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 5.86B
Enterprise Value 5.75B Income 172.13M Sales 1.47B
Book/sh 8.29 Cash/sh 11.54 Dividend Yield
Payout 0.00% Employees 2872 IPO
P/E 34.64 Forward P/E 16.51 PEG
P/S 3.98 P/B 5.39 P/C
EV/EBITDA 24.06 EV/Sales 3.90 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 131.10M
Shs Float 126.94M Short Float 21.60% Short Ratio 2.37
Short Interest 52W High 64.40 52W Low 25.78
Beta 1.37 Avg Volume 6.78M Volume 2.93M
Target Price $46.27 Recom Hold Prev Close $45.89
Price $44.68 Change -2.64%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$46.27
Mean price target
2. Current target
$44.86
Latest analyst target
3. DCF / Fair value
$5.16
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$44.86
Low
$27.00
High
$85.00
Mean
$46.27

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 21120 Stock Award(Grant) at price 0.00 per share. YANG MANDY Chief Financial Officer 2026-01-29 00:00:00 D
3 10560 Stock Award(Grant) at price 0.00 per share. ERGINSOY MARY Officer 2026-01-29 00:00:00 D
4 33000 Stock Award(Grant) at price 0.00 per share. KOTHANDARAMAN BADRINARAYANAN Chief Executive Officer 2026-01-29 00:00:00 D
5 21120 Stock Award(Grant) at price 0.00 per share. YANG MANDY Chief Financial Officer 2026-01-22 00:00:00 D
6 10560 Stock Award(Grant) at price 0.00 per share. ERGINSOY MARY Officer 2026-01-22 00:00:00 D
7 39600 Stock Award(Grant) at price 0.00 per share. KOTHANDARAMAN BADRINARAYANAN Chief Executive 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 Item2025-12-312024-12-312023-12-312022-12-31
TaxEffectOfUnusualItems-1.13M-1.92M-2.27M-288.40K
TaxRateForCalcs0.160.150.140.12
NormalizedEBITDA297.11M223.61M612.37M522.64M
TotalUnusualItems-7.13M-13.15M-15.68M-2.38M
TotalUnusualItemsExcludingGoodwill-7.13M-13.15M-15.68M-2.38M
NetIncomeFromContinuingOperationNetMinorityInterest172.13M102.66M438.94M397.36M
ReconciledDepreciation80.64M81.39M74.71M58.77M
ReconciledCostOfRevenue785.98M701.25M1.23B1.36B
EBITDA289.98M210.45M596.69M520.26M
EBIT209.34M129.06M521.98M461.49M
NetInterestIncome58.20M68.40M60.89M4.22M
InterestExpense4.52M8.90M8.84M9.44M
InterestIncome62.72M77.31M69.73M13.66M
NormalizedIncome178.13M113.90M452.35M399.46M
NetIncomeFromContinuingAndDiscontinuedOperation172.13M102.66M438.94M397.36M
TotalExpenses1.31B1.24B1.83B1.88B
TotalOperatingIncomeAsReported157.53M77.29M445.74M448.26M
DilutedAverageShares134.89M140.00M143.29M144.39M
BasicAverageShares131.16M135.17M136.38M135.35M
DilutedEPS1.290.753.082.77
BasicEPS1.310.763.222.94
DilutedNIAvailtoComStockholders174.10M105.14M441.51M399.99M
AverageDilutionEarnings1.97M2.49M2.57M2.63M
NetIncomeCommonStockholders172.13M102.66M438.94M397.36M
NetIncome172.13M102.66M438.94M397.36M
NetIncomeIncludingNoncontrollingInterests172.13M102.66M438.94M397.36M
NetIncomeContinuousOperations172.13M102.66M438.94M397.36M
TaxProvision32.68M17.50M74.20M54.69M
PretaxIncome204.81M120.16M513.14M452.05M
OtherIncomeExpense-18.04M-38.69M-9.18M-2.81M
OtherNonOperatingIncomeExpenses-10.91M-25.53M6.51M-431.00K
SpecialIncomeCharges-7.13M-13.15M-15.68M-2.38M
OtherSpecialCharges56.50M
RestructuringAndMergernAcquisition7.13M13.15M15.68M2.38M
NetNonOperatingInterestIncomeExpense58.20M68.40M60.89M4.22M
InterestExpenseNonOperating4.52M8.90M8.84M9.44M
InterestIncomeNonOperating62.72M77.31M69.73M13.66M
OperatingIncome164.66M90.45M461.43M450.64M
OperatingExpense522.35M538.69M596.96M523.95M
