(ENPH) Enphase Energy - Overview
Sector: Technology | Industry: Solar | Exchange: NASDAQ (USA) | Market Cap: 8.216m USD | Total Return: 59.2% in 12m
Avg Turnover: 330M
EPS Trend: -73.5%
Qual. Beats: 0
Rev. Trend: -76.3%
Qual. Beats: 0
Warnings
Extended 1w Choppy
Tailwinds
No distinct edge detected
Enphase Energy, Inc. (ENPH) specializes in the design and manufacture of semiconductor-based microinverter systems for the solar photovoltaic industry. Unlike traditional string inverters, Enphase’s microinverter technology converts power at the individual module level, which can improve system efficiency and reliability by eliminating single points of failure. The company’s integrated ecosystem includes battery storage solutions, energy management software, and electric vehicle charging infrastructure.
The company operates within the renewable energy sector, utilizing a business model that bridges hardware manufacturing with cloud-based monitoring services. Enphase distributes its products globally through a network of solar distributors, large-scale installers, and direct-to-consumer online channels. Regulatory shifts in net metering and government incentives for residential solar often act as primary catalysts for demand within this sub-industry.
For a deeper analysis of these market drivers, consider reviewing the detailed valuation metrics on ValueRay. Enphase Energy is headquartered in Fremont, California, and has maintained a presence in the solar technology market since its incorporation in 2006.
- U.S. residential solar demand fluctuates with interest rate cycles and borrowing costs
- NEM 3.0 policy implementation in California impacts microinverter and battery attachment rates
- Inventory destocking cycles at distributors affect short-term revenue and cash flow
- International market expansion reduces geographic concentration risk in the United States
- Higher battery storage attachment rates drive increased average revenue per customer installation
| Net Income: 135.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA -9.87 > 1.0 |
| NWC/Revenue: 96.33% < 20% (prev 72.93%; Δ 23.40% < -1%) |
| CFO/TA 0.07 > 3% & CFO 191.0m > Net Income 135.0m |
| Net Debt (-340.9m) to EBITDA (176.9m): -1.93 < 3 |
| Current Ratio: 3.80 > 1.5 & < 3 |
| Outstanding Shares: last quarter (131.3m) vs 12m ago -3.58% < -2% |
| Gross Margin: 44.23% > 18% (prev 0.48%; Δ 4.38k% > 0.5%) |
| Asset Turnover: 48.02% > 50% (prev 45.82%; Δ 2.20% > 0%) |
| Interest Coverage Ratio: 30.68 > 6 (EBITDA TTM 176.9m / Interest Expense TTM 3.11m) |
| A: 0.50 (Total Current Assets 1.83b - Total Current Liabilities 481.8m) / Total Assets 2.72b |
| B: -0.08 (Retained Earnings -211.3m / Total Assets 2.72b) |
| C: 0.03 (EBIT TTM 95.3m / Avg Total Assets 2.92b) |
| D: -0.13 (Book Value of Equity -217.1m / Total Liabilities 1.62b) |
| Altman-Z'' = 3.07 = A |
| DSRI: 0.89 (Receivables 196.6m/225.6m, Revenue 1.40b/1.42b) |
| GMI: 1.08 (GM 44.23% / 47.91%) |
| AQI: 1.12 (AQ_t 0.28 / AQ_t-1 0.25) |
| SGI: 0.98 (Revenue 1.40b / 1.42b) |
| TATA: -0.02 (NI 135.0m - CFO 191.0m) / TA 2.72b) |
| Beneish M = -3.00 (Cap -4..+1) = AA |
As of May 27, 2026, the stock is trading at USD 64.03 with a total of 10,982,100 shares traded.
Over the past week, the price has changed by +21.06%,
over one month by +81.70%,
over three months by +32.05% and
over the past year by +59.20%.
Enphase Energy has received a consensus analysts rating of 3.45. Therefore, it is recommended to hold ENPH.
