ENPH Chart
About

Enphase Energy, Inc., together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter that converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control. It also provides microinverter units and related accessories; IQ Battery and related accessories; IQ PowerPack 1500 and related accessories; IQ Combiner, IQ Gateway, and IQ Energy Router; cloud-based monitoring service; and electric vehicle charging solutions, as well as design, proposal, permitting, installation and solar appointment generation services, and Enphase Care services. The company sells its solutions to solar distributors; and directly to large installers, original equipment manufacturers, strategic partners, and homeowners, as well as through its legacy product upgrade program or online store. Enphase Energy, Inc. was incorporated in 2006 and is headquartered in Fremont, California.

Fundamentals
Scroll to Statements
Sector Technology Industry Solar Market Cap 6.55B
Enterprise Value 6.25B Income 172.13M Sales 1.47B
Book/sh 8.29 Cash/sh 11.54 Dividend Yield —
Payout 0.00% Employees 2872 IPO —
P/E 38.78 Forward P/E 18.49 PEG —
P/S 4.44 P/B 6.03 P/C —
EV/EBITDA 26.17 EV/Sales 4.24 Quick Ratio 1.44
Current Ratio 2.06 Debt/Eq 114.42 LT Debt/Eq —
EPS (ttm) 1.29 EPS next Y 2.71 EPS Growth -36.40%
Revenue Growth -10.30% Earnings 2026-04-28 ROA 3.05%
ROE 17.93% ROIC — Gross Margin 30.44%
Oper. Margin 6.35% Profit Margin 11.69% Shs Outstand 130.86M
Shs Float 127.00M Short Float 27.13% Short Ratio 4.10
Short Interest — 52W High 67.20 52W Low 25.78
Beta 1.37 Avg Volume 7.10M Volume 983.79K
Target Price $45.48 Recom Hold Prev Close $49.74
Price $50.03 Change 0.58%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$45.48
Mean price target
2. Current target
$49.76
Latest analyst target
3. DCF / Fair value
$5.17
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$49.76
Low
$27.00
High
$85.00
Mean
$45.48

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-25 up Jefferies Hold → Buy $57
2026-02-04 main Citigroup Neutral → Neutral $41
2026-02-04 main Goldman Sachs Buy → Buy $51
2026-02-04 reit Roth Capital Buy → Buy $55
2026-02-04 main JP Morgan Neutral → Neutral $39
2026-02-04 main Oppenheimer Outperform → Outperform $68
2026-02-04 main Wells Fargo Overweight → Overweight $50
2026-02-04 up BMO Capital Underperform → Market Perform $41
2026-01-22 up Citigroup Sell → Neutral $37
2026-01-20 up Goldman Sachs Neutral → Buy $45
2026-01-15 main Barclays Underweight → Underweight $35
2026-01-05 up Keybanc Underweight → Sector Weight —
2025-12-29 main Northland Capital Markets Outperform → Outperform $62
2025-12-18 up Goldman Sachs Sell → Neutral $29
2025-12-08 main JP Morgan Neutral → Neutral $33
2025-10-30 main Morgan Stanley Underweight → Underweight $26
2025-10-29 main Citigroup Sell → Sell $31
2025-10-29 main RBC Capital Sector Perform → Sector Perform $31
2025-10-29 main JP Morgan Neutral → Neutral $37
2025-10-23 down Mizuho Outperform → Neutral $37
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 1100 57254 — Sale at price 52.05 per share. MORA RICHARD Director — 2026-02-10 00:00:00 D
1 5000 259884 — Purchase at price 51.06 - 52.14 per share. KOTHANDARAMAN BADRINARAYANAN Chief Executive Officer — 2026-02-05 00:00:00 I
