Enphase Energy, Inc. (ENPH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$0.45	$0.47	+4.4%	—	$282.9M	—
Q4 25	$0.58	$0.71	+22.4%	—	$343.3M	—
Q3 25	$0.66	$0.9	+36.4%	—	$410.4M	—
Q2 25	$0.62	$0.69	+11.3%	—	$363.2M	—
Q1 25	$0.72	$0.68	-5.6%	—	$356.1M	—
Q4 24	$0.75	$0.94	+25.3%	—	$382.7M	—
Q3 24	$0.78	$0.65	-16.7%	—	$380.9M	—
Q2 24	$0.48	$0.43	-10.4%	—	$303.5M	—
Q1 24	$0.39	$0.35	-10.3%	—	$263.3M	—
Q4 23	$0.55	$0.54	-1.8%	—	$302.6M	—
Q3 23	$1.01	$1.02	+1.0%	—	$551.1M	—
Q2 23	$1.25	$1.47	+17.6%	—	$711.1M	—
Q1 23	$1.21	$1.37	+13.2%	—	$726M	—
Q4 22	$1.25	$1.51	+20.8%	—	$724.7M	—
Q3 22	$1.08	$1.25	+15.7%	—	$634.7M	—
Q2 22	$0.84	$1.07	+27.4%	—	$530.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.31	—	—	$1.5B	—
FY24	—	$0.76	—	—	$1.3B	—
FY23	—	$3.22	—	—	$2.3B	—
FY22	—	$2.94	—	—	$2.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$322.6M	$286.2M	$316.2M	$624.3M	$774.4M	$1.4B	$2.3B	$2.3B	$1.3B	$1.5B
YoY change	-9.7%	-11.3%	+10.5%	+97.5%	+24%	+78.5%	+68.7%	-1.72%	-41.9%	+10.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	322.6M	286.2M	316.2M	624.3M	774.4M	1.4B	2.3B	2.3B	1.3B	1.5B
Cost of revenue	264.6M	230.1M	221.7M	403.1M	428.4M	827.6M	1.4B	1.2B	701.2M	786M
Gross profit	58M	56M	94.4M	221.2M	346M	554.4M	974.6M	1.1B	629.1M	687M
Gross margin	18%	19.6%	29.9%	35.4%	44.7%	40.1%	41.8%	46.2%	47.3%	46.6%
Research & development	50.7M	33.2M	32.6M	40.4M	55.9M	105.5M	168.8M	227.3M	201.3M	189.1M
Selling, general & administrative	66.2M	45.3M	56.1M	75.5M	103.6M	233.1M	355.1M	369.6M	337.4M	333.3M
Operating expenses	116.9M	78.5M	88.7M	115.9M	159.5M	338.6M	524M	597M	538.7M	522.3M
Operating income	-58.9M	-22.5M	5.7M	105.3M	186.4M	215.8M	450.6M	461.4M	90.4M	164.7M
Operating margin	-18.3%	-7.85%	1.81%	16.9%	24.1%	15.6%	19.3%	20.1%	6.8%	11.2%
Non-operating income, net	-4.3M	-14.9M	-6.3M	-8M	-48.2M	-50.4M	-2.8M	-9.2M	-38.7M	-18M
Pretax income	-66M	-45.3M	-10.2M	90.1M	119.4M	120.9M	452M	513.1M	120.2M	204.8M
Income tax	1.5M	-149K	1.4M	-71M	-14.6M	-24.5M	54.7M	74.2M	17.5M	32.7M
Net income	-67.5M	-45.2M	-11.6M	161.1M	134M	145.4M	397.4M	438.9M	102.7M	172.1M
Net margin	-20.9%	-15.8%	-3.68%	25.8%	17.3%	10.5%	17%	19.2%	7.72%	11.7%
EBITDA	-48.8M	-13.2M	16.4M	116.5M	205.9M	253.4M	522.6M	612.4M	223.6M	297.1M
EPS	-1.34	-0.54	-0.12	1.38	1.07	1.09	2.94	3.22	0.76	1.31
Diluted EPS	-1.34	-0.54	-0.12	1.23	0.95	1.02	2.77	3.08	0.75	1.29

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	551.1M	302.6M	263.3M	303.5M	380.9M	382.7M	356.1M	363.2M	410.4M	343.3M	282.9M	291.9M
Cost of revenue	289.1M	155.9M	147.8M	166.3M	202.7M	184.4M	187.8M	192.7M	214.2M	191.3M	182.5M	116.8M
Gross profit	262M	146.7M	115.5M	137.2M	178.2M	198.3M	168.2M	170.5M	196.2M	152M	100.4M	175M
Gross margin	47.5%	48.5%	43.9%	45.2%	46.8%	51.8%	47.2%	46.9%	47.8%	44.3%	35.5%	60%
