Enphase Energy, Inc. (ENPH) 10-Year Financial Performance & Capital Metrics

ENPH • • Industrial / General

EnergySolarSolar System Components & Balance of SystemsInverter & Power Electronics

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 $1.33B -41.9%
EBITDA $159M -69.5%
Net Income $103M -76.6%
EPS (Diluted) 0.75 -75.6%
Gross Margin 47.29% +2.4%
EBITDA Margin 11.93% -47.5%
Operating Margin 5.81% -70.1%
Net Margin 7.72% -59.7%
ROE 11.3% -76.7%
ROIC 3.06% -83.4%
Debt/Equity 1.60 +21.0%
Interest Coverage 8.68 -82.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 41.0%
✓FCF machine: 36.1% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 16.3%
✓Share count reduced 2.3% through buybacks
✓Healthy 5Y average net margin of 14.4%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y14.49%

5Y16.34%

3Y-1.26%

TTM20.97%

Profit (Net Income) CAGR

10Y-

5Y-8.62%

3Y-10.97%

TTM218.45%

EPS CAGR

10Y-

5Y-9.42%

3Y-9.74%

TTM227.27%

ROCE

10Y Avg-2.06%

5Y Avg18.39%

3Y Avg13.87%

Latest2.84%

Peer Comparison

Inverter & Power Electronics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ENPHEnphase Energy, Inc.	4.63B	35.36	47.15	-41.92%	12.93%	19.66%	10.38%	1.60
SEDGSolarEdge Technologies, Inc.	2.02B	33.84	-1.07	-69.71%	-57.48%	-122.19%		1.15

