Enphase Energy

ENPH · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

ENPH · Last close · November 6, 2026

$28.46

Enphase Energy's revenue rose 10.7% to $1.5 billion in fiscal 2025. Its operating margin was 10.7%, up from 5.8% a year earlier. Free cash flow was $96 million, down 80.0%. It paid out $130 million in dividends and buybacks, 136% of free cash flow. The diluted share count fell 3.7%.

Enphase Energy, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 17, 2026 · 0001463101-26-000013 Updated November 5, 2026

Revenue

$1.5B

10.7%

Operating margin

10.7%

4.9 pts

Net income

$172M

67.7%

Free cash flow

$96M

80.0%

Return on capital

20.5%

8.4 pts

Market cap

$3.8B

Nov 6 close

P/E

43.1x

On $0.66 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Enphase Energy does

Enphase Energy designs and sells home energy equipment that manages solar power, battery storage and communications on one platform. Its core product is the microinverter, a small chip-based device that converts a solar panel's output to usable electricity at each individual panel rather than for a whole array. It also sells batteries, load controllers, EV chargers and a cloud-based app that lets owners monitor generation, storage and use.

It primarily sells to solar distributors, which resell to installers, and also sells directly to select large installers and other partners. In 2025, one customer accounted for approximately 39% of its net revenues. The United States market made up 81% of its net revenues.

Enphase says its systems have built-in redundancy and can be updated and maintained remotely over the cloud. It describes a shift from solar-only systems to complete energy management for the home.

Its biggest risks, as it describes them

Subsidies and tax incentives for solar power that could be cut or expire.
Its products possibly failing to meet domestic content and foreign-entity rules that tax credits require.
Slower-than-expected growth in demand for solar energy.
Strong competition from other solar companies, with more competitors likely to enter.
Tariffs and other changes in the United States trade environment.

From Enphase Energy's annual report on Form 10-K, filed February 17, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2019 to 2025, earnings per share grew 0.8% a year and net income 1.1% a year, as new shares raised the share count by 3% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,017	1,613	1,695	1,623	1,513
Debt incl. finance leases	1,038	1,290	1,294	1,302	1,204
Net debt (negative means net cash)	21	−322	−401	−320	−308
Net debt to EBITDA	0.1x	−0.6x	−0.8x	−2.0x	−1.3x
Debt to equity	2.4x	1.6x	1.3x	1.6x	1.1x
Interest coverage	4.8x	47.5x	50.4x	8.7x	34.8x
Current ratio	3.3x	3.5x	4.6x	3.5x	2.1x
Quick ratio	3.2x	3.3x	4.2x	3.3x	1.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Enphase Energy's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Enphase Energy's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $1.1 million of Enphase Energy shares on the open market, and 3 insiders sold $10.8 million, $198,060 of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 3, 2026	Shanker TrivediDirector	Bought	1,000	$30.59	$30,590	Form 4
Nov 2, 2026	Badrinarayanan KothandaramanPresident & CEO, Director	Bought	10,000	$26.75	$267,514	Form 4
Aug 14, 2026	Richard MoraDirector	Sold	1,500	$40.36	$60,540	Form 4
Jul 30, 2026	Richard MoraDirector	Sold	2,000	$36.76	$73,520	Form 4
Jun 12, 2026	Shanker TrivediDirector	Bought	1,000	$53.91	$53,910	Form 4
Jun 1, 2026	Richard MoraDirector	Sold	700	$64.20	$44,940	Form 4
May 26, 2026	Badrinarayanan KothandaramanPresident & CEO, Director	Bought	5,000	$67.49	$337,462	Form 4
May 19, 2026	Richard MoraDirector	Sold	700	$46.39	$32,473	Form 4
Mar 13, 2026	Thurman J RodgersDirector	Sold	137,250	$43.61	$6.0 million	Form 4
Feb 10, 2026	Richard MoraDirector	Sold	1,100	$52.05	$57,255	Form 4
Feb 5, 2026	Badrinarayanan KothandaramanPresident & CEO, Director	Bought	5,000	$51.98	$259,890	Form 4
Dec 12, 2025	Mandy YangEVP, Chief Financial Officer	Sold plan	6,000	$33.01	$198,060	Form 4

