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

$35.56-1.16(-0.03%)Pre-market

Market Cap

$4.75B

P/E

35.5x

P/S

3.6x

P/B

4.0x

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: 56/100

Strongest: Balance Sheet & Red Flags (24/25); weakest: Growth (5/25).

Profitability13/25

Growth5/25

Balance Sheet & Red Flags24/25

Cash & Earnings Quality14/25

Strengths

Low leverageInterest easily coveredConsistent free cash flowImproving leverage

Valuation vs. 5-year range

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

P/E · 35.5x5y range 24.1x – 2188.0x

Currently below its 19-quarter median.

P/S · 3.6x5y range 2.9x – 74.1x

Currently below its 20-quarter median.

P/B · 4.0x5y range 3.9x – 79.8x

Watch items

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

High Risk

Margin Pressure

Red Flag

Operating margins dropped 35.9% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $4.75B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $1.33B
Q. Revenue: $291.85M
TTM EBITDA: $192.13M
TTM Op. Income: $110.47M
Q. Op. Income: $51.52M
TTM Net Income: $134.02M
Q. Net Income: $36.08M
EPS: $0.27
Shares Out.: $131.96M

$1.33B in TTM revenue declined 10.4% YoY, reaching $291.85M last quarter. TTM EBITDA of $192.13M and TTM operating income of $110.47M show growth is flowing through to the bottom line. TTM net income of $134.02M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has fallen for 3 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 60.0%
EBITDA Margin: 24.6%
Op. Margin: 17.7%
Net Margin: 12.4%

Op. margin of 17.7% is up 7.5% YoY — cost efficiency is improving. Net margin at 12.4% and gross margin of 60.0% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 73% — an improving trend.

Price Ratios

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

P/E Ratio: 35.5x
P/S Ratio: 3.6x
P/B Ratio: 4.0x

At 35.5x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 3.6x and P/B of 4.0x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Across the last 8 quarters, P/E has risen for 3 consecutive quarters — a weakening trend.

Assets & Liabilities

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

Total Assets: $2.92B
Cash: $529.34M
Long-Term Debt: $572.84M
Book Value: $1.18B
D/E Ratio: 0.5
Debt/EBITDA: 8.0

With $2.92B in assets and $572.84M in long-term debt, D/E is 0.5and book value is $1.18B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 6 consecutive quarters — an improving trend.

Cash Flow

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

Op. Cash Flow: $40.32M
TTM Free Cash Flow: $152.63M
FCF Margin: 11.5%
FCF / Net Income: 1.1

TTM FCF of $152.63M on $40.32M in operating cash flow. The FCF / Net Income ratio of 1.1x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.