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	357.25M	322.59M	286.17M	316.16M	624.33M	774.42M	1.38B	2.33B	2.29B	1.33B
Revenue Growth %	0.04%	-0.1%	-0.11%	0.1%	0.97%	0.24%	0.78%	0.69%	-0.02%	-0.42%
Cost of Goods Sold+	249.03M	264.58M	230.12M	221.71M	403.09M	428.44M	827.63M	1.36B	1.23B	701.25M
COGS % of Revenue	0.7%	0.82%	0.8%	0.7%	0.65%	0.55%	0.6%	0.58%	0.54%	0.53%
Gross Profit+	108.22M	58.01M	56.04M	94.44M	221.25M	345.98M	554.42M	974.6M	1.06B	629.14M
Gross Margin %	0.3%	0.18%	0.2%	0.3%	0.35%	0.45%	0.4%	0.42%	0.46%	0.47%
Gross Profit Growth %	-0.04%	-0.46%	-0.03%	0.69%	1.34%	0.56%	0.6%	0.76%	0.09%	-0.41%
Operating Expenses+	127.53M	120.71M	95.42M	92.85M	118.52M	159.54M	338.59M	526.33M	612.65M	551.85M
OpEx % of Revenue	0.36%	0.37%	0.33%	0.29%	0.19%	0.21%	0.24%	0.23%	0.27%	0.41%
Selling, General & Admin	76.71M	66.23M	45.35M	56.13M	75.54M	103.62M	233.06M	355.1M	369.63M	337.38M
SG&A % of Revenue	0.21%	0.21%	0.16%	0.18%	0.12%	0.13%	0.17%	0.15%	0.16%	0.25%
Research & Development	50.82M	50.7M	33.16M	32.59M	40.38M	55.92M	105.53M	168.85M	227.34M	201.31M
R&D % of Revenue	0.14%	0.16%	0.12%	0.1%	0.06%	0.07%	0.08%	0.07%	0.1%	0.15%
Other Operating Expenses	0	3.78M	16.92M	4.13M	2.6M	0	0	2.38M	15.68M	13.15M
Operating Income+	-19.31M	-62.7M	-39.38M	1.6M	102.73M	186.44M	215.83M	448.26M	445.74M	77.29M
Operating Margin %	-0.05%	-0.19%	-0.14%	0.01%	0.16%	0.24%	0.16%	0.19%	0.19%	0.06%
Operating Income Growth %	-3.36%	-2.25%	0.37%	1.04%	63.37%	0.81%	0.16%	1.08%	-0.01%	-0.83%
EBITDA+	-8.77M	-52.06M	-30.37M	11.26M	116.85M	204.54M	246.68M	507.04M	520.45M	158.68M
EBITDA Margin %	-0.02%	-0.16%	-0.11%	0.04%	0.19%	0.26%	0.18%	0.22%	0.23%	0.12%
EBITDA Growth %	-3.29%	-4.94%	0.42%	1.37%	9.37%	0.75%	0.21%	1.06%	0.03%	-0.7%
D&A (Non-Cash Add-back)	10.54M	10.64M	9M	9.67M	14.12M	18.1M	30.85M	58.77M	74.71M	81.39M
EBIT	-20.2M	-63.21M	-37.13M	464K	99.81M	140.41M	166.08M	461.49M	521.98M	129.06M
Net Interest Income+	-501K	-2.77M	-7.94M	-9.63M	-7.18M	-18.84M	-44.46M	4.22M	60.89M	68.4M
Interest Income	0	0	0	0	2.51M	2.16M	695K	13.66M	69.73M	77.31M
Interest Expense	501K	2.77M	7.94M	9.63M	9.69M	21M	45.15M	9.44M	8.84M	8.9M
Other Income/Expense	-1.39M	-3.29M	-5.96M	-11.82M	-12.62M	-67.03M	-94.9M	3.79M	67.4M	42.87M
Pretax Income+	-20.7M	-65.99M	-45.34M	-10.23M	90.11M	119.41M	120.93M	452.05M	513.14M	120.16M
Pretax Margin %	-0.06%	-0.2%	-0.16%	-0.03%	0.14%	0.15%	0.09%	0.19%	0.22%	0.09%
Income Tax+	1.38M	1.48M	-149K	1.4M	-71.03M	-14.59M	-24.52M	54.69M	74.2M	17.5M
Effective Tax Rate %	1.07%	1.02%	1%	1.14%	1.79%	1.12%	1.2%	0.88%	0.86%	0.85%
Net Income+	-22.08M	-67.46M	-45.19M	-11.63M	161.15M	134M	145.45M	397.36M	438.94M	102.66M
Net Margin %	-0.06%	-0.21%	-0.16%	-0.04%	0.26%	0.17%	0.11%	0.17%	0.19%	0.08%
Net Income Growth %	-1.74%	-2.06%	0.33%	0.74%	14.86%	-0.17%	0.09%	1.73%	0.1%	-0.77%
Net Income (Continuing)	-22.08M	-67.46M	-45.19M	-11.63M	161.15M	134M	145.45M	397.36M	438.94M	102.66M
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)+	-0.49	-1.34	-0.54	-0.12	1.23	0.95	1.02	2.77	3.08	0.75
EPS Growth %	-1.58%	-1.73%	0.6%	0.78%	11.25%	-0.23%	0.07%	1.72%	0.11%	-0.76%
EPS (Basic)	-0.49	-1.34	-0.54	-0.12	1.38	1.07	1.09	2.94	3.24	0.76
Diluted Shares Outstanding	44.63M	50.52M	82.94M	99.62M	131.64M	141.92M	142.88M	144.39M	143.29M	140M
Basic Shares Outstanding	44.63M	50.52M	82.94M	96.89M	116.71M	125.56M	134.03M	135.35M	136.38M	135.17M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	121.77M	117.86M	130.45M	222.3M	499.66M	933.06M	1.46B	2.26B	2.44B	2.33B
Cash & Short-Term Investments	28.45M	17.76M	29.14M	106.24M	251.41M	679.38M	1.02B	1.61B	1.7B	1.62B
Cash Only	28.45M	17.76M	29.14M	106.24M	251.41M	679.38M	119.32M	473.24M	288.75M	369.11M
Short-Term Investments	0	0	0	0	0	0	897.34M	1.14B	1.41B	1.25B
Accounts Receivable	46.1M	61.02M	65.35M	78.94M	145.41M	200.04M	333.63M	440.9M	445.96M	223.75M
Days Sales Outstanding	47.1	69.04	83.35	91.13	85.01	94.28	88.11	69.04	71.06	61.39
Inventory	40.8M	31.96M	26M	16.27M	32.06M	41.76M	74.4M	149.71M	213.59M	165M
Days Inventory Outstanding	59.8	44.09	41.24	26.78	29.03	35.58	32.81	40.29	63.26	85.89
Other Current Assets	86K	7.12M	9.96M	20.86M	44.7M	11.88M	0	60.82M	48.69M	315.74M
Total Non-Current Assets+	43.76M	45.71M	38.7M	117.64M	213.57M	267.04M	616.79M	820.01M	939.49M	922.59M
Property, Plant & Equipment	32.12M	31.44M	26.48M	21M	39.05M	60.67M	96.59M	132.75M	188.13M	172.13M
Fixed Asset Turnover	11.12x	10.26x	10.81x	15.06x	15.99x	12.76x	14.31x	17.56x	12.18x	7.73x
Goodwill	3.75M	3.66M	3.66M	24.78M	24.78M	24.78M	181.25M	213.56M	214.56M	211.57M
Intangible Assets	2.22M	945K	515K	35.31M	30.58M	28.81M	97.76M	99.54M	68.54M	42.4M
Long-Term Investments	0	0	0	0	0	51.99M	0	157.77M	0	0
Other Non-Current Assets	5.68M	9.66M	8.04M	36.55M	44.62M	7.89M	118.73M	11.52M	215.9M	180.93M
Total Assets+	165.53M	163.58M	169.15M	339.94M	713.22M	1.2B	2.08B	3.08B	3.38B	3.25B
Asset Turnover	2.16x	1.97x	1.69x	0.93x	0.88x	0.65x	0.66x	0.76x	0.68x	0.41x
Asset Growth %	0.09%	-0.01%	0.03%	1.01%	1.1%	0.68%	0.73%	0.48%	0.1%	-0.04%
Total Current Liabilities+	72.85M	82.77M	91.74M	147.16M	199.31M	534.04M	439.8M	638.22M	532.45M	660.09M
Accounts Payable	25.57M	31.7M	28.75M	48.79M	57.47M	72.61M	113.77M	125.08M	116.16M	90.03M
Days Payables Outstanding	37.48	43.73	45.6	80.33	52.04	61.86	50.17	33.66	34.4	46.86
Short-Term Debt	17M	13.13M	17.43M	28.16M	2.88M	330.51M	86.05M	90.89M	0	101.29M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	7.07M	27.31M	26.27M	32.99M	10.08M	76.63M	19.39M	291.97M	36.07M	34.66M
Current Ratio	1.67x	1.42x	1.42x	1.51x	2.51x	1.75x	3.33x	3.55x	4.59x	3.53x
Quick Ratio	1.11x	1.04x	1.14x	1.40x	2.35x	1.67x	3.16x	3.31x	4.19x	3.28x
Cash Conversion Cycle	69.42	69.41	78.99	37.58	62	68.01	70.75	75.67	99.91	100.41
Total Non-Current Liabilities+	51.23M	79.5M	86.53M	185M	241.7M	182.07M	1.21B	1.62B	1.87B	1.76B
Long-Term Debt	0	20.77M	32.32M	81.63M	102.66M	4.9M	951.59M	1.2B	1.29B	1.2B
Capital Lease Obligations	0	0	0	0	0	15.21M	0	0	0	23.04M
Deferred Tax Liabilities	0	22.82M	22.39M	23.21M	0	0	0	0	0	0
Other Non-Current Liabilities	26.12M	24.84M	24.27M	26.46M	38.84M	36.49M	70.51M	139.41M	204.03M	190.45M
Total Liabilities	124.08M	162.28M	178.27M	332.16M	441.01M	716.11M	1.65B	2.26B	2.4B	2.42B
Total Debt+	17M	33.9M	49.75M	109.78M	108.71M	350.62M	1.04B	1.29B	1.3B	1.33B
Net Debt	-11.45M	16.14M	20.61M	3.55M	-142.7M	-328.76M	922.16M	817.11M	1.01B	962.13M
Debt / Equity	0.41x	26.08x	-	14.12x	0.40x	0.72x	2.42x	1.56x	1.32x	1.60x
Debt / EBITDA	-	-	-	9.75x	0.93x	1.71x	4.22x	2.54x	2.50x	8.39x
Net Debt / EBITDA	-	-	-	0.31x	-1.22x	-1.61x	3.74x	1.61x	1.94x	6.06x
Interest Coverage	-38.54x	-22.61x	-4.96x	0.17x	10.60x	8.88x	4.78x	47.50x	50.43x	8.68x
Total Equity+	41.45M	1.3M	-9.13M	7.78M	272.21M	483.99M	430.17M	825.57M	983.62M	833.02M
Equity Growth %	-0.12%	-0.97%	-8.02%	1.85%	34.01%	0.78%	-0.11%	0.92%	0.19%	-0.15%
Book Value per Share	0.93	0.03	-0.11	0.08	2.07	3.41	3.01	5.72	6.86	5.95
Total Shareholders' Equity	41.45M	1.3M	-9.13M	7.78M	272.21M	483.99M	430.17M	825.57M	983.62M	833.02M
Common Stock	0	1K	1K	1K	1K	1K	1K	1K	1K	1K
Retained Earnings	-183.07M	-250.53M	-295.73M	-346.3M	-185.18M	-51.19M	-405.74M	17.34M	46.27M	-245.21M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-210K	-292K	-656K	742K	-923K	434K	-2.02M	-10.88M	-1.99M	-6.35M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-21.16M	-32.95M	-28.44M	16.13M	139.07M	216.33M	352.03M	744.82M	696.78M	513.69M
Operating CF Margin %	-0.06%	-0.1%	-0.1%	0.05%	0.22%	0.28%	0.25%	0.32%	0.3%	0.39%
Operating CF Growth %	-1.87%	-0.56%	0.14%	1.57%	7.62%	0.56%	0.63%	1.12%	-0.06%	-0.26%
Net Income	-22.08M	-67.46M	-45.19M	-11.63M	161.15M	134M	145.45M	397.36M	438.94M	102.66M
Depreciation & Amortization	10.54M	10.64M	9M	9.67M	14.12M	18.1M	30.85M	52.4M	74.71M	81.39M
Stock-Based Compensation	12.7M	10.33M	6.73M	11.43M	20.18M	42.5M	114.29M	0	212.86M	211.36M
Deferred Taxes	642K	651K	-1.39M	123K	-73.38M	-17.12M	-31.24M	3.63M	-43.35M	-58.32M
Other Non-Cash Items	360K	5.79M	5.22M	5.01M	15.57M	63.5M	77.63M	229.3M	-3.5M	33.6M
Working Capital Changes	-23.32M	7.1M	-2.81M	1.52M	1.43M	-24.65M	15.06M	62.13M	17.13M	143M
Change in Receivables	-2.48M	-18.02M	-4.8M	-13.52M	-68.75M	-34.32M	-151.16M	-107.56M	-12.48M	211.64M
Change in Inventory	-19.21M	8.84M	5.96M	9.73M	-15.79M	-9.71M	-29.26M	-75.27M	-63.89M	48.59M
Change in Payables	-6.01M	9.76M	-8.07M	23.08M	22.2M	35.7M	117.18M	133.42M	-22.15M	-85.54M
Cash from Investing+	-12.46M	-11.79M	-4.12M	-19.15M	-14.79M	-25.57M	-1.22B	-371.91M	-366.36M	128.27M
Capital Expenditures	-12.76M	-12.85M	-4.12M	-4.15M	-14.79M	-20.56M	-52.26M	-46.44M	-110.4M	-33.6M
CapEx % of Revenue	0.04%	0.04%	0.01%	0.01%	0.02%	0.03%	0.04%	0.02%	0.05%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	300K	372K	0	-15M	0	0	-250K	0	0	0
Cash from Financing+	20.56M	34.38M	43.3M	80.61M	65.85M	191.68M	309.41M	-17.13M	-516.77M	-460.27M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	3.71M	17.29M	26.95M	2.8M	-15.71M	-77.44M	-87.09M	-27.5M	-106.78M	-68.9M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-33.92M	-45.8M	-32.56M	11.98M	124.28M	195.78M	299.52M	698.37M	586.38M	480.09M
FCF Margin %	-0.09%	-0.14%	-0.11%	0.04%	0.2%	0.25%	0.22%	0.3%	0.26%	0.36%
FCF Growth %	-4.32%	-0.35%	0.29%	1.37%	9.37%	0.58%	0.53%	1.33%	-0.16%	-0.18%
FCF per Share	-0.76	-0.91	-0.39	0.12	0.94	1.38	2.10	4.84	4.09	3.43
FCF Conversion (FCF/Net Income)	0.96x	0.49x	0.63x	-1.39x	0.86x	1.61x	2.42x	1.87x	1.59x	5.00x
Interest Paid	358K	2.7M	5.82M	6.34M	2.69M	1.88M	733K	0	455K	255K
Taxes Paid	594K	1.15M	909K	775K	1.75M	3.45M	4.82M	0	74.71M	32.66M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-49.96%	-315.62%	-	-149.52%	115.11%	35.44%	31.82%	63.29%	48.52%	11.3%
Return on Invested Capital (ROIC)	-82.95%	-198.28%	-204.26%	10.5%	109.41%	98.21%	21.48%	22.45%	18.39%	3.06%
Gross Margin	30.29%	17.98%	19.58%	29.87%	35.44%	44.68%	40.12%	41.81%	46.2%	47.29%
Net Margin	-6.18%	-20.91%	-15.79%	-3.68%	25.81%	17.3%	10.52%	17.05%	19.16%	7.72%
Debt / Equity	0.41x	26.08x	-	14.12x	0.40x	0.72x	2.42x	1.56x	1.32x	1.60x
Interest Coverage	-38.54x	-22.61x	-4.96x	0.17x	10.60x	8.88x	4.78x	47.50x	50.43x	8.68x
FCF Conversion	0.96x	0.49x	0.63x	-1.39x	0.86x	1.61x	2.42x	1.87x	1.59x	5.00x
Revenue Growth	3.88%	-9.7%	-11.29%	10.48%	97.47%	24.04%	78.46%	68.65%	-1.72%	-41.92%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Reportable	-	-	-	-	-	-	-	-	-	1.33B
Reportable Growth	-	-	-	-	-	-	-	-	-	-
Envoy Communications Gateway	-	-	-	-	5.4M	-	-	-	-	-
Envoy Communications Gateway Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	303.19M	259.08M	199.56M	219.6M	523.58M	637.88M	1.11B	1.76B	1.47B	934.69M
UNITED STATES Growth	-	-14.55%	-22.97%	10.04%	138.42%	21.83%	73.83%	58.90%	-16.62%	-36.38%
International	54.05M	63.51M	86.6M	96.56M	100.76M	136.55M	273.25M	569.01M	470.05M	395.69M
International Growth	-	17.50%	36.36%	11.50%	4.35%	35.52%	100.11%	108.24%	-17.39%	-15.82%
Nethelands	-	-	-	-	-	-	-	-	351.63M	-
Nethelands Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Enphase Energy, Inc. (ENPH) has a price-to-earnings (P/E) ratio of 47.1x. This suggests investors expect higher future growth.

