Last 48 quarters of trend data · Energy · Solar
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 27.50 | — | 27.63 | 17.70 | 35.40 | 70.51 | 37.33 | 85.62 | 313.16 | — | 220.23 | 37.55 | 38.41 |
| — | — | -26.0% | -79.3% | -88.7% | — | -83.1% | +128.0% | +715.2% | — | +252.4% | -57.2% | -57.5% | |
| P/S Ratio | 3.17 | 4.39 | 3.11 | 2.87 | 3.69 | 5.93 | 6.20 | 10.38 | 11.18 | 15.61 | 15.20 | 7.84 | 8.54 |
| — | -26.0% | -49.7% | -72.4% | -67.0% | -62.0% | -59.2% | +32.4% | +30.9% | +47.6% | +13.6% | -50.8% | -35.4% | |
| P/B Ratio | 4.40 | 4.50 | 3.93 | 4.73 | 6.09 | 10.43 | 11.39 | 16.98 | 15.34 | 17.82 | 18.70 | 17.03 | 24.99 |
| — | -56.8% | -65.4% | -72.1% | -60.3% | -41.5% | -39.1% | -0.3% | -38.6% | -43.7% | -60.2% | -74.3% | -59.8% | |
| P/FCF | 48.75 | 14.96 | 28.26 | 199.91 | 72.96 | 62.50 | 14.89 | 24.46 | 28.90 | 98.26 | 299.10 | 35.42 | 26.97 |
| — | -76.1% | +89.7% | +717.2% | +152.5% | -36.4% | -95.0% | -30.9% | +7.1% | +186.5% | +632.3% | -37.4% | -26.2% | |
| EV / EBITDA | 22.19 | — | 29.65 | 16.41 | 27.26 | 45.03 | 34.30 | 60.41 | 164.27 | — | 457.23 | 33.31 | 33.67 |
| — | — | -13.6% | -72.8% | -83.4% | — | -92.5% | +81.4% | +387.8% | — | +699.2% | -51.8% | -49.6% | |
| EV / EBIT | 33.06 | — | 31.67 | 17.79 | 36.18 | 47.69 | 35.98 | 79.70 | 1232.50 | — | 334.68 | 32.81 | 33.91 |
| — | — | -12.0% | -77.7% | -97.1% | — | -89.3% | +142.9% | +3534.1% | — | +476.5% | -56.8% | -55.6% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Enphase Energy, Inc.'s operating margin was -10.5% in Q1 2026, down 16.8 pp QoQ and down 19.4 pp YoY. This marks the 3rd consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. The trailing four-quarter average of 5.5% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin contracted 24.9% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.6% | 35.5% | 44.3% | 47.8% | 46.9% | 47.2% | 51.8% | 46.8% | 45.2% | 43.9% | 48.5% | 47.5% | 45.5% |
| — | -24.9% | -14.5% | +2.2% | +3.9% | +7.7% | +6.9% | -1.6% | -0.6% | -2.4% | +13.1% | +12.6% | +10.1% | |
| Operating Margin | 11.2% | -10.5% | 6.3% | 16.1% | 10.2% | 9.0% | 14.3% | 13.1% | 0.6% | -11.1% | -3.4% | 21.4% | 24.0% |
| — | -216.9% | -55.7% | +23.3% | +1619.0% | +181.1% | +523.5% | -38.9% | -97.5% | -147.8% | -115.6% | +0.3% | +35.0% | |
| Net Margin | 11.7% | -2.6% | 11.3% | 16.2% | 10.2% | 8.3% | 16.2% | 12.0% | 3.6% | -6.1% | 6.9% | 20.7% | 22.1% |
| — | -131.4% | -30.6% | +35.1% | +185.8% | +236.6% | +134.9% | -41.9% | -83.9% | -130.2% | -67.4% | +14.3% | +52.3% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.9% | -0.7% | 3.7% | 7.1% | 4.4% | 3.6% | 7.0% | 5.0% | 1.2% | -1.7% | 2.1% | 11.5% | 16.2% |
| — | -118.7% | -47.2% | +41.0% | +265.5% | +314.2% | +236.5% | -56.1% | -92.6% | -110.3% | -90.2% | -47.0% | -17.8% | |
| ROA | 5.1% | -0.2% | 1.1% | 2.1% | 1.2% | 0.9% | 1.9% | 1.4% | 0.3% | -0.5% | 0.6% | 3.2% | 4.6% |
| — | -125.4% | -40.6% | +44.1% | +248.2% | +292.3% | +216.4% | -56.2% | -92.6% | -110.7% | -88.7% | -27.4% | +40.2% | |
| ROIC | 6.8% | -1.5% | 0.9% | 2.8% | 1.6% | 1.4% | 2.2% | 1.9% | 0.1% | -1.1% | -0.4% | 4.4% | 6.4% |
| — | -205.0% | -59.5% | +47.4% | +2259.1% | +228.7% | +683.0% | -56.8% | -98.9% | -115.8% | -105.2% | -39.6% | +19.2% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
The current ratio has improved 100.4% YoY to 3.80x, strengthening the short-term liquidity position. Debt/Equity has declined for 6 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.14 | 0.53 | 1.11 | 1.24 | 1.40 | 1.52 | 1.60 | 1.43 | 1.49 | 1.43 | 1.32 | 1.30 | 1.36 |
| — | -65.4% | -30.7% | -13.3% | -6.1% | +6.5% | +21.0% | +10.2% | +10.0% | +6.9% | -15.5% | -38.8% | -52.5% | |
| Debt / EBITDA | 5.07 | — | 28.52 | 14.62 | 21.63 | 23.82 | 17.64 | 19.06 | 59.30 | — | 122.43 | 9.58 | 7.02 |
| — | — | +61.7% | -23.3% | -63.5% | — | -85.6% | +99.0% | +744.8% | — | +1541.1% | +11.3% | -41.2% | |
| Current Ratio | 2.07 | 3.80 | 2.07 | 2.04 | 1.97 | 1.90 | 3.53 | 4.16 | 4.23 | 4.16 | 4.59 | 3.36 | 3.44 |
| — | +100.4% | -41.4% | -50.9% | -53.5% | -54.4% | -23.2% | +24.0% | +22.9% | +20.6% | +29.4% | -6.9% | -4.8% | |
| Quick Ratio | 1.84 | 3.20 | 1.84 | 1.88 | 1.82 | 1.77 | 3.28 | 3.88 | 3.90 | 3.78 | 4.19 | 3.13 | 3.22 |
| — | +80.4% | -43.9% | -51.5% | -53.3% | -53.1% | -21.8% | +23.9% | +21.1% | +16.7% | +26.4% | -6.2% | -3.7% | |
| Interest Coverage | 46.30 | -19.74 | 47.68 | 93.79 | 52.79 | 23.91 | 31.95 | 23.68 | 1.34 | -4.24 | 6.39 | 63.54 | 84.19 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Enphase Energy, Inc.'s current P/E is 27.5x. The average P/E over the last 3 quarters is 26.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Enphase Energy, Inc.'s current operating margin is 11.2%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Enphase Energy, Inc.'s business trajectory between earnings reports.