2 33000 — — Stock Award(Grant) at price 0.00 per share. KOTHANDARAMAN BADRINARAYANAN Chief Executive Officer — 2026-01-29 00:00:00 D
3 21120 — — Stock Award(Grant) at price 0.00 per share. YANG MANDY Chief Financial Officer — 2026-01-29 00:00:00 D
4 10560 — — Stock Award(Grant) at price 0.00 per share. ERGINSOY MARY Officer — 2026-01-29 00:00:00 D
5 39600 — — Stock Award(Grant) at price 0.00 per share. KOTHANDARAMAN BADRINARAYANAN Chief Executive Officer — 2026-01-22 00:00:00 D
6 21120 — — Stock Award(Grant) at price 0.00 per share. YANG MANDY Chief Financial Officer — 2026-01-22 00:00:00 D
7 10560 — — Stock Award(Grant) at price 0.00 per share. ERGINSOY MARY Officer — 2026-01-22 00:00:00 D
8 6000 198060 — Sale at price 33.01 per share. YANG MANDY Chief Financial Officer — 2025-12-12 00:00:00 D
9 150000 4369140 — Sale at price 29.13 per share. RODGERS THURMAN JOHN Director — 2025-12-02 00:00:00 I
Financials
Line Item2024-12-312023-12-312022-12-312021-12-31
TaxEffectOfUnusualItems-1.92M-2.27M-288.40K-15.25M
TaxRateForCalcs0.150.140.120.27
NormalizedEBITDA223.61M612.37M522.64M253.42M
TotalUnusualItems-13.15M-15.68M-2.38M-56.50M
TotalUnusualItemsExcludingGoodwill-13.15M-15.68M-2.38M-56.50M
NetIncomeFromContinuingOperationNetMinorityInterest102.66M438.94M397.36M145.45M
ReconciledDepreciation81.39M74.71M58.77M30.85M
ReconciledCostOfRevenue701.25M1.23B1.36B827.63M
EBITDA210.45M596.69M520.26M196.93M
EBIT129.06M521.98M461.49M166.08M
NetInterestIncome68.40M60.89M4.22M-44.46M
InterestExpense8.90M8.84M9.44M45.15M
InterestIncome77.31M69.73M13.66M695.00K
NormalizedIncome113.90M452.35M399.46M186.69M
NetIncomeFromContinuingAndDiscontinuedOperation102.66M438.94M397.36M145.45M
TotalExpenses1.24B1.83B1.88B1.17B
TotalOperatingIncomeAsReported77.29M445.74M448.26M215.83M
DilutedAverageShares134.89M140.00M143.29M144.39M
BasicAverageShares131.16M135.17M136.38M135.35M
DilutedEPS1.290.753.082.77
BasicEPS1.310.763.222.94
DilutedNIAvailtoComStockholders105.14M441.51M399.99M145.63M
AverageDilutionEarnings2.49M2.57M2.63M177.00K
NetIncomeCommonStockholders102.66M438.94M397.36M145.45M
NetIncome102.66M438.94M397.36M145.45M
NetIncomeIncludingNoncontrollingInterests102.66M438.94M397.36M145.45M
NetIncomeContinuousOperations102.66M438.94M397.36M145.45M
TaxProvision17.50M74.20M54.69M-24.52M
PretaxIncome120.16M513.14M452.05M120.93M
OtherIncomeExpense-38.69M-9.18M-2.81M-50.45M
OtherNonOperatingIncomeExpenses-25.53M6.51M-431.00K6.05M
SpecialIncomeCharges-13.15M-15.68M-2.38M-56.50M
OtherSpecialCharges56.50M
RestructuringAndMergernAcquisition13.15M15.68M2.38M0.00
NetNonOperatingInterestIncomeExpense68.40M60.89M4.22M-44.46M
InterestExpenseNonOperating8.90M8.84M9.44M45.15M
InterestIncomeNonOperating77.31M69.73M13.66M695.00K
OperatingIncome90.45M461.43M450.64M215.83M
OperatingExpense538.69M596.96M523.95M338.59M
ResearchAndDevelopment201.31M227.34M168.85M105.53M
SellingGeneralAndAdministration337.38M369.63M355.10M233.06M
SellingAndMarketingExpense206.55M231.79M215.10M128.97M
GeneralAndAdministrativeExpense130.82M137.84M140.00M104.09M
OtherGandA130.82M137.84M140.00M104.09M
GrossProfit629.14M1.06B974.60M554.42M
