ENPH
Enphase Energy, Inc.
ENPH's fundamentals are weak: its operating margin fell 8 points to 4.2% and revenue fell 20%, though it turned 11% of its revenue into free cash flow. At 40x earnings, it's trading below its usual 69x. Analysts expect earnings to fall sharply, though they disagree widely on how much.
ENPH Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Stable | |
| Stable | |
| Healthy |
ENPH's balance sheet is currently healthy, and its profitability and cash flow are stable, but its revenue is weak.
ENPH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 25x | $26.78 | — |
| Cheap | 31x | $20.71 | -23% |
| Current | 40x | $26.78 | — |
| Fair | 67x | $45.16 | +69% |
| Expensive | 162x | $108 | +305% |
Historical ranges are pointers, not guarantees.
ENPH's PE is in its fair range at 40x. On analysts' estimates for next year's earnings, today's price would be 25x, in its cheap range.
ENPH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong decline | |
| Strong decline | |
| Strongly weakening | |
| Moderate | |
| Low |
Analysts expect ENPH's earnings and revenue to decline, with profitability weakening. However, they disagree widely on these estimates.
ENPH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.07 | +59% |
| Q3 2026 | $0.67 | -54% |
| Q2 2026 | $1.00 | -22% |
| Q1 2026 | $1.01 | -7.3% |
| Q4 2025 | $1.29 | +72% |
| Q3 2025 | $1.46 | +217% |
| Q2 2025 | $1.29 | +39% |
| Q1 2025 | $1.09 | -44% |
| Q4 2024 | $0.75 | -76% |
ENPH's earnings per share have fallen from their peak: $0.67 over the past year, against $3.97 in mid-2023.
ENPH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $293.3M | -29% |
| Q2 2026 | $291.9M | -20% |
| Q1 2026 | $282.9M | -21% |
| Q4 2025 | $343.3M | -10% |
| Q3 2025 | $410.4M | +7.8% |
| Q2 2025 | $363.2M | +20% |
| Q1 2025 | $356.1M | +35% |
| Q4 2024 | $382.7M | +26% |
ENPH's revenue has slid since its 2023 peak: $293M last quarter, down 29% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.2% | -14 points |
| Q2 2026 | 18% | +7.5 points |
| Q1 2026 | -10% | -19 points |
| Q4 2025 | 6.5% | -7.8 points |
| Q3 2025 | 16% | +3.1 points |
| Q2 2025 | 10% | +9.6 points |
| Q1 2025 | 9% | +20 points |
| Q4 2024 | 14% | +18 points |
ENPH's operating margin was 2.2% last quarter, down 14 points from the same quarter a year ago.
ENPH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$11.4M | -293% |
| Q2 2026 | $25.9M | +41% |
| Q1 2026 | $83M | +145% |
| Q4 2025 | $37.8M | -76% |
| Q3 2025 | $5.9M | -96% |
| Q2 2025 | $18.4M | -84% |
| Q1 2025 | $33.8M | -19% |
| Q4 2024 | $159.2M | +936% |
ENPH usually generates cash, though not every quarter: the latest was −$11M, but it generated $135M over the past year.
ENPH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +76K shares |
| 1 year | +1.7% | +2.2M shares |
| 3 years | -6% | -8.7M shares |
| 5 years | -4.3% | -6M shares |
| Available history | +2.7% | +3.6M shares |
ENPH has 135M diluted shares, up 1.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $30M |
| Q1 2025 | $100M |
| Q4 2024 | $199.7M |
ENPH hasn't bought back shares in the past year.
ENPH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.5x | Healthy |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.4x | Very low |
| Q4 2025 | 3.1x | Elevated |
| Q3 2025 | 3.0x | Moderate |
| Q2 2025 | 3.3x | Elevated |
| Q1 2025 | 3.9x | Elevated |
| Q4 2024 | 5.9x | High |
ENPH's net debt is about 1.5 years of its operating earnings (EBITDA), down from 3.0 years a year ago.
ENPH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.8 | Neutral |
| Stochastic | 16.1 | Oversold |
ENPH's weekly RSI is 37 (neutral) and its Stochastic is 16 (oversold).
ENPH PE vs Energy Sector
| Metric | ENPH | Sector median | Relative |
|---|---|---|---|
| PE | 40x | 13x | 205% above |
| PE % | 33 | 61 | 28 pts below |
ENPH is trading at 40x earnings, a 205% premium to the Energy sector's median of 13x.
ENPH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $30.2 | 11% below |
| 20 week MA | $35.6 | 25% below |
| 50 week MA | $39.4 | 32% below |
| 100 week MA | $43.1 | 38% below |
| 200 week MA | $87.2 | 69% below |
ENPH is in a downtrend: it's below all five of its weekly moving averages, and 69% below its 200-week average.
ENPH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $26.8 | $181.4 | +578% |
| 2021 | $181.4 | $188.2 | +3.7% |
| 2022 | $188.2 | $294.0 | +56% |
| 2023 | $294.0 | $132.1 | -55% |
| 2024 | $132.1 | $72.1 | -45% |
| 2025 | $72.1 | $33.0 | -54% |
| 2026 YTD | $33.0 | $26.8 | -19% |
ENPH has finished three years in a row lower, and it's down 19% so far in 2026.