Enphase Energy Inc. (ENPH)

NASDAQ: ENPH · USD

$25.0

-4.78 (-16.1%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-17

Our latest published analysis: ENPH rated Hold

Enphase Energy Inc.'s published Hold conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$29.3 / share

Potential value

$40.1 / share

Upside to FV

-4.5%

from $25.0

Moat

6.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$4.0B
Revenue (ttm)	1.2B
Net income (ttm)	90.8M
EPS (ttm)	$0.68
Shares out	132.3M
P/E (trailing)	36.7x
P/E (forward)	14.3x
Volume	25,520,414
Beta	1.63

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 1.2B
Net income (ttm): 90.8M
EPS (ttm): $0.68
P/E (trailing): 36.7x
P/E (forward): 14.3x
Market cap: $4.0B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$1.38B	$2.33B	$2.29B	$1.33B	$1.47B	+1.6%
Gross profit	$554.4M	$974.6M	$1.06B	$629.1M	$687.0M	+5.5%
Operating income	$215.8M	$448.3M	$445.7M	$77.3M	$157.5M	-7.6%
Net income	$145.4M	$397.4M	$438.9M	$102.7M	$172.1M	+4.3%
EPS (diluted)	$2.42	$2.77	$3.08	$0.75	$1.29	-14.6%
EBITDA	$196.9M	$520.3M	$445.7M	$210.5M	$230.2M	+4.0%
R&D	$105.5M	$168.8M	$227.3M	$201.3M	$189.1M	+15.7%
SG&A	$104.1M	$140.0M	$137.8M	$130.8M	$135.8M	+6.9%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	매도
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	매도
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	적극 매수
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	보유
ADI	Analog Devices, Inc.	207.6B	50.9x	14.8x	11.0%	+16.4%	+76.9%	매도
AI	C3.ai, Inc.	2B	—	8.4x	-35.6%	+3.6%	-33.6%	매도

Base and Bull scenarios

Base55%

Price target

$29.25

-4.5% from spot

In the Base scenario, FY2026 revenue contracts -19.5% to $1,185.75M as wholesale distributors complete channel destocking, before resuming modest growth of 3.1% in FY2027 and 12.0% in FY2028. Operating margins normalize from 12.0% in FY2026 to 18.0% by FY2030 as fixed R&D and administrative overhead are absorbed. Supported by stable gross margins in the 44-47% range and fabless cash generation, fair value synthesizes to $29.25 per share.

Revenue contracts -19.5% in FY2026, then recovers to 3.1% in FY2027, 12.0% in FY2028, and 10.0% in FY2029.
Operating margin scales steadily from 12.0% in FY2026 to 18.0% in FY2030.
Terminal growth aligns with long-term economic expansion alongside a normalized terminal earnings multiple.

Bull20%

Price target

$40.11

+31.0% from spot

In the Bull scenario, declining interest rates reignite US residential solar installation growth, while rapid adoption of time-of-use tariffs pushes battery storage attach rates above one-quarter of installations. International expansion across Europe and Australia accelerates, and next-generation GaN microinverters expand market share in commercial three-phase installations. Revenue growth accelerates to double-digit rates, operating margins expand significantly on powerful operational leverage, and Enphase commands a premium valuation multiple reflecting platform software durability.

Revenue growth re-accelerates toward high-teens rates following completion of channel destocking.
Operating margins expand significantly supported by high-volume GaN manufacturing efficiencies.
Storage attach rates exceed one-quarter of solar installations across key domestic and international residential markets.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($29.25). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	1.5%	2.0%	2.5%	3.0%	3.5%
8.4%	$32.9	$34.0	$35.3	$36.8	$38.7
9.4%	$30.2	$31.0	$31.9	$32.9	$34.2
10.4%	$28.0	$28.6	$29.3	$30.0	$30.9
11.4%	$26.2	$26.6	$27.2	$27.7	$28.4
12.4%	$24.7	$25.0	$25.4	$25.9	$26.4

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E14.3

P25 n/aP50 n/aP75 n/a

Trailing P/E30.9

P25 n/aP50 n/aP75 n/a

ROE8.1

P25 n/aP50 n/aP75 n/a

ROIC6.3

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All ENPH indicators

Market & fundamental data

Available fields

264

Groups with data

Currency

USD

Showing 264 of 264 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001463101
Company name	Enphase Energy, Inc.
Country	United States
Country code	US
CUSIP number	29355A107
Earnings date	2026-10-27
Earnings time	amc
Employees	2,872
Employees change	91
Employees growth	3.27%
Enterprise value	$2.9B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	2006
Industry	Solar
IPO date	2012-03-30
Is primary listing	Yes
Is SPAC	No
ISIN number	US29355A1079
Last 10-K release date	2026-02-17
Last earnings date	2026-10-27
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$3.3B
Market cap category	Mid-Cap
Next earnings date	2027-02-02
Options	Yes
Price	$24.99
Price currency	USD
Sector	Technology
SIC code	3674
Stock price date	2026-10-28
Symbol	ENPH
Tags	clean-energy
U.S. state	California
Website	https://www.enphase.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	12.19x
Average P/E ratio (10Y)	88.91x
Average P/E ratio (3Y)	67.59x
Average P/E ratio (5Y)	80.91x
Earnings yield	2.72%
EV/Earnings	31.89x
EV/EBIT	52.76x
EV/EBITDA	21.47x
EV/FCF	21.39x
EV/Sales	2.39x
FCF / EV yield	4.68%
FCF yield	4.16%
Forward EV/Sales	3.01x
Forward P/E	22.45x
Forward P/S	3.39x
Graham number	11.98728
Graham upside	-51.25%
Industry forward P/E	11.76x
Industry P/E	23.88x
Lynch fair value	$3.40
Lynch upside	-86.17%
P/(OCF - SBC) ratio	1,490.43x
P/B ratio	3.17x
P/E ratio	36.73x
P/FCF ratio	24.03x
P/OCF ratio	17.05x
P/S ratio	2.69x
Price / tangible book value	3.19x
Price/EBITDA ratio	24.13x
Sector forward P/E	18.39x
Sector P/E	32.7x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	4.53%
EBITDA margin	11.13%
FCF margin	11.17%
Gross margin	41.12%
Operating margin	4.53%
Pretax margin	6.87%
Profit margin	7.49%
Profit per employee	$31,606
Profitable quarters	1
Profitable years	7
Revenue per employee	$421,798
ROA	1.11%
ROA (5Y)	6.61%
ROCE	2.27%
ROE	8.12%
ROE (5Y)	34.57%
ROIC	6.3%
ROIC (5Y)	50.89%
SBC / revenue	15.58%
Tax / revenue	-0.63%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	-52.63%
EPS growth (Q)	-66.2%
EPS growth (QoQ)	-36.76%
EPS growth 3Y	-44.49%
EPS growth 5Y	-10%
EPS growth years	1
FCF growth	-37.7%
FCF growth 3Y	-44.88%
FCF growth 5Y	-14.2%
Gross profit growth	3.13%
Gross profit growth (Q)	-1.18%
Gross profit growth 3Y	-25.86%
Gross profit growth 5Y	-0.59%
Net income growth	-53.59%
Net income growth (Q)	-64.9%
Net income growth (QoQ)	-35.18%
Net income growth 3Y	-45.85%
Net income growth 5Y	-11.36%
Net income growth years	1
OCF growth	-25.52%
OCF growth (Q)	-99.35%
OCF growth (QoQ)	-99.78%
OCF growth 3Y	-40.69%
OCF growth 5Y	-10.86%
Operating income growth	-73.5%
Operating income growth (Q)	-90.49%
Operating income growth 3Y	-55.39%
Operating income growth 5Y	-25.38%
Revenue growth	-19.9%
Revenue growth (Q)	-28.53%
Revenue growth (QoQ)	0.51%
Revenue growth 10Y	15.07%
Revenue growth 3Y	-23.57%
Revenue growth 5Y	-0.37%
Revenue growth years	1

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-55.5M
Depreciation and amortization	$79.9M
EBIT	$54.9M
EBITDA	$134.8M
EPS	$0.68
FCF per share	$1.02
Financing cash flow	$-650.5M
Free cash flow	$135.4M
Free cash flow minus SBC	$-53.3M
Gross profit	$498.1M
Income taxes	$-7.6M
Investing cash flow	$445.7M
Net borrowing	$-632.5M
Net cash flow	$-21.5M
Net income	$90.8M
Operating cash flow minus SBC	$2.2M
Operating income	$54.9M
Revenue	$1.2B
Stock-based compensation	$188.7M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$9.39
Debt / EBITDA	3.91
Debt / equity	0.46
Debt / FCF	4.23
Goodwill	$213.1M
Interest coverage	25.93
Long-term assets	$994.2M
Long-term liabilities	$1.2B
Net cash (debt)	$358.7M
Net cash / market cap	11.02%
Net cash growth	46.82%
Net debt / EBITDA	-2.66
Net debt / equity	-0.29
Net debt / FCF	-2.65
Piotroski F-Score	6
Property, plant and equipment	$133.7M
Shareholders' equity	$1.2B
Tangible book value	$1B
Tangible book value per share	$7.71
Total assets	$2.9B
Total cash	$931.8M
Total debt	$573.2M
Total liabilities	$1.6B
WACC	11.29%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.39
Current assets	$1.9B
Current liabilities	$460.1M
Current ratio	4.09
Inventory turnover	3.3
Net working capital	$490.9M
Quick ratio	2.57
Working capital	$1.4B
Working capital turnover	0.92

