Enphase Energy, Inc. (ENPH)

NASDAQ: ENPH · Real-Time Price · USD

34.64

-1.38 (-3.83%)

At close: Sep 18, 2026, 4:00 PM EDT

34.61

-0.03 (-0.09%)

After-hours: Sep 18, 2026, 7:59 PM EDT

Enphase Energy Financials Overview

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	1,329	1,473	1,330	2,291	2,331	1,382
Revenue Growth	-10.41%	10.72%	-41.93%	-1.72%	68.65%	78.46%
Gross Profit	399.04	448.3	471.64	1,058	974.6	554.42
Operating Income	115.91	164.66	90.45	461.43	452.85	220.73
Net Income	134.02	172.13	102.66	438.94	397.36	145.45
Earnings Per Share	1.01	1.29	0.75	3.08	2.77	1.02
EPS Growth	-20.51%	71.86%	-75.63%	11.23%	171.79%	7.81%

Revenue by Segment

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
US	1,115	1,189	934.69	1,469	1,762	1,109
International	213.6	284.27	395.69	821.68	569.01	273.25
Revenue (Total)	1,329	1,473	1,330	2,291	2,331	1,382

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Investments	937.71	1,513	1,623	1,695	1,613	1,017
Total Debt	613.37	1,244	1,331	1,318	1,315	1,053
Net Cash (Debt)	324.34	269.07	291.35	377.27	298.04	-36.75
Net Cash Growth	9.78%	-7.65%	-22.78%	26.59%	-	-
Net Cash Per Share	2.43	1.99	2.08	2.63	2.06	-0.26

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	204.69	136.54	513.69	696.78	744.82	352.03
Capital Expenditures	-52.06	-40.64	-33.6	-110.4	-46.44	-52.26
Free Cash Flow	152.63	95.9	480.09	586.38	698.37	299.77
Free Cash Flow Growth	-59.08%	-80.02%	-18.13%	-16.04%	132.97%	53.12%

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Gross Margin	30.04%	30.44%	35.45%	46.20%	41.81%	40.12%
Operating Margin	8.72%	11.18%	6.80%	20.14%	19.43%	15.97%
Pretax Margin	12.33%	13.90%	9.03%	22.40%	19.39%	8.75%
Profit Margin	10.09%	11.69%	7.72%	19.16%	17.05%	10.52%
FCF Margin	11.49%	6.51%	36.09%	25.60%	29.96%	21.69%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 20, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
PE Ratio	34.16	24.37	90.39	40.98	90.63	169.69
Forward PE	17.35	15.57	20.07	39.24	52.35	66.66
P/FCF Ratio	29.99	43.73	19.33	30.68	51.57	82.33
PS Ratio	3.45	2.85	6.98	7.85	15.45	17.86