Symbols / ENPH $31.28 -7.02% Enphase Energy, Inc.

Technology • Solar • United States • NGM
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 4.12B
Enterprise Value 4.14B Income 172.13M Sales 1.47B
Book/sh 8.29 Cash/sh 11.54 Dividend Yield —
Payout 0.00% Employees 2872 IPO —
P/E 24.25 Forward P/E 11.54 PEG —
P/S 2.80 P/B 3.77 P/C —
EV/EBITDA 17.33 EV/Sales 2.81 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 131.78M
Shs Float 127.10M Short Float 21.86% Short Ratio 4.09
Short Interest — 52W High 57.38 52W Low 25.78
Beta 1.38 Avg Volume 6.82M Volume 4.50M
Target Price $45.76 Recom Hold Prev Close $33.64
Price $31.28 Change -7.02%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$45.76
Mean price target
2. Current target
$31.73
Latest analyst target
3. DCF / Fair value
$5.14
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$31.73
Low
$27.00
High
$85.00
Mean
$45.76

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-03-26 main Jefferies Buy → Buy $54
2026-02-25 up Jefferies Hold → Buy $57
2026-02-05 main Freedom Broker Hold → Hold $44
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 Freedom Broker Hold → Hold $31
2025-10-30 main Morgan Stanley Underweight → Underweight $26
2025-10-29 main Citigroup Sell → Sell $31
News
RSS: Latest ENPH news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-13 RODGERS THURMAN JOHN Director — 137,250 $43.61 $5,985,925
2026-02-10 MORA RICHARD Director — 1,100 $52.05 $57,254
2026-02-05 KOTHANDARAMAN BADRINARAYANAN Chief Executive Officer — 5,000 $51.06 $259,884
2026-01-29 KOTHANDARAMAN BADRINARAYANAN Chief Executive Officer — 33,000 $0.00 $0
2026-01-29 YANG MANDY Chief Financial Officer — 21,120 $0.00 $0
2026-01-29 ERGINSOY MARY Officer — 10,560 $0.00 $0
2026-01-22 KOTHANDARAMAN BADRINARAYANAN Chief Executive Officer — 39,600 $0.00 $0
2026-01-22 YANG MANDY Chief Financial Officer — 21,120 $0.00 $0
2026-01-22 ERGINSOY MARY Officer — 10,560 $0.00 $0
2025-12-12 YANG MANDY Chief Financial Officer — 6,000 $33.01 $198,060
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
1,472.98
+10.72%
1,330.38
-41.92%
2,290.79
-1.72%
2,330.85
Operating Revenue
1,472.98
+10.72%
1,330.38
-41.92%
2,290.79
-1.72%
2,330.85
Cost Of Revenue
785.98
+12.08%
701.25
-43.10%
1,232.40
-9.13%
1,356.26
Reconciled Cost Of Revenue
785.98
+12.08%
701.25
-43.10%
1,232.40
-9.13%
1,356.26
Gross Profit
687.00
+9.20%
629.14
-40.56%
1,058.39
+8.60%
974.60
Operating Expense
522.35
-3.03%
538.69
-9.76%
596.96
+13.94%
523.95
Research And Development
189.07
-6.08%
201.31
-11.45%
227.34
+34.64%
168.85
Selling General And Administration
333.27
-1.22%
337.38
-8.73%
369.63
+4.09%
355.10
Selling And Marketing Expense
197.50
-4.38%
206.55
-10.89%
231.79
+7.76%
215.10
General And Administrative Expense
135.77
+3.78%
130.82
-5.09%
137.84
-1.55%
140.00
Other Gand A
135.77
+3.78%
130.82
-5.09%
137.84
-1.55%
140.00
Total Expenses
1,308.33
+5.52%
1,239.94
-32.22%
1,829.36
-2.70%
1,880.21
Operating Income
164.66
+82.05%
90.45
-80.40%
461.43
+2.39%
450.64
Total Operating Income As Reported
