ENPHASE ENERGY INC (ENPH) Fundamental Analysis & Valuation

NASDAQ:ENPH • US29355A1079

Current stock price

35.77 USD
-0.39 (-1.08%)
At close:
35.82 USD
+0.05 (+0.14%)
After Hours:

This ENPH fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

5

1. ENPH Profitability Analysis

1.1 Basic Checks

  • In the past year ENPH was profitable.
  • In the past year ENPH had a positive cash flow from operations.
  • ENPH had positive earnings in each of the past 5 years.
  • Each year in the past 5 years ENPH had a positive operating cash flow.
ENPH Yearly Net Income VS EBIT VS OCF VS FCFENPH Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M 400M 600M

1.2 Ratios

  • Looking at the Return On Assets, with a value of 4.90%, ENPH is in the better half of the industry, outperforming 66.09% of the companies in the same industry.
  • Looking at the Return On Equity, with a value of 15.84%, ENPH is in the better half of the industry, outperforming 80.00% of the companies in the same industry.
  • Looking at the Return On Invested Capital, with a value of 6.50%, ENPH is in the better half of the industry, outperforming 71.30% of the companies in the same industry.
  • ENPH had an Average Return On Invested Capital over the past 3 years of 7.80%. This is below the industry average of 10.92%.
Industry RankSector Rank
ROA 4.9%
ROE 15.84%
ROIC 6.5%
ROA(3y)7.01%
ROA(5y)8.18%
ROE(3y)24.26%
ROE(5y)30.94%
ROIC(3y)7.8%
ROIC(5y)10.1%
ENPH Yearly ROA, ROE, ROICENPH Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 -1K -2K -3K -4K -5K

1.3 Margins

  • ENPH has a better Profit Margin (11.69%) than 67.83% of its industry peers.
  • ENPH's Profit Margin has declined in the last couple of years.
  • ENPH's Operating Margin of 11.71% is fine compared to the rest of the industry. ENPH outperforms 66.96% of its industry peers.
  • In the last couple of years the Operating Margin of ENPH has declined.
  • The Gross Margin of ENPH (47.17%) is comparable to the rest of the industry.
  • ENPH's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 11.71%
PM (TTM) 11.69%
GM 47.17%
OM growth 3Y-14.61%
OM growth 5Y-12.84%
PM growth 3Y-11.83%
PM growth 5Y-7.55%
GM growth 3Y4.39%
GM growth 5Y1.26%
ENPH Yearly Profit, Operating, Gross MarginsENPH Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 -20 40

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3

2. ENPH Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), ENPH is destroying value.
  • ENPH has less shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, ENPH has more shares outstanding
  • ENPH has a better debt/assets ratio than last year.
ENPH Yearly Shares OutstandingENPH Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M
ENPH Yearly Total Debt VS Total AssetsENPH Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B

2.2 Solvency

  • An Altman-Z score of 2.14 indicates that ENPH is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 2.14, ENPH is doing worse than 73.91% of the companies in the same industry.
  • ENPH has a debt to FCF ratio of 12.56. This is a negative value and a sign of low solvency as ENPH would need 12.56 years to pay back of all of its debts.
  • ENPH has a Debt to FCF ratio (12.56) which is in line with its industry peers.
  • ENPH has a Debt/Equity ratio of 0.53. This is a neutral value indicating ENPH is somewhat dependend on debt financing.
  • With a Debt to Equity ratio value of 0.53, ENPH is not doing good in the industry: 68.70% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 0.53
Debt/FCF 12.56
Altman-Z 2.14
ROIC/WACC0.59
WACC10.98%
ENPH Yearly LT Debt VS Equity VS FCFENPH Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M 400M 600M 800M 1B

2.3 Liquidity

  • ENPH has a Current Ratio of 2.07. This indicates that ENPH is financially healthy and has no problem in meeting its short term obligations.
  • ENPH's Current ratio of 2.07 is on the low side compared to the rest of the industry. ENPH is outperformed by 77.39% of its industry peers.
  • A Quick Ratio of 1.84 indicates that ENPH should not have too much problems paying its short term obligations.
  • With a Quick ratio value of 1.84, ENPH is not doing good in the industry: 64.35% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 2.07
Quick Ratio 1.84
ENPH Yearly Current Assets VS Current LiabilitesENPH Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B 2.5B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. ENPH Growth Analysis

