NASDAQ : ENPH
Enphase Energy, Inc. — Financial statements
Technology · Solar · United States
Last price 25.86 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.42B
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Financial statements
Enphase Energy, Inc. (ENPH) reported revenue of 1.21B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.21B | 1.47B | 1.33B | 2.29B | 2.33B | 1.38B |
| Cost of Revenue | 916.17M | 1.02B | 858.75M | 1.23B | 1.36B | 827.63M |
| Gross Profit | 295.23M | 448.30M | 471.64M | 1.06B | 974.60M | 554.42M |
| Selling, General & Admin | 317.75M | 333.27M | 337.38M | 369.63M | 352.90M | 228.16M |
| Research & Development | 181.94M | 189.07M | 201.31M | 227.34M | 168.85M | 105.53M |
| Other Operating Expenses | -215.63M | -238.70M | -157.50M | |||
| Operating Expenses | 284.06M | 283.65M | 381.19M | 596.96M | 521.75M | 333.69M |
| Operating Income | 11.17M | 164.66M | 90.45M | 461.43M | 452.85M | 220.73M |
| Interest Expense | -2.12M | -4.52M | -8.90M | -8.84M | -9.44M | -45.15M |
| Interest & Investment Income | 57.04M | 62.72M | 77.31M | 69.73M | 13.66M | 695.00K |
| Currency Exchange Gain (Loss) | 1.80M | -1.00M | -5.00M | |||
| Other Non Operating Income (Expenses) | -586.00K | -225.00K | 299.00K | -1.57M | -431.00K | 6.05M |
| EBT Excluding Unusual Items | 67.31M | 221.63M | 154.15M | 520.75M | 456.63M | 182.32M |
| Merger & Restructuring Charges | -4.09M | -7.13M | -13.15M | -15.68M | -4.58M | -4.90M |
| Gain (Loss) on Sale of Investments | -27.55M | -9.69M | -20.83M | 8.08M | ||
| Other Unusual Items | 45.40M | -56.50M | ||||
| Pretax Income | 83.17M | 204.81M | 120.16M | 513.14M | 452.05M | 120.93M |
| Income Tax Expense | -7.61M | 32.68M | 17.50M | 74.20M | 54.69M | -24.52M |
| Net Income | 90.77M | 172.13M | 102.66M | 438.94M | 397.36M | 145.45M |
| Net Income to Common | 90.77M | 172.13M | 102.66M | 438.94M | 397.36M | 145.45M |
| Shares Outstanding (Basic) | 131.62M | 131.16M | 135.17M | 136.38M | 135.35M | 134.03M |
| Shares Outstanding (Diluted) | 136.06M | 134.89M | 140.00M | 143.29M | 144.39M | 142.88M |
| EPS (Basic) | 0.69 | 1.31 | 0.76 | 3.22 | 2.94 | 1.09 |
| EPS (Diluted) | 0.68 | 1.29 | 0.75 | 3.08 | 2.77 | 1.02 |
| Free Cash Flow | 135.37M | 95.90M | 480.09M | 586.38M | 698.37M | 299.77M |
| Free Cash Flow Per Share | 0.99 | 0.71 | 3.43 | 4.09 | 4.84 | 2.10 |
| Gross Margin | 24.37% | 30.44% | 35.45% | 46.20% | 41.81% | 40.12% |
| Operating Margin | 0.92% | 11.18% | 6.80% | 20.14% | 19.43% | 15.97% |
| Profit Margin | 7.49% | 11.69% | 7.72% | 19.16% | 17.05% | 10.52% |
| Free Cash Flow Margin | 11.18% | 6.51% | 36.09% | 25.60% | 29.96% | 21.69% |
| EBITDA | 87.30M | 238.90M | 163.06M | 536.13M | 511.62M | 251.58M |
| EBITDA Margin | 7.21% | 16.22% | 12.26% | 23.40% | 21.95% | 18.20% |
| D&A For EBITDA | 76.12M | 74.24M | 72.61M | 74.71M | 58.77M | 30.85M |
| EBIT | 11.17M | 164.66M | 90.45M | 461.43M | 452.85M | 220.73M |
| EBIT Margin | 0.92% | 11.18% | 6.80% | 20.14% | 19.43% | 15.97% |
| Effective Tax Rate | 15.96% | 14.56% | 14.46% | 12.10% | ||