157.53
+103.81%
77.29
-82.66%
445.74
-0.56%
448.26
EBITDA
289.98
+37.79%
210.45
-64.73%
596.69
+14.69%
520.26
Normalized EBITDA
297.11
+32.87%
223.61
-63.48%
612.37
+17.17%
522.64
Reconciled Depreciation
80.64
-0.91%
81.39
+8.94%
74.71
+27.11%
58.77
EBIT
209.34
+62.19%
129.06
-75.27%
521.98
+13.11%
461.49
Total Unusual Items
-7.13
+45.79%
-13.15
+16.13%
-15.68
-557.89%
-2.38
Total Unusual Items Excluding Goodwill
-7.13
+45.79%
-13.15
+16.13%
-15.68
-557.89%
-2.38
Special Income Charges
-7.13
+45.79%
-13.15
+16.13%
-15.68
-557.89%
-2.38
Other Special Charges
—
—
—
—
Restructuring And Mergern Acquisition
7.13
-45.79%
13.15
-16.13%
15.68
+557.89%
2.38
Net Income
172.13
+67.68%
102.66
-76.61%
438.94
+10.46%
397.36
Pretax Income
204.81
+70.45%
120.16
-76.58%
513.14
+13.51%
452.05
Net Non Operating Interest Income Expense
58.20
-14.91%
68.40
+12.34%
60.89
+1343.55%
4.22
Interest Expense Non Operating
4.52
-49.23%
8.90
+0.75%
8.84
-6.35%
9.44
Net Interest Income
58.20
-14.91%
68.40
+12.34%
60.89
+1343.55%
4.22
Interest Expense
4.52
-49.23%
8.90
+0.75%
8.84
-6.35%
9.44
Interest Income Non Operating
62.72
-18.87%
77.31
+10.87%
69.73
+410.60%
13.66
Interest Income
62.72
-18.87%
77.31
+10.87%
69.73
+410.60%
13.66
Other Income Expense
-18.04
+53.36%
-38.69
-321.67%
-9.18
-225.93%
-2.81
Other Non Operating Income Expenses
-10.91
+57.26%
-25.53
-492.29%
6.51
+1610.21%
-0.43
Tax Provision
32.68
+86.74%
17.50
-76.41%
74.20
+35.69%
54.69
Tax Rate For Calcs
0.00
+9.17%
0.00
+0.72%
0.00
+19.53%
0.00
Tax Effect Of Unusual Items
-1.13
+40.82%
-1.92
+15.53%
-2.27
-686.40%
-0.29
Net Income Including Noncontrolling Interests
172.13
+67.68%
102.66
-76.61%
438.94
+10.46%
397.36
Net Income From Continuing Operation Net Minority Interest
172.13
+67.68%
102.66
-76.61%
438.94
+10.46%
397.36
Net Income From Continuing And Discontinued Operation
172.13
+67.68%
102.66
-76.61%
438.94
+10.46%
397.36
Net Income Continuous Operations
172.13
+67.68%
102.66
-76.61%
438.94
+10.46%
397.36
Normalized Income
178.13
+56.40%
113.90
-74.82%
452.35
+13.24%
399.46
Net Income Common Stockholders
172.13
+67.68%
102.66
-76.61%
438.94
+10.46%
397.36
Diluted EPS
1.29
+72.00%
0.75
-75.65%
3.08
+11.19%
2.77
Basic EPS
1.31
+72.37%
0.76
-76.40%
3.22
+9.52%
2.94
Basic Average Shares
131.16
-2.96%
135.17
-0.89%
136.38
+0.76%
135.35
Diluted Average Shares
134.89
-3.66%
140.00
-2.29%
143.29
-0.76%
144.39
Diluted NI Availto Com Stockholders
174.10
+65.58%
105.14
-76.19%
441.51
+10.38%
399.99
Average Dilution Earnings
1.97
-20.88%
2.49
-3.38%
2.57
-2.13%
2.63
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
3,509.79
+8.00%
3,249.68
-3.94%
3,383.01
+9.69%
3,084.28
Current Assets
2,606.86
+12.02%
2,327.08
-4.77%
2,443.52
+7.92%
2,264.27
Cash Cash Equivalents And Short Term Investments
1,512.85
-6.76%
1,622.59
-4.27%
1,695.03
+5.10%
1,612.84
Cash And Cash Equivalents
474.32
+28.50%
369.11
+27.83%
288.75
-38.99%
473.24
Other Short Term Investments
1,038.54
-17.15%
1,253.48
-10.87%
1,406.29
+23.40%
1,139.60
Receivables
229.88
+2.74%
223.75