3.1 Past

  • ENPH shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 25.74%, which is quite impressive.
  • Measured over the past years, ENPH shows a quite strong growth in Earnings Per Share. The EPS has been growing by 16.99% on average per year.
  • ENPH shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 10.72%.
  • ENPH shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 13.72% yearly.
EPS 1Y (TTM)25.74%
EPS 3Y-13.6%
EPS 5Y16.99%
EPS Q2Q%-24.47%
Revenue 1Y (TTM)10.72%
Revenue growth 3Y-14.19%
Revenue growth 5Y13.72%
Sales Q2Q%-10.29%

3.2 Future

  • ENPH is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 5.80% yearly.
  • ENPH is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 2.38% yearly.
EPS Next Y-24.52%
EPS Next 2Y-3.26%
EPS Next 3Y2.91%
EPS Next 5Y5.8%
Revenue Next Year-14.84%
Revenue Next 2Y-3.3%
Revenue Next 3Y0.71%
Revenue Next 5Y2.38%

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.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
ENPH Yearly Revenue VS EstimatesENPH Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 500M 1B 1.5B 2B
ENPH Yearly EPS VS EstimatesENPH Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 0 1 -1 2 3 4

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Find the best growth stocksShow best growing peers

5

4. ENPH Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 12.00 indicates a correct valuation of ENPH.
  • 97.39% of the companies in the same industry are more expensive than ENPH, based on the Price/Earnings ratio.
  • Compared to an average S&P500 Price/Earnings ratio of 27.42, ENPH is valued rather cheaply.
  • With a Price/Forward Earnings ratio of 15.90, ENPH is valued correctly.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of ENPH indicates a rather cheap valuation: ENPH is cheaper than 92.17% of the companies listed in the same industry.
  • ENPH is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 22.24, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 12
Fwd PE 15.9
ENPH Price Earnings VS Forward Price EarningsENPH Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80 100

4.2 Price Multiples

  • ENPH's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. ENPH is cheaper than 93.04% of the companies in the same industry.
  • Based on the Price/Free Cash Flow ratio, ENPH is valued a bit cheaper than 76.52% of the companies in the same industry.
Industry RankSector Rank
P/FCF 49.15
EV/EBITDA 13.51
ENPH Per share dataENPH EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)0.71
EPS Next 2Y-3.26%
EPS Next 3Y2.91%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. ENPH Dividend Analysis

5.1 Amount

  • ENPH does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

More info and screens

Find the best dividend stocksShow peers with best dividend

ENPH Fundamentals: All Metrics, Ratios and Statistics

ENPHASE ENERGY INC

NASDAQ:ENPH (4/24/2026, 8:00:02 PM)

After market: 35.82 +0.05 (+0.14%)

35.77

-0.39 (-1.08%)