- StrongBuy: 11
- Buy: 5
- Hold: 19
- Sell: 1
- StrongSell: 4
| Analysts Target Price | 40.6 | -36.6% |
P/E Trailing = 61.7228
P/E Forward = 29.6736
P/S = 5.8696
P/B = 7.4534
P/EG = 1.6492
Revenue TTM = 1.40b USD
EBIT TTM = 95.3m USD
EBITDA TTM = 176.9m USD
Long Term Debt = 572.5m USD (from longTermDebt, last quarter)
Short Term Debt = 8.60m USD (from shortTermDebt, last quarter)
Debt = 589.7m USD (from shortLongTermDebtTotal, last quarter) + Leases 8.60m
Net Debt = -340.9m USD (calculated: Debt 589.7m - CCE 930.6m)
Enterprise Value = 7.88b USD (8.22b + Debt 589.7m - CCE 930.6m)
Interest Coverage Ratio = 30.68 (Ebit TTM 95.3m / Interest Expense TTM 3.11m)
EV/FCF = 54.29x (Enterprise Value 7.88b / FCF TTM 145.1m)
FCF Yield = 1.84% (FCF TTM 145.1m / Enterprise Value 7.88b)
FCF Margin = 10.36% (FCF TTM 145.1m / Revenue TTM 1.40b)
Net Margin = 9.64% (Net Income TTM 135.0m / Revenue TTM 1.40b)
Gross Margin = 44.23% ((Revenue TTM 1.40b - Cost of Revenue TTM 780.6m) / Revenue TTM)
Gross Margin QoQ = 35.49% (prev 44.28%)
Tobins Q-Ratio = 2.89 (Enterprise Value 7.88b / Total Assets 2.72b)
Interest Expense / Debt = 0.53% (Interest Expense 3.11m / Debt 589.7m)
Taxrate = 15.96% (32.7m / 204.8m)
NOPAT = 80.1m (EBIT 95.3m * (1 - 15.96%))
Current Ratio = 3.80 (Total Current Assets 1.83b / Total Current Liabilities 481.8m)
Debt / Equity = 0.53 (Debt 589.7m / totalStockholderEquity, last quarter 1.10b)
Debt / EBITDA = -1.93 (Net Debt -340.9m / EBITDA 176.9m)
Debt / FCF = -2.35 (Net Debt -340.9m / FCF TTM 145.1m)
Total Stockholder Equity = 1.02b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.63% (Net Income 135.0m / Total Assets 2.72b)
RoE = 11.00% (Net Income TTM 135.0m / Total Stockholder Equity 1.23b)
RoCE = 5.30% (EBIT 95.3m / Capital Employed (Equity 1.23b + L.T.Debt 572.5m))
RoIC = 3.75% (NOPAT 80.1m / Invested Capital 2.14b)
WACC = 9.39% (E(8.22b)/V(8.81b) * Re(10.03%) + D(589.7m)/V(8.81b) * Rd(0.53%) * (1-Tc(0.16)))
Discount Rate = 10.03% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -60.0 | Cagr: -2.55%
[DCF] Terminal Value 69.31% ; FCFF base≈275.9m ; Y1≈241.9m ; Y5≈195.5m
[DCF] Fair Price = 22.92 (EV 2.68b - Net Debt -340.9m = Equity 3.02b / Shares 131.8m; r=9.39% [WACC]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: -73.50 | EPS CAGR: -24.50% | SUE: 0.77 | # QB: 0
Revenue Correlation: -76.30 | Revenue CAGR: -21.15% | SUE: 0.02 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.47 | Chg30d=-5.32% | Revisions=-5% | Analysts=17
EPS next Quarter (2026-09-30): EPS=0.55 | Chg30d=-10.12% | Revisions=-56% | Analysts=17
EPS current Year (2026-12-31): EPS=2.09 | Chg30d=-5.26% | Revisions=-42% | GrowthEPS=-29.5% | GrowthRev=-18.7%
EPS next Year (2027-12-31): EPS=2.44 | Chg30d=-9.86% | Revisions=-75% | GrowthEPS=+16.8% | GrowthRev=+8.4%
[Analyst] Revisions Ratio: -75%