Enphase Energy, Inc. key statistics and ratios

In fiscal 2025, Enphase Energy, Inc. had return on equity of 17.9%, an operating margin of 10.7%, debt equal to 110.8% of equity and a current ratio of 2.07. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Enphase Energy, Inc.: financial ratios, annual
Fiscal year	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
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%
Return on equity	−56.6%	−123.1%	−108.2%	−53.5%	−18.5%	−50.0%	—	—	—	115.1%	35.4%	31.8%	63.3%	48.5%	11.3%	17.9%	7.8%
Return on assets	—	−30.4%	−33.4%	−21.7%	−6.0%	−13.9%	−41.0%	−27.2%	−4.6%	30.6%	14.0%	8.9%	15.4%	13.6%	3.1%	5.1%	2.8%
Asset turnover	—	1.41	1.90	1.95	2.56	2.25	1.96	1.72	1.24	1.19	0.81	0.84	0.90	0.71	0.40	0.44	0.38
Current ratio	—	1.56	2.81	2.71	1.96	1.67	1.42	1.42	1.51	2.51	1.75	3.33	3.55	4.59	3.53	2.07	4.09
Debt to equity	0.0%	169.8%	19.7%	27.5%	0.0%	41.0%	>999%	—	>999%	38.8%	68.4%	241.2%	156.3%	131.5%	156.3%	110.8%	46.1%
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	n/m	n/m	0.1x	10.6x	8.9x	4.8x	47.5x	50.4x	8.7x	34.8x	24.0x
Effective tax rate	—	—	—	—	—	—	—	—	—	—	−12.2%	−20.3%	12.1%	14.5%	14.6%	16.0%	−9.1%
R&D as % of revenue	23.2%	16.8%	16.4%	14.8%	13.2%	14.2%	15.7%	11.6%	10.3%	6.5%	7.2%	7.6%	7.2%	9.9%	15.1%	12.8%	15.0%
Capital spending as % of revenue	5.3%	9.8%	6.0%	2.7%	3.9%	3.5%	3.8%	1.4%	1.3%	2.4%	2.7%	3.8%	2.0%	4.8%	2.5%	2.8%	4.6%
Free cash flow ÷ net income	—	—	—	—	—	—	—	—	—	77.1%	146.1%	206.1%	175.8%	133.6%	467.7%	55.7%	149.1%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	—	0.0%	0.0%	166.8%	0.0%	69.9%	81.5%	135.5%	0.0%

US$ thousands unless shown otherwise. Fiscal quarters.

Enphase Energy, Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	51.8%	47.2%	46.9%	47.8%	44.3%	35.5%	60.0%	43.3%
Operating margin	14.3%	9.0%	10.2%	16.1%	6.5%	−10.5%	17.7%	2.2%
Net margin	16.2%	8.3%	10.2%	16.2%	11.3%	−2.6%	12.4%	8.0%
Free-cash-flow margin	41.6%	9.5%	5.1%	1.4%	11.0%	29.3%	8.9%	−3.9%
Current ratio	3.53	1.90	1.97	2.04	2.07	3.80	3.45	4.09
Debt to equity	156.3%	148.3%	136.6%	121.0%	110.8%	51.9%	48.5%	46.1%
R&D as % of revenue	13.2%	14.1%	12.5%	11.5%	13.5%	15.9%	15.6%	15.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Enphase Energy, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Enphase Energy, Inc.