Research & development	54.9M	55.3M	54.2M	48.9M	47.8M	50.4M	50.2M	45.4M	47.3M	46.2M	44.9M	45.7M
Selling, general & administrative	89.2M	86.8M	88.5M	85.3M	79.9M	83.7M	83M	84.7M	81.5M	84M	81.3M	76.9M
Operating expenses	144M	142.1M	142.7M	134.2M	127.7M	134.1M	133.2M	130.2M	128.8M	130.2M	126.2M	122.5M
Operating income	118M	4.6M	-27.2M	3M	50.5M	64.2M	35.1M	40.3M	67.4M	21.8M	-25.8M	52.5M
Operating margin	21.4%	1.51%	-10.3%	0.98%	13.2%	16.8%	9.85%	11.1%	16.4%	6.35%	-9.13%	18%
Non-operating income, net	1.9M	-10.6M	-1.8M	-8.7M	-17.5M	-10.7M	-3.2M	-12.2M	-5M	2.4M	-36K	-2.4M
Pretax income	137.3M	12.2M	-11.5M	11.2M	50.7M	69.7M	46.9M	42.2M	77M	38.7M	-13.9M	61.9M
Income tax	23.4M	-8.7M	4.6M	383K	5M	7.5M	17.2M	5.2M	10.4M	-16K	-6.5M	25.8M
Net income	114M	20.9M	-16.1M	10.8M	45.8M	62.2M	29.7M	37.1M	66.6M	38.7M	-7.4M	36.1M
Net margin	20.7%	6.91%	-6.11%	3.57%	12%	16.2%	8.35%	10.2%	16.2%	11.3%	-2.62%	12.4%
EBITDA	159M	50.1M	12.7M	35.1M	73.8M	102M	72M	66.4M	99.4M	59.3M	11.4M	83.4M
EPS	0.84	0.15	-0.12	0.08	0.34	0.46	0.23	0.28	0.51	0.3	-0.06	0.27
Diluted EPS	0.8	0.15	-0.12	0.08	0.33	0.45	0.22	0.28	0.5	0.29	-0.06	0.27

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	22B	24.5B	35.9B	18B	9.3B	4.2B	4.1B
Enterprise value	—	—	—	—	21.7B	24.5B	35.5B	17.6B	9B	3.9B	4B
Shares outstanding	50.5M	82.9M	99.6M	116.7M	125.6M	134M	135.3M	136.4M	135.2M	131.2M	131.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	164.4	168.6	90.3	41.1	90.4	24.4	30.9
P/S	—	—	—	—	28.4	17.7	15.4	7.87	6.98	2.85	3.09
P/B	—	—	—	—	45.5	57	43.4	18.3	11.1	3.87	3.49
EV/EBITDA	—	—	—	—	105.3	96.8	68	28.8	40.1	13.1	20.6
EV/Sales	—	—	—	—	28	17.8	15.2	7.69	6.74	2.65	2.98
Earnings yield	—	—	—	—	0.61%	0.59%	1.11%	2.44%	1.11%	4.09%	3.24%
FCF yield	—	—	—	—	0.89%	1.22%	1.95%	3.25%	5.17%	2.28%	1.92%
PEG	—	—	—	—	—	—	—	—	—	—	-8.64

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	18%	19.6%	29.9%	35.4%	44.7%	40.1%	41.8%	46.2%	47.3%	46.6%	60%
Operating margin	-18.3%	-7.85%	1.81%	16.9%	24.1%	15.6%	19.3%	20.1%	6.8%	11.2%	18%
Net margin	-20.9%	-15.8%	-3.68%	25.8%	17.3%	10.5%	17%	19.2%	7.72%	11.7%	10.1%
ROE	-5.2K%	495.2%	-149.5%	59.2%	27.7%	33.8%	48.1%	44.6%	12.3%	15.8%	13%
ROA	-41.2%	-26.7%	-3.42%	22.6%	11.2%	7%	12.9%	13%	3.16%	4.9%	2.38%
ROIC	-337.9%	-195.6%	50.6%	81.3%	133.2%	47.4%	77.9%	67.2%	14.9%	17.6%	11.5%
Return on tangible assets	-43.7%	-28.1%	-5.29%	26.7%	12.3%	9.56%	16.2%	15.6%	3.74%	5.67%	5.43%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.42	1.42	1.51	2.51	1.75	3.33	3.55	4.59	3.53	2.07	3.45
Quick ratio	1.04	1.14	1.4	2.35	1.67	3.16	3.31	4.19	3.28	1.84	2.95
Debt / equity	26.1	-5.45	14.1	0.4	0.69	2.42	1.57	1.32	1.57	1.12	0.52
Debt / assets	0.21	0.29	0.32	0.15	0.28	0.5	0.42	0.38	0.4	0.35	0.2
Net debt / EBITDA	-0.33	-1.56	0.22	-1.22	-1.67	0.1	-0.61	-0.65	-1.41	-1.01	-1.4
Interest coverage	-22.8	-4.52	0.04	10.3	6.69	3.68	48.9	59.1	14.5	46.3	63.5
