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ENPHASE ENERGY INC (1ENPH.MI) Stock Fundamental Analysis

BIT:1ENPH - US29355A1079 - Common Stock

32.435 EUR
+1.53 (+4.93%)
Last: 8/25/2025, 7:00:00 PM
Fundamental Rating

4

Overall 1ENPH gets a fundamental rating of 4 out of 10. We evaluated 1ENPH against 53 industry peers in the Semiconductors & Semiconductor Equipment industry. Both the profitability and the financial health of 1ENPH get a neutral evaluation. Nothing too spectacular is happening here. 1ENPH is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

In the past year 1ENPH was profitable.
In the past year 1ENPH had a positive cash flow from operations.
Each year in the past 5 years 1ENPH has been profitable.
Each year in the past 5 years 1ENPH had a positive operating cash flow.
1ENPH.MI Yearly Net Income VS EBIT VS OCF VS FCF1ENPH.MI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M 400M 600M

1.2 Ratios

1ENPH has a Return On Assets (5.50%) which is in line with its industry peers.
The Return On Equity of 1ENPH (19.84%) is better than 71.67% of its industry peers.
1ENPH has a Return On Invested Capital of 8.14%. This is comparable to the rest of the industry: 1ENPH outperforms 58.33% of its industry peers.
1ENPH had an Average Return On Invested Capital over the past 3 years of 10.89%. This is below the industry average of 15.12%.
Industry RankSector Rank
ROA 5.5%
ROE 19.84%
ROIC 8.14%
ROA(3y)9.67%
ROA(5y)9.44%
ROE(3y)35.03%
ROE(5y)33.31%
ROIC(3y)10.89%
ROIC(5y)13.62%
1ENPH.MI Yearly ROA, ROE, ROIC1ENPH.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -1K -2K -3K -4K -5K

1.3 Margins

The Profit Margin of 1ENPH (11.78%) is comparable to the rest of the industry.
In the last couple of years the Profit Margin of 1ENPH has declined.
Looking at the Operating Margin, with a value of 12.94%, 1ENPH is in line with its industry, outperforming 50.00% of the companies in the same industry.
In the last couple of years the Operating Margin of 1ENPH has declined.
1ENPH has a Gross Margin (48.35%) which is in line with its industry peers.
1ENPH's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 12.94%
PM (TTM) 11.78%
GM 48.35%
OM growth 3Y-24.77%
OM growth 5Y-16.62%
PM growth 3Y-9.82%
PM growth 5Y-21.45%
GM growth 3Y5.64%
GM growth 5Y5.94%
1ENPH.MI Yearly Profit, Operating, Gross Margins1ENPH.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20 40

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4

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), 1ENPH is creating some value.
The number of shares outstanding for 1ENPH has been reduced compared to 1 year ago.
The number of shares outstanding for 1ENPH has been increased compared to 5 years ago.
Compared to 1 year ago, 1ENPH has a worse debt to assets ratio.
1ENPH.MI Yearly Shares Outstanding1ENPH.MI Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
1ENPH.MI Yearly Total Debt VS Total Assets1ENPH.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.2 Solvency

1ENPH has an Altman-Z score of 2.25. This is not the best score and indicates that 1ENPH is in the grey zone with still only limited risk for bankruptcy at the moment.
With a Altman-Z score value of 2.25, 1ENPH is not doing good in the industry: 75.00% of the companies in the same industry are doing better.
The Debt to FCF ratio of 1ENPH is 3.22, which is a good value as it means it would take 1ENPH, 3.22 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of 1ENPH (3.22) is comparable to the rest of the industry.
1ENPH has a Debt/Equity ratio of 0.65. This is a neutral value indicating 1ENPH is somewhat dependend on debt financing.
1ENPH has a worse Debt to Equity ratio (0.65) than 75.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF 3.22
Altman-Z 2.25
ROIC/WACC0.81
WACC10.05%
1ENPH.MI Yearly LT Debt VS Equity VS FCF1ENPH.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M 400M 600M 800M 1B

