Gross margin
46.6% Fiscal year 2025
Rank 43 of 100: higher than 43% of 153 peers (All). medium.
Rank 34 of 100: higher than 34% of 57 peers (Sector). medium.
Median Technology: 56.1%
Share of revenue left after the direct cost of the products sold.
About the company
Enphase Energy, based in California, develops microinverters that convert the direct current of individual solar panels into grid power. It also offers battery storage, chargers for electric cars and software for controlling the system. Customers are mainly homeowners, reached through installers. As of Oct 16, 2026
Fact sheet (from the annual report) Semiconductors (chips) · Fremont, USA
Enphase Energy is a global energy technology company founded in March 2006. It develops, manufactures and sells home energy systems that combine power generation, storage and control on one platform. Its core is microinverters that convert the power at each individual solar panel; in addition there are batteries, load controllers and chargers for electric cars. Customers are mainly solar distributors that supply installers; Enphase also supplies large installers, equipment makers and strategic partners directly. A single customer accounted for a large share of revenue in 2025, and most of the revenue came from the United States. The company has some of its products assembled and tested by contract manufacturers such as Flex, Salcomp and Sunwoda.
Automatically summarized from SEC annual report (10-K, filed Feb 17, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 17, 2026
Price performance at a glance
Last 30 trading days
- Today −2.0%
- 7 days −7.7%
- 30 days −8.2%
- 1 year −19.2%
Day range (last trading day)
−1.6%Price at 19% of the range+7.0%
52-week range
−13.4%Price at 8% of the range+147.8%
- Distance from the all-time high
- −91.2%
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
Double bottom · Analysis method
This method currently detects no pattern for ENPH. The check runs daily after the close.
You see new patterns immediately from Watcher, on the free plan 2 days after they form. Plans and pricing
What does the pattern show?
What is this? The price has formed two similarly deep lows and broken above the neckline between them. This is seen as a sign that the downward move is ending.
This is a calculated analysis, not a forecast and not a call to buy. Risk notice and investment advice
Fundamental analysis
SEC filing (10-K, 10-Q)Required reports of listed companies to the US Securities and Exchange Commission (SEC): 10-K is the annual report, 10-Q the quarterly report, 20-F the annual report of foreign companies. We show the figures of the first filing.Example: 10-K for the fiscal year ending Sep 27, 2025, filed on Oct 31, 2025.More in the Academy: Lesson revenue, profit and marginEnphase Energy · Sector Technology · amounts in USD
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Feb 17, 2026.
Quality checks
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
Fiscal year to Dec 31, 2025
Quality
Profitability, consistency, balance sheet
6 of 8 criteria met
Growth
Revenue and earnings per share
4 of 7 criteria met
Dividend
Level, consistency, coverage · 6 without data
0 of 1 criteria met
Financial strength
Piotroski, debt, liquidity
4 of 6 criteria met
Quality 6 of 8 met
- met: Gross margin above 40% 46.6%
- not met: Operating margin above 15% 10.7%
- met: Net margin above 10% 11.7%
- met: Return on equity above 15% 15.8%
- not met: Free cash flow margin above 10% 6.5%
- met: Profit in each of the last 5 fiscal years 5 of 5
- met: Free cash flow positive in each of the last 3 fiscal years 3 of 3
- met: Equity ratio above 30% 31.0%
Operating margin
10.7% Fiscal year 2025
Rank 40 of 100: higher than 40% of 192 peers (All). medium.
Rank 46 of 100: higher than 46% of 60 peers (Sector). medium.
Median Technology: 14.2%
Operating income divided by revenue: what the core business earns before interest and taxes.
Net margin
11.7% Fiscal year 2025
Rank 43 of 100: higher than 43% of 237 peers (All). medium.
Rank 47 of 100: higher than 47% of 63 peers (Sector). medium.
Median Technology: 12.5%
Profit after all costs, interest and taxes divided by revenue.
Return on equity
15.8% Fiscal year 2025
Rank 48 of 100: higher than 48% of 218 peers (All). medium.
Rank 53 of 100: higher than 53% of 61 peers (Sector). medium.
Median Technology: 13.5%
Net income divided by equity at fiscal year end.
Return on assets
4.9% Fiscal year 2025 (total assets at year end)
Rank 44 of 100: higher than 44% of 238 peers (All). medium.