Effective tax rate	0%	0%	0%	0%	0%	0%	12.1%	14.5%	14.6%	16%	18.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.39	3.45	3.17	5.35	6.17	10.3	17.2	16.8	9.84	11.2	10.1
EPS (basic)	-1.34	-0.54	-0.12	1.38	1.07	1.09	2.94	3.22	0.76	1.31	1.31
EPS (diluted)	-1.34	-0.54	-0.12	1.23	0.95	1.02	2.77	3.08	0.75	1.29	1.01
Book value per share	0.03	-0.11	0.08	2.33	3.85	3.21	6.1	7.21	6.16	8.29	8.94
FCF per share	-0.91	-0.39	0.12	1.06	1.56	2.23	5.16	4.3	3.55	0.73	1.13
Cash per share	0.35	0.35	1.07	2.15	5.41	7.59	11.9	12.4	12	11.5	7.1
Capex per share	0.24	0.05	0.04	0.13	0.16	0.39	0.34	0.81	0.25	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.77%	1.44%	1.31%	2.37%	2.65%	3.78%	1.99%	4.82%	2.53%	—	—
Capex / operating cash flow	-36%	-14%	24.5%	9.73%	11.2%	15.8%	6.81%	14%	4.74%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$551.1M	$302.6M	$263.3M	$303.5M	$380.9M	$382.7M	$356.1M	$363.2M	$410.4M	$343.3M	$282.9M	$291.9M
YoY change	-13.2%	-58.2%	-63.7%	-57.3%	-30.9%	+26.5%	+35.2%	+19.7%	+7.76%	-10.3%	-20.6%	-19.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	17.8M	29.1M	106.2M	251.4M	679.4M	1B	1.6B	1.7B	1.6B	1.5B
Receivables	61M	65.3M	78.9M	145.4M	182.2M	333.6M	440.9M	446M	223.7M	229.9M
Inventory	32M	26M	16.3M	32.1M	41.8M	74.4M	149.7M	213.6M	165M	288M
Total current assets	117.9M	130.4M	222.3M	499.7M	933.1M	1.5B	2.3B	2.4B	2.3B	2.6B
Property, plant & equipment	69.9M	67.6M	64.6M	39.1M	60.7M	84M	116.9M	171.1M	153.1M	136.8M
Goodwill & intangibles	9.2M	8.4M	120.2M	110.7M	107.2M	558M	626.2M	566.2M	507.9M	474.1M
Total assets	163.6M	169.1M	339.9M	713.2M	1.2B	2.1B	3.1B	3.4B	3.2B	3.5B
Accounts payable	31.7M	28.7M	48.8M	57.5M	72.6M	113.8M	125.1M	116.2M	90M	203M
Short-term debt	13.1M	17.4M	28.2M	6.1M	330.5M	89.9M	96.3M	5.2M	107.1M	640.4M
Total current liabilities	82.8M	91.7M	147.2M	199.3M	534M	439.8M	638.2M	532.4M	660.1M	1.3B
Long-term debt	20.8M	32.3M	81.6M	102.7M	4.9M	951.6M	1.2B	1.3B	1.2B	572.2M
Total liabilities	162.3M	178.3M	332.2M	441M	716.1M	1.6B	2.3B	2.4B	2.4B	2.4B
Shareholders' equity	1.3M	-9.1M	7.8M	272.2M	484M	430.2M	825.6M	983.6M	833M	1.1B
Total debt	33.9M	49.8M	109.8M	108.7M	335.4M	1B	1.3B	1.3B	1.3B	1.2B
Net debt	16.1M	20.6M	3.5M	-142.7M	-344M	922.2M	822.5M	1B	939.1M	738.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.8B	1.7B	1.6B	1.6B	1.8B	1.6B	1.5B	1.5B	1.5B	1.5B	930.6M	937.7M
Receivables	560.3M	446M	364.4M	277.5M	232.2M	223.7M	225.6M	223.2M	265.5M	229.9M	196.6M	273.6M
Inventory	174.1M	213.6M	207.9M	176.1M	158.8M	165M	144M	173M	188.7M	288M	290.7M	285M
Total current assets	2.6B	2.4B	2.3B	2.2B	2.4B	2.3B	2.2B	2.3B	2.4B	2.6B	1.8B	2B
Property, plant & equipment	194.2M	171.1M	178.2M	171.5M	176.6M	153.1M	142.2M	—	—	136.8M	138.9M	136.4M
Goodwill & intangibles	584.7M	566.2M	552.5M	539.9M	530.9M	507.9M	499.5M	494.5M	483.5M	474.1M	462.6M	452.6M
