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

BIT:1ENPH - Euronext Milan - US29355A1079 - Common Stock - Currency: EUR

34.92  +34.92 (+Infinity%)

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to 1ENPH. 1ENPH was compared to 54 industry peers in the Semiconductors & Semiconductor Equipment industry. 1ENPH has a medium profitability rating, but doesn't score so well on its financial health evaluation. 1ENPH has a decent growth rate and is not valued too expensively.


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.
1ENPH had positive earnings in each of the past 5 years.
In the past 5 years 1ENPH always reported a positive cash flow from operatings.
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 of 4.78%. This is in the lower half of the industry: 1ENPH underperforms 61.11% of its industry peers.
Looking at the Return On Equity, with a value of 18.32%, 1ENPH is in the better half of the industry, outperforming 72.22% of the companies in the same industry.
1ENPH has a Return On Invested Capital of 6.71%. This is comparable to the rest of the industry: 1ENPH outperforms 46.30% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for 1ENPH is below the industry average of 15.25%.
The 3 year average ROIC (10.89%) for 1ENPH is well above the current ROIC(6.71%). The reason for the recent decline needs to be investigated.
Industry RankSector Rank
ROA 4.78%
ROE 18.32%
ROIC 6.71%
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 (10.43%) which is comparable to the rest of the industry.
1ENPH's Profit Margin has declined in the last couple of years.
With a Operating Margin value of 10.73%, 1ENPH is not doing good in the industry: 66.67% of the companies in the same industry are doing better.
In the last couple of years the Operating Margin of 1ENPH has declined.
With a Gross Margin value of 47.91%, 1ENPH perfoms like the industry average, outperforming 55.56% of the companies in the same industry.
In the last couple of years the Gross Margin of 1ENPH has grown nicely.
Industry RankSector Rank
OM 10.73%
PM (TTM) 10.43%
GM 47.91%
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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3

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.
1ENPH has a worse debt/assets ratio than last year.
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 2.24. 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.
1ENPH's Altman-Z score of 2.24 is on the low side compared to the rest of the industry. 1ENPH is outperformed by 74.07% of its industry peers.
The Debt to FCF ratio of 1ENPH is 2.55, which is a good value as it means it would take 1ENPH, 2.55 years of fcf income to pay off all of its debts.
1ENPH has a Debt to FCF ratio (2.55) which is comparable to the rest of the industry.
A Debt/Equity ratio of 0.70 indicates that 1ENPH is somewhat dependend on debt financing.
1ENPH has a worse Debt to Equity ratio (0.70) than 79.63% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.7
Debt/FCF 2.55
Altman-Z 2.24
ROIC/WACC0.66
WACC10.11%
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 1.90 indicates that 1ENPH should not have too much problems paying its short term obligations.
1ENPH has a worse Current ratio (1.90) than 62.96% of its industry peers.
A Quick Ratio of 1.77 indicates that 1ENPH should not have too much problems paying its short term obligations.
The Quick ratio of 1ENPH (1.77) is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 1.9
Quick Ratio 1.77
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 for 1ENPH have decreased strongly by -20.12% in the last year.
The Earnings Per Share has been growing by 20.06% on average over the past years. This is a very strong growth
The Revenue for 1ENPH has decreased by -22.15% in the past year. This is quite bad
The Revenue has been growing by 16.34% on average over the past years. This is quite good.
EPS 1Y (TTM)-20.12%
EPS 3Y-0.69%
EPS 5Y20.06%
EPS Q2Q%94.29%
Revenue 1Y (TTM)-22.15%
Revenue growth 3Y-1.26%
Revenue growth 5Y16.34%
Sales Q2Q%35.22%

3.2 Future

The Earnings Per Share is expected to grow by 21.77% on average over the next years. This is a very strong growth
The Revenue is expected to grow by 12.77% on average over the next years. This is quite good.
EPS Next Y4.03%
EPS Next 2Y14.35%
EPS Next 3Y15.92%
EPS Next 5Y21.77%
Revenue Next Year10.12%
Revenue Next 2Y9.89%
Revenue Next 3Y10.94%
Revenue Next 5Y12.77%

3.3 Evolution

The EPS growth rate is stable: in the next years the growth will be about the same than in the last years.
Although the future Revenue growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
1ENPH.MI Yearly Revenue VS Estimates1ENPH.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 1B 2B 3B
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 2 4 6

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5

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 14.73, the valuation of 1ENPH can be described as correct.
Based on the Price/Earnings ratio, 1ENPH is valued a bit cheaper than 79.63% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 26.43, 1ENPH is valued a bit cheaper.
The Price/Forward Earnings ratio is 12.83, which indicates a correct valuation of 1ENPH.
79.63% of the companies in the same industry are more expensive than 1ENPH, based on the Price/Forward Earnings ratio.
1ENPH's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 22.17.
Industry RankSector Rank
PE 14.73
Fwd PE 12.83
1ENPH.MI Price Earnings VS Forward Price Earnings1ENPH.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

