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Enphase Energy, Inc. (ENPH) stock

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NASDAQ: ENPH Nasdaq Semiconductors Next results ~January 26, 2027

D Fundamentals grade

Enphase Energy is a global energy technology company founded in March 2006. It designs and sells home energy systems that manage solar generation, storage, and control on a single platform. Its core product is the semiconductor-based IQ microinverter, which converts power at each individual solar panel rather than across a whole array, as string inverters do. These work alongside IQ Batteries, IQ EV Chargers and load controllers, all monitored through the cloud-based Enphase App.

The company sells chiefly through solar distributors, who bundle its products with panels and racking and resell to installers; it also supplies large installers, equipment manufacturers and strategic partners directly, and reaches homeowners via third-party marketplaces and its own online store. Alongside hardware, it offers the Solargraf design and proposal software, the Enphase Care maintenance plan, and participation in utility virtual power plant schemes.

Products are sold across North America, Europe, Australia, New Zealand, India and parts of Asia. By 31 December 2025 Enphase had shipped roughly 86.4 million microinverters, with more than 5.1 million systems deployed in over 160 countries.

Based on Enphase Energy, Inc.'s 10-K filed February 17, 2026.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$20

Cash-flow model

Base case. Range ~$15–$26 across our lower- and higher-growth cases (-1%–9% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 29% below it.

Price used: $27.93, November 2, 2026

Enphase Energy, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 3 selling7 purchases and 8 sales by directors and officers, last 12 monthsInsider trades
  • Funds264 adding, 271 cuttingOf 72 active managers that changed their stake, 32 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Enphase Energy files

10-Q filed October 27: Enphase Energy

Model value +30.6%

Revenue for the twelve months to September 2026 came in at $1.21bn, down 19.9% on a year earlier. That marks a steeper fall than the 10.4% decline a quarter earlier, and it ranks Enphase 37 of 37 for growth among the semiconductor companies we cover. Free-cash-flow margin slipped to 11.2% from 14.4%, while operating margin narrowed to 4.2% from 12.6%. A diluted share count down 2.8% on a year earlier lifts each remaining share. Our model value rises to $22.89 from $17.53, against a share price of $29.89. The rating stays Sell. At that price, the market is pricing in roughly 12.6% a year of cash-flow growth for five years, well ahead of the -2.6% a year revenue growth delivered.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Enphase Energy stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.33bn, down 10.4% on a year earlier, slower than -1.6% a quarter earlier. That puts it 33 of 33 for growth among the semiconductor companies we cover. Free-cash-flow margin fell to 11.5% from 25.2% a year earlier. Operating margin narrowed to 8.3% from 11.7%. The diluted share count is down 4.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $15.14 a share, against a share price of $32.23.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

Enphase Energy, Inc.'s trailing-twelve-month revenue fell 19.9% year on year, with a free-cash-flow margin of 11.2%. Where it stands out: change in share count of -2.8% ranks 7 of 72 semiconductor companies we cover. Where it lags: revenue growth of -19.9% ranks 68 of 75 semiconductor companies we cover.

Our discounted-cash-flow model values the business at ~$20 per share in the base case (~$15–$26 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -19.9% (-9.5pp vs the prior quarter), the 4th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 2.8% in a year, so each share owns more of the business.

Things to watch

  • Priced above our value. The share price of $27.93 is 29% above our value per share of $20.
  • Revenue shrinking. Revenue fell 19.9% over the last 12 months.
  • Growth slowing. The growth rate is 9.5 points lower than a quarter earlier.
  • Margins narrowing. Operating margin is down 8.4 points on a year ago.
  • Heavy stock-based pay. Stock pay equals 15.6% of revenue, against a median of 6.4% for semiconductor companies we cover: a real cost that cash-flow figures leave out.
  • High earnings multiple. The shares trade at 41 times the last 12 months' earnings, so expectations are demanding.