Growth & Financials

Enphase Energy, Inc. (ENPH) reported $1.51B in revenue for fiscal year 2024. This represents a 911% increase from $149.5M in 2011.

Enphase Energy, Inc. (ENPH) saw revenue decline by 41.9% over the past year.

Yes, Enphase Energy, Inc. (ENPH) is profitable, generating $195.6M in net income for fiscal year 2024 (7.7% net margin).

Dividend & Returns

Enphase Energy, Inc. (ENPH) has a return on equity (ROE) of 11.3%. This is reasonable for most industries.

Enphase Energy, Inc. (ENPH) generated $217.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...

Enphase Energy, Inc. (ENPH) 10-Year Financial Performance & Capital Metrics

ENPH • • Industrial / General

EnergySolarSolar System Components & Balance of SystemsInverter & Power Electronics

Revenue $1.33B -41.9%
EBITDA $159M -69.5%
Net Income $103M -76.6%
EPS (Diluted) 0.75 -75.6%
Gross Margin 47.29% +2.4%
EBITDA Margin 11.93% -47.5%
Operating Margin 5.81% -70.1%
Net Margin 7.72% -59.7%
ROE 11.3% -76.7%
ROIC 3.06% -83.4%
Debt/Equity 1.60 +21.0%
Interest Coverage 8.68 -82.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 41.0%
✓FCF machine: 36.1% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 16.3%
✓Share count reduced 2.3% through buybacks
✓Healthy 5Y average net margin of 14.4%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y14.49%

5Y16.34%

3Y-1.26%

TTM20.97%

Profit (Net Income) CAGR

10Y-

5Y-8.62%

3Y-10.97%

TTM218.45%

EPS CAGR

10Y-

5Y-9.42%

3Y-9.74%

TTM227.27%

ROCE

10Y Avg-2.06%

5Y Avg18.39%

3Y Avg13.87%

Latest2.84%

Peer Comparison

Inverter & Power Electronics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ENPHEnphase Energy, Inc.	4.63B	35.36	47.15	-41.92%	12.93%	19.66%	10.38%	1.60
SEDGSolarEdge Technologies, Inc.	2.02B	33.84	-1.07	-69.71%	-57.48%	-122.19%		1.15

