Enphase Energy vs Ultra Clean
Ultra Clean reported revenue of $2.1 billion in fiscal 2025, 1.4 times Enphase Energy's $1.5 billion in fiscal 2025. Enphase Energy's revenue grew 10.7% in its latest year, and Ultra Clean's fell 2.1%. Enphase Energy had an operating margin of 10.7%, against -5.2% at Ultra Clean. Free cash flow was $96 million at Enphase Energy and $15 million at Ultra Clean. Their fiscal years end in different months (December 31 and December 26), so the periods don't line up exactly.
Side by side
| Enphase Energy | Ultra Clean | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 26, 2025 |
| Revenue | $1.5B | $2.1B |
| Revenue growth | 10.7% | −2.1% |
| Revenue growth a year, last 5 years | 13.7% | 8.0% |
| Gross margin | 46.6% | 15.7% |
| Operating margin | 10.7% | −5.2% |
| Net margin | 11.7% | −8.8% |
| Free cash flow | $96M | $15M |
| Free cash flow margin | 6.5% | 0.7% |
| Return on capital | 20.5% | −8.2% |
| Net debt to EBITDA | −1.3x | — |
| Dividends and buybacks | $130M | $3M |
| Change in diluted share count | −3.7% | 0.0% |
| Last close | $28.46 | $41.13 |
| P/E at the last close | 43.1× | 72.2× |
| Insider trades, last 12 months | bought $1.1 million, sold $10.8 million | sold $12.0 million |
| Piotroski F-score | 6 of 9 | 5 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Enphase EnergyUltra Clean
Operating margin
Percent of revenue
Enphase EnergyUltra Clean
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Enphase EnergyUltra Clean
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Enphase Energy and Ultra Clean pages.