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$0.41 against an average estimate of $0.50: missed by 18.7%
Revenue
$293m, down 28.5% on a year earlier
Share reaction
-17.7% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
revenue $225m to $255m (fourth quarter of 2026); safe harbor revenue $51.2m (fourth quarter of 2026)
Next report
October 27, 2026; average EPS estimate $0.51

Enphase Energy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+8.9%
  • 1 week-8.0%
  • 1 month-16.6%
  • This year-12.9%
  • 1 year-8.5%
  • 5 years-88.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.2B
Operating margin
4.2%
Net margin
7.5%
EPS (TTM, diluted)
$0.68

Growth

Revenue growth
−19.9%
Change in growth rate
−9.5 pts
Share count change
−2.8%

Cash

Free cash flow (TTM)
$135M
FCF margin
11.2%
Stock pay % of revenue
15.6%

Earnings

Last results
October 27, 2026
Next results (est.)
January 26, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Our research
  3. Results
  4. Guidance
  5. Announcement
  6. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Enphase Energy, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 17.4% a year of cash-flow growth for five years.That is faster than the -2.6% a year revenue growth Enphase Energy has delivered.

  • Priced in17.4%
  • Last 12 months-19.9%
  • 3 years a year-23.6%
  • 5 years a year-2.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($29.05, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$20
Price used
$29.05close November 3, 2026
Implied change
▼ 32%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Enphase Energy, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($88.5M, FY2026 Q3 TTM), growing -9.1% and 3.1% in the next two years (forecasts, guidance and its record), then back to 4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$15–~$26 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Enphase Energy, Inc.'s free cash flow after stock-based pay ( $88.5M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Enphase Energy, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.44 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$20 ~$15–$26 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$32 ~$30–$56 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$60 ~$43–$83 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$31 ~$27–$35 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$32 ~$20–$60 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Enphase Energy, Inc. with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −22%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▼ −20%
  • Discount rate 1 point higher ▼ −12%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $12$16$20$26$34$44
8.5% $10$13$16$20$26$33
10% $9$11$13$17$21$26

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$3.51$1.01$2.41$4.73$26.13$175.47$182.94$264.96$132.14$68.68$32.05$27.93
Market value$157m$51m$200m$471m$3.4bn$24.9bn$26.1bn$38.3bn$18.9bn$9.6bn$4.3bn$3.7bn
+ Net debt (− = net cash)−$11m$16m$21m$4m−$146m−$349m$918m$817m$1.0bn$933m$730m$193m
Enterprise value$145m$67m$220m$475m$3.3bn$24.6bn$27.1bn$39.1bn$19.9bn$10.5bn$5.1bn$3.9bn
Multiples
Price / sales 0.4x0.2x0.7x1.5x5.5x32.2x18.9x16.4x8.3x7.2x2.9x3.1x
Price / earnings ————21.3x185.8x179.7x96.3x43.1x93.7x25.1x41.3x
Price / free cash flow ———39.3x27.7x127.2x87.2x54.8x32.3x20.0x45.1x27.7x
EV / EBITDA ———42.2x28.2x120.0x109.7x77.1x38.3x66.5x21.2x29.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

58 /100

Moderate moat

How hard Enphase Energy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 17 / 20

    Cash operating profit has been a median 12.9% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 41.8%, moving by 9.1 percentage points (standard deviation) across 10 years.

  • Durability 3 / 20

    Operating margin has been a median 12.5%; its worst year was -15.9%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 9 of 10 years, at a median 19.0% of revenue.

  • Discipline 13 / 20

    The diluted share count fell 9.2% over five years; stock-based pay has been a median 7.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.98 −33% $1.2bn −20%
Next $2.13 +8% $1.2bn +2%

Next year's EPS estimate has moved −11.5% in 90 days, across 22 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −4.3% on 90 days ago. In the last 30 days, 3 analysts raised Enphase Energy, Inc.'s forecast and 2 cut it.