CostOfRevenue701.25M1.23B1.36B827.63M
TotalRevenue1.33B2.29B2.33B1.38B
OperatingRevenue1.33B2.29B2.33B1.38B
Line Item2024-12-312023-12-312022-12-312021-12-31
OrdinarySharesNumber132.45M135.72M136.44M133.89M
ShareIssued132.45M135.72M136.44M133.89M
NetDebt933.27M1.00B817.11M918.33M
TotalDebt1.31B1.30B1.30B1.04B
TangibleBookValue579.05M700.53M512.47M151.16M
InvestedCapital2.14B2.28B2.12B1.47B
WorkingCapital1.67B1.91B1.63B1.02B
NetTangibleAssets579.05M700.53M512.47M151.16M
CapitalLeaseObligations5.82M5.22M5.37M3.83M
CommonStockEquity833.02M983.62M825.57M430.17M
TotalCapitalization2.03B2.28B2.03B1.38B
TotalEquityGrossMinorityInterest833.02M983.62M825.57M430.17M
StockholdersEquity833.02M983.62M825.57M430.17M
GainsLossesNotAffectingRetainedEarnings-6.35M-1.99M-10.88M-2.02M
OtherEquityAdjustments-6.35M-1.99M-10.88M-2.02M
RetainedEarnings-245.21M46.27M17.34M-405.74M
AdditionalPaidInCapital1.08B939.34M819.12M837.92M
CapitalStock1.00K1.00K1.00K1.00K
CommonStock1.00K1.00K1.00K1.00K
TotalLiabilitiesNetMinorityInterest2.42B2.40B2.26B1.65B
TotalNonCurrentLiabilitiesNetMinorityInterest1.76B1.87B1.62B1.21B
OtherNonCurrentLiabilities55.27M51.01M43.52M16.53M
NonCurrentDeferredLiabilities341.98M369.17M281.61M187.19M
NonCurrentDeferredRevenue341.98M369.17M281.61M187.19M
LongTermDebtAndCapitalLeaseObligation1.20B1.29B1.20B951.59M
LongTermDebt1.20B1.29B1.20B951.59M
LongTermProvisions158.23M153.02M95.89M53.98M
CurrentLiabilities660.09M532.45M638.22M439.80M
CurrentDeferredLiabilities237.22M118.30M90.75M62.67M
CurrentDeferredRevenue237.22M118.30M90.75M62.67M
CurrentDebtAndCapitalLeaseObligation107.11M5.22M96.26M89.88M
CurrentCapitalLeaseObligation5.82M5.22M5.37M3.83M
CurrentDebt101.29M90.89M86.05M
OtherCurrentBorrowings101.29M90.89M86.05M
PensionandOtherPostRetirementBenefitPlansCurrent13.06M
CurrentProvisions34.66M36.07M35.56M19.39M
PayablesAndAccruedExpenses281.10M372.86M415.65M267.85M
CurrentAccruedExpenses186.06M244.93M254.57M146.51M
Payables95.04M127.94M161.08M121.34M
TotalTaxPayable5.01M11.77M36.00M7.57M
IncomeTaxPayable3.54M8.53M16.15M340.00K
AccountsPayable90.03M116.16M125.08M113.77M
TotalAssets3.25B3.38B3.08B2.08B
TotalNonCurrentAssets922.59M939.49M820.01M616.79M
OtherNonCurrentAssets180.93M215.90M169.29M118.73M
NonCurrentDeferredAssets315.57M252.37M204.87M122.47M
NonCurrentDeferredTaxesAssets315.57M252.37M204.87M122.47M
GoodwillAndOtherIntangibleAssets253.97M283.10M313.10M279.01M
OtherIntangibleAssets42.40M68.54M99.54M97.76M
Goodwill211.57M214.56M213.56M181.25M
NetPPE172.13M188.13M132.75M96.59M
AccumulatedDepreciation-183.28M-137.41M-104.09M-77.37M
GrossPPE355.41M325.54M236.84M173.95M
ConstructionInProgress19.30M29.75M31.73M14.33M
OtherProperties24.62M19.89M21.38M14.42M
MachineryFurnitureEquipment292.44M258.84M167.73M132.54M
BuildingsAndImprovements19.05M17.06M15.88M12.55M
LandAndImprovements0.00114.00K114.00K
Properties0.000.000.000.00
CurrentAssets2.33B2.44B2.26B1.46B
OtherCurrentAssets220.74M88.93M60.82M37.78M
RestrictedCash95.01M0.00
PrepaidAssets37.78M
Inventory165.00M213.59M149.71M74.40M
FinishedGoods126.26M182.75M114.73M48.97M
RawMaterials38.74M30.85M34.98M25.43M
Receivables223.75M445.96M440.90M333.63M
AccountsReceivable223.75M445.96M440.90M333.63M
