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

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

26.54  -2.71 (-9.26%)

Fundamental Rating

4

Overall 1ENPH gets a fundamental rating of 4 out of 10. We evaluated 1ENPH against 60 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 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.
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's Return On Assets of 5.50% is in line compared to the rest of the industry. 1ENPH outperforms 43.33% of its industry peers.
1ENPH has a better Return On Equity (19.84%) than 71.67% of its industry peers.
Looking at the Return On Invested Capital, with a value of 8.14%, 1ENPH is in line with its industry, outperforming 51.67% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for 1ENPH is below the industry average of 15.32%.
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 comparable to the rest of the industry.
In the last couple of years the Profit Margin of 1ENPH has declined.
1ENPH has a worse Operating Margin (12.94%) than 61.67% of its industry peers.
1ENPH's Operating Margin has declined in the last couple of years.
1ENPH's Gross Margin of 48.35% is in line compared to the rest of the industry. 1ENPH outperforms 55.00% 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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3

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 2.01. 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.
Looking at the Altman-Z score, with a value of 2.01, 1ENPH is doing worse than 80.00% of the companies in the same industry.
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.
The Debt to FCF ratio of 1ENPH (3.22) is comparable to the rest of the industry.
A Debt/Equity ratio of 0.65 indicates that 1ENPH is somewhat dependend on debt financing.
With a Debt to Equity ratio value of 0.65, 1ENPH is not doing good in the industry: 76.67% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF 3.22
Altman-Z 2.01
ROIC/WACC0.82
WACC9.89%
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 65.00% 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's Quick ratio of 1.82 is in line compared to the rest of the industry. 1ENPH outperforms 56.67% 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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5

3. Growth

3.1 Past

1ENPH shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 26.50%, which is quite impressive.
1ENPH shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 20.06% yearly.
The Revenue has been growing slightly by 4.39% in the past year.
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

Based on estimates for the next years, 1ENPH will show a small growth in Earnings Per Share. The EPS will grow by 6.64% on average per year.
Based on estimates for the next years, 1ENPH will show a small growth in Revenue. The Revenue will grow by 3.15% on average per year.
EPS Next Y5.58%
EPS Next 2Y9.79%
EPS Next 3Y10.47%
EPS Next 5Y6.64%
Revenue Next Year10.78%
Revenue Next 2Y4.16%
Revenue Next 3Y5.7%
Revenue Next 5Y3.15%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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 reasonably with a Price/Earnings ratio of 10.45.
Based on the Price/Earnings ratio, 1ENPH is valued cheaper than 98.33% of the companies in the same industry.
1ENPH is valuated cheaply when we compare the Price/Earnings ratio to 26.48, which is the current average of the S&P500 Index.
With a Price/Forward Earnings ratio of 10.82, the valuation of 1ENPH can be described as very reasonable.
Based on the Price/Forward Earnings ratio, 1ENPH is valued cheaper than 86.67% of the companies in the same industry.
1ENPH is valuated cheaply when we compare the Price/Forward Earnings ratio to 34.04, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 10.45
Fwd PE 10.82
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 75.00% 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 10.83
EV/EBITDA 9.36
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.
PEG (NY)1.87
PEG (5Y)0.52
EPS Next 2Y9.79%
EPS Next 3Y10.47%

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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 (8/6/2025, 7:00:00 PM)

26.54

-2.71 (-9.26%)

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 Owners93.38%
Inst Owner ChangeN/A
Ins Owners3.12%
Ins Owner ChangeN/A
Market Cap3.47B
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)9.87%
EPS NQ rev (3m)N/A
EPS NY rev (1m)1.49%
EPS NY rev (3m)N/A
Revenue NQ rev (1m)-1.41%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.67%
Revenue NY rev (3m)N/A
Valuation
Industry RankSector Rank
PE 10.45
Fwd PE 10.82
P/S 2.72
P/FCF 10.83
P/OCF 9.8
P/B 4.59
P/tB 6.38
EV/EBITDA 9.36
EPS(TTM)2.54
EY9.57%
EPS(NY)2.45
Fwd EY9.25%
FCF(TTM)2.45
FCFY9.23%
OCF(TTM)2.71
OCFY10.21%
SpS9.74
BVpS5.78
TBVpS4.16
PEG (NY)1.87
PEG (5Y)0.52
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 2.01
F-Score8
WACC9.89%
ROIC/WACC0.82
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 Y5.58%
EPS Next 2Y9.79%
EPS Next 3Y10.47%
EPS Next 5Y6.64%
Revenue 1Y (TTM)4.39%
Revenue growth 3Y-1.26%
Revenue growth 5Y16.34%
Sales Q2Q%19.67%
Revenue Next Year10.78%
Revenue Next 2Y4.16%
Revenue Next 3Y5.7%
Revenue Next 5Y3.15%
EBIT growth 1Y95.08%
EBIT growth 3Y-25.72%
EBIT growth 5Y-3%
EBIT Next Year38.71%
EBIT Next 3Y26.74%
EBIT Next 5Y14.38%
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%