Consensus EPS forecast Enphase Energy, Inc., last 90 days
$1.80 $2.00 $2.20 $2.40 $2.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.07 Current fiscal year, 60 days ago: $2.02 Current fiscal year, 30 days ago: $2.00 Current fiscal year, 7 days ago: $1.99 Current fiscal year, Now: $1.98 $1.98 Next fiscal year, 90 days ago: $2.41 Next fiscal year, 60 days ago: $2.31 Next fiscal year, 30 days ago: $2.27 Next fiscal year, 7 days ago: $2.17 Next fiscal year, Now: $2.13 $2.13

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.07$2.41
60 days ago $2.02$2.31
30 days ago $2.00$2.27
7 days ago $1.99$2.17
Now $1.98$2.13

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.50 $0.41 −18.7%
Jun 2026 $0.46 $0.46 −0.8%
Mar 2026 $0.45 $0.47 +5.5%
Dec 2025 $0.58 $0.71 +21.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • Revenue fourth quarter of 2026 $225m to $255m
    “Revenue to be within a range of $225.0 million to $255.0 million, which includes shipments of 100 to 120 MWh of IQ Batteries.” source
  • GAAP gross margin fourth quarter of 2026 38% to 41% GAAP
    “GAAP gross margin to be within a range of 38.0% to 41.0%, including approximately 2.0 percentage points of reciprocal tariff impact.” source
  • Non-GAAP gross margin fourth quarter of 2026 40% to 43% Non-GAAP
    “Non-GAAP gross margin to be within a range of 40.0% to 43.0%, including approximately 2.0 percentage points of reciprocal tariff impact.” source
  • Safe harbor revenue fourth quarter of 2026 about $51.2m
    “This outlook includes approximately $51.2 million of safe harbor revenue and assumes sell-through will be down 10%, compared with the third quarter of 2026.” source
  • GAAP operating expenses fourth quarter of 2026 $119m to $123m GAAP
    “GAAP operating expenses to be within a range of $119.0 million to $123.0 million.” source
  • Non-GAAP operating expenses fourth quarter of 2026 $76m to $80m Non-GAAP
    “Non-GAAP operating expenses to be within a range of $76.0 million to $80.0 million, excluding $43.0 million estimated for stock-based compensation expense and acquisition related amortization.” source

How earlier guidance turned out

  • GAAP gross margin, third quarter of 2026 guided 42% to 45% Within range: 43.336322%
  • Revenue, third quarter of 2026 guided $290m to $320m Within range: $293m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Enphase Energy, Inc.'s revenue by -9.1% next year and +3.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-1.1%, weight 48%) , management guidance (-30.1%, weight 31%) and the company's own record (+4.0%, weight 21%) . How the weights are set.

Analyst recommendations

29 analysts, Oct 2026
Buy1345%
Hold1448%
Sell27%

Monthly trend

  1. Oct 20263101429
  2. Sep 20263101530
  3. Aug 2026381629
  4. Jul 2026381831

Counts of recommendations published by analysts covering Enphase Energy, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
25.6%
of tradable shares
Days to cover
5.97
at average volume
Short interest, 1 month
+20%
to September 30, 2026
Held by institutions
96%
of shares
Held by insiders
3.0%
of shares
Employees
2,872
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −8.5%

$30.51 on October 31, 2025 to $27.93

ThenNowEffect
Revenue (last 12 months) $1.5bn $1.3bn −10.4%
Net margin 11.8% 10.1% −14.4%
P/E multiple 24.4x 27.9x +14.0%
Share count 140m 134m +4.6%

Biggest factor: net margin.

Last 3 years −65.4%

$80.81 on November 3, 2023 to $27.93

ThenNowEffect
Revenue (last 12 months) $2.8bn $1.3bn −52.5%
Net margin 20.5% 10.1% −50.7%
P/E multiple 20.5x 27.9x +36.0%
Share count 145m 134m +8.6%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ENPH+4%+45%−50%−48%−53%−13%
Industry peers (median)+36%−39%+16%−9%+19%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ENPH50%67%25%33%25%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ENPH−46%−36%−72%−56%−65%−66%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 93% from December 2, 2022 to October 28, 2026. Getting back needed a 1245% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$24.99 – $72.33
From 52-week high
−61.4%
vs 50-day average
−16.4%
vs 200-day average
−31.7%
Volatility (1 year)
83%
Beta vs S&P 500
2.43