| Advertising Expenses | 2.70M | 1.70M | 3.80M | 3.80M | 16.20M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 380.40M | 474.32M | 369.11M | 288.75M | 473.24M | 119.32M |
| Short-Term Investments | 551.45M | 1.04B | 1.25B | 1.41B | 1.14B | 897.34M |
| Cash & Short-Term Investments | 931.85M | 1.51B | 1.62B | 1.70B | 1.61B | 1.02B |
| Accounts Receivable | 285.36M | 229.88M | 223.75M | 486.20M | 473.03M | 357.13M |
| Other Receivables | 201.54M | 76.62M | 15.12M | 7.60M | 2.20M | 2.10M |
| Receivables | 521.01M | 354.83M | 238.87M | 493.80M | 475.23M | 359.23M |
| Inventory | 243.71M | 288.05M | 165.00M | 213.59M | 149.71M | 74.40M |
| Prepaid Expenses | 41.09M | 26.49M | 12.18M | |||
| Restricted Cash | 95.01M | |||||
| Other Current Assets | 186.26M | 451.13M | 205.61M | |||
| Total Current Assets | 1.88B | 2.61B | 2.33B | 2.44B | 2.26B | 1.46B |
| Property, Plant & Equipment | 169.95M | 153.88M | 149.53M | 162.93M | 113.55M | 83.99M |
| Long-Term Investments | 56.47M | 61.35M | 64.83M | 79.86M | 56.78M | 41.04M |
| Goodwill | 213.09M | 214.76M | 211.57M | 214.56M | 213.56M | 181.25M |
| Other Intangible Assets | 8.60M | 39.79M | 65.00M | 93.74M | 118.74M | 110.36M |
| Long-Term Accounts Receivable | 213.16M | 115.07M | 110.95M | 124.19M | 100.99M | 69.58M |
| Long-Term Deferred Tax Assets | 321.62M | 306.40M | 315.57M | 252.37M | 204.87M | 122.47M |
| Other Long-Term Assets | 11.31M | 11.69M | 5.14M | 11.85M | 11.52M | 8.10M |
| Total Assets | 2.88B | 3.51B | 3.25B | 3.38B | 3.08B | 2.08B |
| Accounts Payable | 100.61M | 203.04M | 90.03M | 116.16M | 125.08M | 113.77M |
| Accrued Expenses | 90.48M | 141.26M | 131.69M | 212.09M | 247.23M | 126.78M |
| Current Portion of Long-Term Debt | 632.18M | 101.29M | 90.89M | 86.05M | ||
| Current Portion of Leases | 8.69M | 8.21M | 5.82M | 5.22M | 5.37M | 3.83M |
| Current Income Taxes Payable | 3.22M | 4.92M | 3.54M | 8.53M | 16.15M | 340.00K |
| Current Unearned Revenue | 170.56M | 180.52M | 237.22M | 118.30M | 90.75M | 62.67M |
| Other Current Liabilities | 86.53M | 92.02M | 90.49M | 72.14M | 62.75M | 46.36M |
| Total Current Liabilities | 460.10M | 1.26B | 660.09M | 532.45M | 638.22M | 439.80M |
| Long-Term Debt | 573.16M | 572.19M | 1.20B | 1.29B | 1.20B | 951.59M |
| Long-Term Leases | 32.71M | 31.20M | 23.04M | 18.80M | 19.08M | 11.92M |
| Long-Term Unearned Revenue | 355.14M | 337.92M | 341.98M | 369.17M | 281.61M | 187.19M |
| Other Long-Term Liabilities | 213.89M | 219.31M | 190.45M | 185.23M | 120.33M | 58.59M |
| Total Liabilities | 1.64B | 2.42B | 2.42B | 2.40B | 2.26B | 1.65B |
| Common Stock | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K |
| Additional Paid-In Capital | 1.40B | 1.29B | 1.08B | 939.34M | 819.12M | 837.92M |
| Retained Earnings | -151.84M | -203.90M | -245.21M | 46.27M | 17.34M | -405.74M |
| Comprehensive Income & Other | -11.12M | 1.75M | -6.35M | -1.99M | -10.88M | -2.02M |
| Shareholders' Equity | 1.24B | 1.09B | 833.02M | 983.62M | 825.57M | 430.17M |
| Total Liabilities & Equity | 2.88B | 3.51B | 3.25B | 3.38B | 3.08B | 2.08B |
| Total Debt | 614.56M | 1.24B | 1.33B | 1.32B | 1.31B | 1.05B |
