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Investment Highlights Market Valuation Price Chart About ENPH Interactive Breakdown Better Bets vs. ENPH Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Enphase Energy (ENPH)

Market Price (10/7/2025): $37.22 | Market Cap: $4.9 Bil
Sector: Information Technology | Industry: Semiconductor Materials & Equipment

Enphase Energy (ENPH)

Market Price (10/7/2025): $37.22
Market Cap: $4.9 Bil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment

Investment Highlights

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%		 Weak multi-year price returns
2Y Excs Rtn is -125%, 3Y Excs Rtn is -172%		 
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -49%		 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 19%		 
2 Attractive yield
FCF Yield is 7.7%		  
0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -49%
2 Attractive yield
FCF Yield is 7.7%
3 Weak multi-year price returns
2Y Excs Rtn is -125%, 3Y Excs Rtn is -172%
4 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 19%

Market Valuation & Key Metrics

ENPHS&P 500
REVENUE GROWTHFAIR
Rev LTM ($ Bil)1.5
Rev Chg Q19.7%6.1%
Rev Chg LTM4.4%5.2%
Rev Chg 3Y Avg5.4%5.3%
PROFITABILITYFAIR
Op Inc LTM ($ Bil)0.2
Op Mgn LTM12.8%18.6%
CFO LTM ($ Bil)0.4
CFO/Rev LTM27.8%20.3%
Net Inc LTM ($ Bil)0.2
Net Inc Mgn11.8%12.6%
VALUATIONMODERATE
P/S3.33.3
P/CFO11.816.0
P/FCF13.121.2
P/E27.924.0
STABILITYVERY GOOD
Debt/Equity0.250.21
Cash/Assets0.480.07

ENPH Stock

Factor Drivers of Stock Movement
The -33.4% change in ENPH stock from 4/7/2025 to 10/6/2025 was primarily driven by a -37.2% change in the company's Net Income Margin (%).

407202510062025Change
Stock Price ($)55.7637.16-33.36%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)382.71363.15-5.11%
Net Income Margin (%)16.24%10.20%-37.18%
P/E Multiple120.03131.419.48%
Shares Outstanding (Mil)133.81131.032.07%
Cumulative Contribution-33.39%

LTM = Last Twelve Months as of date shown
The -64.9% change in ENPH stock from 10/6/2024 to 10/6/2025 was primarily driven by a -90.1% change in the company's P/E Multiple.

1006202410062025Change
Stock Price ($)105.9537.16-64.93%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)303.46363.1519.67%
Net Income Margin (%)3.57%10.20%185.81%
P/E Multiple1326.66131.41-90.09%
Shares Outstanding (Mil)135.65131.033.40%
Cumulative Contribution-64.97%

LTM = Last Twelve Months as of date shown
The -85.4% change in ENPH stock from 10/7/2022 to 10/6/2025 was primarily driven by a -70.7% change in the company's P/E Multiple.

1007202210062025Change
Stock Price ($)255.1537.16-85.44%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)530.20363.15-31.51%
Net Income Margin (%)14.52%10.20%-29.72%
P/E Multiple448.13131.41-70.68%
Shares Outstanding (Mil)135.20131.033.08%
Cumulative Contribution-85.45%

LTM = Last Twelve Months as of date shown

Price Returns Compared

 202020212022202320242025Total [1]
Returns
ENPH Return572%4%45%-50%-48%-46%41%
Peers Return169%-33%11%-28%-59%59%-4%
S&P 500 Return16%27%-19%24%23%15%108%

Monthly Win Rates [3]
ENPH Win Rate83%50%67%25%33%22% 
Peers Win Rate73%35%52%42%28%56% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
ENPH Max Drawdown-8%-35%-34%-71%-55%-56% 
Peers Max Drawdown-31%-43%-36%-53%-64%-38% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: FSLR, RUN, SEDG, CSIQ, MAXN. See ENPH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/6/2025 (YTD)

Downturns Compared

Unique KeyEventENPHS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-77.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven344.7%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-59.4%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven146.3%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven54 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-63.2%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven171.8%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven176 days120 days


How Low Can It Go?

Enphase Energy's stock fell -77.5% during the 2022 Inflation Shock from a high on 12/2/2022. A -77.5% loss requires a 344.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Enphase Energy (ENPH)

Enphase Energy, Inc., together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level, and combines with its proprietary networking and software technologies to provide energy monitoring and control services. It also offers AC battery storage systems; Envoy communications gateway; and Enlighten cloud-based monitoring service, as well as other accessories. The company sells its solutions to solar distributors; and directly to large installers, original equipment manufacturers, strategic partners, and homeowners, as well as through its legacy product upgrade program or online store. Enphase Energy, Inc. was incorporated in 2006 and is headquartered in Fremont, California.

