Enphase Energy, Inc.(ENPH)Earnings, Financials & Key Ratios

ENPH•NASDAQ

$35.80

$4.72B mkt cap·27.8× P/E·Price updated May 6, 2026

SectorEnergy IndustrySolar Sub-IndustrySolar modules and inverters

AboutEnphase 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.Show more

Revenue$1.47B+10.7%
EBITDA$245M+54.6%
Net Income$172M+67.7%
EPS (Diluted)1.29+72.0%
Gross Margin46.64%-1.4%
EBITDA Margin16.65%+39.6%
Operating Margin11.18%+92.4%
Net Margin11.69%+51.4%
ROE17.93%+58.6%
ROIC6.76%+122.1%
Debt/Equity1.14-28.4%
Interest Coverage46.30+219.5%

Technical→

ENPH Key Insights

Enphase Energy, Inc. (ENPH) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Excellent 3Y average ROE of 25.9%
✓Strong 5Y sales CAGR of 13.7%
✓Share count reduced 3.7% through buybacks
✓Healthy 5Y average net margin of 13.2%

✗Weaknesses

✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

ENPH Price & Volume

Enphase Energy, Inc. (ENPH) stock price & volume — 10-year historical chart

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ENPH Growth Metrics

Enphase Energy, Inc. (ENPH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years15.22%

5 Years13.72%

3 Years-14.19%

TTM-1.64%

Profit CAGR

10 Years-

5 Years5.14%

3 Years-24.34%

TTM-9.08%

EPS CAGR

10 Years-

5 Years6.31%

3 Years-22.49%

TTM-7.31%

Return on Capital

10 Years0.69%

5 Years13.43%

3 Years8.83%

Last Year6.81%

ENPH Recent Earnings

Enphase Energy, Inc. (ENPH) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 7/12 qtrs (58%)●Beat Revenue 5/12 qtrs (42%)

Q2 2026Latest

Apr 28, 2026

EPS

$0.47

Est $0.43

+9.3%

Revenue

$283M

Est $282M

+0.2%

Q1 2026

Feb 3, 2026

EPS

$0.71

Est $0.54

+31.5%

Revenue

$343M

Est $338M

+1.4%

Q4 2025

Oct 28, 2025

EPS

$0.90

Est $0.62

+45.2%

Revenue

$410M

Est $339M

+21.2%

Q3 2025

Jul 22, 2025

EPS

$0.69

Est $0.62

+11.3%

Revenue

$363M

Est $368M

-1.4%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 28, 2026	$0.47vs $0.43+9.3%	$283Mvs $282M+0.2%
Q1 2026	Feb 3, 2026	$0.71vs $0.54+31.5%	$343Mvs $338M+1.4%
Q4 2025	Oct 28, 2025	$0.90vs $0.62+45.2%	$410Mvs $339M+21.2%
Q3 2025	Jul 22, 2025	$0.69vs $0.62+11.3%	$363Mvs $368M-1.4%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
SEDGSolarEdge Technologies, Inc.Direct Competitor	2.47B	40.61	-5.89	31.39%	-28.56%	-79.58%	0.99
FSLRFirst Solar, Inc.Direct Competitor	23.42B	218.00	15.34	24.09%	30.73%	18.01%	0.05
ARRYArray Technologies, Inc.Direct Competitor	1.24B	8.12	-11.13	40.22%	-5.56%	-20.64%	2.94
SHLSShoals Technologies Group, Inc.Direct Competitor	1.4B	8.33	41.65	19.07%	6.27%	5.67%	0.29
GTLSChart Industries, Inc.Direct Competitor	9.94B	207.76	629.58	2.49%	0.95%	1.2%	1.11
SPWRSunPower Inc.Product Competitor	874.51M	1.03	-15.40	2.92%	-13.21%
RUNSunrun Inc.Product Competitor	3.01B	12.83	7.50	45.11%	17.9%	12.42%	2.99
STEMStem, Inc.Product Competitor	91.07M	10.69	-1.16	8.08%	94.16%

Compare ENPH vs Peers

Enphase Energy, Inc. (ENPH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SEDG

Most directly comparable listed peer for ENPH.

Scale Benchmark

vs NEE

Larger-name benchmark to compare ENPH against a more recognizable public peer.

