ENPHASE ENERGY INC (ENPH) Fundamental Analysis & Valuation

NASDAQ:ENPH • US29355A1079

40.86 USD
+0.63 (+1.57%)
At close: Mar 9, 2026
40.85 USD
-0.01 (-0.02%)
Pre-Market: 3/10/2026, 7:47:25 AM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

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

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to ENPH. ENPH was compared to 115 industry peers in the Semiconductors & Semiconductor Equipment industry. ENPH has a medium profitability rating, but doesn't score so well on its financial health evaluation. ENPH is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

5

1. ENPH Profitability Analysis

1.1 Basic Checks

  • ENPH had positive earnings in the past year.
  • ENPH had a positive operating cash flow in the past year.
  • Each year in the past 5 years ENPH has been profitable.
  • In the past 5 years ENPH always reported a positive cash flow from operatings.
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

  • The Return On Assets of ENPH (4.90%) is better than 66.09% of its industry peers.
  • ENPH's Return On Equity of 15.84% is fine compared to the rest of the industry. ENPH outperforms 80.00% of its industry peers.
  • With a decent Return On Invested Capital value of 6.50%, ENPH is doing good in the industry, outperforming 71.30% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for ENPH is below the industry average of 10.52%.
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

  • Looking at the Profit Margin, with a value of 11.69%, ENPH is in the better half of the industry, outperforming 66.96% of the companies in the same industry.
  • In the last couple of years the Profit Margin of ENPH has declined.
  • The Operating Margin of ENPH (11.71%) is better than 66.96% of its industry peers.
  • In the last couple of years the Operating Margin of ENPH has declined.
  • ENPH's Gross Margin of 47.17% is in line compared to the rest of the industry. ENPH outperforms 58.26% of its industry peers.
  • In the last couple of years the Gross Margin of ENPH has remained more or less at the same level.
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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ROAROEROICOperating and Profit MarginShow most profitable peers

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.
  • The number of shares outstanding for ENPH has been reduced compared to 1 year ago.
  • The number of shares outstanding for ENPH has been increased compared to 5 years ago.
  • 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

  • ENPH has an Altman-Z score of 2.29. This is not the best score and indicates that ENPH is in the grey zone with still only limited risk for bankruptcy at the moment.
  • ENPH has a Altman-Z score of 2.29. This is in the lower half of the industry: ENPH underperforms 66.09% of its industry peers.
  • The Debt to FCF ratio of ENPH is 12.56, which is on the high side as it means it would take ENPH, 12.56 years of fcf income to pay off all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 12.56, ENPH is in line with its industry, outperforming 46.96% of the companies in the same industry.
  • A Debt/Equity ratio of 0.53 indicates that ENPH is somewhat dependend on debt financing.
  • The Debt to Equity ratio of ENPH (0.53) is worse than 69.57% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.53
Debt/FCF 12.56
Altman-Z 2.29
ROIC/WACC0.63
WACC10.37%
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 has a Current ratio of 2.07. This is in the lower half of the industry: ENPH underperforms 73.91% of its industry peers.
  • ENPH has a Quick Ratio of 1.84. This is a normal value and indicates that ENPH is financially healthy and should not expect problems in meeting its short term obligations.
  • ENPH has a worse Quick ratio (1.84) than 61.74% of its industry peers.
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

  • The Earnings Per Share has grown by an impressive 25.74% over the past year.
  • ENPH shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 16.99% yearly.
  • ENPH shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 10.72%.
  • Measured over the past years, ENPH shows a quite strong growth in Revenue. The Revenue has been growing by 13.72% on average per year.
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.
  • Based on estimates for the next years, ENPH will show a small growth in Revenue. The Revenue will grow by 2.38% on average per year.
EPS Next Y-25.04%
EPS Next 2Y-3.39%
EPS Next 3Y2.91%
EPS Next 5Y5.8%
Revenue Next Year-14.44%
Revenue Next 2Y-2.99%
Revenue Next 3Y1.06%
Revenue Next 5Y2.38%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • 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

  • The Price/Earnings ratio is 13.71, which indicates a correct valuation of ENPH.
  • Based on the Price/Earnings ratio, ENPH is valued cheaper than 95.65% of the companies in the same industry.
  • ENPH is valuated rather cheaply when we compare the Price/Earnings ratio to 26.45, which is the current average of the S&P500 Index.
  • A Price/Forward Earnings ratio of 18.29 indicates a rather expensive valuation of ENPH.
  • 85.22% of the companies in the same industry are more expensive than ENPH, based on the Price/Forward Earnings ratio.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 24.65, ENPH is valued a bit cheaper.
Industry RankSector Rank
PE 13.71
Fwd PE 18.29
ENPH Price Earnings VS Forward Price EarningsENPH Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, ENPH is valued cheaper than 84.35% of the companies in the same industry.
  • ENPH's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. ENPH is cheaper than 67.83% of the companies in the same industry.
Industry RankSector Rank
P/FCF 55.86
EV/EBITDA 15.84
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)0.81
EPS Next 2Y-3.39%
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 (3/9/2026, 8:00:02 PM)

Premarket: 40.85 -0.01 (-0.02%)

40.86

+0.63 (+1.57%)

Chartmill FA Rating
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)02-03
Earnings (Next)04-20
Inst Owners98.34%
Inst Owner Change0.34%
Ins Owners3.22%
Ins Owner Change0.51%
Market Cap5.36B
Revenue(TTM)1.47B
Net Income(TTM)172.13M
Analysts66.83
Price Target43.3 (5.97%)
Short Float %17.27%
Short Ratio3.03
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)8.43%
PT rev (3m)8.46%
EPS NQ rev (1m)15.23%
EPS NQ rev (3m)6.5%
EPS NY rev (1m)9.49%
EPS NY rev (3m)4.63%
Revenue NQ rev (1m)11.01%
Revenue NQ rev (3m)8.37%
Revenue NY rev (1m)5.26%
Revenue NY rev (3m)3.81%
Valuation
Industry RankSector Rank
PE 13.71
Fwd PE 18.29
P/S 3.64
P/FCF 55.86
P/OCF 39.23
P/B 4.93
P/tB 6.3
EV/EBITDA 15.84
EPS(TTM)2.98
EY7.29%
EPS(NY)2.23
Fwd EY5.47%
FCF(TTM)0.73
FCFY1.79%
OCF(TTM)1.04
OCFY2.55%
SpS11.24
BVpS8.29
TBVpS6.48
PEG (NY)N/A
PEG (5Y)0.81
Graham Number23.58
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 2.29
F-Score6
WACC10.37%
ROIC/WACC0.63
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-25.04%
EPS Next 2Y-3.39%
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-14.44%
Revenue Next 2Y-2.99%
Revenue Next 3Y1.06%
Revenue Next 5Y2.38%
EBIT growth 1Y90.67%
EBIT growth 3Y-26.72%
EBIT growth 5Y-0.88%
EBIT Next Year-8.29%
EBIT Next 3Y6.62%
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 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.


What is the profitability of ENPH stock?

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


What is the financial health of ENPHASE ENERGY INC (ENPH) stock?

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