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	357.25M	322.59M	286.17M	316.16M	624.33M	774.42M	1.38B	2.33B	2.29B	1.33B
Revenue Growth %	0.04%	-0.1%	-0.11%	0.1%	0.97%	0.24%	0.78%	0.69%	-0.02%	-0.42%
Cost of Goods Sold+	249.03M	264.58M	230.12M	221.71M	403.09M	428.44M	827.63M	1.36B	1.23B	701.25M
COGS % of Revenue	0.7%	0.82%	0.8%	0.7%	0.65%	0.55%	0.6%	0.58%	0.54%	0.53%
Gross Profit+	108.22M	58.01M	56.04M	94.44M	221.25M	345.98M	554.42M	974.6M	1.06B	629.14M
Gross Margin %	0.3%	0.18%	0.2%	0.3%	0.35%	0.45%	0.4%	0.42%	0.46%	0.47%
Gross Profit Growth %	-0.04%	-0.46%	-0.03%	0.69%	1.34%	0.56%	0.6%	0.76%	0.09%	-0.41%
Operating Expenses+	127.53M	120.71M	95.42M	92.85M	118.52M	159.54M	338.59M	526.33M	612.65M	551.85M
OpEx % of Revenue	0.36%	0.37%	0.33%	0.29%	0.19%	0.21%	0.24%	0.23%	0.27%	0.41%
Selling, General & Admin	76.71M	66.23M	45.35M	56.13M	75.54M	103.62M	233.06M	355.1M	369.63M	337.38M
SG&A % of Revenue	0.21%	0.21%	0.16%	0.18%	0.12%	0.13%	0.17%	0.15%	0.16%	0.25%
Research & Development	50.82M	50.7M	33.16M	32.59M	40.38M	55.92M	105.53M	168.85M	227.34M	201.31M
R&D % of Revenue	0.14%	0.16%	0.12%	0.1%	0.06%	0.07%	0.08%	0.07%	0.1%	0.15%
Other Operating Expenses	0	3.78M	16.92M	4.13M	2.6M	0	0	2.38M	15.68M	13.15M
Operating Income+	-19.31M	-62.7M	-39.38M	1.6M	102.73M	186.44M	215.83M	448.26M	445.74M	77.29M
Operating Margin %	-0.05%	-0.19%	-0.14%	0.01%	0.16%	0.24%	0.16%	0.19%	0.19%	0.06%
Operating Income Growth %	-3.36%	-2.25%	0.37%	1.04%	63.37%	0.81%	0.16%	1.08%	-0.01%	-0.83%
EBITDA+	-8.77M	-52.06M	-30.37M	11.26M	116.85M	204.54M	246.68M	507.04M	520.45M	158.68M
EBITDA Margin %	-0.02%	-0.16%	-0.11%	0.04%	0.19%	0.26%	0.18%	0.22%	0.23%	0.12%
EBITDA Growth %	-3.29%	-4.94%	0.42%	1.37%	9.37%	0.75%	0.21%	1.06%	0.03%	-0.7%
D&A (Non-Cash Add-back)	10.54M	10.64M	9M	9.67M	14.12M	18.1M	30.85M	58.77M	74.71M	81.39M
EBIT	-20.2M	-63.21M	-37.13M	464K	99.81M	140.41M	166.08M	461.49M	521.98M	129.06M
Net Interest Income+	-501K	-2.77M	-7.94M	-9.63M	-7.18M	-18.84M	-44.46M	4.22M	60.89M	68.4M
Interest Income	0	0	0	0	2.51M	2.16M	695K	13.66M	69.73M	77.31M
Interest Expense	501K	2.77M	7.94M	9.63M	9.69M	21M	45.15M	9.44M	8.84M	8.9M
Other Income/Expense	-1.39M	-3.29M	-5.96M	-11.82M	-12.62M	-67.03M	-94.9M	3.79M	67.4M	42.87M
Pretax Income+	-20.7M	-65.99M	-45.34M	-10.23M	90.11M	119.41M	120.93M	452.05M	513.14M	120.16M
Pretax Margin %	-0.06%	-0.2%	-0.16%	-0.03%	0.14%	0.15%	0.09%	0.19%	0.22%	0.09%
Income Tax+	1.38M	1.48M	-149K	1.4M	-71.03M	-14.59M	-24.52M	54.69M	74.2M	17.5M
Effective Tax Rate %	1.07%	1.02%	1%	1.14%	1.79%	1.12%	1.2%	0.88%	0.86%	0.85%
Net Income+	-22.08M	-67.46M	-45.19M	-11.63M	161.15M	134M	145.45M	397.36M	438.94M	102.66M
Net Margin %	-0.06%	-0.21%	-0.16%	-0.04%	0.26%	0.17%	0.11%	0.17%	0.19%	0.08%
Net Income Growth %	-1.74%	-2.06%	0.33%	0.74%	14.86%	-0.17%	0.09%	1.73%	0.1%	-0.77%
Net Income (Continuing)	-22.08M	-67.46M	-45.19M	-11.63M	161.15M	134M	145.45M	397.36M	438.94M	102.66M
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)+	-0.49	-1.34	-0.54	-0.12	1.23	0.95	1.02	2.77	3.08	0.75
EPS Growth %	-1.58%	-1.73%	0.6%	0.78%	11.25%	-0.23%	0.07%	1.72%	0.11%	-0.76%
EPS (Basic)	-0.49	-1.34	-0.54	-0.12	1.38	1.07	1.09	2.94	3.24	0.76
Diluted Shares Outstanding	44.63M	50.52M	82.94M	99.62M	131.64M	141.92M	142.88M	144.39M	143.29M	140M
Basic Shares Outstanding	44.63M	50.52M	82.94M	96.89M	116.71M	125.56M	134.03M	135.35M	136.38M	135.17M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	121.77M	117.86M	130.45M	222.3M	499.66M	933.06M	1.46B	2.26B	2.44B	2.33B
Cash & Short-Term Investments	28.45M	17.76M	29.14M	106.24M	251.41M	679.38M	1.02B	1.61B	1.7B	1.62B
Cash Only	28.45M	17.76M	29.14M	106.24M	251.41M	679.38M	119.32M	473.24M	288.75M	369.11M
Short-Term Investments	0	0	0	0	0	0	897.34M	1.14B	1.41B	1.25B
Accounts Receivable	46.1M	61.02M	65.35M	78.94M	145.41M	200.04M	333.63M	440.9M	445.96M	223.75M
Days Sales Outstanding	47.1	69.04	83.35	91.13	85.01	94.28	88.11	69.04	71.06	61.39
