Last 48 quarters of trend data · Energy · Solar
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 42.40 | 48.51 | 45.59 | — | 27.63 | 17.70 | 35.40 | 70.51 | 37.33 | 85.62 | 313.16 | — | 220.23 | 37.55 | 38.41 | 51.54 | 62.49 | 87.81 | 90.39 | 140.13 | 123.61 |
| — | +174.2% | +28.8% | — | -26.0% | -79.3% | -88.7% | — | -83.1% | +128.0% | +715.2% | — | +252.4% | -57.2% | -57.5% | -63.2% | -49.4% | -64.9% | -44.9% | -24.0% | +40.9% | |
| P/S Ratio | 3.11 | 3.80 | 5.60 | 4.39 | 3.11 | 2.87 | 3.69 | 5.93 | 6.20 | 10.38 | 11.18 | 15.61 | 15.20 | 7.84 | 8.54 | 10.57 | 13.37 | 15.95 | 13.23 | 16.53 | 15.68 |
| — | +32.6% | +51.7% | -26.0% | -49.7% | -72.4% | -67.0% | -62.0% | -59.2% | +32.4% | +30.9% | +47.6% | +13.6% | -50.8% | -35.4% | -36.1% | -14.7% | +5.9% | -35.6% | -16.0% | -35.2% | |
| P/B Ratio | 3.53 | 3.59 | 5.53 | 4.50 | 3.93 | 4.73 | 6.09 | 10.43 | 11.39 | 16.98 | 15.34 | 17.82 | 18.70 | 17.03 | 24.99 | 31.64 | 46.96 | 66.39 | 62.22 | 88.16 | 60.17 |
| — | -24.1% | -9.1% | -56.8% | -65.4% | -72.1% | -60.3% | -41.5% | -39.1% | -0.3% | -38.6% | -43.7% | -60.2% | -74.3% | -59.8% | -64.1% | -22.0% | +103.1% | +39.9% | +172.1% | +13.7% | |
| P/FCF | 27.79 | — | 63.04 | 14.96 | 28.26 | 199.91 | 72.96 | 62.50 | 14.89 | 24.46 | 28.90 | 98.26 | 299.10 | 35.42 | 26.97 | 34.30 | 40.84 | 56.54 | 36.55 | 81.00 | 77.06 |
| — | — | -13.6% | -76.1% | +89.7% | +717.2% | +152.5% | -36.4% | -95.0% | -30.9% | +7.1% | +186.5% | +632.3% | -37.4% | -26.2% | -57.7% | -47.0% | +7.5% | -72.3% | -10.1% | -9.4% | |
| EV / EBITDA | 34.41 | 43.78 | 23.09 | — | 29.70 | 16.03 | 27.26 | 45.03 | 34.30 | 60.41 | 164.27 | — | 457.23 | 33.31 | 33.67 | 43.05 | 57.21 | 69.07 | 66.81 | 99.55 | 97.59 |
| — | +173.1% | -15.3% | — | -13.4% | -73.5% | -83.4% | — | -92.5% | +81.4% | +387.8% | — | +699.2% | -51.8% | -49.6% | -56.8% | -41.4% | -40.9% | -30.4% | +14.5% | +30.4% | |
| EV / EBIT | 27.52 | — | 48.17 | — | 31.72 | 17.79 | 36.18 | 47.69 | 35.98 | 79.70 | 1232.50 | — | 334.68 | 32.81 | 33.91 | 43.79 | 58.06 | 75.95 | 76.48 | 125.68 | 105.98 |
| — | — | +33.1% | — | -11.8% | -77.7% | -97.1% | — | -89.3% | +142.9% | +3534.1% | — | +476.5% | -56.8% | -55.7% | -65.2% | -45.2% | -45.4% | -30.0% | -87.8% | +29.5% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.6% | 43.3% | 60.0% | 35.5% | 44.3% | 47.8% | 46.9% | 47.2% | 51.8% | 46.8% | 45.2% | 43.9% | 48.5% | 47.5% | 45.5% | 45.0% | 42.9% | 42.2% | 41.3% | 40.1% | 39.6% |
| — | -9.4% | +27.7% | -24.9% | -14.5% | +2.2% | +3.9% | +7.7% | +6.9% | -1.6% | -0.6% | -2.4% | +13.1% | +12.6% | +10.1% | +12.1% | +8.4% | +5.7% | +2.2% | -1.6% | -14.1% | |
| Operating Margin | 11.2% | 2.2% | 17.7% | -10.5% | 6.3% | 16.1% | 10.2% | 9.0% | 14.3% | 13.1% | 0.6% | -11.1% | -3.4% | 21.4% | 24.0% | 23.1% | 21.7% | 21.3% | 17.7% | 14.0% | 14.0% |
| — | -86.3% | +73.2% | -216.9% | -55.7% | +23.3% | +1619.0% | +181.1% | +523.5% | -38.9% | -97.5% | -147.8% | -115.6% | +0.3% | +35.0% | +64.8% | +54.9% | +100.8% | -5.6% | -31.1% | -53.2% | |
| Net Margin | 11.7% | 8.0% | 12.4% | -2.6% | 11.3% | 16.2% | 10.2% | 8.3% | 16.2% | 12.0% | 3.6% | -6.1% | 6.9% | 20.7% | 22.1% | 20.2% | 21.2% | 18.1% | 14.5% | 11.7% | 12.7% |