Total assets	3.6B	3.4B	3.2B	3.2B	3.3B	3.2B	3.1B	3.2B	3.3B	3.5B	2.7B	2.9B
Accounts payable	90.1M	116.2M	71.8M	79.6M	112.4M	90M	115.4M	162.7M	188.6M	203M	113.5M	124.6M
Short-term debt	100.1M	5.2M	102.4M	103.7M	106.3M	107.1M	636.8M	637.3M	637.5M	640.4M	8.6M	9.1M
Total current liabilities	774.4M	532.4M	554.1M	529.6M	567.5M	660.1M	1.2B	1.2B	1.2B	1.3B	481.8M	565.2M
Long-term debt	1.2B	1.3B	1.2B	1.2B	1.2B	1.2B	571.2M	571.5M	571.9M	572.2M	572.5M	572.8M
Total liabilities	2.5B	2.4B	2.3B	2.3B	2.3B	2.4B	2.3B	2.3B	2.3B	2.4B	1.6B	1.7B
Shareholders' equity	1B	983.6M	922.7M	884.5M	931.4M	833M	810.7M	880.6M	995M	1.1B	1.1B	1.2B
Total debt	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.2B	1.2B	1.2B	1.2B	581.1M	581.9M
Net debt	1B	1B	1B	1.1B	1.1B	939.1M	858M	838.3M	807.5M	738.3M	83.6M	52.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-67.5M	-45.2M	-11.6M	161.1M	134M	145.4M	397.4M	438.9M	102.7M	172.1M
Depreciation & amortization	10.6M	9M	9.7M	14.1M	18.1M	30.8M	58.8M	74.7M	81.4M	80.6M
Stock-based compensation	10.3M	6.7M	11.4M	20.2M	42.5M	114.3M	216.8M	212.9M	211.4M	214.1M
Change in working capital	11.9M	-190K	4.7M	15.7M	-10M	41.9M	-2.9M	99.1M	362.9M	-173.5M
Operating cash flow	-33.8M	-29.4M	16.9M	152M	183.2M	330M	681.9M	790.6M	708.6M	136.5M
Capital expenditure	-12.2M	-4.1M	-4.2M	-14.8M	-20.6M	-52.3M	-46.4M	-110.4M	-33.6M	—
Investing cash flow	-11.1M	-4.1M	-19.2M	-14.8M	-25.6M	-1.2B	-371.9M	-366.4M	128.3M	147.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	0	0	-500M	0	-410M	-391.4M	-130M
Financing cash flow	16.3M	32.7M	77.8M	31M	111.7M	81.1M	-27.5M	-530.6M	-473M	-250.2M
Net change in cash	-28.6M	-826K	75.6M	168.3M	269.3M	-808.2M	282.5M	-106.4M	363.9M	33.8M
Free cash flow	-45.8M	-32.6M	12M	124.3M	195.8M	299.5M	698.4M	586.4M	480.1M	95.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	114M	20.9M	—	—	45.8M	62.2M	—	—	66.6M	38.7M	-7.4M	36.1M
Depreciation & amortization	19.4M	20.8M	—	—	20.1M	20.7M	—	—	20.2M	20.4M	20.8M	20.2M
Stock-based compensation	43.8M	55.2M	—	—	45.9M	51.8M	—	—	51.5M	53.1M	49M	43.6M
Change in working capital	-21.2M	79.1M	—	—	75.4M	109.3M	—	—	-73M	17M	-134.1M	42.2M
Operating cash flow	146.6M	173.2M	—	—	184.1M	215.5M	—	—	13.9M	47.6M	102.9M	40.3M
Capital expenditure	-23.8M	-20.1M	—	—	-8.5M	-8.1M	—	—	—	—	—	—
Investing cash flow	-14.8M	76M	—	—	-112.5M	250.6M	—	—	77.9M	44.6M	596.3M	4.9M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-110M	-100M	—	—	-49.8M	-199.7M	—	—	0	0	0	0
Financing cash flow	-118.5M	-127.5M	-2K	0	-56.1M	-207.5M	-102.2M	0	-1.7M	-1.4M	-651.2M	-2.5M
Net change in cash	13.3M	121.7M	-2K	0	15.5M	258.6M	-102.2M	0	90.2M	90.8M	48M	42.6M
Free cash flow	122M	15.4M	—	—	161.6M	159.2M	—	—	5.9M	37.8M	83M	25.9M

Enphase Energy, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement