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Enphase Energy, Inc. ENPH

Nasdaq · stock · Semiconductors & Related Devices · website · IPO 2011-06-20 · LEI

Enphase Energy, Inc. statistics & valuation

Market cap$6.3B
P / E36.4×
P / S4.3×
P / B5.8×
P / FCF65.4×
Net margin11.7%
Return on equity15.8%
FCF margin6.5%
Net debt$730.1M
Net debt / EBITDA3.1×
Enterprise value USD$7.0B
EV / EBITDA29.4×
Earnings yield EBIT/EV2.3%
Return on capital7%
Graham number -62.5%$15.29

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($15.29); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
-20.90% -15.80% -3.70% 25.80% 17.30% 10.50% 17.00% 19.20% 7.70% 11.70% 2016201720182019202020212022202320242025
Gross margin (%)
18.00% 19.60% 29.90% 35.40% 44.70% 40.10% 41.80% 46.20% 47.30% 46.60% 2016201720182019202020212022202320242025
Operating margin (%)
-19.40% -13.80% 0.50% 16.50% 24.10% 15.60% 19.20% 19.50% 5.80% 10.70% 2016201720182019202020212022202320242025
Return on equity (%)
-5189.40% -149.50% 59.20% 27.70% 33.80% 48.10% 44.60% 12.30% 15.80% 2016201720182019202020212022202320242025
Shares outstanding
62.3M 85.9M 107.0M 131.6M 141.9M 142.9M 144.4M 143.3M 140.0M 134.9M 2016201720182019202020212022202320242025
Net debt ($)
$6.0M $20.6M $3.5M -$145.9M -$348.5M $918.3M $817.1M $1.00B $933.3M $730.1M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
-41.20% -26.70% -3.40% 22.60% 11.20% 7.00% 12.90% 13.00% 3.20% 4.90% 2016201720182019202020212022202320242025
Free cash flow margin (%)
-14.00% -11.40% 3.80% 19.90% 25.30% 21.70% 30.00% 25.60% 36.10% 6.50% 2016201720182019202020212022202320242025
Debt / equity (×)
18.31× 14.12× 0.39× 0.68× 2.41× 1.56× 1.32× 1.56× 1.11× 2016201720182019202020212022202320242025
EPS ($)
$2.77 $3.08 $0.75 $1.29 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Enphase Energy, Inc. trades at about 31.6× earnings — below its 10-year norm (10-year range 28.7×–83×, median 79.9×).

28.7× 83×

Shaded band = 10-year range (28.7×–83×); dot = today's 31.6×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Gross margin46.6%47.3%46.2%41.8%40.1%44.7%35.4%29.9%19.6%18.0%
Operating margin10.7%5.8%19.5%19.2%15.6%24.1%16.5%0.5%-13.8%-19.4%
Net margin11.7%7.7%19.2%17.0%10.5%17.3%25.8%-3.7%-15.8%-20.9%
FCF margin6.5%36.1%25.6%30.0%21.7%25.3%19.9%3.8%-11.4%-14.0%
Return on assets4.9%3.2%13.0%12.9%7.0%11.2%22.6%-3.4%-26.7%-41.2%
Return on equity15.8%12.3%44.6%48.1%33.8%27.7%59.2%-149.5%495.2%-5189.4%
Debt / equity1.11×1.56×1.32×1.56×2.41×0.68×0.39×14.12×-5.45×18.31×
Current ratio2.073.534.593.553.331.752.511.511.421.42

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.