AllowanceForDoubtfulAccountsReceivable-7.79M-2.50M-979.00K-1.59M
GrossAccountsReceivable231.54M448.46M441.88M335.22M
CashCashEquivalentsAndShortTermInvestments1.62B1.70B1.61B1.02B
OtherShortTermInvestments1.25B1.41B1.14B897.34M
CashAndCashEquivalents369.11M288.75M473.24M119.32M
Line Item2024-12-312023-12-312022-12-312021-12-31
FreeCashFlow480.09M586.38M698.37M299.52M
RepurchaseOfCapitalStock-391.36M-410.00M0.00-500.00M
RepaymentOfDebt-7.00K0.000.00-291.94M
IssuanceOfDebt0.000.001.19B
CapitalExpenditure-33.60M-110.40M-46.44M-52.51M
InterestPaidSupplementalData255.00K455.00K455.00K733.00K
IncomeTaxPaidSupplementalData32.66M74.71M33.17M4.82M
EndCashPosition464.12M288.75M473.24M119.32M
BeginningCashPosition288.75M473.24M119.32M679.38M
EffectOfExchangeRateChanges-6.32M1.85M-1.86M-1.96M
ChangesInCash181.69M-186.35M355.79M-558.11M
FinancingCashFlow-460.27M-516.77M-17.13M309.41M
CashFlowFromContinuingFinancingActivities-460.27M-516.77M-17.13M309.41M
NetOtherFinancingCharges-81.59M-120.65M-27.50M-315.37M
ProceedsFromStockOptionExercised12.69M13.87M10.37M228.28M
NetCommonStockIssuance-391.36M-410.00M0.00-500.00M
CommonStockPayments-391.36M-410.00M0.00-500.00M
NetIssuancePaymentsOfDebt-7.00K0.000.00896.50M
NetLongTermDebtIssuance-7.00K0.000.00896.50M
LongTermDebtPayments-7.00K0.000.00-291.94M
LongTermDebtIssuance0.000.001.19B
InvestingCashFlow128.27M-366.36M-371.91M-1.22B
CashFlowFromContinuingInvestingActivities128.27M-366.36M-371.91M-1.22B
NetInvestmentPurchaseAndSale161.87M-240.95M-247.30M-873.39M
SaleOfInvestment1.35B1.84B660.13M61.57M
PurchaseOfInvestment-1.18B-2.08B-907.43M-934.96M
NetBusinessPurchaseAndSale0.00-15.00M-78.16M-293.65M
PurchaseOfBusiness0.00-15.00M-78.16M-293.65M
NetIntangiblesPurchaseAndSale0.000.00-250.00K
PurchaseOfIntangibles0.000.00-250.00K
NetPPEPurchaseAndSale-33.60M-110.40M-46.44M-52.26M
PurchaseOfPPE-33.60M-110.40M-46.44M-52.26M
OperatingCashFlow513.69M696.78M744.82M352.03M
CashFlowFromContinuingOperatingActivities513.69M696.78M744.82M352.03M
ChangeInWorkingCapital143.00M17.13M62.13M15.06M
ChangeInOtherWorkingCapital98.85M117.78M122.19M78.17M
ChangeInOtherCurrentLiabilities3.80M57.64M57.77M27.02M
ChangeInPayablesAndAccruedExpense-85.54M-22.15M133.42M117.18M
ChangeInPayable117.18M
ChangeInAccountPayable117.18M
ChangeInPrepaidAssets-134.34M-59.78M-68.42M-26.89M
ChangeInInventory48.59M-63.89M-75.27M-29.26M
ChangeInReceivables211.64M-12.48M-107.56M-151.16M
ChangesInAccountReceivables211.64M-12.48M-107.56M-151.16M
OtherNonCashItems8.65M8.38M8.17M28.67M
StockBasedCompensation211.36M212.86M216.80M114.29M
UnrealizedGainLossOnInvestmentSecurities-1.97M-8.08M-735.00K-3.04M
ProvisionandWriteOffofAssets6.68M1.15M119.00K477.00K
AssetImpairmentCharge28.84M10.60M1.20M0.00
AmortizationOfSecurities-8.60M-15.56M-2.63M1.59M
DeferredTax-58.32M-43.35M3.63M-31.24M
DeferredIncomeTax-58.32M-43.35M3.63M-31.24M
DepreciationAmortizationDepletion81.39M74.71M58.77M30.85M
DepreciationAndAmortization81.39M74.71M58.77M30.85M
OperatingGainsLosses49.93M
GainLossOnInvestmentSecurities-6.57M
NetIncomeFromContinuingOperations102.66M438.94M397.36M145.45M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for ENPH
Date User Asset Broker Type Position Size Entry Price Patterns