ENPH

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Enphase Energy, Inc.

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Key Metrics

Previous Close: $39.37
52-Week Range: $25.78 – $73.74
Market Cap: $5.07B
P/E (TTM): 37.98
EPS (TTM): 1.01
Dividend Yield: —

Advanced Metrics

Price/Book: 4.29
PEG Ratio: 1.13
Return on Equity: 13.00%
Return on Assets: 2.38%
Gross Margin: 30.04%
Operating Margin: 17.98%
Profit Margin: 10.09%
Current Ratio: 3.45
Debt/Equity: 0.52
Total Debt: $613.36M
Free Cash Flow: $78.32M
Revenue Growth: -19.60%
Earnings Growth: -3.50%
Enterprise Value: $4.88B

ENPH Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$2.33B	$2.29B	$1.33B	$1.47B
Cost of Revenue	$1.36B	$1.23B	$701.25M	$785.98M
Gross Profit	$974.60M	$1.06B	$629.14M	$687.00M
Research & Development	$168.85M	$227.34M	$201.31M	$189.07M
Selling, General & Admin	$355.10M	$369.63M	$337.38M	$333.27M
Operating Expenses	$523.95M	$596.96M	$538.69M	$522.35M
Operating Income	$450.64M	$461.43M	$90.45M	$164.66M
EBITDA	$520.26M	$596.69M	$210.45M	$289.98M
Pretax Income	$452.05M	$513.14M	$120.16M	$204.81M
Income Tax	$54.69M	$74.20M	$17.50M	$32.68M
Net Income	$397.36M	$438.94M	$102.66M	$172.13M
Diluted EPS	2.77	3.08	0.75	1.29
Diluted Shares	144.39M	143.29M	140.00M	134.89M

ENPH Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$473.24M	$288.75M	$369.11M	$474.32M
Receivables	$440.90M	$445.96M	$223.75M	$229.88M
Inventory	$149.71M	$213.59M	$165.00M	$288.05M
Current Assets	$2.26B	$2.44B	$2.33B	$2.61B
Total Assets	$3.08B	$3.38B	$3.25B	$3.51B
Current Liabilities	$638.22M	$532.45M	$660.09M	$1.26B
Long-Term Debt	$1.20B	$1.29B	$1.20B	$572.19M
Total Debt	$1.30B	$1.30B	$1.31B	$1.21B
Total Liabilities	$2.26B	$2.40B	$2.42B	$2.42B
Retained Earnings	$17.34M	$46.27M	-$245.21M	-$203.90M
Shareholders' Equity	$825.57M	$983.62M	$833.02M	$1.09B
Working Capital	$1.63B	$1.91B	$1.67B	$1.34B
Net Debt	$817.11M	$1.00B	$933.27M	$730.06M

ENPH Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$744.82M	$696.78M	$513.69M	$136.54M
Capital Expenditure	-$46.44M	-$110.40M	-$33.60M	-$40.64M
Free Cash Flow	$698.37M	$586.38M	$480.09M	$95.90M
Depreciation & Amortisation	$58.77M	$74.71M	$81.39M	$80.64M
Stock-Based Compensation	$216.80M	$212.86M	$211.36M	$214.09M
Investing Cash Flow	-$371.91M	-$366.36M	$128.27M	$106.79M
Financing Cash Flow	-$17.13M	-$516.77M	-$460.27M	-$241.62M
Share Repurchases	$0.00	-$410.00M	-$391.36M	-$129.96M
Net Change in Cash	$355.79M	-$186.35M	$181.69M	$1.71M

ENPH Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$363.15M	$410.43M	$343.32M	$282.90M	$291.85M
Cost of Revenue	$192.66M	$214.19M	$191.29M	$182.51M	$116.84M
Gross Profit	$170.49M	$196.24M	$152.03M	$100.39M	$175.01M
Research & Development	$45.42M	$47.27M	$46.21M	$44.87M	$45.66M
Selling, General & Admin	$84.74M	$81.53M	$84.02M	$81.34M	$76.88M
Operating Expenses	$130.16M	$128.79M	$130.23M	$126.21M	$122.54M
Operating Income	$40.33M	$67.45M	$21.80M	-$25.82M	$52.48M
EBITDA	$63.10M	$98.07M	$59.95M	$7.59M	$82.42M
Pretax Income	$42.20M	$77.02M	$38.70M	-$13.86M	$61.90M
Income Tax	$5.15M	$10.38M	-$16.00K	-$6.45M	$25.82M
Net Income	$37.05M	$66.64M	$38.71M	-$7.41M	$36.08M
Diluted EPS	0.28	0.50	0.29	-0.06	0.27
Diluted Shares	135.22M	133.00M	133.46M	131.34M	135.12M

ENPH Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$370.54M	$401.88M	$474.32M	$497.55M	$529.34M
Receivables	$223.22M	$265.51M	$229.88M	$196.58M	$273.61M
Inventory	$173.02M	$188.65M	$288.05M	$290.70M	$285.02M
Current Assets	$2.29B	$2.39B	$2.61B	$1.83B	$1.95B
Total Assets	$3.18B	$3.32B	$3.51B	$2.72B	$2.92B
Current Liabilities	$1.16B	$1.17B	$1.26B	$481.78M	$565.16M
Long-Term Debt	$571.54M	$571.87M	$572.19M	$572.51M	$572.84M
Total Debt	$1.21B	$1.21B	$1.21B	$581.11M	$581.94M
Total Liabilities	$2.30B	$2.33B	$2.42B	$1.62B	$1.74B
Retained Earnings	-$309.22M	-$242.58M	-$203.90M	-$211.30M	-$175.22M
Shareholders' Equity	$880.64M	$995.02M	$1.09B	$1.10B	$1.18B
Working Capital	$1.13B	$1.22B	$1.34B	$1.35B	$1.39B
Net Debt	$832.18M	$801.67M	$730.06M	$74.96M	$43.49M

ENPH Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$26.63M	$13.92M	$47.58M	$102.87M	$40.32M
Capital Expenditure	-$8.26M	-$8.03M	-$9.74M	-$19.90M	-$14.39M
Free Cash Flow	$18.37M	$5.89M	$37.84M	$82.97M	$25.93M
Depreciation & Amortisation	$20.09M	$20.22M	$20.43M	$20.82M	$20.20M
Stock-Based Compensation	$53.90M	$51.47M	$53.09M	$48.99M	$43.55M
Investing Cash Flow	-$51.19M	$21.41M	$23.51M	$576.38M	-$9.54M
Financing Cash Flow	-$27.55M	-$1.68M	$1.78M	-$651.19M	$1.63M
Share Repurchases	-$29.99M	$0.00	$0.00	$0.00	$0.00
Net Change in Cash	-$52.11M	$33.64M	$72.88M	$28.07M	$32.42M

Market Snapshot

About

Enphase Energy, Inc. is a leading manufacturer of microinverter systems for solar photovoltaic installations, energy storage solutions, and energy management technologies. The company's microinverter technology converts direct current from solar panels into alternating current at the panel level, improving system efficiency and reliability. Enphase offers an integrated platform including solar inverters, battery storage systems, EV chargers, and cloud-based monitoring software. The company serves residential and commercial solar markets primarily in the United States and expanding internationally.