Peer Set

Compare Top 5

vs SEDG, FSLR, ARRY, SHLS

ENPH Income Statement

Enphase Energy, Inc. (ENPH) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Sales/Revenue	286.17M	316.16M	624.33M	774.42M	1.38B	2.33B	2.29B	1.33B	1.47B	1.4B
Revenue Growth %	-11.29%	10.48%	97.47%	24.04%	78.46%	68.65%	-1.72%	-41.92%	10.72%	-1.64%
Cost of Goods Sold	230.12M	221.71M	403.09M	428.44M	827.63M	1.36B	1.23B	701.25M	785.98M	780.64M
COGS % of Revenue	80.42%	70.13%	64.56%	55.32%	59.88%	58.19%	53.8%	52.71%	53.36%	-
Gross Profit	56.04M▲ 0%	94.44M▲ 68.5%	221.25M▲ 134.3%	345.98M▲ 56.4%	554.42M▲ 60.2%	974.6M▲ 75.8%	1.06B▲ 8.6%	629.14M▼ 40.6%	687M▲ 9.2%	619.16M▲ 0%
Gross Margin %	19.58%	29.87%	35.44%	44.68%	40.12%	41.81%	46.2%	47.29%	46.64%	44.23%
Gross Profit Growth %	-3.39%	68.52%	134.26%	56.38%	60.25%	75.79%	8.6%	-40.56%	9.2%	-
Operating Expenses	95.42M	92.85M	118.52M	159.54M	338.59M	526.33M	612.65M	551.85M	522.35M	523.84M
OpEx % of Revenue	33.34%	29.37%	18.98%	20.6%	24.5%	22.58%	26.74%	41.48%	35.46%	-
Selling, General & Admin	45.35M	56.13M	75.54M	103.62M	233.06M	355.1M	369.63M	337.38M	333.27M	331.63M
SG&A % of Revenue	15.85%	17.75%	12.1%	13.38%	16.86%	15.23%	16.14%	25.36%	22.63%	-
Research & Development	33.16M	32.59M	40.38M	55.92M	105.53M	168.85M	227.34M	201.31M	189.07M	183.77M
R&D % of Revenue	11.59%	10.31%	6.47%	7.22%	7.64%	7.24%	9.92%	15.13%	12.84%	-
Other Operating Expenses	16.92M	4.13M	2.6M	0	0	2.38M	15.68M	13.15M	0	3M
Operating Income	-39.38M▲ 0%	1.6M▲ 104.1%	102.73M▲ 6336.7%	186.44M▲ 81.5%	215.83M▲ 15.8%	448.26M▲ 107.7%	445.74M▼ 0.6%	77.29M▼ 82.7%	164.66M▲ 113.0%	95.32M▲ 0%
Operating Margin %	-13.76%	0.5%	16.45%	24.07%	15.62%	19.23%	19.46%	5.81%	11.18%	6.81%
Operating Income Growth %	37.2%	104.05%	6336.65%	81.49%	15.77%	107.69%	-0.56%	-82.66%	113.03%	-
EBITDA	-30.37M	11.26M	116.85M	204.54M	246.68M	507.04M	520.45M	158.68M	245.3M	171.2M
EBITDA Margin %	-10.61%	3.56%	18.72%	26.41%	17.85%	21.75%	22.72%	11.93%	16.65%	12.23%
EBITDA Growth %	41.66%	137.08%	937.45%	75.05%	20.6%	105.55%	2.65%	-69.51%	54.59%	-22%
D&A (Non-Cash Add-back)	9M	9.67M	14.12M	18.1M	30.85M	58.77M	74.71M	81.39M	80.64M	58.73M
EBIT	-37.13M	464K	99.81M	140.41M	166.08M	461.49M	521.98M	129.06M	209.34M	147.9M
Net Interest Income	-7.94M	-9.63M	-7.18M	-18.84M	-44.46M	4.22M	60.89M	68.4M	58.2M	55.21M
Interest Income	0	0	2.51M	2.16M	695K	13.66M	69.73M	77.31M	62.72M	58.31M
Interest Expense	7.94M	9.63M	9.69M	21M	45.15M	9.44M	8.84M	8.9M	4.52M	3.11M
Other Income/Expense	-5.96M	-11.82M	-12.62M	-67.03M	-94.9M	3.79M	67.4M	42.87M	40.16M	48.74M
Pretax Income	-45.34M▲ 0%	-10.23M▲ 77.4%	90.11M▲ 981.0%	119.41M▲ 32.5%	120.93M▲ 1.3%	452.05M▲ 273.8%	513.14M▲ 13.5%	120.16M▼ 76.6%	204.81M▲ 70.5%	144.06M▲ 0%
Pretax Margin %	-15.84%	-3.24%	14.43%	15.42%	8.75%	19.39%	22.4%	9.03%	13.9%	10.29%
Income Tax	-149K	1.4M	-71.03M	-14.59M	-24.52M	54.69M	74.2M	17.5M	32.68M	9.06M
Effective Tax Rate %	0.33%	-13.67%	-78.83%	-12.21%	-20.28%	12.1%	14.46%	14.56%	15.96%	6.29%
Net Income	-45.19M▲ 0%	-11.63M▲ 74.3%	161.15M▲ 1486.0%	134M▼ 16.8%	145.45M▲ 8.5%	397.36M▲ 173.2%	438.94M▲ 10.5%	102.66M▼ 76.6%	172.13M▲ 67.7%	135M▲ 0%
Net Margin %	-15.79%	-3.68%	25.81%	17.3%	10.52%	17.05%	19.16%	7.72%	11.69%	9.64%
Net Income Growth %	33.01%	74.27%	1485.98%	-16.85%	8.55%	173.2%	10.46%	-76.61%	67.68%	-9.08%
Net Income (Continuing)	-45.19M	-11.63M	161.15M	134M	145.45M	397.36M	438.94M	102.66M	172.13M	135M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	-0.54▲ 0%	-0.12▲ 77.8%	1.23▲ 1125.0%	0.95▼ 22.8%	1.02▲ 7.4%	2.77▲ 171.6%	3.08▲ 11.2%	0.75▼ 75.6%	1.29▲ 72.0%	1.03▲ 0%
EPS Growth %	59.7%	77.78%	1125%	-22.76%	7.37%	171.57%	11.19%	-75.65%	72%	-7.31%
EPS (Basic)	-0.54	-0.12	1.38	1.07	1.09	2.94	3.22	0.76	1.31	-
Diluted Shares Outstanding	82.94M	99.62M	131.64M	141.92M	142.88M	144.39M	143.29M	140M	134.89M	131.34M
Basic Shares Outstanding	82.94M	96.89M	116.71M	125.56M	134.03M	135.35M	136.38M	135.17M	131.16M	131.34M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

