ENPHASE ENERGY INC (ENPH) Fundamental Analysis & Valuation

NASDAQ:ENPH • US29355A1079

Current stock price

43.28 USD
-1.42 (-3.18%)
At close:
43.03 USD
-0.25 (-0.58%)
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.
  • 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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M 400M 600M

1.2 Ratios

  • ENPH has a better Return On Assets (4.90%) 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.
  • ENPH's Return On Invested Capital of 6.50% is fine compared to the rest of the industry. ENPH outperforms 71.30% of its industry peers.
  • ENPH had an Average Return On Invested Capital over the past 3 years of 7.80%. This 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

  • With a decent Profit Margin value of 11.69%, ENPH is doing good in 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.
  • ENPH has a Operating Margin of 11.71%. This is in the better half of the industry: ENPH outperforms 66.96% of its industry peers.
  • In the last couple of years the Operating Margin of ENPH has declined.
  • ENPH has a Gross Margin of 47.17%. This is comparable to the rest of the industry: ENPH outperforms 58.26% of its industry peers.
  • 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.
  • Compared to 1 year ago, ENPH has less shares outstanding
  • The number of shares outstanding for ENPH has been increased compared to 5 years ago.
  • Compared to 1 year ago, ENPH has an improved debt to assets ratio.
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 2.41 indicates that ENPH is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • ENPH's Altman-Z score of 2.41 is on the low side compared to the rest of the industry. ENPH is outperformed by 66.09% of its industry peers.
  • 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.
  • With a Debt to FCF ratio value of 12.56, ENPH perfoms like the industry average, 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.
  • ENPH has a worse Debt to Equity ratio (0.53) than 69.57% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.53
Debt/FCF 12.56
Altman-Z 2.41
ROIC/WACC0.62
WACC10.44%
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

  • A Current Ratio of 2.07 indicates that ENPH has no problem at all paying its short term obligations.
  • ENPH has a worse Current ratio (2.07) than 73.91% of its industry peers.
  • A Quick Ratio of 1.84 indicates that ENPH should not have too much problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 1.84, ENPH is doing worse than 61.74% of the companies in the same industry.
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.
  • ENPH shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 16.99% yearly.
  • Looking at the last year, ENPH shows a quite strong growth in Revenue. The Revenue has grown by 10.72% in the last year.
  • 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

  • The Earnings Per Share is expected to grow by 5.80% on average over the next years.
  • The Revenue is expected to grow by 2.38% on average over the next years.
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

  • 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

  • Based on the Price/Earnings ratio of 14.52, the valuation of ENPH can be described as correct.
  • Compared to the rest of the industry, the Price/Earnings ratio of ENPH indicates a rather cheap valuation: ENPH is cheaper than 94.78% of the companies listed in the same industry.
  • ENPH's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 25.79.
  • A Price/Forward Earnings ratio of 19.38 indicates a rather expensive valuation of ENPH.
  • Based on the Price/Forward Earnings ratio, ENPH is valued cheaply inside the industry as 84.35% of the companies are valued more expensively.
  • The average S&P500 Price/Forward Earnings ratio is at 23.80. ENPH is around the same levels.
Industry RankSector Rank
PE 14.52
Fwd PE 19.38
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

  • ENPH's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. ENPH is cheaper than 81.74% of the companies in the same industry.
  • Based on the Price/Free Cash Flow ratio, ENPH is valued a bit cheaper than 65.22% of the companies in the same industry.
Industry RankSector Rank
P/FCF 59.17
EV/EBITDA 17.83
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)0.86
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%

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Find the best dividend stocksShow peers with best dividend

ENPH Fundamentals: All Metrics, Ratios and Statistics

ENPHASE ENERGY INC

NASDAQ:ENPH (3/18/2026, 8:03:43 PM)

After market: 43.03 -0.25 (-0.58%)

43.28

-1.42 (-3.18%)

Chartmill FA Rating
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)02-03
Earnings (Next)04-20
Inst Owners98.34%
Inst Owner Change0.35%
Ins Owners3.22%
Ins Owner Change0.51%
Market Cap5.67B
Revenue(TTM)1.47B
Net Income(TTM)172.13M
Analysts66.83
Price Target43.3 (0.05%)
Short Float %16.31%
Short Ratio2.87
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)-1.37%
EPS NQ rev (3m)7.32%
EPS NY rev (1m)9.49%
EPS NY rev (3m)4.63%
Revenue NQ rev (1m)3.63%
Revenue NQ rev (3m)8.14%
Revenue NY rev (1m)5.26%
Revenue NY rev (3m)3.81%
Valuation
Industry RankSector Rank
PE 14.52
Fwd PE 19.38
P/S 3.85
P/FCF 59.17
P/OCF 41.56
P/B 5.22
P/tB 6.68
EV/EBITDA 17.83
EPS(TTM)2.98
EY6.89%
EPS(NY)2.23
Fwd EY5.16%
FCF(TTM)0.73
FCFY1.69%
OCF(TTM)1.04
OCFY2.41%
SpS11.24
BVpS8.29
TBVpS6.48
PEG (NY)N/A
PEG (5Y)0.86
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 2.41
F-Score6
WACC10.44%
ROIC/WACC0.62
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 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.


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.