| Net Cash (Debt) | 317.29M | 269.07M | 291.35M | 377.27M | 298.04M | -36.74M |
| Net Cash Per Share | 2.33 | 1.99 | 2.08 | 2.63 | 2.06 | -0.26 |
| Filing Date Shares Outstanding | 132.31M | 131.10M | 132.47M | 135.76M | 136.50M | 133.94M |
| Total Common Shares Outstanding | 132.30M | 131.08M | 132.45M | 135.72M | 136.44M | 133.89M |
| Working Capital | 1.42B | 1.34B | 1.67B | 1.91B | 1.63B | 1.02B |
| Book Value Per Share | 9.39 | 8.29 | 6.29 | 7.25 | 6.05 | 3.21 |
| Tangible Book Value | 1.02B | 832.48M | 556.45M | 675.33M | 493.27M | 138.56M |
| Tangible Book Value Per Share | 7.71 | 6.35 | 4.20 | 4.98 | 3.62 | 1.03 |
| Land | 114.00K | 114.00K | ||||
| Buildings | 17.06M | 15.88M | 12.55M | |||
| Machinery | 242.91M | 217.88M | 197.26M | 125.08M | 104.42M | |
| Construction In Progress | 10.46M | 19.30M | 29.75M | 31.73M | 14.33M | |
| Leasehold Improvements | 32.86M | 19.05M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 90.77M | 172.13M | 102.66M | 438.94M | 397.36M | 145.45M |
| Depreciation & Amortization | 76.12M | 74.24M | 72.61M | 74.71M | 58.77M | 30.85M |
| Other Amortization | 9.58M | 10.56M | 17.43M | 8.38M | 8.17M | 44.39M |
| Asset Writedown & Restructuring Costs | 1.67M | 3.11M | 28.84M | 10.60M | 1.20M | |
| Loss (Gain) From Sale of Investments | 31.60M | 10.61M | -10.57M | -23.64M | -3.37M | -8.02M |
| Stock-Based Compensation | 188.68M | 214.09M | 211.36M | 212.86M | 216.80M | 114.29M |
| Provision & Write-off of Bad Debts | 430.00K | -126.00K | 6.68M | 1.15M | 119.00K | 477.00K |
| Other Operating Activities | 1.59M | 4.80M | -58.32M | -43.35M | 3.63M | 9.54M |
| Change in Accounts Receivable | 37.54M | 3.84M | 211.64M | -12.48M | -107.56M | -151.16M |
| Change in Inventory | -55.05M | -123.04M | 48.59M | -63.89M | -75.27M | -29.26M |
| Change in Accounts Payable | -142.25M | 139.14M | -85.54M | -22.15M | 133.42M | 117.18M |
| Change in Unearned Revenue | 72.20M | -75.43M | 98.85M | 117.78M | 122.19M | 78.17M |
| Change in Other Net Operating Assets | -122.02M | -297.40M | -130.54M | -2.14M | -10.65M | 131.00K |
| Operating Cash Flow | 190.86M | 136.54M | 513.69M | 696.78M | 744.82M | 352.03M |
| Capital Expenditures | -55.49M | -40.64M | -33.60M | -110.40M | -46.44M | -52.26M |
| Cash Acquisitions | -62.16M | -235.65M | ||||
| Sale (Purchase) of Intangibles | -250.00K | |||||
| Investment in Securities | 509.03M | 195.93M | 161.87M | -255.95M | -263.30M | -931.39M |
| Other Investing Activities | -24.40M | |||||
| Investing Cash Flow | 445.73M | 106.79M | 128.27M | -366.36M | -371.91M | -1.22B |
| Long-Term Debt Issued | 1.19B | |||||
| Total Debt Issued | 1.19B | |||||
| Long-Term Debt Repaid | -102.17M | -7.00K | -291.94M | |||
| Total Debt Repaid | -632.50M | -102.17M | -7.00K | -291.94M | ||
| Net Debt Issued (Repaid) | -632.50M | -102.17M | -7.00K | 896.50M | ||
| Issuance of Common Stock | 7.33M | 8.53M | 12.69M | 13.87M | 10.37M | 7.48M |
| Repurchase of Common Stock | -25.31M | -147.98M | -472.95M | -530.64M | -27.50M | -529.14M |
| Other Financing Activities | -65.44M | |||||