Rank 45 of 100: higher than 45% of 63 peers (Sector). medium.
Median Technology: 5.9%
Net income divided by total assets at fiscal year end.
Equity ratio
31.0% Fiscal year 2025
Rank 44 of 100: higher than 44% of 239 peers (All). medium.
Rank 23 of 100: higher than 23% of 63 peers (Sector). weak.
Median Technology: 51.6%
Equity as a share of total assets. Usually low for banks.
Free cash flow margin
6.5% Fiscal year 2025
Rank 30 of 100: higher than 30% of 213 peers (All). weak.
Rank 35 of 100: higher than 35% of 62 peers (Sector). medium.
Median Technology: 19.0%
Free cash flow divided by revenue.
Free cash flow
95.9M USD Fiscal year 2025
Operating cash flow minus capital expenditure on property and equipment.
Growth 4 of 7 met
- not met: Over 3 years, revenue grew by more than 5% per year −14.2%
- met: Over 5 years, revenue grew by more than 5% per year +13.7%
- met: Over 10 years, revenue grew by more than 5% per year +15.2%
- not met: Over 3 years, EPS grew by more than 5% per year −22.5%
- met: Over 5 years, EPS grew by more than 5% per year +6.3%
- not met: Revenue rose in at least 4 of the last 5 fiscal years 3 of 5
- met: Revenue rose in the last fiscal year +10.7%
Revenue growth 3 years
−14.2% per year
Rank 4 of 100: higher than 4% of 230 peers (All). weak.
Rank 4 of 100: higher than 4% of 59 peers (Sector). weak.
Median Technology: +14.3%
Average growth per year over 3 fiscal years.
Revenue growth 5 years
+13.7% per year
Rank 60 of 100: higher than 60% of 217 peers (All). medium.
Rank 40 of 100: higher than 40% of 54 peers (Sector). medium.
Median Technology: +14.5%
Average growth per year over 5 fiscal years.
Revenue growth 10 years
+15.2% per year
Rank 81 of 100: higher than 81% of 157 peers (All). strong.
Rank 61 of 100: higher than 61% of 37 peers (Sector). medium.
Median Technology: +12.4%
Average growth per year over 10 fiscal years.
EPS growth 3 years
−22.5% per year
Rank 8 of 100: higher than 8% of 157 peers (All). weak.
Rank 8 of 100: higher than 8% of 32 peers (Sector). weak.
Median Technology: +19.2%
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 5 years
+6.3% per year
Rank 24 of 100: higher than 24% of 146 peers (All). weak.
Rank 16 of 100: higher than 16% of 34 peers (Sector). weak.
Median Technology: +17.0%
Growth of earnings per share per year, adjusted for stock splits.
Dividend 0 of 1 met · 6 without data
- not met: Pays a dividend no dividend per share reported for the last fiscal year
- no data: Payout ratio at most 60% of earnings pays no dividend
- no data: Dividend paid in each of the last 5 fiscal years pays no dividend
- no data: Dividend per share never lowered in the last 5 fiscal years pays no dividend
- no data: Dividend per share higher than 5 years ago pays no dividend
- no data: Free cash flow per share covers the dividend pays no dividend
- no data: Dividends paid over the last 5 years covered by free cash flow pays no dividend
Financial strength 4 of 6 met
- not met: Piotroski F-Score at least 7 of 9 6 of 9
- not met: Long-term debt no higher than equity 1.11
- met: Current assets cover current liabilities 2.07
- met: Positive equity 1.1B USD
- met: In 5 years, share count up by at most 5% −5.0%
- met: Free cash flow positive in the last fiscal year 95.9M USD
Piotroski F-Score
6 of 9 Fiscal year 2025
Rank 45 of 100: higher than 45% of 134 peers (All). medium.
Rank 43 of 100: higher than 43% of 44 peers (Sector). medium.
Median Technology: 6.0 of 9
Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.
Debt / equity
1.11 at fiscal year end
Rank 29 of 100: lower than 29% of 199 peers (All). weak.
Rank 23 of 100: lower than 23% of 54 peers (Sector). weak.
Median Technology: 0.41
Long-term financial debt divided by equity.
Liquidity (current ratio)
2.07 at fiscal year end
Rank 70 of 100: higher than 70% of 215 peers (All). strong.
Rank 52 of 100: higher than 52% of 63 peers (Sector). medium.