Inventory	40.8M	31.96M	26M	16.27M	32.06M	41.76M	74.4M	149.71M	213.59M	165M
Days Inventory Outstanding	59.8	44.09	41.24	26.78	29.03	35.58	32.81	40.29	63.26	85.89
Other Current Assets	86K	7.12M	9.96M	20.86M	44.7M	11.88M	0	60.82M	48.69M	315.74M
Total Non-Current Assets+	43.76M	45.71M	38.7M	117.64M	213.57M	267.04M	616.79M	820.01M	939.49M	922.59M
Property, Plant & Equipment	32.12M	31.44M	26.48M	21M	39.05M	60.67M	96.59M	132.75M	188.13M	172.13M
Fixed Asset Turnover	11.12x	10.26x	10.81x	15.06x	15.99x	12.76x	14.31x	17.56x	12.18x	7.73x
Goodwill	3.75M	3.66M	3.66M	24.78M	24.78M	24.78M	181.25M	213.56M	214.56M	211.57M
Intangible Assets	2.22M	945K	515K	35.31M	30.58M	28.81M	97.76M	99.54M	68.54M	42.4M
Long-Term Investments	0	0	0	0	0	51.99M	0	157.77M	0	0
Other Non-Current Assets	5.68M	9.66M	8.04M	36.55M	44.62M	7.89M	118.73M	11.52M	215.9M	180.93M
Total Assets+	165.53M	163.58M	169.15M	339.94M	713.22M	1.2B	2.08B	3.08B	3.38B	3.25B
Asset Turnover	2.16x	1.97x	1.69x	0.93x	0.88x	0.65x	0.66x	0.76x	0.68x	0.41x
Asset Growth %	0.09%	-0.01%	0.03%	1.01%	1.1%	0.68%	0.73%	0.48%	0.1%	-0.04%
Total Current Liabilities+	72.85M	82.77M	91.74M	147.16M	199.31M	534.04M	439.8M	638.22M	532.45M	660.09M
Accounts Payable	25.57M	31.7M	28.75M	48.79M	57.47M	72.61M	113.77M	125.08M	116.16M	90.03M
Days Payables Outstanding	37.48	43.73	45.6	80.33	52.04	61.86	50.17	33.66	34.4	46.86
Short-Term Debt	17M	13.13M	17.43M	28.16M	2.88M	330.51M	86.05M	90.89M	0	101.29M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	7.07M	27.31M	26.27M	32.99M	10.08M	76.63M	19.39M	291.97M	36.07M	34.66M
Current Ratio	1.67x	1.42x	1.42x	1.51x	2.51x	1.75x	3.33x	3.55x	4.59x	3.53x
Quick Ratio	1.11x	1.04x	1.14x	1.40x	2.35x	1.67x	3.16x	3.31x	4.19x	3.28x
Cash Conversion Cycle	69.42	69.41	78.99	37.58	62	68.01	70.75	75.67	99.91	100.41
Total Non-Current Liabilities+	51.23M	79.5M	86.53M	185M	241.7M	182.07M	1.21B	1.62B	1.87B	1.76B
Long-Term Debt	0	20.77M	32.32M	81.63M	102.66M	4.9M	951.59M	1.2B	1.29B	1.2B
Capital Lease Obligations	0	0	0	0	0	15.21M	0	0	0	23.04M
Deferred Tax Liabilities	0	22.82M	22.39M	23.21M	0	0	0	0	0	0
Other Non-Current Liabilities	26.12M	24.84M	24.27M	26.46M	38.84M	36.49M	70.51M	139.41M	204.03M	190.45M
Total Liabilities	124.08M	162.28M	178.27M	332.16M	441.01M	716.11M	1.65B	2.26B	2.4B	2.42B
Total Debt+	17M	33.9M	49.75M	109.78M	108.71M	350.62M	1.04B	1.29B	1.3B	1.33B
Net Debt	-11.45M	16.14M	20.61M	3.55M	-142.7M	-328.76M	922.16M	817.11M	1.01B	962.13M
Debt / Equity	0.41x	26.08x	-	14.12x	0.40x	0.72x	2.42x	1.56x	1.32x	1.60x
Debt / EBITDA	-	-	-	9.75x	0.93x	1.71x	4.22x	2.54x	2.50x	8.39x
Net Debt / EBITDA	-	-	-	0.31x	-1.22x	-1.61x	3.74x	1.61x	1.94x	6.06x
Interest Coverage	-38.54x	-22.61x	-4.96x	0.17x	10.60x	8.88x	4.78x	47.50x	50.43x	8.68x
Total Equity+	41.45M	1.3M	-9.13M	7.78M	272.21M	483.99M	430.17M	825.57M	983.62M	833.02M
Equity Growth %	-0.12%	-0.97%	-8.02%	1.85%	34.01%	0.78%	-0.11%	0.92%	0.19%	-0.15%
Book Value per Share	0.93	0.03	-0.11	0.08	2.07	3.41	3.01	5.72	6.86	5.95
Total Shareholders' Equity	41.45M	1.3M	-9.13M	7.78M	272.21M	483.99M	430.17M	825.57M	983.62M	833.02M
Common Stock	0	1K	1K	1K	1K	1K	1K	1K	1K	1K
Retained Earnings	-183.07M	-250.53M	-295.73M	-346.3M	-185.18M	-51.19M	-405.74M	17.34M	46.27M	-245.21M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-210K	-292K	-656K	742K	-923K	434K	-2.02M	-10.88M	-1.99M	-6.35M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-21.16M	-32.95M	-28.44M	16.13M	139.07M	216.33M	352.03M	744.82M	696.78M	513.69M
Operating CF Margin %	-0.06%	-0.1%	-0.1%	0.05%	0.22%	0.28%	0.25%	0.32%	0.3%	0.39%
Operating CF Growth %	-1.87%	-0.56%	0.14%	1.57%	7.62%	0.56%	0.63%	1.12%	-0.06%	-0.26%
Net Income	-22.08M	-67.46M	-45.19M	-11.63M	161.15M	134M	145.45M	397.36M	438.94M	102.66M
Depreciation & Amortization	10.54M	10.64M	9M	9.67M	14.12M	18.1M	30.85M	52.4M	74.71M	81.39M
