Enphase Energy, Inc. (ENPH) Financial Ratios
17 years of historical data (2009–2025) · Energy · Solar
EV/EBITDA
↓
22.37
↓-64% vs avg
5yr avg: 62.53
30Y Low20.8·High77.1
P/FCF
↓
49.20
+3% vs avg
5yr avg: 47.89
30Y Low20.0·High127.2
P/B Ratio
↓
4.44
↓-84% vs avg
5yr avg: 28.37
30Y Low2.0·High60.8
ROE
↓
17.9%
↑-48% vs avg
5yr avg: 34.6%
30Y Low-316%·High115%
Debt/EBITDA
↑
5.07
+11% vs avg
5yr avg: 4.57
30Y Low0.9·High9.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ENPH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Enphase Energy, Inc. trades at 27.8x earnings, 68% below its 5-year average of 86.9x, sitting at the 29th percentile of its historical range. Compared to the Energy sector median P/E of 16.9x, the stock trades at a premium of 64%. On a free-cash-flow basis, the stock trades at 49.2x P/FCF, roughly in line with the 5-year average of 47.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.7B | $4.3B | $9.6B | $18.9B | $38.3B | $26.1B | $24.9B | $3.4B | $471M | $200M | $51M |
| Enterprise Value | $5.5B | $5.1B | $10.6B | $20.0B | $39.1B | $27.1B | $24.6B | $3.3B | $475M | $220M | $67M |
| P/E Ratio → | 27.75 | 24.84 | 91.57 | 42.90 | 95.65 | 179.35 | 184.71 | 21.24 | — | — | — |
| P/S Ratio | 3.20 | 2.93 | 7.23 | 8.27 | 16.41 | 18.91 | 32.16 | 5.51 | 1.49 | 0.70 | 0.16 |
| P/B Ratio | 4.44 | 3.98 | 11.54 | 19.25 | 46.34 | 60.76 | 51.45 | 12.64 | 60.60 | — | 39.25 |
| P/FCF | 49.20 | 45.08 | 20.03 | 32.29 | 54.78 | 87.27 | 127.20 | 27.68 | 39.33 | — | — |
| P/OCF | 34.56 | 31.66 | 18.72 | 27.17 | 51.37 | 74.25 | 115.11 | 24.74 | 29.21 | — | — |
P/E links to full P/E history page with 30-year chart
ENPH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Enphase Energy, Inc.'s enterprise value stands at 22.4x EBITDA, 64% below its 5-year average of 62.5x. The Energy sector median is 8.1x, placing the stock at a 175% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.46 | 7.95 | 8.71 | 16.77 | 19.59 | 31.73 | 5.28 | 1.50 | 0.77 | 0.21 |
| EV / EBITDA | 22.37 | 20.76 | 66.66 | 38.36 | 77.11 | 109.75 | 120.14 | 28.22 | 42.15 | — | — |
| EV / EBIT | 33.33 | 24.33 | 81.96 | 38.25 | 84.72 | 163.01 | 175.01 | 33.04 | 1023.15 | — | — |
| EV / FCF | — | 53.10 | 22.03 | 34.05 | 55.99 | 90.39 | 125.52 | 26.53 | 39.62 | — | — |
ENPH Profitability
Margins and return-on-capital ratios measuring operating efficiency
Enphase Energy, Inc. earns an operating margin of 11.2%, below the Energy sector average of 14.5%. Operating margins have compressed from 19.5% to 11.2% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 17.9% indicates solid capital efficiency, compared to the sector median of 7.9%. ROIC of 6.8% represents adequate returns on invested capital versus a sector median of 6.4%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.6% | 46.6% | 47.3% | 46.2% | 41.8% | 40.1% | 44.7% | 35.4% | 29.9% | 19.6% | 18.0% |
| Operating Margin | 11.2% | 11.2% | 5.8% | 19.5% | 19.2% | 15.6% | 24.1% | 16.5% | 0.5% | -13.8% | -19.4% |
| Net Profit Margin | 11.7% | 11.7% | 7.7% | 19.2% | 17.0% | 10.5% | 17.3% | 25.8% | -3.7% | -15.8% | -20.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.9% | 17.9% | 11.3% | 48.5% | 63.3% | 31.8% | 35.4% | 115.1% | -149.5% | — | -315.6% |
| ROA | 5.1% | 5.1% | 3.1% | 13.6% | 15.4% | 8.9% | 14.0% | 30.6% | -4.6% | -27.2% | -41.0% |
| ROIC | 6.8% | 6.8% | 3.0% | 18.2% | 22.2% | 21.3% | 98.2% | 109.4% | 10.5% | -204.3% | -198.3% |
| ROCE | 6.8% | 6.8% | 2.8% | 16.8% | 21.9% | 18.7% | 31.6% | 29.1% | 1.2% | -49.8% | -72.3% |
ENPH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Enphase Energy, Inc. carries a Debt/EBITDA ratio of 5.1x, which is highly leveraged (111% above the sector average of 2.4x). Net debt stands at $769M ($1.2B total debt minus $474M cash). Interest coverage of 46.3x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.14 | 1.14 | 1.60 | 1.34 | 1.59 | 2.45 | 0.72 | 0.40 | 14.12 | — | 26.08 |
| Debt / EBITDA | 5.07 | 5.07 | 8.39 | 2.53 | 2.59 | 4.27 | 1.71 | 0.93 | 9.75 | — | — |