Median Technology: 2.02
Current assets divided by current liabilities.
Change in share count
−5.0% in 5 years
Rank 62 of 100: lower than 62% of 199 peers (All). medium.
Rank 81 of 100: lower than 81% of 51 peers (Sector). strong.
Median Technology: +2.8%
Change in diluted share count. Negative = share buybacks, positive = new shares.
The 9 criteria of the Piotroski F-Score
- met: Profit in the last fiscal year (positive return on assets)
- met: Positive operating cash flow
- met: Return on assets higher than the prior year
- not met: Operating cash flow higher than net income
- met: Long-term debt relative to total assets fell
- not met: Liquidity (current assets / current liabilities) rose
- met: No additional shares (diluted share count did not rise)
- not met: Gross margin higher than the prior year
- met: Revenue relative to total assets higher than the prior year
Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock. Rank 0–100 against the 239 stocks we cover and against the sector (from 5 peers); the stronger side is always on the right.
In short
- Light green: Revenue grew over 5 years (+13.7% per year), at least as fast as the sector median.
- Light yellow: Net income (total) grew over 5 years (+5.1% per year), more slowly than the sector median; per share +6.3% per year.
- Light yellow: Net margin 11.7%, below the sector median (12.5%).
- Light yellow: Debt higher than usual in the sector.
- Light red: Profit in 7 of 10 fiscal years.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Revenue 322.6M USD · Net income −67.5M USD · Net margin −20.9%
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Revenue 286.2M USD · Net income −45.2M USD · Net margin −15.8%
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Revenue 316.2M USD · Net income −11.6M USD · Net margin −3.7%
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 624.3M USD · Net income 161.1M USD · Net margin 25.8%
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 774.4M USD · Net income 134.0M USD · Net margin 17.3%
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 1.4B USD · Net income 145.4M USD · Net margin 10.5%
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 2.3B USD · Net income 397.4M USD · Net margin 17.0%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 2.3B USD · Net income 438.9M USD · Net margin 19.2%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 1.3B USD · Net income 102.7M USD · Net margin 7.7%
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 1.5B USD · Net income 172.1M USD · Net margin 11.7%
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Revenue 302.6M USD · Net income 20.9M USD · Net margin 6.9% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Revenue 263.3M USD · Net income −16.1M USD · Net margin −6.1%
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Revenue 303.5M USD · Net income 10.8M USD · Net margin 3.6%
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Revenue 380.9M USD · Net income 45.8M USD · Net margin 12.0%
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Revenue 382.7M USD · Net income 62.2M USD · Net margin 16.2% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Revenue 356.1M USD · Net income 29.7M USD · Net margin 8.3%
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Revenue 363.2M USD · Net income 37.1M USD · Net margin 10.2%
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Revenue 410.4M USD · Net income 66.6M USD · Net margin 16.2%
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Revenue 343.3M USD · Net income 38.7M USD · Net margin 11.3% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Revenue 282.9M USD · Net income −7.4M USD · Net margin −2.6%
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Revenue 291.9M USD · Net income 36.1M USD · Net margin 12.4%
- Quarter Q3/26 (Jul 1, 2026 – Sep 30, 2026): Revenue 293.3M USD · Net income 23.4M USD · Net margin 8.0%
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Earnings per share not available
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Earnings per share −0.54 USD
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Earnings per share −0.12 USD
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Earnings per share 1.23 USD
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Earnings per share 0.95 USD
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Earnings per share 1.02 USD
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Earnings per share 2.77 USD
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Earnings per share 3.08 USD
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Earnings per share 0.75 USD
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Earnings per share 1.29 USD
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Earnings per share not reported separately for Q4
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Earnings per share −0.12 USD
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Earnings per share 0.08 USD
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Earnings per share 0.33 USD
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Earnings per share not reported separately for Q4
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Earnings per share 0.22 USD
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Earnings per share 0.28 USD
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Earnings per share 0.50 USD
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Earnings per share not reported separately for Q4
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Earnings per share −0.06 USD
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Earnings per share 0.27 USD
- Quarter Q3/26 (Jul 1, 2026 – Sep 30, 2026): Earnings per share 0.17 USD
No reported values for “Dividend per share” in this interval.
No reported values for “Dividend per share” in this interval.
