M	84.74M	81.53M	84.02M	81.34M	76.88M
Research & development	50.17M	45.42M	47.27M	46.21M	44.87M	45.66M
Operating profit	35.08M	40.33M	67.45M	21.80M	-25.82M	52.48M
Pretax profit	46.89M	42.21M	77.02M	38.70M	-13.86M	61.90M
Tax	17.16M	5.15M	10.38M	-16.00K	-6.45M	25.82M
Net profit	29.73M	37.05M	66.64M	38.71M	-7.41M	36.08M
Basic EPS	0	0	1	0	0	0
Diluted EPS	0.22	0.28	0.50	0.29	-0.06	0.27

Balance sheet

Line item	2018	2019	2020	2021	2022	2023	2024	2025
Total current assets	222.30M	499.66M	933.06M	1.46B	2.26B	2.44B	2.33B	2.61B
Cash & ST investments	106.24M	251.41M	679.38M	1.02B	1.61B	1.70B	1.62B	1.51B
Inventory	16.27M	32.06M	41.76M	74.40M	149.71M	213.60M	165.00M	288.05M
Total assets	339.94M	713.22M	1.20B	2.08B	3.08B	3.38B	3.25B	3.51B
Total current liabilities	147.16M	199.31M	534.04M	439.80M	638.22M	532.45M	660.09M	1.26B
Short-term debt	28.16M	6.05M	330.51M	89.88M	96.26M	5.22M	107.11M	640.39M
Long-term debt	81.63M	102.66M	4.90M	951.59M	1.20B	1.29B	1.20B	572.19M
Total liabilities	332,161,000.00	441,011,000.00	716,109,000.00	1,649,088,000.00	2,258,707,000.00	2,399,388,000.00	2,416,660,000.00	2,422,769,000.00
Total equity	7.78M	272.21M	483.99M	430.17M	825.57M	983.62M	833.02M	1.09B
Retained earnings	-346.30M	-185.18M	-51.19M	-405.74M	17.34M	46.27M	-245.21M	-203.90M

Line item	2025-03	2025-06	2025-09	2025-12	2026-03	2026-06
Total current assets	2.20B	2.29B	2.39B	2.61B	1.83B	1.95B
Cash & ST investments	1.47B	1.53B	1.48B	1.51B	930.64M	937.71M
Inventory	144.03M	173.02M	188.65M	288.05M	290.70M	285.02M
Total assets	3.11B	3.18B	3.32B	3.51B	2.72B	2.92B
Total current liabilities	1.16B	1.16B	1.17B	1.26B	481.78M	565.16M
Short-term debt	636.83M	637.26M	637.49M	640.39M	8.60M	9.10M
Long-term debt	571.21M	571.54M	571.87M	572.19M	572.51M	572.84M
Total liabilities	2,295,388,000.00	2,298,152,000.00	2,325,466,000.00	2,422,769,000.00	1,621,571,000.00	1,737,423,000.00
Total equity	810.70M	880.64M	995.02M	1.09B	1.10B	1.18B
Retained earnings	-315.86M	-309.22M	-242.58M	-203.90M	-211.30M	-175.22M

Cash flow

Line item	2018	2019	2020	2021	2022	2023	2024	2025
Operating cash flow	16.13M	139.07M	216.33M	352.03M	744.82M	696.78M	513.69M	136.54M
Depreciation & amortization	9.67M	14.12M	18.10M	30.85M	58.78M	74.71M	81.39M	80.65M
Free cash flow	11.98M	124.28M	195.78M	299.52M	698.37M	586.38M	480.09M	95.90M
Dividends paid	--	--	--	--	--	--	--	--
Stock buybacks / issuance	19.77M	0	0	-500.00M	0	-410.00M	-391.36M	-129.96M
Ending cash balance	106.24M	296.11M	679.38M	119.32M	473.24M	288.75M	464.12M	474.32M

Line item	2025-03	2025-06	2025-09	2025-12	2026-03	2026-06
Operating cash flow	48.41M	26.63M	13.92M	47.58M	102.87M	40.32M
Depreciation & amortization	19.92M	20.09M	20.22M	20.43M	20.82M	20.20M
Free cash flow	33.81M	18.37M	5.89M	37.84M	82.97M	25.93M
Dividends paid	--	--	--	--	--	--
Stock buybacks / issuance	-99.96M	-29.99M	0	0	0	0
Ending cash balance	415.09M	370.54M	401.88M	474.32M	497.55M	529.34M

Returns & efficiency

Line item	2018	2019	2020	2021	2022	2023	2024	2025
ROE %	--	115.11	35.44	31.82	63.29	48.52	11.30	17.93
ROA %	-4.57	30.60	14.01	8.87	15.39	13.57	3.10	5.09
ROIC %	--	66.76	24.62	15.53	21.91	17.57	2.00	5.55
5-year avg ROE %	--	--	--	--	--	58.84	38.07	34.57
EBIT margin %	-0.19	15.99	18.13	12.02	19.80	22.79	9.70	14.21
FCF / sales %	3.79	19.91	25.28	21.67	29.96	25.60	36.09	6.51
Current ratio	1.51	2.51	1.75	3.33	3.55	4.59	3.53	2.07
Quick ratio	1.26	1.99	1.61	3.07	3.22	4.02	2.80	1.38
Debt / assets	32.30	15.24	27.95	50.09	42.01	38.40	40.26	34.55
LT debt / equity	1,049.74	37.71	1.01	221.21	145.29	131.53	144.19	52.64
Interest coverage	-0.06	10.30	6.69	3.68	48.90	59.05	14.49	46.30
Revenue CAGR (3Y) %	-3.99	24.62	39.35	63.51	55.13	43.55	-1.26	-14.19
Net income CAGR (3Y) %	--	--	--	--	35.10	48.52	-10.97	-24.34
FCF CAGR (3Y) %	--	--	--	192.40	77.79	44.15	17.03	-48.41

Line item	2025-03	2025-06	2025-09	2025-12	2026-03	2026-06
ROE %	17.13	19.79	20.31	17.93	14.11	13.00
ROA %	4.68	5.51	5.94	5.09	4.63	4.40
ROIC %	4.42	5.71	6.57	5.55	4.50	4.71
5-year avg ROE %	--	--	--	--	--	--
EBIT margin %	13.16	14.63	15.99	14.21	10.51	12.52
FCF / sales %	33.17	25.16	14.37	6.51	10.36	11.49
Current ratio	1.90	1.97	2.04	2.07	3.80	3.45
Quick ratio	1.46	1.51	1.49	1.38	2.34	2.14
Debt / assets	38.89	38.03	36.42	34.55	21.33	19.93
LT debt / equity	70.46	64.90	57.47	52.64	51.94	48.47
Interest coverage	21.39	29.50	40.67	46.30	47.37	63.53
Revenue CAGR (3Y) %	--	--	--	--	--	--
Net income CAGR (3Y) %	--	--	--	--	--	--
FCF CAGR (3Y) %	--	--	--	--	--	--

Revenue breakdown most recent period

Business

Design, development, manufacture and sale of solutions for the solar photovoltaic (PV) industry100.00%

Quote time 2026-10-08 08:29:00 · For reference only, not investment advice and not tailored to your situation.