ResearchAndDevelopment189.07M201.31M227.34M168.85M
SellingGeneralAndAdministration333.27M337.38M369.63M355.10M
SellingAndMarketingExpense197.50M206.55M231.79M215.10M
GeneralAndAdministrativeExpense135.77M130.82M137.84M140.00M
OtherGandA135.77M130.82M137.84M140.00M
GrossProfit687.00M629.14M1.06B974.60M
CostOfRevenue785.98M701.25M1.23B1.36B
TotalRevenue1.47B1.33B2.29B2.33B
OperatingRevenue1.47B1.33B2.29B2.33B
Line Item2025-12-312024-12-312023-12-312022-12-31
OrdinarySharesNumber131.08M132.45M135.72M136.44M
ShareIssued131.08M132.45M135.72M136.44M
NetDebt730.06M933.27M1.00B817.11M
TotalDebt1.21B1.31B1.30B1.30B
TangibleBookValue849.98M579.05M700.53M512.47M
InvestedCapital2.29B2.14B2.28B2.12B
WorkingCapital1.34B1.67B1.91B1.63B
NetTangibleAssets849.98M579.05M700.53M512.47M
CapitalLeaseObligations8.21M5.82M5.22M5.37M
CommonStockEquity1.09B833.02M983.62M825.57M
TotalCapitalization1.66B2.03B2.28B2.03B
TotalEquityGrossMinorityInterest1.09B833.02M983.62M825.57M
StockholdersEquity1.09B833.02M983.62M825.57M
GainsLossesNotAffectingRetainedEarnings1.75M-6.35M-1.99M-10.88M
OtherEquityAdjustments1.75M-6.35M-1.99M-10.88M
RetainedEarnings-203.90M-245.21M46.27M17.34M
AdditionalPaidInCapital1.29B1.08B939.34M819.12M
CapitalStock1.00K1.00K1.00K1.00K
CommonStock1.00K1.00K1.00K1.00K
TotalLiabilitiesNetMinorityInterest2.42B2.42B2.40B2.26B
TotalNonCurrentLiabilitiesNetMinorityInterest1.16B1.76B1.87B1.62B
OtherNonCurrentLiabilities65.50M55.27M51.01M43.52M
NonCurrentDeferredLiabilities337.92M341.98M369.17M281.61M
NonCurrentDeferredRevenue337.92M341.98M369.17M281.61M
LongTermDebtAndCapitalLeaseObligation572.19M1.20B1.29B1.20B
LongTermDebt572.19M1.20B1.29B1.20B
LongTermProvisions185.00M158.23M153.02M95.89M
CurrentLiabilities1.26B660.09M532.45M638.22M
CurrentDeferredLiabilities180.52M237.22M118.30M90.75M
CurrentDeferredRevenue180.52M237.22M118.30M90.75M
CurrentDebtAndCapitalLeaseObligation640.39M107.11M5.22M96.26M
CurrentCapitalLeaseObligation8.21M5.82M5.22M5.37M
CurrentDebt632.18M101.29M90.89M86.05M
OtherCurrentBorrowings632.18M101.29M90.89M86.05M
PensionandOtherPostRetirementBenefitPlansCurrent13.06M
CurrentProvisions29.04M34.66M36.07M35.56M
PayablesAndAccruedExpenses412.19M281.10M372.86M415.65M
CurrentAccruedExpenses171.51M181.40M244.93M254.57M
Payables240.68M99.71M127.94M161.08M
TotalTaxPayable37.64M9.68M11.77M36.00M
IncomeTaxPayable4.92M3.54M8.53M16.15M
AccountsPayable203.04M90.03M116.16M125.08M
TotalAssets3.51B3.25B3.38B3.08B
TotalNonCurrentAssets902.93M922.59M939.49M820.01M
OtherNonCurrentAssets222.68M205.54M215.90M169.29M
NonCurrentDeferredAssets306.40M315.57M252.37M204.87M
NonCurrentDeferredTaxesAssets306.40M315.57M252.37M204.87M
GoodwillAndOtherIntangibleAssets237.05M253.97M283.10M313.10M
OtherIntangibleAssets22.29M42.40M68.54M99.54M
Goodwill214.76M211.57M214.56M213.56M
NetPPE136.80M147.51M188.13M132.75M
AccumulatedDepreciation-233.88M-183.28M-137.41M-104.09M
GrossPPE370.68M330.79M325.54M236.84M
Leases32.86M19.05M
ConstructionInProgress10.46M19.30M29.75M31.73M
OtherProperties24.62M19.89M21.38M14.42M
MachineryFurnitureEquipment327.36M292.44M258.84M167.73M
BuildingsAndImprovements19.05M17.06M15.88M12.55M
LandAndImprovements0.00114.00K114.00K
Properties0.000.000.000.00
CurrentAssets2.61B2.33B2.44B2.26B
OtherCurrentAssets576.08M220.74M88.93M60.82M
RestrictedCash0.0095.01M0.00
PrepaidAssets37.78M
Inventory288.05M165.00M213.59M149.71M
FinishedGoods177.18M126.26M182.75M114.73M
