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Maker of microinverter-based solar and battery storage systems for homes, sold through installers worldwide.
Maker of microinverter-based solar and battery storage systems for homes, sold through installers worldwide.
Sells through distributors to installers, who choose the inverter and bundle it into a home system, so installer loyalty and distributor stock levels drive sales. Each solar panel gets its own small inverter instead of one shared unit, and batteries and software extend that ecosystem. Demand follows household subsidies and financing rates, with the US and Europe as the main markets.
Moat: narrow (IP / patents, brand, installed base). Patented microinverter architecture and installer relationships create switching friction.
Headquarters: Fremont, California, US · Founded: 2006 · Employees: 2,872
Size Enphase Energy (ENPH) is a United States Information Technology company (Electrical Products) with a market value of $3.77B, the 1384th largest of 3,117 United States companies the cockpit tracks. Shares closed at $28.46 on 6 Nov 2026.
Performance Over six months the shares fell 21.9%, against -36.9% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 9 in its peer set.
Growth Revenue fell 19.9% over the last twelve months (peer median +83.1%); the operating margin is 12.7% (peer median 12.2%).
Valuation It trades at 27.0× forward earnings against a peer median of 15.8× (2nd most expensive of 6).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.0 points above its cost of capital (11.1% WACC).
Backlog Backlog (remaining performance obligations) was $526M at 30 Sep 2026, up 15% on a year earlier — 0.4 years of trailing revenue. Backlog detail →
Credit Enphase Energy has 1 bond outstanding ($575M).
Short interest Short interest is 22.3% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.21B | $1.47B | $1.33B | $2.29B | $2.33B |
| Revenue growth | — | +11% | -42% | -2% | — |
| Gross profit | $640M | $912M | $615M | $1.04B | $959M |
| EBITDA | $235M | $476M | $165M | $529M | $505M |
| Net income | $90.8M | $172M | $103M | $439M | $397M |
| Free cash flow | $135M | $95.9M | $480M | $586M | $698M |
| Capital expenditure | $55.5M | $40.6M | $33.6M | $110M | $46.4M |
| Total debt | $615M | $1.24B | $1.33B | $1.32B | $1.31B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Enphase Energy ENPH | $3.77B | -22% | -20% | 13% | 27.0× | 18.7% |
| SolarEdge Technologies SEDG | $1.69B | -33% | +26% | -6% | n/a | 11.4% |
| Tesla TSLA | $1.42T | -16% | +8% | 4% | 176.4× | n/a |
| Generac GNRC | $10.4B | -34% | +6% | 13% | 14.6× | 20.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ENPH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.5% | -31.4% | 3rd highest of 10 |
| 6-month return | -21.9% | -36.9% | 3rd highest of 9 |
| Distance from 52-week high | -61.4% | -64.3% | 5th highest of 10 |
| Revenue growth (TTM) | -19.9% | +83.1% | 2nd lowest of 9 |
| Operating margin | 12.7% | 12.2% | 4th highest of 9 |
| Forward P/E | 27.0× | 15.8× | 2nd most expensive of 6 |
| Growth the price implies (Req g, 7 yrs) | 18.7% | 10.3% | 2nd most demanding of 6 |
| Growth delivered (Del g) | +13.7% | +10.8% | highest of 6 |
| Hurdle (Req g minus delivered) | +5.0 pp | +2.5 pp | 3rd most demanding of 6 |
| ROIC minus cost of capital | +2.0 pp | -3.6 pp | 4th highest of 10 |
| EV / EBITDA | 14.7× | 21.1× | 3rd cheapest of 5 |
| Net debt / EBITDA | -1.4× | 1.0× | least indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Enphase Energy ENPH | United States | $3.77B | -22% | -20% | 13% | 27.0× | 18.7% | +13.7% |
| Belden BDC | United States | $3.83B | -13% | +18% | 12% | 10.2× | 10.3% | +7.8% |
| Xinyi Solar 0968.HK | Hong Kong | $2.48B | -32% | -25% | 13% | 62.7× | 0.7% | +12.9% |
| SolarEdge Technologies SEDG | United States | $1.69B | -33% | +26% | -6% | n/a | 11.4% | -4.1% |
| POET Technologies POET | United States | $877M | -54% | +266% | -3,625% | n/a | n/a | n/a |
| Yangtze Optical Fibre and Cable Joint Stock 6869.HK | Hong Kong | $17.6B | -63% | +77% | 34% | 7.4× | -8.4% | +10.8% |
| TE TE | United States | $707M | -62% | +427% | -17% | n/a | n/a | n/a |
| Elite Material 2383.TW | Taiwan | $41.4B | -19% | +89% | 26% | 15.8× | n/a | n/a |
| General Fusion GFUZ | United States | $332M | n/a | n/a | n/a | n/a | n/a | n/a |
| Lumentum LITE | United States | $48.9B | -40% | +103% | 23% | 18.8× | 41.7% | +11.6% |
Enphase Energy has 1 bond outstanding with $575M face value.
Enphase Energy reported $526M of remaining performance obligations at 30 Sep 2026, up 15% from a year earlier and down 10% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 0.81.