| Financing Cash Flow | -650.48M | -241.62M | -460.27M | -516.77M | -17.13M | 309.41M |
| Foreign Exchange Rate Adjustments | -7.59M | 8.49M | -6.32M | 1.85M | -1.86M | -1.96M |
| Net Cash Flow | -21.48M | 10.20M | 175.37M | -184.50M | 353.93M | -560.06M |
| Free Cash Flow | 135.37M | 95.90M | 480.09M | 586.38M | 698.37M | 299.77M |
| Free Cash Flow Margin | 11.18% | 6.51% | 36.09% | 25.60% | 29.96% | 21.69% |
| Free Cash Flow Per Share | 0.99 | 0.71 | 3.43 | 4.09 | 4.84 | 2.10 |
| Levered Free Cash Flow | 105.20M | 37.60M | 388.50M | 356.63M | 500.85M | 201.00M |
| Unlevered Free Cash Flow | 102.36M | 36.27M | 385.42M | 353.77M | 498.59M | 184.84M |
| Cash Interest Paid | 128.00K | 128.00K | 255.00K | 455.00K | 455.00K | 733.00K |
| Cash Income Tax Paid | 20.45M | 20.45M | 32.66M | 74.71M | 33.17M | 4.82M |
| Change in Working Capital | -209.59M | -352.89M | 143.00M | 17.13M | 62.13M | 15.06M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.78B | 4.19B | 9.28B | 17.99B | 36.01B | 24.68B |
| Enterprise Value | 3.46B | 3.95B | 8.84B | 17.52B | 35.91B | 24.33B |
| Last Close Price | 25.65 | 32.05 | 68.68 | 132.14 | 264.96 | 182.94 |
| PE Ratio | 41.93 | 24.36 | 90.39 | 40.98 | 90.63 | 169.69 |
| Forward PE | 27.98 | 15.57 | 20.07 | 39.24 | 52.35 | 66.66 |
| PS Ratio | 2.80 | 2.85 | 6.97 | 7.85 | 15.45 | 17.86 |
| PB Ratio | 2.73 | 3.86 | 11.14 | 18.29 | 43.62 | 57.38 |
| P/TBV Ratio | 3.33 | 5.04 | 16.68 | 26.64 | 73.01 | 178.13 |
| P/FCF Ratio | 25.07 | 43.73 | 19.33 | 30.68 | 51.57 | 82.33 |
| P/OCF Ratio | 17.78 | 30.72 | 18.06 | 25.82 | 48.35 | 70.11 |
| PEG Ratio | 25.25 | 0.82 | 1.70 | 1.08 | 1.79 | |
| EV/Sales Ratio | 2.54 | 2.68 | 6.65 | 7.65 | 15.40 | 17.60 |
| EV/EBITDA Ratio | 35.24 | 16.53 | 54.24 | 32.68 | 70.18 | 96.71 |
| EV/EBIT Ratio | 275.36 | 23.99 | 97.79 | 37.97 | 79.29 | 110.22 |
| EV/FCF Ratio | 22.73 | 41.19 | 18.42 | 29.88 | 51.41 | 81.16 |
| Debt / Equity Ratio | 0.49 | 1.14 | 1.60 | 1.34 | 1.59 | 2.45 |
| Debt / EBITDA Ratio | 6.28 | 4.96 | 7.65 | 2.41 | 2.53 | 4.07 |
| Debt / FCF Ratio | 4.54 | 12.97 | 2.77 | 2.25 | 1.88 | 3.51 |
| Net Debt / Equity Ratio | -0.26 | -0.25 | -0.35 | -0.38 | -0.36 | 0.09 |
| Net Debt / EBITDA Ratio | -3.63 | -1.13 | -1.79 | -0.70 | -0.58 | 0.15 |
| Net Debt / FCF Ratio | -2.34 | -2.81 | -0.61 | -0.64 | -0.43 | 0.12 |
| Asset Turnover | 0.39 | 0.44 | 0.40 | 0.71 | 0.90 | 0.84 |
| Inventory Turnover | 4.24 | 4.52 | 4.54 | 6.78 | 12.10 | 14.25 |
| Quick Ratio | 3.08 | 1.44 | 2.82 | 4.11 | 3.27 | 3.13 |
| Current Ratio | 4.09 | 2.06 | 3.52 | 4.59 | 3.55 | 3.33 |
| Return on Equity (ROE) | 8.12% | 17.93% | 11.30% | 48.52% | 63.29% | 31.82% |
| Return on Assets (ROA) | 0.22% | 3.04% | 1.70% | 8.92% | 10.96% | 8.41% |
| Return on Invested Capital (ROIC) | 1.25% | 20.36% | 13.46% | 69.62% | 80.06% | 70.96% |
| Return on Capital Employed (ROCE) | 0.50% | 7.30% | 3.50% | 16.20% | 18.50% | 13.50% |
| Earnings Yield | 2.38% | 4.10% | 1.11% | 2.44% | 1.10% | 0.59% |
| FCF Yield | 3.99% | 2.29% | 5.17% | 3.26% | 1.94% | 1.21% |
| Buyback Yield / Dilution | 1.34% | 3.66% | 2.29% | 0.76% | -1.06% | -0.68% |