-49.83%
445.96
+1.15%
440.90
Accounts Receivable
229.88
+2.74%
223.75
-49.83%
445.96
+1.15%
440.90
Gross Accounts Receivable
230.46
-0.46%
231.54
-48.37%
448.46
+1.49%
441.88
Allowance For Doubtful Accounts Receivable
-0.58
+92.55%
-7.79
-211.27%
-2.50
-155.57%
-0.98
Inventory
288.05
+74.57%
165.00
-22.75%
213.59
+42.67%
149.71
Raw Materials
102.51
+164.62%
38.74
+25.58%
30.85
-11.80%
34.98
Work In Process
8.35
0.00
—
—
Finished Goods
177.18
+40.33%
126.26
-30.91%
182.75
+59.28%
114.73
Prepaid Assets
—
—
—
—
Restricted Cash
0.00
-100.00%
95.01
0.00
—
Other Current Assets
576.08
+160.98%
220.74
+148.21%
88.93
+46.21%
60.82
Total Non Current Assets
902.93
-2.13%
922.59
-1.80%
939.49
+14.57%
820.01
Net PPE
136.80
-7.26%
147.51
-21.59%
188.13
+41.72%
132.75
Gross PPE
370.68
+12.06%
330.79
+1.61%
325.54
+37.45%
236.84
Accumulated Depreciation
-233.88
-27.61%
-183.28
-33.38%
-137.41
-32.01%
-104.09
Properties
0.00
0.00
0.00
0.00
Land And Improvements
—
—
0.00
-100.00%
0.11
Buildings And Improvements
—
19.05
+11.66%
17.06
+7.45%
15.88
Machinery Furniture Equipment
327.36
+11.94%
292.44
+12.98%
258.84
+54.32%
167.73
Construction In Progress
10.46
-45.81%
19.30
-35.11%
29.75
-6.25%
31.73
Other Properties
—
24.62
+23.78%
19.89
-6.98%
21.38
Leases
32.86
+72.52%
19.05
—
—
Goodwill And Other Intangible Assets
237.05
-6.66%
253.97
-10.29%
283.10
-9.58%
313.10
Goodwill
214.76
+1.51%
211.57
-1.39%
214.56
+0.47%
213.56
Other Intangible Assets
22.29
-47.43%
42.40
-38.14%
68.54
-31.15%
99.54
Non Current Deferred Assets
306.40
-2.90%
315.57
+25.04%
252.37
+23.18%
204.87
Non Current Deferred Taxes Assets
306.40
-2.90%
315.57
+25.04%
252.37
+23.18%
204.87
Other Non Current Assets
222.68
+8.34%
205.54
-4.80%
215.90
+27.53%
169.29
Total Liabilities Net Minority Interest
2,422.77
+0.25%
2,416.66
+0.72%
2,399.39
+6.23%
2,258.71
Current Liabilities
1,262.15
+91.21%
660.09
+23.97%
532.45
-16.57%
638.22
Payables And Accrued Expenses
412.19
+46.63%
281.10
-24.61%
372.86
-10.29%
415.65
Payables
240.68
+141.39%
99.71
-22.06%
127.94
-20.58%
161.08
Accounts Payable
203.04
+125.52%
90.03
-22.50%
116.16
-7.13%
125.08
Current Accrued Expenses
171.51
-5.45%
181.40
-25.94%
244.93
-3.79%
254.57
Pensionand Other Post Retirement Benefit Plans Current
—
—
—
—
Total Tax Payable
37.64
+289.00%
9.68
-17.81%
11.77
-67.29%
36.00
Income Tax Payable
4.92
+38.95%
3.54
-58.50%
8.53
-47.16%
16.15
Current Debt And Capital Lease Obligation
640.39
+497.91%
107.11
+1951.84%
5.22
-94.58%
96.26
Current Debt
632.18
+524.13%
101.29
—
90.89
Other Current Borrowings
632.18
+524.13%
101.29
—
90.89
Current Capital Lease Obligation
8.21
+41.20%
5.82
+11.40%
5.22
-2.81%
5.37
Current Deferred Liabilities
180.52
-23.90%
237.22
+100.53%
118.30
+30.36%
90.75
Current Deferred Revenue
180.52
-23.90%
237.22
+100.53%
118.30
+30.36%
90.75
Total Non Current Liabilities Net Minority Interest
1,160.62
-33.93%
1,756.57
-5.91%
1,866.94
+15.21%
1,620.49
Long Term Debt And Capital Lease Obligation
572.19
-52.36%
1,201.09
-7.16%
1,293.74
+7.86%
1,199.46
Long Term Debt