ENPH Balance Sheet

Enphase Energy, Inc. (ENPH) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Current Assets	130.45M	222.3M	499.66M	933.06M	1.46B	2.26B	2.44B	2.33B	2.61B	1.83B
Cash & Short-Term Investments	29.14M	106.24M	251.41M	679.38M	1.02B	1.61B	1.7B	1.62B	1.51B	930.64M
Cash Only	29.14M	106.24M	251.41M	679.38M	119.32M	473.24M	288.75M	369.11M	474.32M	497.55M
Short-Term Investments	0	0	0	0	897.34M	1.14B	1.41B	1.25B	1.04B	433.1M
Accounts Receivable	65.35M	78.94M	145.41M	200.04M	333.63M	440.9M	445.96M	223.75M	229.88M	196.58M
Days Sales Outstanding	83.35	91.13	85.01	94.28	88.11	69.04	71.06	61.39	56.96	62.42
Inventory	26M	16.27M	32.06M	41.76M	74.4M	149.71M	213.59M	165M	288.05M	290.7M
Days Inventory Outstanding	41.24	26.78	29.03	35.58	32.81	40.29	63.26	85.89	133.77	109.93
Other Current Assets	9.96M	20.86M	44.7M	11.88M	0	60.82M	48.69M	315.74M	0	412.35M
Total Non-Current Assets	38.7M	117.64M	213.57M	267.04M	616.79M	820.01M	939.49M	922.59M	902.93M	893.65M
Property, Plant & Equipment	26.48M	21M	39.05M	60.67M	96.59M	132.75M	188.13M	172.13M	136.8M	138.87M
Fixed Asset Turnover	10.81x	15.06x	15.99x	12.76x	14.31x	17.56x	12.18x	7.73x	10.77x	9.83x
Goodwill	3.66M	24.78M	24.78M	24.78M	181.25M	213.56M	214.56M	211.57M	214.76M	213.74M
Intangible Assets	515K	35.31M	30.58M	28.81M	97.76M	99.54M	68.54M	42.4M	22.29M	17.56M
Long-Term Investments	0	0	0	51.99M	0	157.77M	0	0	0	170.37M
Other Non-Current Assets	8.04M	36.55M	44.62M	7.89M	118.73M	11.52M	215.9M	180.93M	529.08M	666.41M
Total Assets	169.15M▲ 0%	339.94M▲ 101.0%	713.22M▲ 109.8%	1.2B▲ 68.3%	2.08B▲ 73.3%	3.08B▲ 48.3%	3.38B▲ 9.7%	3.25B▼ 3.9%	3.51B▲ 8.0%	2.72B▲ 0%
Asset Turnover	1.69x	0.93x	0.88x	0.65x	0.66x	0.76x	0.68x	0.41x	0.42x	0.44x
Asset Growth %	3.41%	100.97%	109.81%	68.26%	73.26%	48.34%	9.69%	-3.94%	8%	-2.19%
Total Current Liabilities	91.74M	147.16M	199.31M	534.04M	439.8M	638.22M	532.45M	660.09M	1.26B	481.78M
Accounts Payable	28.75M	48.79M	57.47M	72.61M	113.77M	125.08M	116.16M	90.03M	203.04M	113.46M
Days Payables Outstanding	45.6	80.33	52.04	61.86	50.17	33.66	34.4	46.86	94.29	78.06
Short-Term Debt	17.43M	28.16M	2.88M	330.51M	86.05M	90.89M	5.22M	101.29M	632.18M	0