WorkInProcess8.35M0.00
RawMaterials102.51M38.74M30.85M34.98M
Receivables229.88M223.75M445.96M440.90M
AccountsReceivable229.88M223.75M445.96M440.90M
AllowanceForDoubtfulAccountsReceivable-580.00K-7.79M-2.50M-979.00K
GrossAccountsReceivable230.46M231.54M448.46M441.88M
CashCashEquivalentsAndShortTermInvestments1.51B1.62B1.70B1.61B
OtherShortTermInvestments1.04B1.25B1.41B1.14B
CashAndCashEquivalents474.32M369.11M288.75M473.24M
Line Item2025-12-312024-12-312023-12-312022-12-31
FreeCashFlow95.90M480.09M586.38M698.37M
RepurchaseOfCapitalStock-129.96M-391.36M-410.00M0.00
RepaymentOfDebt-102.17M-7.00K0.000.00
IssuanceOfDebt0.000.001.19B
CapitalExpenditure-40.64M-33.60M-110.40M-46.44M
InterestPaidSupplementalData128.00K255.00K455.00K455.00K
IncomeTaxPaidSupplementalData20.45M32.66M74.71M33.17M
EndCashPosition474.32M464.12M288.75M473.24M
BeginningCashPosition464.12M288.75M473.24M119.32M
EffectOfExchangeRateChanges8.49M-6.32M1.85M-1.86M
ChangesInCash1.71M181.69M-186.35M355.79M
FinancingCashFlow-241.62M-460.27M-516.77M-17.13M
CashFlowFromContinuingFinancingActivities-241.62M-460.27M-516.77M-17.13M
NetOtherFinancingCharges-18.03M-81.59M-120.65M-27.50M
ProceedsFromStockOptionExercised8.53M12.69M13.87M10.37M
NetCommonStockIssuance-129.96M-391.36M-410.00M0.00
CommonStockPayments-129.96M-391.36M-410.00M0.00
NetIssuancePaymentsOfDebt-102.17M-7.00K0.000.00
NetLongTermDebtIssuance-102.17M-7.00K0.000.00
LongTermDebtPayments-102.17M-7.00K0.000.00
LongTermDebtIssuance0.000.001.19B
InvestingCashFlow106.79M128.27M-366.36M-371.91M
CashFlowFromContinuingInvestingActivities106.79M128.27M-366.36M-371.91M
NetOtherInvestingChanges-48.50M
NetInvestmentPurchaseAndSale207.23M161.87M-240.95M-247.30M
SaleOfInvestment961.76M1.35B1.84B660.13M
PurchaseOfInvestment-754.52M-1.18B-2.08B-907.43M
NetBusinessPurchaseAndSale-11.30M0.00-15.00M-78.16M
PurchaseOfBusiness-11.30M0.00-15.00M-78.16M
NetIntangiblesPurchaseAndSale0.000.00-250.00K
PurchaseOfIntangibles0.000.00-250.00K
NetPPEPurchaseAndSale-40.64M-33.60M-110.40M-46.44M
PurchaseOfPPE-40.64M-33.60M-110.40M-46.44M
OperatingCashFlow136.54M513.69M696.78M744.82M
CashFlowFromContinuingOperatingActivities136.54M513.69M696.78M744.82M
ChangeInWorkingCapital-352.89M143.00M17.13M62.13M
ChangeInOtherWorkingCapital-75.43M98.85M117.78M122.19M
ChangeInOtherCurrentLiabilities21.15M3.80M57.64M57.77M
ChangeInPayablesAndAccruedExpense139.14M-85.54M-22.15M133.42M
ChangeInPayable117.18M
ChangeInAccountPayable117.18M
ChangeInPrepaidAssets-318.56M-134.34M-59.78M-68.42M
ChangeInInventory-123.04M48.59M-63.89M-75.27M
ChangeInReceivables3.84M211.64M-12.48M-107.56M
ChangesInAccountReceivables3.84M211.64M-12.48M-107.56M
OtherNonCashItems2.88M8.65M8.38M8.17M
StockBasedCompensation214.09M211.36M212.86M216.80M
UnrealizedGainLossOnInvestmentSecurities9.56M-1.97M-8.08M-735.00K
ProvisionandWriteOffofAssets-126.00K6.68M1.15M119.00K
AssetImpairmentCharge3.11M28.84M10.60M1.20M
AmortizationOfSecurities1.05M-8.60M-15.56M-2.63M
DeferredTax6.08M-58.32M-43.35M3.63M
DeferredIncomeTax6.08M-58.32M-43.35M3.63M
DepreciationAmortizationDepletion80.64M81.39M74.71M58.77M
DepreciationAndAmortization80.64M81.39M74.71M58.77M
OperatingGainsLosses49.93M
GainLossOnInvestmentSecurities-6.57M
NetIncomeFromContinuingOperations172.13M102.66M438.94M397.36M
SEC Filings

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

Public Trades for ENPH
Date User Broker Pattern Type Position Size Entry Price Trade P&L Status