572.19
-52.36%
1,201.09
-7.16%
1,293.74
+7.86%
1,199.46
Long Term Provisions
185.00
+16.92%
158.23
+3.41%
153.02
+59.58%
95.89
Non Current Deferred Liabilities
337.92
-1.19%
341.98
-7.37%
369.17
+31.09%
281.61
Non Current Deferred Revenue
337.92
-1.19%
341.98
-7.37%
369.17
+31.09%
281.61
Other Non Current Liabilities
65.50
+18.51%
55.27
+8.35%
51.01
+17.21%
43.52
Stockholders Equity
1,087.02
+30.49%
833.02
-15.31%
983.62
+19.14%
825.57
Common Stock Equity
1,087.02
+30.49%
833.02
-15.31%
983.62
+19.14%
825.57
Capital Stock
0.00
+0.00%
0.00
+0.00%
0.00
+0.00%
0.00
Common Stock
0.00
+0.00%
0.00
+0.00%
0.00
+0.00%
0.00
Share Issued
131.08
-1.03%
132.45
-2.41%
135.72
-0.53%
136.44
Ordinary Shares Number
131.08
-1.03%
132.45
-2.41%
135.72
-0.53%
136.44
Additional Paid In Capital
1,289.16
+18.86%
1,084.57
+15.46%
939.34
+14.68%
819.12
Retained Earnings
-203.90
+16.85%
-245.21
-629.91%
46.27
+166.93%
17.34
Gains Losses Not Affecting Retained Earnings
1.75
+127.61%
-6.35
-219.52%
-1.99
+81.73%
-10.88
Other Equity Adjustments
1.75
+127.61%
-6.35
-219.52%
-1.99
+81.73%
-10.88
Total Equity Gross Minority Interest
1,087.02
+30.49%
833.02
-15.31%
983.62
+19.14%
825.57
Total Capitalization
1,659.22
-18.43%
2,034.11
-10.68%
2,277.36
+12.46%
2,025.04
Working Capital
1,344.71
-19.33%
1,666.99
-12.77%
1,911.07
+17.53%
1,626.05
Invested Capital
2,291.40
+7.31%
2,135.40
-6.23%
2,277.36
+7.63%
2,115.93
Total Debt
1,212.59
-7.31%
1,308.19
+0.71%
1,298.96
+0.25%
1,295.73
Net Debt
730.06
-21.77%
933.27
-7.14%
1,004.99
+22.99%
817.11
Capital Lease Obligations
8.21
+41.20%
5.82
+11.40%
5.22
-2.81%
5.37
Net Tangible Assets
849.98
+46.79%
579.05
-17.34%
700.53
+36.70%
512.47
Tangible Book Value
849.98
+46.79%
579.05
-17.34%
700.53
+36.70%
512.47
Current Provisions
29.04
-16.21%
34.66
-3.91%
36.07
+1.43%
35.56
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
136.54
-73.42%
513.69
-26.28%
696.78
-6.45%
744.82
Cash Flow From Continuing Operating Activities
136.54
-73.42%
513.69
-26.28%
696.78
-6.45%
744.82
Net Income From Continuing Operations
172.13
+67.68%
102.66
-76.61%
438.94
+10.46%
397.36
Depreciation Amortization Depletion
80.64
-0.91%
81.39
+8.94%
74.71
+27.11%
58.77
Depreciation And Amortization
80.64
-0.91%
81.39
+8.94%
74.71
+27.11%
58.77
Other Non Cash Items
2.88
-66.66%
8.65
+3.22%
8.38
+2.61%
8.17
Stock Based Compensation
214.09
+1.29%
211.36
-0.70%
212.86
-1.82%
216.80
Provisionand Write Offof Assets
-0.13
-101.89%
6.68
+479.10%
1.15
+868.91%
0.12
Asset Impairment Charge
3.11
-89.20%
28.84
+172.03%
10.60
+783.58%
1.20
Deferred Tax
6.08
+110.43%
-58.32
-34.54%
-43.35
-1293.17%
3.63
Deferred Income Tax
6.08
+110.43%
-58.32
-34.54%
-43.35
-1293.17%
3.63
Operating Gains Losses
—
—
—
—
Gain Loss On Investment Securities
—
—
—
—
Unrealized Gain Loss On Investment Securities
9.56
+586.17%
-1.97
+75.65%
-8.08
-999.05%
-0.73
Change In Working Capital
-352.89
-346.78%
143.00
+734.80%
17.13
-72.43%
62.13
Change In Receivables
3.84
-98.19%
211.64
+1796.11%
-12.48
+88.40%
-107.56
Changes In Account Receivables
