ENPHNasdaqSemiconductors & Related DevicesFiscal year ends December 31
Enphase Energy, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 28, 2026
$30.63+0.01 (+0.03%)
Close on Oct 19, 2026
- Market cap
- $4.14B
- P/E (TTM)
- 30.9
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
46.6%+2.0 pts over 5 years
Operating margin
10.7%−13.4 pts over 5 years
Net margin
11.7%−5.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +10.7% | -14.2% | +13.7% | +15.2% | |
| Gross profit | +9.2% | -11.0% | +14.7% | +20.3% | |
| Operating income | +103.8% | -29.4% | -3.3% | – | |
| Net income | +67.7% | -24.3% | +5.1% | – | |
| EPS, diluted | +72.0% | -22.5% | – | – | |
| Free cash flow | -80.0% | -48.4% | -13.3% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -315.6% | 35.4% | 17.9% | |
| Return on assets | -41.0% | 14.0% | 5.1% | |
| Current ratio | 1.42 | 1.75 | 2.07 | |
| Debt to equity | 18.31 | 0.68 | 1.11 | |
| Net debt to EBITDA | -0.12× | -1.70× | 3.07× | |
| Interest coverage | -22.6× | 8.9× | 34.8× | |
| Inventory turnover | 7.3× | 11.6× | 3.5× | |
| Capex to revenue | 3.8% | 2.7% | 2.8% | |
| Diluted shares | 51M | 142M | 135M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Enphase Energy generated $2.44B from operations and spent $1.71B on capital expenditure, dividends and share buybacks. 17% of that went back into the business.
Generated
$2.44B
Used
$1.71B
Capital expenditure$283.35M17%Dividends$00%Share buybacks$1.43B83%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin11.7%
×Asset turnover0.44×
×Equity multiplier3.52×
=Return on equity, FY202517.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 11.7% | 0.44× | 3.52× | 17.9% |
| FY2024 | 7.7% | 0.40× | 3.65× | 11.3% |
| FY2023 | 19.2% | 0.71× | 3.57× | 48.5% |
| FY2022 | 17.0% | 0.90× | 4.11× | 63.3% |
| FY2021 | 10.5% | 0.84× | 3.59× | 31.8% |
| FY2020 | 17.3% | 0.81× | 2.53× | 35.4% |
| FY2019 | 25.8% | 1.19× | 3.76× | 115.1% |
| FY2018 | -3.7% | 1.24× | -377.10× | 1722.5% |
| FY2017 | -15.8% | 1.72× | -42.52× | 1154.9% |
| FY2016 | -20.9% | 1.96× | 7.70× | -315.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$172.13M
- Cash generatingOperating cash flow above zero$136.54M
- Return on assets improvedROA up on the prior year3.0% → 5.3%
- Earnings backed by cashOperating cash flow above net income$136.54M vs $172.13M
- Less leverageLong-term debt to assets fell37.0% → 16.3%
- Better liquidityCurrent ratio rose3.53 → 2.07
- No dilutionShare count did not rise140M → 135M
- Gross margin improvedGross margin up on the prior year47.29% → 46.64%
- More efficientAsset turnover rose0.39 → 0.45