| — | -50.9% | +21.2% | -131.4% | -30.6% | +35.1% | +185.8% | +236.6% | +134.9% | -41.9% | -83.9% | -130.2% | -67.4% | +14.3% | +52.3% | +72.3% | +66.5% | +191.6% | +16.6% | +11.8% | -53.8% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.9% | 1.9% | 3.2% | -0.7% | 3.7% | 7.1% | 4.4% | 3.6% | 7.0% | 5.0% | 1.2% | -1.7% | 2.1% | 11.5% | 16.2% | 16.4% | 21.4% | 21.6% | 19.7% | 13.6% | 9.8% |
| — | -72.8% | -27.9% | -118.7% | -47.2% | +41.0% | +265.5% | +314.2% | +236.5% | -56.1% | -92.6% | -110.3% | -90.2% | -47.0% | -17.8% | +20.1% | +119.5% | +511.4% | +229.5% | +161.4% | -39.8% | |
| ROA | 5.1% | 0.8% | 1.3% | -0.2% | 1.1% | 2.1% | 1.2% | 0.9% | 1.9% | 1.4% | 0.3% | -0.5% | 0.6% | 3.2% | 4.6% | 4.5% | 5.3% | 4.5% | 3.3% | 2.4% | 2.4% |
| — | -60.6% | +8.4% | -125.4% | -40.6% | +44.1% | +248.2% | +292.3% | +216.4% | -56.2% | -92.6% | -110.7% | -88.7% | -27.4% | +40.2% | +90.4% | +117.9% | +344.0% | +78.7% | +27.8% | -61.7% | |
| ROIC | 6.8% | 0.4% | 3.1% | -1.5% | 0.9% | 2.8% | 1.6% | 1.4% | 2.2% | 1.9% | 0.1% | -1.1% | -0.4% | 4.4% | 6.4% | 6.9% | 7.3% | 7.1% | 5.3% | 3.4% | 4.0% |
| — | -87.1% | +92.9% | -203.6% | -59.6% | +47.4% | +2259.1% | +228.7% | +683.0% | -56.8% | -98.9% | -115.9% | -105.2% | -38.9% | +19.4% | +103.7% | +82.0% | +41.4% | -66.0% | -84.5% | -90.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.14 | 0.46 | 0.52 | 0.56 | 1.12 | 1.24 | 1.40 | 1.52 | 1.60 | 1.43 | 1.49 | 1.43 | 1.32 | 1.30 | 1.36 | 1.36 | 1.56 | 2.15 | 2.90 | 3.94 | 2.42 |
| — | -62.8% | -63.0% | -63.5% | -30.2% | -13.3% | -6.1% | +6.5% | +21.0% | +10.2% | +10.0% | +5.3% | -15.5% | -39.5% | -53.1% | -65.6% | -35.4% | +33.3% | +64.1% | +183.1% | +234.2% | |
| Debt / EBITDA | 6.71 | 21.57 | 8.55 | — | 28.72 | 14.28 | 21.63 | 23.82 | 17.64 | 19.06 | 59.30 | — | 122.43 | 9.58 | 7.02 | 7.15 | 7.46 | 8.72 | 12.09 | 17.19 | 15.17 |
| — | +51.0% | -60.5% | — | +62.8% | -25.1% | -63.5% | — | -85.6% | +99.0% | +744.8% | — | +1541.1% | +9.8% | -41.9% | -58.4% | -50.8% | -61.9% | -21.5% | +12.7% | +265.4% | |
| Current Ratio | 2.07 | 4.09 | 3.45 | 3.80 | 2.07 | 2.04 | 1.97 | 1.90 | 3.53 | 4.16 | 4.23 | 4.16 | 4.59 | 3.36 | 3.44 | 3.45 | 3.55 | 3.60 | 3.62 | 3.44 | 3.33 |
| — | +100.4% | +75.3% | +100.4% | -41.4% | -50.9% | -53.5% | -54.4% | -23.2% | +24.0% | +22.9% | +20.6% | +29.4% | -6.9% | -4.8% | +0.3% | +6.7% | -19.8% | -22.6% | -33.9% | +90.3% | |
| Quick Ratio | 1.84 | 3.56 | 2.95 | 3.20 | 1.84 | 1.88 | 1.82 | 1.77 | 3.28 | 3.88 | 3.90 | 3.78 | 4.19 | 3.13 | 3.22 | 3.24 | 3.31 | 3.34 | 3.35 | 3.22 | 3.16 |
| — | +89.4% | +61.9% | +80.4% | -43.9% | -51.5% | -53.3% | -53.1% | -21.8% | +23.9% | +21.1% | +16.7% | +26.4% | -6.2% | -3.7% | +0.5% | +5.0% | -22.9% | -26.7% | -36.8% | +89.1% | |
| Interest Coverage | 46.30 | -9.92 | 21.58 | -19.74 | 47.68 | 93.79 | 52.79 | 23.91 | 31.95 | 23.68 | 1.34 | -4.24 | 6.39 | 63.54 | 84.19 | 84.01 | 74.79 | 60.54 | 43.53 | 21.98 | 4.98 |
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Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying ENPH stock.
Enphase Energy, Inc.'s current P/E is 42.4x. The average P/E over the last 3 quarters is 40.6x. 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.