Enphase Energy, Inc. (ENPH)
NEUTRALFundamental
62
Price
$37.42
Market Cap
$5.02B
Part 1 · What the company is worth
Overview
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.
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Direct competitors
Who this company fights with for the same customers
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No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$1.40B
Trailing 12 months (through 3/31/2026)
Net Income
$135M
Trailing 12 months (through 3/31/2026)
Free Cash Flow
$96M
Total Equity
$1.09B
Total Liabilities
$2.42B
Current Ratio
3.80
Interest Coverage
30.89
Debt/EBITDA
2.57
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$36.64
Current Price
$37.42
Margin of Safety
-2.1%
Fair Value Range
$23.82 - $49.47
Estimation Methods
Valuation Metrics
P/E Ratio
36.81
ROE
15.8%
P/B Ratio
4.45
P/FCF
33.78
Gross Margin
44.2%
ROIC
3.4%
Profitability Radar
Value Creation (Economic Moat)
ROIC
3.4%
WACC
12.3%
ROIC − WACC
-8.9 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (17)
- EPS shows upward trend
- Price CAGR 43.97%
- Gross Margin 44.2%
- Debt/Equity ratio
- Operating Margin 6.9%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 12.3%
- Revenue Growth 5Y 13.7%
- Earnings Surprise avg 16.5%
- Earnings Quality (OCF/NI) 1.41
- Share Dilution -2.5%
- Piotroski F-Score 6/9
Failed (9)
- ROIC 3.4%
- P/FCF 33.78
- P/B Ratio 4.45
- CapEx intensity
- Price below Graham Number
- DCF valuation (Fairly valued)
- Analyst Consensus 39% Buy
- PEG Ratio 6.47
- Net Margin Trend 9.6% vs 10.4%
Unavailable (1)
- Dividend Payout NaN%
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Badrinarayanan Kothandaraman | President, CEO & Director | 52 |
| Ms. Mandy Yang CPA | EVP & CFO | 49 |
| Mr. Martin Fornage | Co-Founder | 61 |
| Mr. Raghuveer R. Belur | SVP, Co-founder & Chief Products Officer | 57 |
| Mr. Ron Swenson | Senior VP of Operations & VP of Supply Chain | - |
| Ms. Mary Erginsoy | VP & Chief Accounting Officer | 41 |
| Mr. Hans Van Antwerpen | SVP & CTO | - |
| Mr. Zachary Freedman | Head of Investor Relations | - |
| Ms. Lisan Hung | Senior VP, General Counsel & Corporate Secretary | 56 |
| Mr. Sabbas A. Daniel | Senior VP of Quality & Sales | 62 |
Audit Risk
3
Board Risk
5
Compensation Risk
3
Shareholder Rights Risk
7
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for ENPH, sourced from Markets Gazette.
- 5/19/2026POSITIVEHere's How Much $100 Invested In Enphase Energy 10 Years Ago Would Be Worth Today
An investment of $100 in Enphase Energy (ENPH) a decade ago would have yielded a substantial return, illustrating the company's significant growth trajectory. While specific figures are not provided in this snippet, the implication is a strong positive performance for shareholders. This historical performance suggests robust business operations, successful product innovation, and effective market penetration in the renewable energy sector, particularly in solar inverters and energy management solutions. Investors considering ENPH should note its past success as an indicator of potential future value creation, though past performance is not indicative of future results.
- 4/23/2026POSITIVEHere's How Much You Would Have Made Owning Enphase Energy Stock In The Last 10 Years
Enphase Energy stock has delivered a remarkable return of 1,000% over the past decade, significantly outperforming the S&P 500's 250% gain. This performance underscores the company's strong growth trajectory in the renewable energy sector, particularly in solar microinverters and energy storage solutions. For investors, this historical performance highlights Enphase's consistent ability to innovate and capture market share, suggesting a robust long-term investment case driven by the global shift towards sustainable energy.
- 4/6/2026NEGATIVEWhy Is Enphase Energy Stock Falling Monday?
Enphase Energy (ENPH) experienced a significant stock decline on Monday, triggered by the announcement of a new class action lawsuit and the implementation of shifting China export tax policies. While specific details of the lawsuit and the exact impact of the tax changes were not immediately disclosed, these developments introduce considerable uncertainty for the company's future operations and profitability. Investors are likely reassessing their positions due to these headwinds, which could affect future earnings and market share.
- 4/1/2026POSITIVE$100 Invested In Enphase Energy 10 Years Ago Would Be Worth This Much Today
An investment of $100 in Enphase Energy (ENPH) a decade ago would have grown to approximately $1,050 today, representing a remarkable 950% return. This performance significantly outpaced the broader market, highlighting the company's substantial growth and investor value creation in the renewable energy sector. Enphase, a leader in solar energy technology, has benefited from increasing demand for sustainable energy solutions and technological innovation in its product offerings, including microinverters and battery storage systems. This historical performance suggests strong underlying business fundamentals and effective strategic execution.
- 3/12/2026POSITIVESolar Stock Down 30% in a Year, but a New $75 Million Bet Suggests This Fund Sees Opportunity
Despite a 30% stock decline over the past year, Enphase Energy Inc. is attracting renewed investor interest. A new $75 million investment by a fund signals a belief in the company's long-term prospects, particularly its specialized microinverter technology and integrated solar/energy storage solutions for the residential market. This substantial bet suggests that the market may be undervaluing Enphase's innovative capabilities and its position within the growing renewable energy sector. Investors will be watching for signs of a turnaround and continued technological leadership.
- 2/22/2026NEUTRALEnphase Energy Director Sells 1100 Shares After Strong Earnings
Enphase Energy Inc. recently reported strong financial results, a generally positive sign for investors. However, this news is tempered by the sale of 1100 shares by a company director shortly after the earnings release. While insider selling can sometimes indicate a lack of confidence, in this specific case, given the context of strong earnings, the transaction might be interpreted as personal portfolio diversification by the director rather than a negative judgment on the company's future prospects. Investors should monitor further developments and the stock's performance.
via Markets Gazette