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

Europe - BIT:1ENPH - US29355A1079 - Common Stock

33.575 EUR
+1.75 (+5.5%)
Last: 9/17/2025, 7:00:00 PM
Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to 1ENPH. 1ENPH was compared to 56 industry peers in the Semiconductors & Semiconductor Equipment industry. 1ENPH has only an average score on both its financial health and profitability. 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.
1ENPH had a positive operating cash flow in the past year.
Each year in the past 5 years 1ENPH has been profitable.
1ENPH had a positive operating cash flow in each of the past 5 years.
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's Return On Assets of 5.50% is in line compared to the rest of the industry. 1ENPH outperforms 48.28% of its industry peers.
1ENPH has a Return On Equity of 19.84%. This is in the better half of the industry: 1ENPH outperforms 67.24% of its industry peers.
The Return On Invested Capital of 1ENPH (8.14%) is comparable to the rest of the industry.
The Average Return On Invested Capital over the past 3 years for 1ENPH 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

1ENPH has a Profit Margin (11.78%) which is in line with its industry peers.
1ENPH's Profit Margin has declined in the last couple of years.
The Operating Margin of 1ENPH (12.94%) is comparable to the rest of the industry.
In the last couple of years the Operating Margin of 1ENPH has declined.
1ENPH has a Gross Margin of 48.35%. This is comparable to the rest of the industry: 1ENPH outperforms 53.45% of 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

The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so 1ENPH is still creating some value.
Compared to 1 year ago, 1ENPH has less shares outstanding
1ENPH has more shares outstanding than it did 5 years ago.
The debt/assets ratio for 1ENPH is higher compared to a year ago.
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 2.29. 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 2.29, 1ENPH is not doing good in the industry: 72.41% of the companies in the same industry are doing better.
1ENPH has a debt to FCF ratio of 3.22. This is a good value and a sign of high solvency as 1ENPH would need 3.22 years to pay back of all of its debts.
1ENPH has a Debt to FCF ratio (3.22) which is in line with its industry peers.
A Debt/Equity ratio of 0.65 indicates that 1ENPH is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.65, 1ENPH is doing worse than 79.31% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF 3.22
Altman-Z 2.29
ROIC/WACC0.79
WACC10.35%
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

1ENPH has a Current Ratio of 1.97. This is a normal value and indicates that 1ENPH is financially healthy and should not expect problems in meeting its short term obligations.
1ENPH has a Current ratio of 1.97. This is in the lower half of the industry: 1ENPH underperforms 63.79% of its industry peers.
1ENPH has a Quick Ratio of 1.82. This is a normal value and indicates that 1ENPH is financially healthy and should not expect problems in meeting its short term obligations.
1ENPH has a better Quick ratio (1.82) than 65.52% 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%.
1ENPH shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 16.34% yearly.
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.
The Revenue is expected to grow by 5.14% on average over the next years.
EPS Next Y13.82%
EPS Next 2Y0.18%
EPS Next 3Y4.77%
EPS Next 5Y10.53%
Revenue Next Year11%
Revenue Next 2Y1.87%
Revenue Next 3Y2.99%
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 13.22.
Based on the Price/Earnings ratio, 1ENPH is valued cheaply inside the industry as 94.83% of the companies are valued more expensively.
Compared to an average S&P500 Price/Earnings ratio of 27.54, 1ENPH is valued rather cheaply.
A Price/Forward Earnings ratio of 16.48 indicates a correct valuation of 1ENPH.
Based on the Price/Forward Earnings ratio, 1ENPH is valued a bit cheaper than 77.59% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 23.05. 1ENPH is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 13.22
Fwd PE 16.48
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 the industry average as 62.07% of the companies are valued more expensively.
1ENPH's Price/Free Cash Flow ratio is rather cheap when compared to the industry. 1ENPH is cheaper than 94.83% of the companies in the same industry.
Industry RankSector Rank
P/FCF 13.74
EV/EBITDA 13.34
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)0.66
EPS Next 2Y0.18%
EPS Next 3Y4.77%

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0

5. Dividend

5.1 Amount

No dividends for 1ENPH!.
Industry RankSector Rank
Dividend Yield N/A

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ENPHASE ENERGY INC

BIT:1ENPH (9/17/2025, 7:00:00 PM)

33.575

+1.75 (+5.5%)

Chartmill FA Rating
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 Owners96.21%
Inst Owner ChangeN/A
Ins Owners3.13%
Ins Owner ChangeN/A
Market Cap4.39B
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%
EPS NQ rev (3m)10.46%
EPS NY rev (1m)0.42%
EPS NY rev (3m)9.41%
Revenue NQ rev (1m)0.78%
Revenue NQ rev (3m)-0.47%
Revenue NY rev (1m)0.33%
Revenue NY rev (3m)0.87%
Valuation
Industry RankSector Rank
PE 13.22
Fwd PE 16.48
P/S 3.46
P/FCF 13.74
P/OCF 12.42
P/B 5.82
P/tB 8.09
EV/EBITDA 13.34
EPS(TTM)2.54
EY7.57%
EPS(NY)2.04
Fwd EY6.07%
FCF(TTM)2.44
FCFY7.28%
OCF(TTM)2.7
OCFY8.05%
SpS9.72
BVpS5.77
TBVpS4.15
PEG (NY)0.96
PEG (5Y)0.66
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 2.29
F-Score8
WACC10.35%
ROIC/WACC0.79
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 Y13.82%
EPS Next 2Y0.18%
EPS Next 3Y4.77%
EPS Next 5Y10.53%
Revenue 1Y (TTM)4.39%
Revenue growth 3Y-1.26%
Revenue growth 5Y16.34%
Sales Q2Q%19.67%
Revenue Next Year11%
Revenue Next 2Y1.87%
Revenue Next 3Y2.99%
Revenue Next 5Y5.14%
EBIT growth 1Y95.08%
EBIT growth 3Y-25.72%
EBIT growth 5Y-3%
EBIT Next Year52.77%
EBIT Next 3Y13.38%
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%