The latest 12 of 14 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	7 of 9	6 of 9	6 of 9
Rule of 40	23.9%	−5.8%	17.2%
Altman Z''	5.07	3.64	3.10
Accruals ratio	−8.0%	−12.4%	1.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Fail	Fail	Pass
F-score	7 of 9	6 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Enphase Energy side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Enphase Energy	FY25	10.7%	10.7%	6.5%	20.5%	−1.3x	6
Advanced Energy	FY25	21.4%	9.3%	7.0%	13.6%	−1.0x	6	Compare
SolarEdge	FY25	31.4%	−25.5%	6.8%	−45.1%	—	7	Compare
Ultra Clean	FY25	−2.1%	−5.2%	0.7%	−8.2%	—	5	Compare
Onto Innovation	FY25	1.8%	13.2%	29.8%	8.8%	−3.3x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	323	286	316	624	774	1,382	2,331	2,291	1,330	1,473
Revenue growth	−9.7%	−11.3%	10.5%	97.5%	24.0%	78.5%	68.7%	−1.7%	−41.9%	10.7%
Gross profit	58	56	94	221	346	554	975	1,058	629	687
Research and development	51	33	33	40	56	106	169	227	201	189
Operating income	−63	−39	2	103	186	216	448	446	77	158
Net income	−68	−45	−12	161	134	145	397	439	103	172
Diluted EPS (US$)	—	−0.54	−0.12	1.23	0.95	1.02	2.77	3.08	0.75	1.29
Diluted shares (millions)	50	83	100	132	142	143	144	143	140	135
Cash flow
Cash from operations	−33	−28	16	139	216	352	745	697	514	136
Capital expenditure	12	4	4	15	21	52	46	110	34	41
Free cash flow	−45	−33	12	124	196	300	698	586	480	96
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	500	0	410	391	130
Acquisitions	0	0	15	0	0	236	62	0	0	0
Stock-based compensation	10	7	11	20	42	114	217	213	211	214
Balance sheet at fiscal year end
Cash and short-term investments	18	29	106	251	679	1,017	1,613	1,695	1,623	1,513
Debt incl. finance leases	24	50	110	106	331	1,038	1,290	1,294	1,302	1,204
Total assets	164	169	340	713	1,200	2,079	3,084	3,383	3,250	3,510
Total liabilities	162	178	332	441	716	1,649	2,259	2,399	2,417	2,423
Shareholders' equity	1	−9	8	272	484	430	826	984	833	1,087
Margins and ratios
Gross margin	18.0%	19.6%	29.9%	35.4%	44.7%	40.1%	41.8%	46.2%	47.3%	46.6%
Operating margin	−19.4%	−13.8%	0.5%	16.4%	24.1%	15.6%	19.2%	19.5%	5.8%	10.7%
Net margin	−20.9%	−15.8%	−3.7%	25.8%	17.3%	10.5%	17.1%	19.2%	7.7%	11.7%
Free cash flow margin	−14.0%	−11.4%	3.8%	19.9%	25.3%	21.7%	30.0%	25.6%	36.1%	6.5%
Rule of 40 (growth + FCF margin)	−23.7%	−22.7%	14.3%	117.4%	49.3%	100.2%	98.6%	23.9%	−5.8%	17.2%
Return on capital	—	—	—	149.2%	142.4%	73.6%	82.6%	70.3%	12.1%	20.5%
Return on equity	−315.6%	—	—	115.1%	35.4%	31.8%	63.3%	48.5%	11.3%	17.9%
Return on assets	−41.0%	−27.2%	−4.6%	30.6%	14.0%	8.9%	15.4%	13.6%	3.1%	5.1%
Net debt to EBITDA	—	—	0.3x	−1.2x	−1.7x	0.1x	−0.6x	−0.8x	−2.0x	−1.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Enphase Energy's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Enphase Energy.