| Net Debt / Equity | — | 0.71 | 1.15 | 1.05 | 1.02 | 2.17 | -0.68 | -0.52 | 0.46 | — | 12.41 |
| Net Debt / EBITDA | 3.14 | 3.14 | 6.06 | 1.98 | 1.66 | 3.79 | -1.61 | -1.22 | 0.31 | — | — |
| Debt / FCF | — | 8.02 | 2.00 | 1.75 | 1.21 | 3.12 | -1.68 | -1.15 | 0.30 | — | — |
| Interest Coverage | 46.30 | 46.30 | 14.49 | 59.05 | 48.90 | 3.68 | 6.69 | 10.30 | 0.05 | -4.68 | -22.80 |
ENPH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Enphase Energy, Inc.'s current ratio of 2.07x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 4.59x to 2.07x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.07 | 2.07 | 3.53 | 4.59 | 3.55 | 3.33 | 1.75 | 2.51 | 1.51 | 1.42 | 1.42 |
| Quick Ratio | 1.84 | 1.84 | 3.28 | 4.19 | 3.31 | 3.16 | 1.67 | 2.35 | 1.40 | 1.14 | 1.04 |
| Cash Ratio | 1.20 | 1.20 | 2.46 | 3.18 | 2.53 | 2.31 | 1.27 | 1.26 | 0.72 | 0.32 | 0.21 |
| Asset Turnover | — | 0.42 | 0.41 | 0.68 | 0.76 | 0.66 | 0.65 | 0.88 | 0.93 | 1.69 | 1.97 |
| Inventory Turnover | 2.73 | 2.73 | 4.25 | 5.77 | 9.06 | 11.12 | 10.26 | 12.57 | 13.63 | 8.85 | 8.28 |
| Days Sales Outstanding | — | 56.96 | 61.39 | 71.06 | 69.04 | 88.11 | 94.28 | 85.01 | 91.13 | 83.35 | 69.04 |
ENPH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Enphase Energy, Inc. returns 2.8% to shareholders annually primarily through share buybacks. The earnings yield of 3.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | 4.0% | 1.1% | 2.3% | 1.0% | 0.6% | 0.5% | 4.7% | — | — | — |
| FCF Yield | 2.0% | 2.2% | 5.0% | 3.1% | 1.8% | 1.1% | 0.8% | 3.6% | 2.5% | — | — |
| Buyback Yield | 2.8% | 3.0% | 4.1% | 2.2% | 0.0% | 1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.8% | 3.0% | 4.1% | 2.2% | 0.0% | 1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $135M | $140M | $143M | $144M | $143M | $142M | $132M | $100M | $83M | $51M |
Peer Comparison
Compare ENPH with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ENPHYou | $5B | 27.8 | 22.4 | 49.2 | 46.6% | 11.2% | 17.9% | 6.8% | 5.1 |
 SEDG | $2B | -5.9 | — | 30.6 | 15.3% | -24.1% | -74.7% | -29.5% | — |
 FSLR | $23B | 15.3 | 9.5 | 19.7 | 40.6% | 32.3% | 17.4% | 17.6% | 0.2 |
 ARRY | $1B | -11.1 | 13.4 | 15.6 | 21.2% | 6.6% | -19.0% | 9.0% | 5.8 |
 SHLS | $1B | 41.6 | 24.1 | — | 35.0% | 11.9% | 5.8% | 5.9% | 2.7 |
 GTLS | $10B | 629.6 | 14.3 | 49.0 | 29.2% | 15.2% | 1.3% | 7.4% | 4.0 |
 SPWR | $875M | -15.4 | — | — | 48.5% | -2.0% | — | -5.3% | — |
 RUN | $3B | 7.5 | 24.0 | — | 26.8% | -4.3% | 9.8% | -0.5% | 21.4 |
 STEM | $91M | -1.2 | — | 13.3 | 35.3% | -38.7% | — | -57.1% | — |
 GNRC | $16B | 99.4 | 34.5 | 58.5 | 38.3% | 6.9% | 6.2% | 5.9% | 2.8 |
 CSIQ | $1B | -10.9 | — | — | 18.3% | -0.5% | -2.5% | -0.2% | — |
| Energy Median | — | 16.9 | 8.1 | 14.1 | 32.7% | 14.5% | 7.9% | 6.4% | 2.4 |
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Download Financial Ratios Data
Includes 30+ ratios · 17 years · Updated daily
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Start ComparisonENPH — Frequently Asked Questions
Quick answers to the most common questions about buying ENPH stock.
What is Enphase Energy, Inc.'s P/E ratio?
Enphase Energy, Inc.'s current P/E ratio is 27.8x. The historical average is 91.5x. This places it at the 29th percentile of its historical range.
What is Enphase Energy, Inc.'s EV/EBITDA?
Enphase Energy, Inc.'s current EV/EBITDA is 22.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 45.5x.
What is Enphase Energy, Inc.'s ROE?
Enphase Energy, Inc.'s return on equity (ROE) is 17.9%. The historical average is -40.4%.
Is ENPH stock overvalued?
Based on historical data, Enphase Energy, Inc. is trading at a P/E of 27.8x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Enphase Energy, Inc.'s profit margins?
Enphase Energy, Inc. has 46.6% gross margin and 11.2% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Enphase Energy, Inc. have?
Enphase Energy, Inc.'s Debt/EBITDA ratio is 5.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.