2.3 Liquidity

A Current Ratio of 1.97 indicates that 1ENPH should not have too much problems paying its short term obligations.
1ENPH's Current ratio of 1.97 is on the low side compared to the rest of the industry. 1ENPH is outperformed by 60.00% of its industry peers.
A Quick Ratio of 1.82 indicates that 1ENPH should not have too much problems paying its short term obligations.
1ENPH has a Quick ratio of 1.82. This is in the better half of the industry: 1ENPH outperforms 63.33% of its industry peers.
Industry RankSector Rank
Current Ratio 1.97
Quick Ratio 1.82
1ENPH.MI Yearly Current Assets VS Current Liabilites1ENPH.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B

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6

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 26.50% over the past year.
1ENPH shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 20.06% yearly.
1ENPH shows a small growth in Revenue. In the last year, the Revenue has grown by 4.39%.
Measured over the past years, 1ENPH shows a quite strong growth in Revenue. The Revenue has been growing by 16.34% on average per year.
EPS 1Y (TTM)26.5%
EPS 3Y-0.69%
EPS 5Y20.06%
EPS Q2Q%60.47%
Revenue 1Y (TTM)4.39%
Revenue growth 3Y-1.26%
Revenue growth 5Y16.34%
Sales Q2Q%19.67%

3.2 Future

The Earnings Per Share is expected to grow by 10.53% on average over the next years. This is quite good.
1ENPH is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.14% yearly.
EPS Next Y13.33%
EPS Next 2Y-0.74%
EPS Next 3Y4.2%
EPS Next 5Y10.53%
Revenue Next Year10.64%
Revenue Next 2Y2.19%
Revenue Next 3Y3.22%
Revenue Next 5Y5.14%

3.3 Evolution

Although the future EPS growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
1ENPH.MI Yearly Revenue VS Estimates1ENPH.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 500M 1B 1.5B 2B 2.5B
1ENPH.MI Yearly EPS VS Estimates1ENPH.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 0 1 -1 2 3 4

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6

4. Valuation

4.1 Price/Earnings Ratio

1ENPH is valuated correctly with a Price/Earnings ratio of 12.82.
Based on the Price/Earnings ratio, 1ENPH is valued cheaper than 95.00% of the companies in the same industry.
1ENPH's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.06.
With a Price/Forward Earnings ratio of 16.25, 1ENPH is valued correctly.
1ENPH's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. 1ENPH is cheaper than 75.00% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of 1ENPH to the average of the S&P500 Index (22.69), we can say 1ENPH is valued slightly cheaper.
Industry RankSector Rank
PE 12.82
Fwd PE 16.25
1ENPH.MI Price Earnings VS Forward Price Earnings1ENPH.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, 1ENPH is valued a bit cheaper than 63.33% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, 1ENPH is valued cheaply inside the industry as 96.67% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 13.3
EV/EBITDA 12.74
1ENPH.MI Per share data1ENPH.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8

4.3 Compensation for Growth

1ENPH's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PEG (NY)0.96
PEG (5Y)0.64
EPS Next 2Y-0.74%
EPS Next 3Y4.2%

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0

5. Dividend

5.1 Amount

1ENPH does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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ENPHASE ENERGY INC

BIT:1ENPH (8/25/2025, 7:00:00 PM)