Better Bets than Enphase Energy (ENPH)

 ENPHBetter Performance than ENPH
MetricValueIndustry (Semiconductor Materials & Equi)
Rev Chg LTM4.4%LRCX (23.7%), AMAT (6.6%), KLAC (23.9%), TER (4.6%), NVMI (43.7%)
Rev Chg 3Y Avg5.4%KLAC (10.4%), ENTG (10.9%), NVMI (17.9%), MKSI (8.4%), CAMT (16.5%)
Op Mgn LTM12.8%LRCX (32.0%), AMAT (30.1%), KLAC (41.2%), TER (19.2%), ENTG (13.2%)
CFO/Rev LTM27.8%LRCX (33.5%), KLAC (33.6%), TER (28.0%), NVMI (28.5%)
FCF/Rev LTM25.2%LRCX (29.4%), KLAC (30.8%), NVMI (25.5%)
Total Yield3.6%AMAT (4.6%), ACLS (5.7%), ACMR (4.2%), PLAB (7.5%)
 ENPHBetter Performance than ENPH
MetricValueAll Other Sectors
Rev Chg LTM4.4%GOOGL (13.1%), AMZN (10.9%), META (19.4%), JPM (8.2%), LLY (36.8%)
Rev Chg 3Y Avg5.4%GOOGL (10.2%), AMZN (11.3%), META (13.0%), TSLA (12.9%), JPM (13.5%)
Op Mgn LTM12.8%GOOGL (32.7%), META (42.9%), LLY (43.0%), V (66.5%), MA (58.0%)
CFO/Rev LTM27.8%GOOGL (36.0%), META (56.4%), V (60.4%), MA (53.3%), ABBV (33.1%)
FCF/Rev LTM25.2%META (30.7%), V (56.8%), MA (49.2%), ABBV (31.3%), MCD (26.5%)
Total Yield3.6%GOOGL (4.1%), META (4.0%), JPM (6.6%), V (3.7%), XOM (9.8%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Enphase Energy Earnings Notes  
2ENPH Down 7.8% in One Day: Is It Outperforming Its Rivals?  
3ENPH Lost 6.3% In A Month. Do You Buy Or Wait?Return 
4ENPH's 8.1% One Day Pop Begs The Question: Is MSFT Better Instead?Counter-Intuitive Comparisons 
5ENPH's 8.1% One Day Pop Begs The Question: Is KLAC Better Instead?Counter-Intuitive Comparisons 
6Day 5 of Gains Streak for Enphase Energy Stock with 14% Return (vs. -50% YTD) [8/13/2025]Notification 
7Better Bet Than ENPH Stock: Pay Less Than Enphase Energy To Get More From MU, VST   
8Better Bet Than ENPH Stock: Pay Less Than Enphase Energy To Get More From IDCC, MU   
9Is The 25.7% Decline In Enphase Energy (ENPH) Stock A Dip Buying Opportunity?Actionable 
10Day 8 of Loss Streak for Enphase Energy Stock with -26% Return (vs. -54% YTD) [8/1/2025]Notification 
11ARTICLES  
12ENPH Dips 7.8% In One Day: Does It Lead the Pack? September 24th, 2025
13S&P 500 Movers | Winners: HAL, MCK, TPL | Losers: GNRC, ENPH, VST September 24th, 2025
14ENPH Up 8.6% In A Day. Do You Buy Or Wait? September 6th, 2025
15ENPH Up 8.6% In A Day. Do You Buy Or Wait? September 5th, 2025
16S&P 500 Movers | Winners: AVGO, ENPH, MU | Losers: LULU, KVUE, AMD September 5th, 2025
Title
0DASHBOARDS
1ENPH Dips 7.8% In One Day: Does It Lead the Pack?
2S&P 500 Movers | Winners: HAL, MCK, TPL | Losers: GNRC, ENPH, VST
3ENPH Up 8.6% In A Day. Do You Buy Or Wait?
4ENPH Up 8.6% In A Day. Do You Buy Or Wait?
5S&P 500 Movers | Winners: AVGO, ENPH, MU | Losers: LULU, KVUE, AMD
6ARTICLES
7Enphase Energy Earnings Notes
8ENPH Down 7.8% in One Day: Is It Outperforming Its Rivals?
9ENPH Lost 6.3% In A Month. Do You Buy Or Wait?
10ENPH's 8.1% One Day Pop Begs The Question: Is MSFT Better Instead?
11ENPH's 8.1% One Day Pop Begs The Question: Is KLAC Better Instead?
12Day 5 of Gains Streak for Enphase Energy Stock with 14% Return (vs. -50% YTD) [8/13/2025]
13Better Bet Than ENPH Stock: Pay Less Than Enphase Energy To Get More From MU, VST 
14Better Bet Than ENPH Stock: Pay Less Than Enphase Energy To Get More From IDCC, MU 
15Is The 25.7% Decline In Enphase Energy (ENPH) Stock A Dip Buying Opportunity?
16Day 8 of Loss Streak for Enphase Energy Stock with -26% Return (vs. -54% YTD) [8/1/2025]