Deferred Revenue (Current)	15.69M	33.12M	81.78M	47.66M	62.67M	90.75M	118.3M	237.22M	0	565.38M
Other Current Liabilities	26.27M	32.99M	10.08M	76.63M	19.39M	291.97M	273.92M	34.66M	201.35M	28.41M
Current Ratio	1.42x	1.51x	2.51x	1.75x	3.33x	3.55x	4.59x	3.53x	2.07x	2.07x
Quick Ratio	1.14x	1.40x	2.35x	1.67x	3.16x	3.31x	4.19x	3.28x	1.84x	1.84x
Cash Conversion Cycle	78.99	37.58	62	68.01	70.75	75.67	99.91	100.41	96.44	94.29
Total Non-Current Liabilities	86.53M	185M	241.7M	182.07M	1.21B	1.62B	1.87B	1.76B	1.16B	1.14B
Long-Term Debt	32.32M	81.63M	102.66M	4.9M	951.59M	1.2B	1.29B	1.2B	572.19M	572.51M
Capital Lease Obligations	0	0	0	15.21M	11.92M	19.08M	18.8M	23.04M	31.2M	50.2M
Deferred Tax Liabilities	22.39M	23.21M	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	24.27M	26.46M	38.84M	36.49M	58.59M	120.33M	185.23M	190.45M	219.31M	910.58M
Total Liabilities	178.27M	332.16M	441.01M	716.11M	1.65B	2.26B	2.4B	2.42B	2.42B	1.62B
Total Debt	49.75M	109.78M	108.71M	350.62M	1.05B	1.31B	1.32B	1.33B	1.24B	581.11M
Net Debt	20.61M	3.55M	-142.7M	-328.76M	934.08M	841.56M	1.03B	962.13M	769.47M	83.57M
Debt / Equity	-	14.12x	0.40x	0.72x	2.45x	1.59x	1.34x	1.60x	1.14x	1.14x
Debt / EBITDA	-	9.75x	0.93x	1.71x	4.27x	2.59x	2.53x	8.39x	5.07x	3.39x
Net Debt / EBITDA	-	0.31x	-1.22x	-1.61x	3.79x	1.66x	1.98x	6.06x	3.14x	3.14x
Interest Coverage	-4.68x	0.05x	10.30x	6.69x	3.68x	48.90x	59.05x	14.49x	46.30x	47.60x
Total Equity	-9.13M▲ 0%	7.78M▲ 185.2%	272.21M▲ 3400.7%	483.99M▲ 77.8%	430.17M▼ 11.1%	825.57M▲ 91.9%	983.62M▲ 19.1%	833.02M▼ 15.3%	1.09B▲ 30.5%	1.1B▲ 0%
Equity Growth %	-802%	185.21%	3400.67%	77.8%	-11.12%	91.92%	19.14%	-15.31%	30.49%	72.86%
Book Value per Share	-0.11	0.08	2.07	3.41	3.01	5.72	6.86	5.95	8.06	8.39
Total Shareholders' Equity	-9.13M	7.78M	272.21M	483.99M	430.17M	825.57M	983.62M	833.02M	1.09B	1.1B
Common Stock	1K	1K	1K	1K	1K	1K	1K	1K	1K	1K
Retained Earnings	-295.73M	-346.3M	-185.18M	-51.19M	-405.74M	17.34M	46.27M	-245.21M	-203.9M	-211.3M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-656K	742K	-923K	434K	-2.02M	-10.88M	-1.99M	-6.35M	1.75M	-5.82M
Minority Interest	0	0	0	0	0	0	0	0	0	0