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 1.5B USD · Net income 172.1M USD · Net margin 11.7%
Figures over time
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Money flow in fiscal year 2025
Of 100 USD of revenue, 46.6 USD gross profit, 10.7 USD operating income and 11.7 USD net income remained.
Net income is above operating income (e.g. a tax benefit, gains on investments or securities).
Money flow as a table
| Item | Amount | of revenue |
|---|---|---|
| Revenue | 1.5B USD | 100.0% |
| Gross profit | 687.0M USD | 46.6% |
| Cost of revenue | 786.0M USD | 53.4% |
| Operating income | 157.5M USD | 10.7% |
| Research & development | 189.1M USD | 12.8% |
| Other operating expenses | 340.4M USD | 23.1% |
| Net income | 172.1M USD | 11.7% |
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
Margins
The operating margin fell in 5 years from 24.1% to 10.7%.
Gross marginOperating marginNet margin- Fiscal year 2016: Gross margin 18.0% · Operating margin −19.4% · Net margin −20.9%
- Fiscal year 2017: Gross margin 19.6% · Operating margin −13.8% · Net margin −15.8%
- Fiscal year 2018: Gross margin 29.9% · Operating margin 0.5% · Net margin −3.7%
- Fiscal year 2019: Gross margin 35.4% · Operating margin 16.5% · Net margin 25.8%
- Fiscal year 2020: Gross margin 44.7% · Operating margin 24.1% · Net margin 17.3%
- Fiscal year 2021: Gross margin 40.1% · Operating margin 15.6% · Net margin 10.5%
- Fiscal year 2022: Gross margin 41.8% · Operating margin 19.2% · Net margin 17.0%
- Fiscal year 2023: Gross margin 46.2% · Operating margin 19.5% · Net margin 19.2%
- Fiscal year 2024: Gross margin 47.3% · Operating margin 5.8% · Net margin 7.7%
- Fiscal year 2025: Gross margin 46.6% · Operating margin 10.7% · Net margin 11.7%
Returns
Return on equity fell in 5 years from 27.7% to 15.8%.
Return on equityReturn on assets Return on equity hidden where equity is below 5% of total assets.- Fiscal year 2016: Return on equity not available · Return on assets −41.2%
- Fiscal year 2017: Return on equity not available · Return on assets −26.7%
- Fiscal year 2018: Return on equity not available · Return on assets −3.4%
- Fiscal year 2019: Return on equity 59.2% · Return on assets 22.6%
- Fiscal year 2020: Return on equity 27.7% · Return on assets 11.2%
- Fiscal year 2021: Return on equity 33.8% · Return on assets 7.0%
- Fiscal year 2022: Return on equity 48.1% · Return on assets 12.9%
- Fiscal year 2023: Return on equity 44.6% · Return on assets 13.0%
- Fiscal year 2024: Return on equity 12.3% · Return on assets 3.2%
- Fiscal year 2025: Return on equity 15.8% · Return on assets 4.9%
Equity and long-term debt
The equity ratio fell in 5 years from 40.3% to 31.0%.
EquityLong-term debt in USD Long-term debt, depending on the filing, includes the current portion or leases.- Fiscal year 2016: Equity 1.3M USD · Long-term debt 23.8M USD
- Fiscal year 2017: Equity −9.1M USD · Long-term debt 49.8M USD
- Fiscal year 2018: Equity 7.8M USD · Long-term debt 109.8M USD
- Fiscal year 2019: Equity 272.2M USD · Long-term debt 105.5M USD
- Fiscal year 2020: Equity 484.0M USD · Long-term debt 330.9M USD
- Fiscal year 2021: Equity 430.2M USD · Long-term debt 1.0B USD
- Fiscal year 2022: Equity 825.6M USD · Long-term debt 1.3B USD
- Fiscal year 2023: Equity 983.6M USD · Long-term debt 1.3B USD
- Fiscal year 2024: Equity 833.0M USD · Long-term debt 1.3B USD
- Fiscal year 2025: Equity 1.1B USD · Long-term debt 1.2B USD
Liquidity (current ratio)
The current ratio rose in 5 years from 1.75 to 2.07.