Trade Ideas

Select past trade ideas related to ENPH and Semiconductor Materials & Equipment.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-1.7%-1.7%-2.6%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		1.4%1.4%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-0.2%-0.2%-0.5%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		-3.5%-3.5%-3.5%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.3%0.3%-0.3%
ENPH_5312025_Dip_Buyer_High_CFO_Margins_ExInd_DE05312025ENPHEnphase EnergyDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		-11.1%-11.1%-27.3%
ENPH_11302024_Dip_Buyer_High_CFO_Margins_ExInd_DE11302024ENPHEnphase EnergyDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		-42.0%-48.4%-57.8%
ENPH_8312023_Dip_Buyer_High_CFO_Margins_ExInd_DE08312023ENPHEnphase EnergyDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		0.4%-4.3%-40.3%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-1.7%-1.7%-2.6%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		1.4%1.4%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-0.2%-0.2%-0.5%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		-3.5%-3.5%-3.5%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.3%0.3%-0.3%
ENPH_5312025_Dip_Buyer_High_CFO_Margins_ExInd_DE05312025ENPHEnphase EnergyDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		-11.1%-11.1%-27.3%
ENPH_11302024_Dip_Buyer_High_CFO_Margins_ExInd_DE11302024ENPHEnphase EnergyDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		-42.0%-48.4%-57.8%
ENPH_8312023_Dip_Buyer_High_CFO_Margins_ExInd_DE08312023ENPHEnphase EnergyDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		0.4%-4.3%-40.3%

See Trefis Trade Ideas for more.

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#TickerCompany1W RtnYTD Rtn
1PLUGPlug Power81.9%93.9%
2SLDPSolid Power63.9%205.3%
3USARUSA Rare Earth50.1%88222.1%
4ANGXAngel Studios50.0% 
5ASTSAST SpaceMobile49.3%245.5%
6LACLithium Americas47.2%184.5%
7HIVEHIVE Digital Technologies44.7%95.4%
8RCATRed Cat43.5%13.5%
9BKSYBlackSky Technology43.1%164.9%
10ACHRArcher Aviation41.3%39.9%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1NAGENiagen Bioscience-26.7% 
2IDTIDT-24.3%2.5%
3FLYFirefly Aerospace-21.3% 
4WIXWix.com-19.1%-31.9%
5HTZHertz Global-18.1%53.1%
6PSIXPower Solutions International-17.9%184.3%
7APPAppLovin-17.6%81.3%
8DKNGDraftKings-17.3%-6.0%
9KVYOKlaviyo-17.0%-36.6%
10RSIRush Street Interactive-16.6%36.2%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Enphase Energy

Financials

ENPHFSLRRUNSEDGCSIQMAXNMedian
NameEnphase .First So.Sunrun SolarEdg.Canadian.Maxeon S. 
Mkt Price37.16229.5719.2537.0915.103.6728.17
Mkt Cap4.924.64.42.21.00.13.3
Rev LTM1,4834,2572,1299415,9195091,806
Op Inc LTM1901,373-489-1,319-54-460-257
FCF LTM373-976-3,716-96-2,047-322-649
FCF 3Y Avg512-548-3,367-246-1,461-235-397
CFO LTM412342-811-26-240-270-133
CFO 3Y Avg576741-793-11763-174-27

