Astera Labs vs Enphase Energy
Enphase Energy is the larger business, with $1.47bn of revenue in fiscal 2025 against $853m for Astera Labs (1.7 times as much). Astera Labs grew faster (115.1% against 10.7%). Astera Labs kept more of each dollar of sales as profit: a net margin of 25.7% against 11.7%. Astera Labs carries less debt relative to equity (0.0% against 110.8%).
| Latest fiscal year | Astera LabsALAB, 2025 | Enphase EnergyENPH, 2025 |
|---|---|---|
| Revenue | $853m | $1.47bn |
| Revenue growth | 115.1% | 10.7% |
| Net income | $219m | $172m |
| Operating margin | 20.3% | 10.7% |
| Net margin | 25.7% | 11.7% |
| Return on equity | 18.8% | 17.9% |
| Free cash flow | $282m | $95.9m |
| Cash | $168m | $474m |
| Total debt | $0 | $1.20bn |
| Debt to equity | 0.0% | 110.8% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $0 | $130m |
| Employees | 756 | 2,872 |
| Market value | $40.70bn | $4.01bn |
| Price vs our value range | Above our value range | Above our value range |
| Moat score | — | 58 (Moderate) |
| Insider trades, 12 months | 0 buys, 504 sales | 7 buys, 8 sales |