ENPH Cash Flow Statement

Enphase Energy, Inc. (ENPH) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	-28.44M	16.13M	139.07M	216.33M	352.03M	744.82M	696.78M	513.69M	136.54M	136.54M
Operating CF Margin %	-9.94%	5.1%	22.27%	27.93%	25.47%	31.95%	30.42%	38.61%	9.27%	-
Operating CF Growth %	13.69%	156.72%	762.06%	55.56%	62.72%	111.58%	-6.45%	-26.28%	-73.42%	-129.94%
Net Income	-45.19M	-11.63M	161.15M	134M	145.45M	397.36M	438.94M	102.66M	172.13M	135M
Depreciation & Amortization	9M	9.67M	14.12M	18.1M	30.85M	52.4M	74.71M	81.39M	81.69M	86.19M
Stock-Based Compensation	6.73M	11.43M	20.18M	42.5M	114.29M	0	212.86M	211.36M	214.09M	207.45M
Deferred Taxes	-1.39M	123K	-73.38M	-17.12M	-31.24M	3.63M	-43.35M	-58.32M	6.08M	-5.6M
Other Non-Cash Items	5.22M	5.01M	15.57M	63.5M	77.63M	229.3M	-3.5M	33.6M	15.44M	50.48M
Working Capital Changes	-2.81M	1.52M	1.43M	-24.65M	15.06M	62.13M	17.13M	143M	-352.89M	-282.51M
Change in Receivables	-4.8M	-13.52M	-68.75M	-34.32M	-151.16M	-107.56M	-12.48M	211.64M	3.84M	43.63M
Change in Inventory	5.96M	9.73M	-15.79M	-9.71M	-29.26M	-75.27M	-63.89M	48.59M	-123.04M	-146.68M
Change in Payables	-8.07M	23.08M	22.2M	35.7M	117.18M	133.42M	-22.15M	-85.54M	139.14M	-33.22M
Cash from Investing	-4.12M	-19.15M	-14.79M	-25.57M	-1.22B	-371.91M	-366.36M	128.27M	106.79M	570.12M
Capital Expenditures	-4.12M	-4.15M	-14.79M	-20.56M	-52.26M	-46.44M	-110.4M	-33.6M	-40.64M	-45.93M
CapEx % of Revenue	1.44%	1.31%	2.37%	2.65%	3.78%	1.99%	4.82%	2.53%	2.76%	-
Acquisitions	0	-15M	0	-5.01M	-293.65M	-62.16M	-15M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	-15M	0	0	-250K	0	0	0	-69.55M	-54.5M
Cash from Financing	43.3M	80.61M	65.85M	191.68M	309.41M	-17.13M	-516.77M	-460.27M	-241.62M	-678.63M
Debt Issued (Net)	16.34M	58.05M	81.56M	269.12M	610.26M	0	0	-7K	-102.17M	0
Equity Issued (Net)	0	19.77M	0	0	-271.72M	10.37M	-396.13M	-378.68M	-121.43M	-23.21M
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	-500M	0	-410M	-391.36M	-129.96M	-31.67M
Other Financing	26.95M	2.8M	-15.71M	-77.44M	-29.14M	-27.5M	-120.65M	-81.59M	-18.03M	-655.42M
Net Change in Cash	11.38M▲ 0%	77.09M▲ 577.4%	189.87M▲ 146.3%	383.27M▲ 101.9%	-560.06M▼ 246.1%	353.93M▲ 163.2%	-184.5M▼ 152.1%	175.37M▲ 195.1%	10.2M▼ 94.2%	82.46M▲ 0%
Free Cash Flow	-32.56M▲ 0%	11.98M▲ 136.8%	124.28M▲ 937.3%	195.78M▲ 57.5%	299.52M▲ 53.0%	698.37M▲ 133.2%	586.38M▼ 16.0%	480.09M▼ 18.1%	95.9M▼ 80.0%	145.07M▲ 0%
FCF Margin %	-11.38%	3.79%	19.91%	25.28%	21.67%	29.96%	25.6%	36.09%	6.51%	10.36%
FCF Growth %	28.9%	136.79%	937.3%	57.53%	52.99%	133.16%	-16.04%	-18.13%	-80.02%	-69.27%
FCF per Share	-0.39	0.12	0.94	1.38	2.10	4.84	4.09	3.43	0.71	0.71
FCF Conversion (FCF/Net Income)	0.63x	-1.39x	0.86x	1.61x	2.42x	1.87x	1.59x	5.00x	0.79x	1.07x
Interest Paid	5.82M	6.34M	2.69M	1.88M	733K	455K	455K	255K	0	0
Taxes Paid	909K	775K	1.75M	3.45M	4.82M	33.17M	74.71M	32.66M	0	0