Chartmill FA Rating
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)02-03
Earnings (Next)04-28
Inst Owners98.91%
Inst Owner Change0.12%
Ins Owners3.16%
Ins Owner Change2.04%
Market Cap4.71B
Revenue(TTM)1.47B
Net Income(TTM)172.13M
Analysts65.85
Price Target45.05 (25.94%)
Short Float %19.93%
Short Ratio3.76
Dividend
Industry RankSector Rank
Dividend Yield 0%
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)2
Avg EPS beat(2)27.98%
Min EPS beat(2)19.68%
Max EPS beat(2)36.27%
EPS beat(4)3
Avg EPS beat(4)14.93%
Min EPS beat(4)-5.07%
Max EPS beat(4)36.27%
EPS beat(8)4
Avg EPS beat(8)5.92%
EPS beat(12)6
Avg EPS beat(12)5.68%
EPS beat(16)10
Avg EPS beat(16)8.88%
Revenue beat(2)1
Avg Revenue beat(2)4.32%
Min Revenue beat(2)-1.18%
Max Revenue beat(2)9.81%
Revenue beat(4)1
Avg Revenue beat(4)1.09%
Min Revenue beat(4)-3.27%
Max Revenue beat(4)9.81%
Revenue beat(8)1
Avg Revenue beat(8)-1.6%
Revenue beat(12)1
Avg Revenue beat(12)-2.77%
Revenue beat(16)5
Avg Revenue beat(16)-1.77%
PT rev (1m)4.06%
PT rev (3m)15.62%
EPS NQ rev (1m)-1.65%
EPS NQ rev (3m)14.22%
EPS NY rev (1m)0.7%
EPS NY rev (3m)7.45%
Revenue NQ rev (1m)0.07%
Revenue NQ rev (3m)10.84%
Revenue NY rev (1m)-0.7%
Revenue NY rev (3m)4.94%
Valuation
Industry RankSector Rank
PE 12
Fwd PE 15.9
P/S 3.2
P/FCF 49.15
P/OCF 34.52
P/B 4.34
P/tB 5.55
EV/EBITDA 13.51
EPS(TTM)2.98
EY8.33%
EPS(NY)2.25
Fwd EY6.29%
FCF(TTM)0.73
FCFY2.03%
OCF(TTM)1.04
OCFY2.9%
SpS11.18
BVpS8.25
TBVpS6.45
PEG (NY)N/A
PEG (5Y)0.71
Graham Number23.5177 (-34.25%)
Profitability
Industry RankSector Rank
ROA 4.9%
ROE 15.84%
ROCE 7.67%
ROIC 6.5%
ROICexc 19.89%
ROICexgc 29.36%
OM 11.71%
PM (TTM) 11.69%
GM 47.17%
FCFM 6.51%
ROA(3y)7.01%
ROA(5y)8.18%
ROE(3y)24.26%
ROE(5y)30.94%
ROIC(3y)7.8%
ROIC(5y)10.1%
ROICexc(3y)20.78%
ROICexc(5y)27.69%
ROICexgc(3y)28.64%
ROICexgc(5y)42.83%
ROCE(3y)9.21%
ROCE(5y)11.92%
ROICexgc growth 3Y-25.64%
ROICexgc growth 5YN/A
ROICexc growth 3Y-23.58%
ROICexc growth 5YN/A
OM growth 3Y-14.61%
OM growth 5Y-12.84%
PM growth 3Y-11.83%
PM growth 5Y-7.55%
GM growth 3Y4.39%
GM growth 5Y1.26%
F-Score6
Asset Turnover0.42
Health
Industry RankSector Rank
Debt/Equity 0.53
Debt/FCF 12.56
Debt/EBITDA 2.26
Cap/Depr 50.39%
Cap/Sales 2.76%
Interest Coverage 1347.32
Cash Conversion 53.95%
Profit Quality 55.71%
Current Ratio 2.07
Quick Ratio 1.84
Altman-Z 2.14
F-Score6
WACC10.98%
ROIC/WACC0.59
Cap/Depr(3y)79.82%
Cap/Depr(5y)96.08%
Cap/Sales(3y)3.37%
Cap/Sales(5y)3.18%
Profit Quality(3y)218.99%
Profit Quality(5y)207.74%
High Growth Momentum
Growth
EPS 1Y (TTM)25.74%
EPS 3Y-13.6%
EPS 5Y16.99%
EPS Q2Q%-24.47%
EPS Next Y-24.52%
EPS Next 2Y-3.26%
EPS Next 3Y2.91%
EPS Next 5Y5.8%
Revenue 1Y (TTM)10.72%
Revenue growth 3Y-14.19%
Revenue growth 5Y13.72%
Sales Q2Q%-10.29%
Revenue Next Year-14.84%
Revenue Next 2Y-3.3%
Revenue Next 3Y0.71%
Revenue Next 5Y2.38%
EBIT growth 1Y90.67%
EBIT growth 3Y-26.72%
EBIT growth 5Y-0.88%
EBIT Next Year-9.95%
EBIT Next 3Y6.03%
EBIT Next 5Y10.66%
FCF growth 1Y-80.02%
FCF growth 3Y-48.41%
FCF growth 5Y-13.29%
OCF growth 1Y-73.42%
OCF growth 3Y-43.19%
OCF growth 5Y-8.79%

ENPHASE ENERGY INC / ENPH Fundamental Analysis FAQ

What is the fundamental rating for ENPH stock?

ChartMill assigns a fundamental rating of 4 / 10 to ENPH.


What is the valuation status of ENPHASE ENERGY INC (ENPH) stock?

ChartMill assigns a valuation rating of 5 / 10 to ENPHASE ENERGY INC (ENPH). This can be considered as Fairly Valued.


How profitable is ENPHASE ENERGY INC (ENPH) stock?

ENPHASE ENERGY INC (ENPH) has a profitability rating of 5 / 10.


Can you provide the financial health for ENPH stock?

The financial health rating of ENPHASE ENERGY INC (ENPH) is 3 / 10.


What is the expected EPS growth for ENPHASE ENERGY INC (ENPH) stock?

The Earnings per Share (EPS) of ENPHASE ENERGY INC (ENPH) is expected to decline by -24.52% in the next year.