Growth & Margins

ENPHFSLRRUNSEDGCSIQMAXNMedian
NameEnphase .First So.Sunrun SolarEdg.Canadian.Maxeon S. 
Rev Chg LTM4.4%19.4%3.3%-37.8%-9.1%-54.7%-2.9%
Rev Chg 3Y Avg5.4%19.8%4.1%-15.9%-0.4%-4.5%1.8%
Rev Chg Q19.7%6.4%8.7%9.1%3.6%-78.7%7.5%
QoQ Delta Rev Chg LTM4.2%1.2%2.2%2.6%1.0%-26.1%1.7%
Op Mgn LTM12.8%32.3%-23.0%-140.2%-0.9%-90.5%-11.9%
Op Mgn 3Y Avg14.1%18.7%-29.4%-54.5%3.1%-39.2%-13.1%
QoQ Delta Op Mgn LTM2.1%-0.9%1.3%13.4%1.4%-28.1%1.3%
CFO/Rev LTM27.8%8.0%-38.1%-2.7%-4.1%-53.1%-3.4%
CFO/Rev 3Y Avg29.1%22.8%-35.5%-8.5%0.1%-25.1%-4.2%
FCF/Rev LTM25.2%-22.9%-174.5%-10.3%-34.6%-63.3%-28.8%
FCF/Rev 3Y Avg25.7%-14.2%-153.5%-15.8%-23.2%-32.5%-19.5%

Valuation

ENPHFSLRRUNSEDGCSIQMAXNMedian
NameEnphase .First So.Sunrun SolarEdg.Canadian.Maxeon S. 
Mkt Cap4.924.64.42.21.00.13.3
P/S3.35.82.12.30.20.12.2
P/EBIT22.417.5-1.2-1.4-37.0-0.1-0.7
P/E27.919.4-1.7-1.2-147.1-0.1-0.7
P/CFO11.871.8-5.4-85.2-4.2-0.2-2.2
Total Yield3.6%5.1%-58.2%-80.2%-0.7%-926.8%-29.4%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg4.4%-2.8%-133.5%-14.8%-166.2%-462.8%-74.1%
D/E0.20.03.20.37.05.11.8
Net D/E-0.1-0.03.10.05.24.61.5

Returns

ENPHFSLRRUNSEDGCSIQMAXNMedian
NameEnphase .First So.Sunrun SolarEdg.Canadian.Maxeon S. 
1M Rtn-6.3%11.9%5.9%7.8%35.2%-7.3%6.8%
3M Rtn-12.5%29.7%73.3%40.3%15.9%-5.7%22.8%
6M Rtn-33.4%76.5%193.0%177.8%97.1%22.3%86.8%
12M Rtn-64.9%-0.7%16.5%84.3%-4.7%-56.4%-2.7%
3Y Rtn-85.4%77.4%-24.5%-82.3%-55.6%-99.8%-68.9%
1M Excs Rtn-10.3%7.9%1.9%3.8%31.2%-11.3%2.8%
3M Excs Rtn-17.5%30.5%87.4%33.6%5.2%-18.5%17.8%
6M Excs Rtn-68.0%45.6%142.6%119.3%66.4%-1.8%56.0%
12M Excs Rtn-83.7%-20.1%-4.9%53.3%-21.6%-74.5%-20.9%
3Y Excs Rtn-171.8%-9.8%-115.2%-169.4%-144.6%-185.0%-157.0%

Comparison Analyses

Title
0Enphase Energy vs. First Solar: With Return Forecast Of 69%, First Solar Is A Better Bet
1Enphase Energy vs. Sunrun: With Return Forecast Of 19%, Sunrun Is A Better Bet
2Enphase Energy vs. SolarEdge Technologies: Neither Seems Like A Good Bet
3Enphase Energy vs. Canadian Solar: Neither Seems Like A Good Bet
4Enphase Energy vs. Interparfums: With Return Forecast Of 49%, Interparfums Is A Better Bet
5Enphase Energy vs. Aspen Technology: With Return Forecast Of 26%, Aspen Technology Is A Better Bet
6Enphase Energy vs. Bentley Systems: With Return Forecast Of 36%, Bentley Systems Is A Better Bet
7Enphase Energy vs. Sirius XM: Neither Seems Like A Good Bet
8Enphase Energy vs. Repligen: Neither Seems Like A Good Bet
9Enphase Energy vs. MGM Resorts International: With Return Forecast Of 41%, MGM Resorts International Is A Better Bet