3.84
-98.19%
211.64
+1796.11%
-12.48
+88.40%
-107.56
Change In Inventory
-123.04
-353.22%
48.59
+176.06%
-63.89
+15.13%
-75.27
Change In Prepaid Assets
-318.56
-137.12%
-134.34
-124.74%
-59.78
+12.64%
-68.42
Change In Payables And Accrued Expense
139.14
+262.67%
-85.54
-286.18%
-22.15
-116.60%
133.42
Change In Payable
—
—
—
—
Change In Account Payable
—
—
—
—
Change In Other Working Capital
-75.43
-176.31%
98.85
-16.07%
117.78
-3.61%
122.19
Change In Other Current Liabilities
21.15
+456.39%
3.80
-93.40%
57.64
-0.23%
57.77
Investing Cash Flow
106.79
-16.74%
128.27
+135.01%
-366.36
+1.49%
-371.91
Cash Flow From Continuing Investing Activities
106.79
-16.74%
128.27
+135.01%
-366.36
+1.49%
-371.91
Net PPE Purchase And Sale
-40.64
-20.94%
-33.60
+69.56%
-110.40
-137.71%
-46.44
Purchase Of PPE
-40.64
-20.94%
-33.60
+69.56%
-110.40
-137.71%
-46.44
Capital Expenditure
-40.64
-20.94%
-33.60
+69.56%
-110.40
-137.71%
-46.44
Net Investment Purchase And Sale
207.23
+28.02%
161.87
+167.18%
-240.95
+2.57%
-247.30
Purchase Of Investment
-754.52
+36.31%
-1,184.65
+43.08%
-2,081.43
-129.38%
-907.43
Sale Of Investment
961.76
-28.57%
1,346.52
-26.84%
1,840.48
+178.81%
660.13
Net Business Purchase And Sale
-11.30
0.00
+100.00%
-15.00
+80.81%
-78.16
Purchase Of Business
-11.30
0.00
+100.00%
-15.00
+80.81%
-78.16
Net Intangibles Purchase And Sale
—
—
0.00
0.00
Purchase Of Intangibles
—
—
0.00
0.00
Net Other Investing Changes
-48.50
—
—
—
Financing Cash Flow
-241.62
+47.50%
-460.27
+10.93%
-516.77
-2917.48%
-17.13
Cash Flow From Continuing Financing Activities
-241.62
+47.50%
-460.27
+10.93%
-516.77
-2917.48%
-17.13
Net Issuance Payments Of Debt
-102.17
-1459442.86%
-0.01
0.00
0.00
Issuance Of Debt
—
—
0.00
0.00
Repayment Of Debt
-102.17
-1459442.86%
-0.01
0.00
0.00
Long Term Debt Issuance
—
—
0.00
0.00
Long Term Debt Payments
-102.17
-1459442.86%
-0.01
0.00
0.00
Net Long Term Debt Issuance
-102.17
-1459442.86%
-0.01
0.00
0.00
Net Common Stock Issuance
-129.96
+66.79%
-391.36
+4.54%
-410.00
0.00
Common Stock Payments
-129.96
+66.79%
-391.36
+4.54%
-410.00
0.00
Repurchase Of Capital Stock
-129.96
+66.79%
-391.36
+4.54%
-410.00
0.00
Proceeds From Stock Option Exercised
8.53
-32.79%
12.69
-8.52%
13.87
+33.75%
10.37
Net Other Financing Charges
-18.03
+77.91%
-81.59
+32.38%
-120.65
-338.78%
-27.50
Changes In Cash
1.71
-99.06%
181.69
+197.50%
-186.35
-152.38%
355.79
Effect Of Exchange Rate Changes
8.49
+234.33%
-6.32
-441.23%
1.85
+199.78%
-1.86
Beginning Cash Position
464.12
+60.73%
288.75
-38.99%
473.24
+296.63%
119.32
End Cash Position
474.32
+2.20%
464.12
+60.73%
288.75
-38.99%
473.24
Free Cash Flow
95.90
-80.02%
480.09
-18.13%
586.38
-16.04%
698.37
Interest Paid Supplemental Data
0.13
-49.80%
0.26
-43.96%
0.46
+0.00%
0.46
Income Tax Paid Supplemental Data
20.45
-37.39%
32.66
-56.28%
74.71
+125.24%
33.17
Amortization Of Securities
1.05
+112.18%
-8.60
+44.74%
-15.56
-491.22%
-2.63
SEC Filings

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

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