1ENPH's Enterprise Value to EBITDA is on the same level as the industry average.
1ENPH's Price/Free Cash Flow ratio is rather cheap when compared to the industry. 1ENPH is cheaper than 94.44% of the companies in the same industry.
Industry RankSector Rank
P/FCF 11.05
EV/EBITDA 16.39
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

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
1ENPH's earnings are expected to grow with 15.92% in the coming years. This may justify a more expensive valuation.
PEG (NY)3.66
PEG (5Y)0.73
EPS Next 2Y14.35%
EPS Next 3Y15.92%

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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 (5/28/2025, 7:00:00 PM)

34.92

+34.92 (+Infinity%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)04-22 2025-04-22/amc
Earnings (Next)07-21 2025-07-21/amc
Inst Owners94.56%
Inst Owner ChangeN/A
Ins Owners3.35%
Ins Owner ChangeN/A
Market Cap4.58B
Analysts65.65
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)11.14%
Min EPS beat(2)-5.07%
Max EPS beat(2)27.34%
EPS beat(4)1
Avg EPS beat(4)-1.54%
Min EPS beat(4)-16.87%
Max EPS beat(4)27.34%
EPS beat(8)2
Avg EPS beat(8)-0.93%
EPS beat(12)6
Avg EPS beat(12)5.08%
EPS beat(16)10
Avg EPS beat(16)9.02%
Revenue beat(2)0
Avg Revenue beat(2)-1.95%
Min Revenue beat(2)-3.27%
Max Revenue beat(2)-0.64%
Revenue beat(4)0
Avg Revenue beat(4)-3.17%
Min Revenue beat(4)-4.77%
Max Revenue beat(4)-0.64%
Revenue beat(8)0
Avg Revenue beat(8)-4.75%
Revenue beat(12)3
Avg Revenue beat(12)-3%
Revenue beat(16)6
Avg Revenue beat(16)-2.13%
PT rev (1m)N/A
PT rev (3m)N/A
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)N/A
EPS NY rev (3m)N/A
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)N/A
Revenue NY rev (3m)N/A
Valuation
Industry RankSector Rank
PE 14.73
Fwd PE 12.83
P/S 3.67
P/FCF 11.05
P/OCF 10.17
P/B 6.43
P/tB 9.3
EV/EBITDA 16.39
EPS(TTM)2.37
EY6.79%
EPS(NY)2.72
Fwd EY7.8%
FCF(TTM)3.16
FCFY9.05%
OCF(TTM)3.43
OCFY9.83%
SpS9.53
BVpS5.43
TBVpS3.76
PEG (NY)3.66
PEG (5Y)0.73
Profitability
Industry RankSector Rank
ROA 4.78%
ROE 18.32%
ROCE 7.84%
ROIC 6.71%
ROICexc 27.2%
ROICexgc 56.72%
OM 10.73%
PM (TTM) 10.43%
GM 47.91%
FCFM 33.17%
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-Score6
Asset Turnover0.46
Health
Industry RankSector Rank
Debt/Equity 0.7
Debt/FCF 2.55
Debt/EBITDA 2.44
Cap/Depr 50.32%
Cap/Sales 2.87%
Interest Coverage 250
Cash Conversion 219.3%
Profit Quality 317.92%
Current Ratio 1.9
Quick Ratio 1.77
Altman-Z 2.24
F-Score6
WACC10.11%
ROIC/WACC0.66
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)-20.12%
EPS 3Y-0.69%
EPS 5Y20.06%
EPS Q2Q%94.29%
EPS Next Y4.03%
EPS Next 2Y14.35%
EPS Next 3Y15.92%
EPS Next 5Y21.77%
Revenue 1Y (TTM)-22.15%
Revenue growth 3Y-1.26%
Revenue growth 5Y16.34%
Sales Q2Q%35.22%
Revenue Next Year10.12%
Revenue Next 2Y9.89%
Revenue Next 3Y10.94%
Revenue Next 5Y12.77%
EBIT growth 1Y-42.56%
EBIT growth 3Y-25.72%
EBIT growth 5Y-3%
EBIT Next Year38.71%
EBIT Next 3Y26.74%
EBIT Next 5Y22.99%
FCF growth 1Y-43.27%
FCF growth 3Y17.03%
FCF growth 5Y31.03%
OCF growth 1Y-42.28%
OCF growth 3Y13.43%
OCF growth 5Y29.86%