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±12.7%
After a week
4 up, 7 down
typical move ±11.0%
After a month
6 up, 5 down
typical move ±19.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −17.7% +0.9% — —
July 28, 2026 −7.7% −1.3% +9.9% +1.1%
April 28, 2026 −11.5% −0.5% +2.2% +97.2%
April 6, 2026 −8.2% +0.5% −10.2% +3.2%
February 3, 2026 +41.7% −1.3% +37.8% +12.8%
October 28, 2025 −15.4% +0.3% −21.2% −24.4%
July 22, 2025 −8.0% +0.9% −15.6% −10.0%
April 22, 2025 −12.7% +4.2% −7.6% −8.4%
February 4, 2025 +2.1% +1.1% −2.1% −8.1%
October 22, 2024 −13.2% −1.0% −8.1% −29.9%
July 23, 2024 +11.6% −2.4% +4.4% +13.9%
April 23, 2024 −3.0% +1.1% −1.6% +9.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Enphase Energy, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.13× the last 60 days’ realised volatility , richer than 36% of the 229 stocks we screen today.
  • Calls are priced 3 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ENPH Enphase Energy, Inc. Grade D $28.02

Own 100 shares, sell the $30.00 call expiring December 4, 2026 (32 days) for $1.39 a share — $139 per contract.

Previous session · Bid $1.39, ask $1.75, quoted Mon 2 Nov, 17:22 New York time with ENPH at $28.02. Option prices move with the shares: check the live chain at your broker before trading.

  • If ENPH ends below $30.00: you keep your shares and the $139 — 5.0% extra on the position, 56.6% a year at that pace.
  • If it ends above $30.00: your shares are sold at $30.00, a total return of 12.0% including the premium — at or above our value of ~$20.
$337 $0 −$533 Break-even $26.63 Price $28.02 ← Our value ~$20
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$139
Annualised
56.6%
Break-even
$26.63
Max gain
$337
Chance of selling
~42%

Collar

Own the shares, buy the $25.00 put and sell the $30.00 call, both expiring December 4, 2026 (32 days).