32.435

+1.53 (+4.93%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)07-22 2025-07-22/amc
Earnings (Next)10-20 2025-10-20/amc
Inst Owners88.68%
Inst Owner ChangeN/A
Ins Owners3.13%
Ins Owner ChangeN/A
Market Cap4.24B
Analysts63.72
Price TargetN/A
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)1.88%
Min EPS beat(2)-5.07%
Max EPS beat(2)8.83%
EPS beat(4)2
Avg EPS beat(4)3.56%
Min EPS beat(4)-16.87%
Max EPS beat(4)27.34%
EPS beat(8)2
Avg EPS beat(8)-1.74%
EPS beat(12)6
Avg EPS beat(12)3.72%
EPS beat(16)10
Avg EPS beat(16)8.23%
Revenue beat(2)0
Avg Revenue beat(2)-2.14%
Min Revenue beat(2)-3.27%
Max Revenue beat(2)-1.01%
Revenue beat(4)0
Avg Revenue beat(4)-2.42%
Min Revenue beat(4)-4.77%
Max Revenue beat(4)-0.64%
Revenue beat(8)0
Avg Revenue beat(8)-4.44%
Revenue beat(12)2
Avg Revenue beat(12)-3.34%
Revenue beat(16)6
Avg Revenue beat(16)-2.16%
PT rev (1m)N/A
PT rev (3m)N/A
EPS NQ rev (1m)0.65%
EPS NQ rev (3m)-29.03%
EPS NY rev (1m)7.34%
EPS NY rev (3m)8.94%
Revenue NQ rev (1m)0.09%
Revenue NQ rev (3m)-9.17%
Revenue NY rev (1m)-0.13%
Revenue NY rev (3m)0.47%
Valuation
Industry RankSector Rank
PE 12.82
Fwd PE 16.25
P/S 3.35
P/FCF 13.3
P/OCF 12.03
P/B 5.63
P/tB 7.83
EV/EBITDA 12.74
EPS(TTM)2.53
EY7.8%
EPS(NY)2
Fwd EY6.15%
FCF(TTM)2.44
FCFY7.52%
OCF(TTM)2.7
OCFY8.32%
SpS9.7
BVpS5.76
TBVpS4.14
PEG (NY)0.96
PEG (5Y)0.64
Profitability
Industry RankSector Rank
ROA 5.5%
ROE 19.84%
ROCE 9.52%
ROIC 8.14%
ROICexc 33.75%
ROICexgc 68.71%
OM 12.94%
PM (TTM) 11.78%
GM 48.35%
FCFM 25.16%
ROA(3y)9.67%
ROA(5y)9.44%
ROE(3y)35.03%
ROE(5y)33.31%
ROIC(3y)10.89%
ROIC(5y)13.62%
ROICexc(3y)29.55%
ROICexc(5y)N/A
ROICexgc(3y)43.52%
ROICexgc(5y)N/A
ROCE(3y)12.74%
ROCE(5y)15.93%
ROICexcg growth 3Y-41.75%
ROICexcg growth 5Y-24.25%
ROICexc growth 3Y-35.85%
ROICexc growth 5Y-25.26%
OM growth 3Y-24.77%
OM growth 5Y-16.62%
PM growth 3Y-9.82%
PM growth 5Y-21.45%
GM growth 3Y5.64%
GM growth 5Y5.94%
F-Score8
Asset Turnover0.47
Health
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF 3.22
Debt/EBITDA 2.1
Cap/Depr 48.86%
Cap/Sales 2.66%
Interest Coverage 250
Cash Conversion 151.28%
Profit Quality 213.51%
Current Ratio 1.97
Quick Ratio 1.82
Altman-Z 2.25
F-Score8
WACC10.05%
ROIC/WACC0.81
Cap/Depr(3y)89.33%
Cap/Depr(5y)108.77%
Cap/Sales(3y)3.11%
Cap/Sales(5y)3.16%
Profit Quality(3y)259%
Profit Quality(5y)225.8%
High Growth Momentum
Growth
EPS 1Y (TTM)26.5%
EPS 3Y-0.69%
EPS 5Y20.06%
EPS Q2Q%60.47%
EPS Next Y13.33%
EPS Next 2Y-0.74%
EPS Next 3Y4.2%
EPS Next 5Y10.53%
Revenue 1Y (TTM)4.39%
Revenue growth 3Y-1.26%
Revenue growth 5Y16.34%
Sales Q2Q%19.67%
Revenue Next Year10.64%
Revenue Next 2Y2.19%
Revenue Next 3Y3.22%
Revenue Next 5Y5.14%
EBIT growth 1Y95.08%
EBIT growth 3Y-25.72%
EBIT growth 5Y-3%
EBIT Next Year50.02%
EBIT Next 3Y13.86%
EBIT Next 5Y16.15%
FCF growth 1Y-56.9%
FCF growth 3Y17.03%
FCF growth 5Y31.03%
OCF growth 1Y-56.91%
OCF growth 3Y13.43%
OCF growth 5Y29.86%