Stock-Based Compensation	12.7M	10.33M	6.73M	11.43M	20.18M	42.5M	114.29M	0	212.86M	211.36M
Deferred Taxes	642K	651K	-1.39M	123K	-73.38M	-17.12M	-31.24M	3.63M	-43.35M	-58.32M
Other Non-Cash Items	360K	5.79M	5.22M	5.01M	15.57M	63.5M	77.63M	229.3M	-3.5M	33.6M
Working Capital Changes	-23.32M	7.1M	-2.81M	1.52M	1.43M	-24.65M	15.06M	62.13M	17.13M	143M
Change in Receivables	-2.48M	-18.02M	-4.8M	-13.52M	-68.75M	-34.32M	-151.16M	-107.56M	-12.48M	211.64M
Change in Inventory	-19.21M	8.84M	5.96M	9.73M	-15.79M	-9.71M	-29.26M	-75.27M	-63.89M	48.59M
Change in Payables	-6.01M	9.76M	-8.07M	23.08M	22.2M	35.7M	117.18M	133.42M	-22.15M	-85.54M
Cash from Investing+	-12.46M	-11.79M	-4.12M	-19.15M	-14.79M	-25.57M	-1.22B	-371.91M	-366.36M	128.27M
Capital Expenditures	-12.76M	-12.85M	-4.12M	-4.15M	-14.79M	-20.56M	-52.26M	-46.44M	-110.4M	-33.6M
CapEx % of Revenue	0.04%	0.04%	0.01%	0.01%	0.02%	0.03%	0.04%	0.02%	0.05%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	300K	372K	0	-15M	0	0	-250K	0	0	0
Cash from Financing+	20.56M	34.38M	43.3M	80.61M	65.85M	191.68M	309.41M	-17.13M	-516.77M	-460.27M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	3.71M	17.29M	26.95M	2.8M	-15.71M	-77.44M	-87.09M	-27.5M	-106.78M	-68.9M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-33.92M	-45.8M	-32.56M	11.98M	124.28M	195.78M	299.52M	698.37M	586.38M	480.09M
FCF Margin %	-0.09%	-0.14%	-0.11%	0.04%	0.2%	0.25%	0.22%	0.3%	0.26%	0.36%
FCF Growth %	-4.32%	-0.35%	0.29%	1.37%	9.37%	0.58%	0.53%	1.33%	-0.16%	-0.18%
FCF per Share	-0.76	-0.91	-0.39	0.12	0.94	1.38	2.10	4.84	4.09	3.43
FCF Conversion (FCF/Net Income)	0.96x	0.49x	0.63x	-1.39x	0.86x	1.61x	2.42x	1.87x	1.59x	5.00x
Interest Paid	358K	2.7M	5.82M	6.34M	2.69M	1.88M	733K	0	455K	255K
Taxes Paid	594K	1.15M	909K	775K	1.75M	3.45M	4.82M	0	74.71M	32.66M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-49.96%	-315.62%	-	-149.52%	115.11%	35.44%	31.82%	63.29%	48.52%	11.3%
Return on Invested Capital (ROIC)	-82.95%	-198.28%	-204.26%	10.5%	109.41%	98.21%	21.48%	22.45%	18.39%	3.06%
Gross Margin	30.29%	17.98%	19.58%	29.87%	35.44%	44.68%	40.12%	41.81%	46.2%	47.29%
Net Margin	-6.18%	-20.91%	-15.79%	-3.68%	25.81%	17.3%	10.52%	17.05%	19.16%	7.72%
Debt / Equity	0.41x	26.08x	-	14.12x	0.40x	0.72x	2.42x	1.56x	1.32x	1.60x
Interest Coverage	-38.54x	-22.61x	-4.96x	0.17x	10.60x	8.88x	4.78x	47.50x	50.43x	8.68x
FCF Conversion	0.96x	0.49x	0.63x	-1.39x	0.86x	1.61x	2.42x	1.87x	1.59x	5.00x
Revenue Growth	3.88%	-9.7%	-11.29%	10.48%	97.47%	24.04%	78.46%	68.65%	-1.72%	-41.92%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Reportable	-	-	-	-	-	-	-	-	-	1.33B
Reportable Growth	-	-	-	-	-	-	-	-	-	-
Envoy Communications Gateway	-	-	-	-	5.4M	-	-	-	-	-
Envoy Communications Gateway Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	303.19M	259.08M	199.56M	219.6M	523.58M	637.88M	1.11B	1.76B	1.47B	934.69M
UNITED STATES Growth	-	-14.55%	-22.97%	10.04%	138.42%	21.83%	73.83%	58.90%	-16.62%	-36.38%
International	54.05M	63.51M	86.6M	96.56M	100.76M	136.55M	273.25M	569.01M	470.05M	395.69M
International Growth	-	17.50%	36.36%	11.50%	4.35%	35.52%	100.11%	108.24%	-17.39%	-15.82%
Nethelands	-	-	-	-	-	-	-	-	351.63M	-
Nethelands Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Enphase Energy, Inc. (ENPH) has a price-to-earnings (P/E) ratio of 47.1x. This suggests investors expect higher future growth.

Growth & Financials

Enphase Energy, Inc. (ENPH) reported $1.51B in revenue for fiscal year 2024. This represents a 911% increase from $149.5M in 2011.

Enphase Energy, Inc. (ENPH) saw revenue decline by 41.9% over the past year.

Yes, Enphase Energy, Inc. (ENPH) is profitable, generating $195.6M in net income for fiscal year 2024 (7.7% net margin).

Dividend & Returns

Enphase Energy, Inc. (ENPH) has a return on equity (ROE) of 11.3%. This is reasonable for most industries.

Enphase Energy, Inc. (ENPH) generated $217.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.