  • Net credit of $0.25 a share ($25.00 per contract of 100 shares).
  • Worst case at expiry: -9.9%, if the shares fall below $25.00 (-10.8% from today).
  • Best case at expiry: +8.0%, if the shares rise above $30.00 (+7.1%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $20.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Enphase Energy, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Enphase Energy, Inc.
$1B $1.5B $2B $2.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.3B Revenue (TTM), FY24 Q1: $1.8B Revenue (TTM), FY24 Q2: $1.4B Revenue (TTM), FY24 Q3: $1.3B Revenue (TTM), FY24 Q4: $1.3B Revenue (TTM), FY25 Q1: $1.4B Revenue (TTM), FY25 Q2: $1.5B Revenue (TTM), FY25 Q3: $1.5B Revenue (TTM), FY25 Q4: $1.5B Revenue (TTM), FY26 Q1: $1.4B Revenue (TTM), FY26 Q2: $1.3B Revenue (TTM), FY26 Q3: $1.2B $1.2B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.3B
FY24 Q1 $1.8B
FY24 Q2 $1.4B
FY24 Q3 $1.3B
FY24 Q4 $1.3B
FY25 Q1 $1.4B
FY25 Q2 $1.5B
FY25 Q3 $1.5B
FY25 Q4 $1.5B
FY26 Q1 $1.4B
FY26 Q2 $1.3B
FY26 Q3 $1.2B
Revenue growth, TTM YoY Enphase Energy, Inc.
-60% -40% -20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -1.7% Revenue growth, TTM YoY, FY24 Q1: -30.1% Revenue growth, TTM YoY, FY24 Q2: -49.2% Revenue growth, TTM YoY, FY24 Q3: -53.9% Revenue growth, TTM YoY, FY24 Q4: -41.9% Revenue growth, TTM YoY, FY25 Q1: -22.2% Revenue growth, TTM YoY, FY25 Q2: 4.4% Revenue growth, TTM YoY, FY25 Q3: 21.0% Revenue growth, TTM YoY, FY25 Q4: 10.7% Revenue growth, TTM YoY, FY26 Q1: -1.6% Revenue growth, TTM YoY, FY26 Q2: -10.4% Revenue growth, TTM YoY, FY26 Q3: -19.9% -19.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -1.7%
FY24 Q1 -30.1%
FY24 Q2 -49.2%
FY24 Q3 -53.9%
FY24 Q4 -41.9%
FY25 Q1 -22.2%
FY25 Q2 4.4%
FY25 Q3 21.0%
FY25 Q4 10.7%
FY26 Q1 -1.6%
FY26 Q2 -10.4%
FY26 Q3 -19.9%
Operating margin (TTM) Enphase Energy, Inc.
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 19.5% Operating margin (TTM), FY24 Q1: 13.6% Operating margin (TTM), FY24 Q2: 5.7% Operating margin (TTM), FY24 Q3: 1.0% Operating margin (TTM), FY24 Q4: 5.8% Operating margin (TTM), FY25 Q1: 9.7% Operating margin (TTM), FY25 Q2: 11.7% Operating margin (TTM), FY25 Q3: 12.6% Operating margin (TTM), FY25 Q4: 10.7% Operating margin (TTM), FY26 Q1: 6.9% Operating margin (TTM), FY26 Q2: 8.3% Operating margin (TTM), FY26 Q3: 4.2% 4.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 19.5%
FY24 Q1 13.6%
FY24 Q2 5.7%
FY24 Q3 1.0%
FY24 Q4 5.8%
FY25 Q1 9.7%
FY25 Q2 11.7%
FY25 Q3 12.6%
FY25 Q4 10.7%
FY26 Q1 6.9%
FY26 Q2 8.3%
FY26 Q3 4.2%
FCF margin (TTM) Enphase Energy, Inc.
0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 25.6% FCF margin (TTM), FY24 Q1: 22.1% FCF margin (TTM), FY24 Q2: 20.9% FCF margin (TTM), FY24 Q3: 26.9% FCF margin (TTM), FY24 Q4: 36.1% FCF margin (TTM), FY25 Q1: 33.2% FCF margin (TTM), FY25 Q2: 25.2% FCF margin (TTM), FY25 Q3: 14.4% FCF margin (TTM), FY25 Q4: 6.5% FCF margin (TTM), FY26 Q1: 10.4% FCF margin (TTM), FY26 Q2: 11.5% FCF margin (TTM), FY26 Q3: 11.2% 11.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 25.6%
FY24 Q1 22.1%
FY24 Q2 20.9%
FY24 Q3 26.9%
FY24 Q4 36.1%
FY25 Q1 33.2%
FY25 Q2 25.2%
FY25 Q3 14.4%
FY25 Q4 6.5%
FY26 Q1 10.4%
FY26 Q2 11.5%
FY26 Q3 11.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Enphase Energy took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.5B
  2. Other income $47.3M · 3.2%
  3. Cost of revenue $786M · 53.4%
  4. Gross profit $687M · 46.6%
  5. Research and development $189M · 12.8%
  6. Selling, general and admin $333M · 22.6%
  7. Operating income $158M · 10.7%
  8. Income tax $32.7M · 2.2%
  9. Net income $172M · 11.7%