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	2.81%
Dividend yield	0%
Shareholder yield	2.81%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	2,192.2%
10Y return CAGR	36.79%
10Y total return	2,192.2%
150-day SMA	$40.47
1D price change	-16.05%
1M price change	-22.89%
1M total return	-22.89%
1W price change	-21.9%
1W total return	-21.9%
1Y price change	-32.12%
1Y return CAGR	-32.14%
1Y total return	-32.12%
20-day SMA	$31.50
200-day SMA	$41.03
3M price change	-34.27%
3M total return	-34.27%
3Y price change	-69.56%
3Y return CAGR	-32.73%
3Y total return	-69.56%
50-day SMA	$34.15
50-day SMA vs 200-day SMA	50under200
52-week high	$73.74
52-week high date	2026-05-29
52-week low	$23.84
52-week low date	2026-10-28
5Y price change	-88.44%
5Y return CAGR	-35.06%
5Y total return	-88.44%
6M price change	-29.1%
6M total return	-29.1%
All-time high	$339.92
All-time high date	2022-12-05
All-time low	$0.65
All-time low date	2017-05-18
Average true range (ATR)	$2.02
Average volume	6.3M
Beta (1Y)	1.41
Beta (2Y)	0.65
Beta (5Y)	1.63
Change from 52-week high	-66.12%
Change from 52-week low	4.85%
Change from all-time high	-92.65%
Change from all-time low	3,743.25%
Change from open	4.76%
Day's gap	-19.86%
Dollar volume	$637.6M
High price	$25.90
Low price	$23.84
Monthly RSI	37.96
Open price	$23.85
Position in 52-week range	55.58%
Premarket change	-20.26%
Premarket close	$29.76
Premarket price	$23.73
Premarket volume	2.8M
Previous close	$29.76
Price vs 150-day SMA	-38.26%
Price vs 20-day SMA	-20.69%
Price vs 200-day SMA	-39.11%
Price vs 50-day SMA	-26.84%
Relative volume	4.07
RSI	24.82
Sharpe ratio	-0.11
Sharpe ratio (3Y)	-0.3
Sharpe ratio (5Y)	-0.26
Sortino ratio	-0.09
Sortino ratio (3Y)	-0.36
Sortino ratio (5Y)	-0.29
Volume	25.5M
Weekly RSI	34.03
YTD price change	-22.04%
YTD total return	-22.04%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	128.1M
Float percentage	96.85%
Shares change (QoQ)	0.06%
Shares change (YoY)	-2.81%
Shares held by insiders	2.94%
Shares held by institutions	95.65%
Shares outstanding	132.3M
Short % of float	21.95%
Short % of shares	21.26%
Short ratio	6 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	974

Deeper analysis on ENPH

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this ENPH report

What is the latest published ENPH stock rating?

Enphase Energy Inc. is shown with Hold in the latest published report, analyzed 2026-10-17. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full ENPH analysis?

The full latest published report, analyzed 2026-10-17, lives at /stocks/ENPH/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for ENPH?

The latest published report analyzed 2026-10-17 gives ENPH a fair value of USD 29 and a potential value of USD 40. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the ENPH page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-17). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

HoldENPH · Fair value $29.3-4.5%

Read full analysis →

Enphase Energy Inc. (ENPH)

Our latest published analysis: ENPH rated Hold

Price

Financial snapshot

Fair-value bridge

Latest news · ENPH

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All ENPH indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on ENPH

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	4.5
Management	6.5
Balance Sheet	7.5
Profitability	5.5
Revenue Growth	2.5
Risk Assessment	6.0
Competitive Moat	6.5
Earnings Quality	5.0
Capital Efficiency	2.5