Enphase Energy, Inc. ENPH
We are a global energy technology company originally founded in March 2006. We deliver smart, easy-to-use solutions that manage solar generation, storage and communication on one platform. Our intelligent microinverters work with virtually every solar panel made, and when paired with our smart technology, result in one of the industry's best-performing clean energy systems.
For the first time in the evolution of our centuries-old grid, people can get paid for the clean energy they produce and share with their communities, helping to build a new energy future that harnesses the sun. This clean, free, abundant source of energy can power our lives and ultimately help greatly reduce our dependence on fossil fuels. As of December 31, 2025, we have shipped approximately 86.4 million microinverters, and more than 5.1 million Enphase residential and commercial systems have been deployed in over 160 countries.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.47B | $1.33B | $2.29B | $2.33B | $1.38B | $774.4M | $624.3M | $316.2M | $286.2M | $322.6M |
| Cost of revenue | $786.0M | $701.2M | $1.23B | $1.36B | $827.6M | $428.4M | $403.1M | $221.7M | $230.1M | $264.6M |
| Gross profit | $687.0M | $629.1M | $1.06B | $974.6M | $554.4M | $346.0M | $221.2M | $94.4M | $56.0M | $58.0M |
| R&D | $189.1M | $201.3M | $227.3M | $168.8M | $105.5M | $55.9M | $40.4M | $32.6M | $33.2M | $50.7M |
| SG&A | $135.8M | $130.8M | $137.8M | $140.0M | $104.1M | $50.7M | $38.8M | $29.1M | $22.2M | $27.4M |
| Total operating expenses | $529.5M | $551.8M | $612.6M | $526.3M | $338.6M | $159.5M | $118.5M | $92.8M | $95.4M | $120.7M |
| Operating income | $157.5M | $77.3M | $445.7M | $448.3M | $215.8M | $186.4M | $102.7M | $1.6M | -$39.4M | -$62.7M |
| Interest expense | $4.5M | $8.9M | $8.8M | $9.4M | $45.2M | $21.0M | $9.7M | $10.7M | $8.2M | $2.8M |
| Pre-tax income | $204.8M | $120.2M | $513.1M | $452.0M | $120.9M | $119.4M | $90.1M | -$10.2M | -$45.3M | -$66.0M |
| Income tax | $32.7M | $17.5M | $74.2M | $54.7M | $24.5M | $14.6M | $71.0M | $1.4M | $149.0K | $1.5M |
| Net income | $172.1M | $102.7M | $438.9M | $397.4M | $145.4M | $134.0M | $161.1M | -$11.6M | -$45.2M | -$67.5M |
| EPS, basic | 1.31 | 0.76 | 3.22 | 2.94 | — | — | — | — | — | — |
| EPS, diluted | 1.29 | 0.75 | 3.08 | 2.77 | — | — | — | — | — | — |
| Shares, diluted (wtd. avg.) | $134.9M | $140.0M | $143.3M | $144.4M | $142.9M | $141.9M | $131.6M | $99.6M | $82.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $474.3M | $369.1M | $288.7M | $473.2M | $119.3M | $679.4M | $296.1M | $106.2M | $29.1M | $17.8M |
| Short-term investments | $1.04B | $1.25B | $1.41B | $1.14B | $897.3M | $0 | — | — | — | — |
| Receivables | $229.9M | $223.7M | $446.0M | $440.9M | $333.6M | $182.2M | $145.4M | $78.9M | $65.3M | $61.0M |
| Inventory | $288.0M | $165.0M | $213.6M | $149.7M | $74.4M | $41.8M | $32.1M | $16.3M | $26.0M | $32.0M |
| Total current assets | $2.61B | $2.33B | $2.44B | $2.26B | $1.46B | $933.1M | $499.7M | $222.3M | $130.4M | $117.9M |
| Property, plant and equipment | $136.8M | $147.5M | $168.2M | $111.4M | $82.2M | $43.0M | $28.9M | $21.0M | $26.5M | $31.4M |
| Goodwill | $214.8M | $211.6M | $214.6M | $213.6M | $181.3M | $24.8M | $24.8M | $24.8M | $3.7M | $3.7M |
| Other intangibles | $22.3M | $42.4M | $68.5M | $99.5M | $97.8M | $28.8M | $30.6M | $35.3M | $515.0K | $945.0K |
| Total assets | $3.51B | $3.25B | $3.38B | $3.08B | $2.08B | $1.20B | $713.2M | $339.9M | $169.1M | $163.6M |
| Accounts payable | $203.0M | $90.0M | $116.2M | $125.1M | $113.8M | $72.6M | $57.5M | $48.8M | $28.7M | $31.7M |
| Short-term debt | $632.2M | $101.3M | $0 | $90.9M | $86.1M | $326.0M | $2.9M | $28.2M | — | $3.0M |
| Total current liabilities | $1.26B | $660.1M | $532.4M | $638.2M | $439.8M | $534.0M | $199.3M | $147.2M | $91.7M | $82.8M |
| Long-term debt | $572.2M | $1.20B | $1.29B | $1.20B | $951.6M | $4.9M | $102.7M | $81.6M | $32.3M | $20.8M |
| Total liabilities | $2.42B | $2.42B | $2.40B | $2.26B | $1.65B | $716.1M | $441.0M | $332.2M | $178.3M | $162.3M |
| Retained earnings | -$203.9M | -$245.2M | $46.3M | $17.3M | -$405.7M | -$51.2M | -$185.2M | -$346.3M | -$295.7M | -$250.5M |
| Total equity | $1.09B | $833.0M | $983.6M | $825.6M | $430.2M | $484.0M | $272.2M | $7.8M | -$9.1M | $1.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $136.5M | $513.7M | $696.8M | $744.8M | $352.0M | $216.3M | $139.1M | $16.1M | -$28.4M | -$33.0M |
| Depreciation and amortisation | $80.6M | $81.4M | $74.7M | $58.8M | $30.8M | $18.1M | $14.1M | $9.7M | $9.0M | $10.6M |
| Stock-based compensation | $214.1M | $211.4M | $212.9M | $216.8M | $114.3M | $42.5M | $20.2M | $11.4M | $6.7M | $10.3M |
| Capital expenditure | $40.6M | $33.6M | $110.4M | $46.4M | $52.3M | $20.6M | $14.8M | $4.2M | $4.1M | $12.2M |
| Investing cash flow | $106.8M | $128.3M | -$366.4M | -$371.9M | -$1.22B | -$25.6M | -$14.8M | -$19.2M | -$4.1M | -$11.8M |
| Financing cash flow | -$241.6M | -$460.3M | -$516.8M | -$17.1M | $309.4M | $191.7M | $65.8M | $80.6M | $43.3M | $34.4M |
| Buybacks | $130.0M | $391.4M | $410.0M | $0 | $500.0M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001463101-26-000013.
Others in SIC 3674
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| NVDA | NVIDIA CORP | $5.55T | 47.0x | 65.5% |
| AVGO | Broadcom Inc. | $1.70T | 75.0x | 23.9% |
| MU | MICRON TECHNOLOGY INC | $1.15T | 133.9x | 48.9% |
| AMD | ADVANCED MICRO DEVICES INC | $779.62B | 180.2x | 34.3% |
| INTC | INTEL CORP | $483.22B | — | -0.5% |
| AMAT | APPLIED MATERIALS INC /DE | $360.86B | 52.5x | 4.4% |
| TXN | TEXAS INSTRUMENTS INC | $236.02B | 47.4x | 13.0% |
| MRVL | Marvell Technology, Inc. | $196.03B | 72.8x | 42.1% |