Shares of revenue. Source: Enphase Energy's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 62 150 217 233 344 357 323 286 316 624 774 1,382 2,331 2,291 1,330 1,473 1,211
Gross profit 7 29 55 67 113 108 58 56 94 221 346 554 975 1,058 629 687 555
EBITDA — — — — — — −52 −30 11 117 205 247 507 520 159 238 132
Operating income — — — — — — −63 −39 2 103 186 216 448 446 77 158 51
Net income −22 −32 −38 −26 −8 −22 −67 −45 −12 161 134 145 397 439 103 172 91
Diluted EPS — — — — — — — — — — — — $2.77 $3.08 $0.75 $1.29 $0.68
Growth (year on year)
Revenue — +142.5% +44.9% +7.5% +47.7% +3.9% −9.7% −11.3% +10.5% +97.5% +24.0% +78.5% +68.7% −1.7% −41.9% +10.7% −19.9%
EBITDA — — — — — — — — — +937.5% +75.0% +20.6% +105.5% +2.6% −69.5% +50.1% −51.1%
Operating income — — — — — — — — — — +81.5% +15.8% +107.7% −0.6% −82.7% +103.8% −73.3%
Net income — — — — — — — — — — −16.8% +8.5% +173.2% +10.5% −76.6% +67.7% −53.6%
Diluted EPS — — — — — — — — — — — — — +11.2% −75.6% +72.0% −52.2%
Margins
Gross margin 10.5% 19.4% 25.5% 29.0% 32.9% 30.3% 18.0% 19.6% 29.9% 35.4% 44.7% 40.1% 41.8% 46.2% 47.3% 46.6% 45.8%
EBITDA margin — — — — — — −16.1% −10.6% 3.6% 18.7% 26.4% 17.8% 21.8% 22.7% 11.9% 16.2% 10.9%
Operating margin — — — — — — −19.4% −13.8% 0.5% 16.5% 24.1% 15.6% 19.2% 19.5% 5.8% 10.7% 4.2%
Net margin −35.3% −21.6% −17.6% −11.1% −2.3% −6.2% −20.9% −15.8% −3.7% 25.8% 17.3% 10.5% 17.0% 19.2% 7.7% 11.7% 7.5%
Free-cash-flow margin −34.2% −10.1% −26.6% −3.1% 3.2% −9.4% −14.0% −11.4% 3.8% 19.9% 25.3% 21.7% 30.0% 25.6% 36.1% 6.5% 11.2%
Cash flow
Cash from operations −18 −0 −45 −1 24 −21 −33 −28 16 139 216 352 745 697 514 137 191
Capital spending 3 15 13 6 13 13 12 4 4 15 21 52 46 110 34 41 55
Free cash flow −21 −15 −58 −7 11 −34 −45 −33 12 124 196 300 698 586 480 96 135
Stock-based pay 1 2 5 7 10 13 10 7 11 20 43 114 217 213 211 214 189
Free cash flow after stock pay −22 −17 −62 −14 1 −46 −55 −39 1 104 153 185 482 374 269 −118 −53
Balance sheet
Cash 40 52 45 38 42 28 18 29 106 251 679 119 473 289 369 474 380
Total debt 0 24 11 11 0 17 34 50 110 106 331 1,038 1,290 1,294 1,302 1,204 573
Net debt (negative = net cash) −40 −28 −34 −27 −42 −11 16 21 4 −146 −349 918 817 1,005 933 730 193
Diluted shares — 1m 31m 42m 43m 45m 51m 83m 100m 132m 142m 143m 144m 143m 140m 135m 134m
Returned to shareholders
Buybacks — — — — — — — — — 0 0 500 0 410 391 130 0
Total returned — — — — — — — — — 0 0 500 0 410 391 130 0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · September 30, 2026
What it owns · $2.9bn
Short-term assets $1.9bnLonger-term assets $994m
What it owes, and who funded it · $2.9bn
Short-term liabilities $460mLonger-term liabilities $1.2bnShareholders' equity $1.2bn
  • Short-term assets cover short-term liabilities $1.9bn of assets due within a year against $460m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.9bn short-term assets against $1.2bn of longer-dated liabilities.
  • More cash than debt $380m of cash against $573m of debt.
  • Debt below 40% of shareholders' equity Debt is 46% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 362% to 46% over five years.
  • A year's operating cash flow covers at least 20% of debt $191m of operating cash flow against $573m of debt.
  • Operating profit covers interest at least five times over Operating income of $51m against $2m of interest.