Current ratio- Fiscal year 2016: Current ratio 1.42
- Fiscal year 2017: Current ratio 1.42
- Fiscal year 2018: Current ratio 1.51
- Fiscal year 2019: Current ratio 2.51
- Fiscal year 2020: Current ratio 1.75
- Fiscal year 2021: Current ratio 3.33
- Fiscal year 2022: Current ratio 3.55
- Fiscal year 2023: Current ratio 4.59
- Fiscal year 2024: Current ratio 3.53
- Fiscal year 2025: Current ratio 2.07
Cash flow
Free cash flow fell in 5 years from 195.8M USD to 95.9M USD.
Operating cash flowCapital expenditureFree cash flow in USD- Fiscal year 2016: Operating cash flow −33.0M USD · Capital expenditure 12.2M USD · Free cash flow −45.1M USD
- Fiscal year 2017: Operating cash flow −28.4M USD · Capital expenditure 4.1M USD · Free cash flow −32.6M USD
- Fiscal year 2018: Operating cash flow 16.1M USD · Capital expenditure 4.2M USD · Free cash flow 12.0M USD
- Fiscal year 2019: Operating cash flow 139.1M USD · Capital expenditure 14.8M USD · Free cash flow 124.3M USD
- Fiscal year 2020: Operating cash flow 216.3M USD · Capital expenditure 20.6M USD · Free cash flow 195.8M USD
- Fiscal year 2021: Operating cash flow 352.0M USD · Capital expenditure 52.3M USD · Free cash flow 299.8M USD
- Fiscal year 2022: Operating cash flow 744.8M USD · Capital expenditure 46.4M USD · Free cash flow 698.4M USD
- Fiscal year 2023: Operating cash flow 696.8M USD · Capital expenditure 110.4M USD · Free cash flow 586.4M USD
- Fiscal year 2024: Operating cash flow 513.7M USD · Capital expenditure 33.6M USD · Free cash flow 480.1M USD
- Fiscal year 2025: Operating cash flow 136.5M USD · Capital expenditure 40.6M USD · Free cash flow 95.9M USD
Share count
The share count fell in 5 years by 5.0% (mostly through share repurchases).
Diluted share count- Fiscal year 2016: Diluted share count not available
- Fiscal year 2017: Diluted share count 82.9M
- Fiscal year 2018: Diluted share count 99.6M
- Fiscal year 2019: Diluted share count 131.6M
- Fiscal year 2020: Diluted share count 141.9M
- Fiscal year 2021: Diluted share count 142.9M
- Fiscal year 2022: Diluted share count 144.4M
- Fiscal year 2023: Diluted share count 143.3M
- Fiscal year 2024: Diluted share count 140.0M
- Fiscal year 2025: Diluted share count 134.9M
From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
Dividends and share repurchases
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
- Dividend per share
- none pays no dividend
- To shareholders (5 years)
- 1.4B USD 100% through repurchases
- Share count over 5 years
- −5.0% fewer shares – each share is a larger stake
What goes back to shareholders
Over 5 years, 1.4B USD went back to shareholders, 100% of it through share repurchases. That is 66% of the free cash flow of those years.
Dividends paidShare repurchasesNew shares issued (including employee plans)Free cash flow in USD- Fiscal year 2016: Dividends paid not available · Share repurchases not available · New shares issued (including employee plans) 16.1M USD · Free cash flow −45.1M USD
- Fiscal year 2017: Dividends paid not available · Share repurchases not available · New shares issued (including employee plans) 26.4M USD · Free cash flow −32.6M USD
- Fiscal year 2018: Dividends paid not available · Share repurchases not available · New shares issued (including employee plans) 19.8M USD · Free cash flow 12.0M USD
- Fiscal year 2019: Dividends paid not available · Share repurchases 0.0 USD · New shares issued (including employee plans) 0.0 USD · Free cash flow 124.3M USD
- Fiscal year 2020: Dividends paid not available · Share repurchases 0.0 USD · New shares issued (including employee plans) 0.0 USD · Free cash flow 195.8M USD
- Fiscal year 2021: Dividends paid not available · Share repurchases 500.0M USD · New shares issued (including employee plans) not available · Free cash flow 299.8M USD
- Fiscal year 2022: Dividends paid not available · Share repurchases 0.0 USD · New shares issued (including employee plans) not available · Free cash flow 698.4M USD
- Fiscal year 2023: Dividends paid not available · Share repurchases 410.0M USD · New shares issued (including employee plans) not available · Free cash flow 586.4M USD
- Fiscal year 2024: Dividends paid not available · Share repurchases 391.4M USD · New shares issued (including employee plans) not available · Free cash flow 480.1M USD
- Fiscal year 2025: Dividends paid not available · Share repurchases 130.0M USD · New shares issued (including employee plans) not available · Free cash flow 95.9M USD
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
Valuation over time
Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users. Log in
Sector comparison
Enphase Energy next to 8 stocks of the sector Technology we cover that are closest in revenue. Click a column header to sort the table.