ENPH Key Ratios

Enphase Energy, Inc. (ENPH) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Return on Equity (ROE)	-	-149.52%	115.11%	35.44%	31.82%	63.29%	48.52%	11.3%	17.93%	13.28%
Return on Invested Capital (ROIC)	-204.26%	10.5%	109.41%	98.21%	21.31%	22.18%	18.17%	3.04%	6.76%	6.76%
Gross Margin	19.58%	29.87%	35.44%	44.68%	40.12%	41.81%	46.2%	47.29%	46.64%	44.23%
Net Margin	-15.79%	-3.68%	25.81%	17.3%	10.52%	17.05%	19.16%	7.72%	11.69%	9.64%
Debt / Equity	-	14.12x	0.40x	0.72x	2.45x	1.59x	1.34x	1.60x	1.14x	1.14x
Interest Coverage	-4.68x	0.05x	10.30x	6.69x	3.68x	48.90x	59.05x	14.49x	46.30x	47.60x
FCF Conversion	0.63x	-1.39x	0.86x	1.61x	2.42x	1.87x	1.59x	5.00x	0.79x	1.07x
Revenue Growth	-11.29%	10.48%	97.47%	24.04%	78.46%	68.65%	-1.72%	-41.92%	10.72%	-1.64%

ENPH SEC Filings & Documents

Enphase Energy, Inc. (ENPH) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 28, 2026·SEC

Material company update

Apr 6, 2026·SEC

Material company update

Feb 3, 2026·SEC

10-K Annual Reports

FY 2026

Feb 17, 2026·SEC

FY 2025

Feb 10, 2025·SEC

FY 2024

Feb 9, 2024·SEC

10-Q Quarterly Reports

FY 2026

Apr 28, 2026·SEC

FY 2025

Oct 28, 2025·SEC

FY 2025

Apr 22, 2025·SEC

ENPH Frequently Asked Questions

Enphase Energy, Inc. (ENPH) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Enphase Energy, Inc. (ENPH) reported $1.40B in revenue for fiscal year 2025. This represents a 6832% increase from $20.2M in 2009.

Enphase Energy, Inc. (ENPH) grew revenue by 10.7% over the past year. This is steady growth.

Yes, Enphase Energy, Inc. (ENPH) is profitable, generating $135.0M in net income for fiscal year 2025 (11.7% net margin).

Dividend & Returns

Enphase Energy, Inc. (ENPH) has a return on equity (ROE) of 17.9%. This is reasonable for most industries.

Enphase Energy, Inc. (ENPH) generated $145.1M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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