From Enphase Energy, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$0
Returned to shareholders
0%
of free cash flow
Buybacks, last 3 fiscal years
$931M
Diluted share count
−2.8%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
R&D spending
15.0%
of revenue
Days sales outstanding
75 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated ENPH ALAB SYNA ARRY MTSI SMTC Median
Revenue, last 12 months $1.2bn $1.2bn $1.2bn $1.2bn $1.2bn $1.1bn $1.1bn
Revenue growth, last 12 months −19.9% 98.5% 11.4% 1.2% 28.4% 14.2% 13.7%
Revenue growth, 3-year average −23.6% — −4.0% −13.0% 19.8% 11.3% 3.9%
Revenue growth, latest quarter −28.5% 104.5% 8.9% −5.6% 35.8% 15.9% 20.1%
Gross margin 45.8% 75.1% 44.7% 24.3% 56.5% 51.6% 48.3%
Operating margin 4.2% 22.8% −5.6% −5.1% 18.1% 2.1% 4.8%
Operating margin, 3-year average 5.9% −4.6% −8.3% −3.9% 13.4% −33.4% 4.8%
Net margin 7.5% 30.7% −41.0% −7.2% 20.7% −3.0% 5.3%
Cash from operations / revenue 15.8% 27.9% 12.5% 13.7% 23.3% 17.4% 17.4%
Free-cash-flow margin 11.2% 23.0% 8.5% 11.4% 17.5% 15.9% 9.6%
Free-cash-flow margin, 3-year average 17.5% 25.6% 10.0% 13.5% 19.5% 7.2% 8.5%
Stock pay / revenue 15.6% 16.2% 12.5% 1.5% 7.2% 7.1% 5.8%
Change in share count −2.8% 7.9% −1.0% 0.6% 1.8% 16.2% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth -19.9% 13.7% 68 of 75
Change in growth rate Growth -9.5pp +3.7pp 67 of 75
Gross margin Profitability 45.8% 48.3% 40 of 73
Operating margin Profitability 4.2% 4.8% 40 of 75
Net margin Profitability 7.5% 5.3% 32 of 75
Free-cash-flow margin Cash generation 11.2% 9.6% 35 of 75
Stock pay as % of revenue Cash generation 15.6% 6.4% 56 of 74
Long-term debt as % of assets Balance sheet 19.9% 14.0% 29 of 47
Change in share count Balance sheet -2.8% 0.9% 7 of 72
Days sales outstanding Balance sheet 75 days 58 days 48 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $1.2B 80.7% ▲ 27.2%
International $284M 19.3% ▼ 28.2%

From Enphase Energy, Inc.'s 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6.1B
Institutions reporting
530
Shares held vs prior quarter
▼ 0.7%
Positions opened / closed
121 / 83

Top buyers and sellers, Q2 2026: 264 institutions bought and 271 sold ; the biggest buyer was Jpmorgan Chase & Co (+2.3M shares) and the biggest seller Alyeska Investment Group, L.P (−5.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.2B 23.5M 18.9% ▲ 5.6%
Vanguard Portfolio Management LLC $446M 9.1M 7.3% ▼ 6.1%
Vanguard Capital Management LLC $282M 5.7M 4.6% ▲ 1.1%
State Street Corp $234M 4.7M 3.8% ▲ 3.2%
Two Sigma Investments, LP $229M 4.7M 3.7% ▼ 15.0%
Invesco Ltd. $180M 3.7M 2.9% ▼ 0.6%
Gilder Gagnon Howe & Co LLC $171M 3.5M 2.8% ▲ 62.1%
Slate Path Capital LP $127M 2.6M 2.1% ▲ 184.3%
Morgan Stanley $119M 2.4M 1.9% ▼ 17.8%
Geode Capital Management, LLC $118M 2.4M 1.9% ▼ 7.8%
Jpmorgan Chase & Co $117M 2.4M 1.9% ▲ 1903.5%
First Trust Advisors LP $112M 2.3M 1.8% ▲ 24.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Enphase Energy, Inc.'s complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1.1M 7 trades by 2 insiders, last 12 months Insider sales History → $10.8M 8 trades by 3 insiders · 2% under pre-set plans
Net ▼ $9.7M net selling
Insider Date Trade Shares Price Value
Kothandaraman Badrinarayanan President & CEO November 2, 2026 Buy 10,000 $26.75 $267,514
Mora Richard Director August 14, 2026 Sell 1,500 $40.36 $60,547
Mora Richard Director July 30, 2026 Sell 2,000 $36.76 $73,520
Trivedi Shanker Director June 12, 2026 Buy 1,000 $53.91 $53,910
Mora Richard Director June 1, 2026 Sell 700 $64.20 $44,940
Kothandaraman Badrinarayanan President & CEO May 26, 2026 Buy 600 $68.39 $41,032
Kothandaraman Badrinarayanan President & CEO May 26, 2026 Buy 4,400 $67.37 $296,450
Mora Richard Director May 19, 2026 Sell 700 $46.39 $32,473
Rodgers Thurman J Director March 13, 2026 Sell 137,250 $43.61 $6M
Mora Richard Director February 10, 2026 Sell 1,100 $52.05 $57,254
Kothandaraman Badrinarayanan President & CEO February 5, 2026 Buy 4,250 $52.14 $221,586
Kothandaraman Badrinarayanan President & CEO February 5, 2026 Buy 750 $51.06 $38,298

