Enphase Energy (ENPH) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Enphase Energy

NasdaqGM•Technology•Solar

$30.20+2.27(0.08%)Market open

Market Cap

$4.02B

P/E

44.3x

P/S

3.3x

P/B

3.2x

Enphase 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 that converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control. It also provides microinverter units and related accessories; IQ Battery and related accessories; IQ PowerPack 1500 and related accessories; IQ Combiner, IQ Gateway, and IQ Energy Router; cloud-based monitoring service; and electric vehicle charging solutions, as well as design, proposal, permitting, installation and solar appointment generation services, and Enphase Care services. 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.

How this company scores

AverageMetricSide Score: 44/100

Strongest: Balance Sheet & Red Flags (23/25); weakest: Growth (4/25).

Profitability6/25

Growth4/25

Balance Sheet & Red Flags23/25

Cash & Earnings Quality11/25

Strengths

Low leverageInterest easily coveredImproving leverageNo share dilution

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 44.3x5y range 22.4x – 1036.4x

Currently near its 19-quarter median.

P/S · 3.3x5y range 2.9x – 32.9x

Currently below its 20-quarter median.

P/B · 3.2x5y range 3.2x – 35.5x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 67.9% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $4.02B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.21B
Q. Revenue: $293.33M
TTM EBITDA: $132.32M
TTM Op. Income: $50.78M
Q. Op. Income: $6.47M
TTM Net Income: $90.77M
Q. Net Income: $23.39M
EPS: $0.18
Shares Out.: $132.22M

$1.21B in TTM revenue declined 19.9% YoY, reaching $293.33M last quarter. TTM EBITDA of $132.32M and TTM operating income of $50.78M show growth is flowing through to the bottom line. TTM net income of $90.77M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has fallen for 4 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 43.3%
EBITDA Margin: 9.1%
Op. Margin: 2.2%
Net Margin: 8.0%

Op. margin of 2.2% is down 13.9% YoY — costs are rising relative to revenue. Net margin at 8.0% and gross margin of 43.3% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 86% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 44.3x
P/S Ratio: 3.3x
P/B Ratio: 3.2x

At 44.3x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 3.3x and P/B of 3.2x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Over the past year, P/E is up 84% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.88B
Cash: $380.40M
Long-Term Debt: $573.16M
Book Value: $1.24B
D/E Ratio: 0.5
Debt/EBITDA: 21.6

With $2.88B in assets and $573.16M in long-term debt, D/E is 0.5and book value is $1.24B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 7 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $90,000
TTM Free Cash Flow: $135.37M
FCF Margin: 11.2%
FCF / Net Income: 1.5

TTM FCF of $135.37M on $90,000 in operating cash flow. The FCF / Net Income ratio of 1.5x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 38% — a weakening trend.