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/22/20254/22/20252/10/202510/22/20247/23/20244/23/20242/9/202410/26/20237/27/20234/25/20232/13/202310/25/2022
Key Financials Quarterly            
Total Revenue363356383381303263303551711726725635
Ebitda63699373341135159205198186151
Operating Income403564503-275118170168159136
Net Income3730624611-1621114157147154115
EPS0.280.230.460.340.08-0.120.150.841.151.071.130.85
Key Financials TTM            
Total Revenue TTM1,4831,4231,3301,2501,4201,8282,2912,7132,7962,6162,3312,019
Ebitda TTM298268210153239410597748740644520406
Operating Income TTM190153903198266461616634557451350
Net Income TTM17514810361130276439572573492397296
Growth Rates Quarterly            
Total Revenue Growth19.7%35.2%26.5%-30.9%-57.3%-63.7%-58.2%-13.2%34.1%64.5%75.6%80.6%
EBITDA Growth86.0%535.5%162.1%-54.0%-83.4%-94.5%-81.0%5.2%88.8%166.3%156.6%224.5%
Operating Income Growth1257.9%229.0%1300.9%-57.2%-98.3%-116.2%-97.1%-13.3%81.3%172.3%175.2%264.2%
Net Income Growth242.0%284.7%197.1%-59.8%-93.1%-111.0%-86.4%-0.7%104.2%183.4%192.4%426.4%
Margins Quarterly            
EBITDA Margin17.4%19.3%24.2%19.2%11.2%4.1%11.7%28.9%28.8%27.2%25.7%23.8%
Operating Income Margin11.1%9.9%16.8%13.2%1.0%-10.3%1.5%21.4%24.0%23.2%21.9%21.4%
Net Income Margin10.2%8.3%16.2%12.0%3.6%-6.1%6.9%20.7%22.1%20.2%21.2%18.1%
Cash & Debt            
Total Cash1,5301,4671,6231,7671,6461,6301,6951,7841,8001,7781,6131,417
Total Debt1,2091,2081,3081,3071,3031,3011,2991,2971,3001,2981,2961,292
Net Debt / (Cash)-321-259-314-460-343-329-396-487-500-480-317-125
Cash Flows Quarterly            
FCF from Operations27481671701274935146269246254188
Cash Flows TTM            
FCF from Operations TTM412513514382358500697915957889745588
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases301002005010042100110200-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC16.3%10.3%30.0%31.6%1.8%-17.9%3.4%97.3%270.5%169.8%118.2%74.9%
Return on Invested Capital (ROIC) TTM            
ROIC TTM18.2%14.6%10.1%5.2%13.3%37.5%72.9%130.7%253.8%146.9%80.7%49.8%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Design, development, manufacture and sale of solutions for the solar photovoltaic (PV) industry2,2912,3311,382774624
Total2,2912,3311,382774624


Price Behavior

ENPH Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta0.671.350.771.020.871.22
Up Beta2.434.962.330.900.610.85
Down Beta9.334.653.021.371.241.02
Up Capture-105%-17%-59%10%7%105%
Bmk +ve Days13233574144420
Stock +ve Days8223161122365
Down Capture-9%-164%-7%142%128%110%
Bmk -ve Days8192952107330
Stock -ve Days13203264128384

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date9152025
Short Interest: Shares Quantity25,370,400
Short Interest: % Change Since 8312025-1.0%
Average Daily Volume6,806,268
Days-to-Cover Short Interest3.73
Basic Shares Quantity131,031,000
Short % of Basic Shares19.4%

Returns Analyses

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/22/2025-14.2%-21.2%-16.0%
4/22/2025-15.6%-10.7%-11.5%
2/4/2025-1.5%-5.5%-11.4%
10/22/2024-14.9%-9.9%-31.3%
7/23/202412.8%5.5%15.1%
4/23/2024-5.6%-4.2%6.8%
2/6/202416.9%22.9%29.0%
7/27/2023-7.5%-15.9%-25.6%
...
SUMMARY STATS   
# Positive141213
# Negative101211
Median Positive12.4%18.2%18.9%
Median Negative-14.2%-10.3%-16.4%
Max Positive42.4%37.0%53.7%
Max Negative-25.7%-30.7%-40.3%

SEC Filings

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Report DateFiling DateFiling
6302025722202510-Q 6/30/2025
3312025422202510-Q 3/31/2025
12312024210202510-K 12/31/2024
93020241022202410-Q 9/30/2024
6302024723202410-Q 6/30/2024
3312024423202410-Q 3/31/2024
12312023209202410-K 12/31/2023
93020231026202310-Q 9/30/2023
6302023727202310-Q 6/30/2023
3312023425202310-Q 3/31/2023
12312022213202310-K 12/31/2022
93020221025202210-Q 9/30/2022
6302022726202210-Q 6/30/2022
3312022426202210-Q 3/31/2022
12312021211202210-K 12/31/2021
93020211026202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Kothandaraman BadrinarayananPresident & CEO8062025Buy30.825,000154,12049,954,361Form
1Kothandaraman BadrinarayananPresident & CEO4282025Buy46.354,000185,39074,095,563Form
2Yang MandyEVP, Chief Financial Officer3112025Sell63.321,31983,5194,972,140Form
3Rodgers Thurman J 3072025Sell61.26100,0006,125,700115,270,972Form
4Kothandaraman BadrinarayananPresident & CEO11202024Buy61.102,564156,67097,293,137Form

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