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 12 trades and filings

No trades in Enphase Energy, Inc. disclosed in the last 12 months; 12 earlier trades on record.

  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded February 12, 2025, filed March 12, 2025
  • Julie Johnson(D-TX 32):Purchase, $1,001 - $15,000, traded January 15, 2025, filed February 12, 2025
  • Daniel S. Goldman(D-NY 10):Sale (partial), $1,001 - $15,000, traded April 10, 2023, filed May 19, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • April 6, 2026
  • February 3, 2026
  • October 28, 2025

Recent SEC filings

Data status

When each part of this page on Enphase Energy, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Enphase Energy, Inc. in brief

What does Enphase Energy, Inc. do?
Enphase Energy, Inc. is a US-listed company in the semiconductors industry. Its financial year ends in December.
What is Enphase Energy, Inc.'s stock ticker?
Enphase Energy, Inc. trades under the ticker ENPH on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Enphase Energy, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Enphase Energy, Inc. reported revenue of $1.2B, 19.9% lower than a year earlier, according to its SEC filings.
What is Enphase Energy, Inc.'s free cash flow?
Enphase Energy, Inc.'s free-cash-flow margin is 11.2% of revenue over the trailing twelve months, ranking 35 of the 75 semiconductor companies we cover.
What is Enphase Energy, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Enphase Energy, Inc.'s free cash flow after stock-based pay gives ~$20 per share in the base case, and ~$15–$26 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Enphase Energy, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Enphase Energy, Inc. buying back stock, and does it pay a dividend?
Enphase Energy, Inc. spent $0 on share repurchases over the trailing twelve months, and its diluted share count fell 2.8% over the year.
What is Enphase Energy, Inc.'s market cap?
On November 2, 2026, Enphase Energy, Inc.'s market capitalisation was about $3.7B, with a price-to-earnings ratio of 41.3 and net debt of $193M. Market figures come from third-party market data and may be delayed.
How much debt does Enphase Energy, Inc. have?
Enphase Energy, Inc.'s debt-to-equity ratio is 46.1%, from its latest balance sheet (361.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Enphase Energy, Inc.'s competitors?
In our Semiconductors peer group, the companies closest to Enphase Energy, Inc. are Astera Labs, Inc., Synaptics Inc, Array Technologies, Inc., Macom Technology Solutions Holdings, Inc. and Semtech Corp. The side-by-side comparison below sets their revenue, margins and growth against Enphase Energy, Inc.'s.
Are insiders buying or selling Enphase Energy, Inc. stock?
Over the last 12 months, Enphase Energy, Inc.'s directors and officers reported 7 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.
When is Enphase Energy, Inc.'s next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Enphase Energy, Inc. announces its own schedule.