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ENPHASE ENERGY INC (ENPH) Stock Fundamental Analysis

NASDAQ:ENPH - US29355A1079 - Common Stock

37.58 USD
+0.02 (+0.05%)
Last: 8/28/2025, 3:46:09 PM
Fundamental Rating

5

Taking everything into account, ENPH scores 5 out of 10 in our fundamental rating. ENPH was compared to 110 industry peers in the Semiconductors & Semiconductor Equipment industry. ENPH has an average financial health and profitability rating. ENPH may be a bit undervalued, certainly considering the very reasonable score on growth


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

In the past year ENPH was profitable.
ENPH had a positive operating cash flow in the past year.
Each year in the past 5 years ENPH has been profitable.
ENPH had a positive operating cash flow in each of the past 5 years.
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M 400M 600M

1.2 Ratios

Looking at the Return On Assets, with a value of 5.50%, ENPH is in the better half of the industry, outperforming 70.00% of the companies in the same industry.
Looking at the Return On Equity, with a value of 19.84%, ENPH belongs to the top of the industry, outperforming 86.36% of the companies in the same industry.
Looking at the Return On Invested Capital, with a value of 8.14%, ENPH is in the better half of the industry, outperforming 77.27% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for ENPH is in line with the industry average of 10.98%.
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%
ENPH Yearly ROA, ROE, ROICENPH 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

The Profit Margin of ENPH (11.78%) is better than 70.00% of its industry peers.
In the last couple of years the Profit Margin of ENPH has declined.
With a decent Operating Margin value of 12.94%, ENPH is doing good in the industry, outperforming 69.09% of the companies in the same industry.
In the last couple of years the Operating Margin of ENPH has declined.
ENPH has a Gross Margin (48.35%) which is comparable to the rest of the industry.
In the last couple of years the Gross Margin of ENPH has grown nicely.
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%
ENPH Yearly Profit, Operating, Gross MarginsENPH 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

ENPH has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
The number of shares outstanding for ENPH has been reduced compared to 1 year ago.
Compared to 5 years ago, ENPH has more shares outstanding
Compared to 1 year ago, ENPH has a worse debt to assets ratio.
ENPH Yearly Shares OutstandingENPH Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
ENPH Yearly Total Debt VS Total AssetsENPH 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

An Altman-Z score of 2.24 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 2.24, ENPH is doing worse than 61.82% of the companies in the same industry.
The Debt to FCF ratio of ENPH is 3.22, which is a good value as it means it would take ENPH, 3.22 years of fcf income to pay off all of its debts.
ENPH has a better Debt to FCF ratio (3.22) than 61.82% of its industry peers.
ENPH has a Debt/Equity ratio of 0.65. This is a neutral value indicating ENPH is somewhat dependend on debt financing.
The Debt to Equity ratio of ENPH (0.65) is worse than 77.27% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF 3.22
Altman-Z 2.24
ROIC/WACC0.77
WACC10.6%
ENPH Yearly LT Debt VS Equity VS FCFENPH 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

ENPH has a Current Ratio of 1.97. This is a normal value and indicates that ENPH is financially healthy and should not expect problems in meeting its short term obligations.
Looking at the Current ratio, with a value of 1.97, ENPH is doing worse than 72.73% of the companies in the same industry.
ENPH has a Quick Ratio of 1.82. This is a normal value and indicates that ENPH is financially healthy and should not expect problems in meeting its short term obligations.
ENPH's Quick ratio of 1.82 is on the low side compared to the rest of the industry. ENPH is outperformed by 61.82% of its industry peers.
Industry RankSector Rank
Current Ratio 1.97
Quick Ratio 1.82
ENPH Yearly Current Assets VS Current LiabilitesENPH 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.
The Earnings Per Share has been growing by 20.06% on average over the past years. This is a very strong growth
Looking at the last year, ENPH shows a small growth in Revenue. The Revenue has grown by 4.39% in the last year.
ENPH 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

ENPH is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 10.53% yearly.
ENPH is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.14% yearly.
EPS Next Y13.33%
EPS Next 2Y-0.74%
EPS Next 3Y4.2%
EPS Next 5Y10.53%
Revenue Next Year10.64%
Revenue Next 2Y2.19%
Revenue Next 3Y3.22%
Revenue Next 5Y5.14%

3.3 Evolution

The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past 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 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 500M 1B 1.5B 2B 2.5B
ENPH Yearly EPS VS EstimatesENPH 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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7

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 12.70 indicates a correct valuation of ENPH.
Based on the Price/Earnings ratio, ENPH is valued cheaper than 96.36% of the companies in the same industry.
ENPH's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.14.
Based on the Price/Forward Earnings ratio of 16.10, the valuation of ENPH can be described as correct.
Compared to the rest of the industry, the Price/Forward Earnings ratio of ENPH indicates a rather cheap valuation: ENPH is cheaper than 86.36% of the companies listed in the same industry.
ENPH is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 22.80, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 12.7
Fwd PE 16.1
ENPH Price Earnings VS Forward Price EarningsENPH Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

80.91% of the companies in the same industry are more expensive than ENPH, based on the Enterprise Value to EBITDA ratio.
Based on the Price/Free Cash Flow ratio, ENPH is valued cheaper than 95.45% of the companies in the same industry.
Industry RankSector Rank
P/FCF 13.17
EV/EBITDA 12.56
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

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
ENPH has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)0.95
PEG (5Y)0.63
EPS Next 2Y-0.74%
EPS Next 3Y4.2%

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0

5. Dividend

5.1 Amount

ENPH does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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ENPHASE ENERGY INC

NASDAQ:ENPH (8/28/2025, 3:46:09 PM)

37.58

+0.02 (+0.05%)

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 Owners88.68%
Inst Owner Change5.28%
Ins Owners3.13%
Ins Owner Change-0.02%
Market Cap4.91B
Analysts56.19
Price Target42.58 (13.3%)
Short Float %23.1%
Short Ratio3.03
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)-16.03%
PT rev (3m)-26.25%
EPS NQ rev (1m)2.29%
EPS NQ rev (3m)-29.03%
EPS NY rev (1m)7.34%
EPS NY rev (3m)8.94%
Revenue NQ rev (1m)-1.42%
Revenue NQ rev (3m)-9.43%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.47%
Valuation
Industry RankSector Rank
PE 12.7
Fwd PE 16.1
P/S 3.31
P/FCF 13.17
P/OCF 11.91
P/B 5.58
P/tB 7.76
EV/EBITDA 12.56
EPS(TTM)2.96
EY7.88%
EPS(NY)2.33
Fwd EY6.21%
FCF(TTM)2.85
FCFY7.59%
OCF(TTM)3.15
OCFY8.39%
SpS11.34
BVpS6.74
TBVpS4.84
PEG (NY)0.95
PEG (5Y)0.63
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 2.24
F-Score8
WACC10.6%
ROIC/WACC0.77
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 Y13.33%
EPS Next 2Y-0.74%
EPS Next 3Y4.2%
EPS Next 5Y10.53%
Revenue 1Y (TTM)4.39%
Revenue growth 3Y-1.26%
Revenue growth 5Y16.34%
Sales Q2Q%19.67%
Revenue Next Year10.64%
Revenue Next 2Y2.19%
Revenue Next 3Y3.22%
Revenue Next 5Y5.14%
EBIT growth 1Y95.08%
EBIT growth 3Y-25.72%
EBIT growth 5Y-3%
EBIT Next Year50.02%
EBIT Next 3Y13.86%
EBIT Next 5Y16.14%
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%