| Symbol | Revenue (FY) | Growth 5 yrs | Gross margin | Op. margin | Net margin | ROE | Equity ratio | FCF margin | Piotroski |
|---|---|---|---|---|---|---|---|---|---|
| DDOG Datadog | 3.4B USD | +41.5% | 80.0% | −1.3% | 3.1% | 2.9% | 56.2% | 29.2% | 5/9 |
| LITE Lumentum | 3.0B USD | +11.6% | 41.7% | 17.4% | −230.1% | −149.3% | 63.5% | 10.0% | 5/9 |
| NET Cloudflare | 2.2B USD | +38.1% | 74.5% | −9.6% | −4.7% | −7.0% | 24.2% | 13.3% | 4/9 |
| ENPH Enphase Energy this stock | 1.5B USD | +13.7% | 46.6% | 10.7% | 11.7% | 15.8% | 31.0% | 6.5% | 6/9 |
| CRDO Credo Technology Group | 1.3B USD | +86.8% | 68.0% | 33.3% | 35.4% | 22.9% | 89.9% | 30.5% | – |
| MARA MARA Holdings | 907.1M USD | +190.9% | – | −135.0% | −144.6% | −37.8% | 47.6% | −133.4% | – |
| TE T1 Energy | 755.3M USD | – | 7.4% | −31.1% | −48.7% | −146.9% | 18.2% | 2.2% | 6/9 |
| IREN IREN | 707.0M USD | +145.7% | 68.9% | −148.0% | −99.4% | −16.8% | 26.5% | −127.0% | 3/9 |
| RIOT Riot Platforms | 647.4M USD | +121.7% | – | −96.1% | −102.4% | −23.2% | 72.6% | −119.6% | – |
| Median of the sector 63 symbols | 11.0B USD | +14.5% | 56.1% | 14.2% | 12.5% | 13.5% | 51.6% | 19.0% | 6/9 |
Growth 5 yrs = revenue growth per year over 5 fiscal years · Op. margin = operating margin · ROE = return on equity · FCF = free cash flow · Piotroski = F-Score (only with all 9 criteria).
Figures of the last fiscal year from SEC annual reports (peers as of Oct 28, 2026). Median across all companies of the sector we cover (from 5 stocks; several share classes of one company count once). Signed-in users also see P/E, P/S and dividend yield in the comparison. Describes the reported figures – not investment advice.
Key figures with traffic lights
Each light follows a simple, disclosed rule. The comparison is with the sector median Sector medianThe middle value of all companies in a sector: half are above it, half below. Unlike the average, single outliers hardly distort it.Example: Margins 4%, 8%, 10%, 12%, 60% → median 10%, average 18.8%.More in the Academy: Lesson putting the P/E in context of all 97 symbols in the Technology sector on our list (current members of the S&P 500 and other lists).
Revenue growth
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth+13.7% per year, last 5 years
Sector Technology: median +13.5% (88 symbols)
What does this mean? Revenue: over 5 years it grew by 13.7% per year on average – at least as fast as the median company in the sector (+13.5%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net income (total)
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth+5.1% per year, last 5 years
Sector Technology: median +13.3% (62 symbols)
per share: +6.3% per year (5 years, split-adjusted)
What does this mean? Total net income: over 5 years it grew by 5.1% per year on average, but more slowly than the median company in the sector (+13.3%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net margin
Profit marginThe share of revenue that is left as profit after all costs.Example: Profit €60m on €500m revenue → margin 12%.More in the Academy: Lesson revenue, profit and margin11.7% last fiscal year
Sector Technology: median 12.5% (97 symbols)
What does this mean? Of every 100 USD in revenue, 11.69 USD remained as profit – less than the median company in the sector (12.5%). Five years ago the margin was 17.3%.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
Debt / equity
Debt-to-equity ratioFinancial debt (loans, bonds) divided by equity. A high value amplifies good and bad years alike. The key figures bar in the chart only uses long-term financial debt.Example: Financial debt €300m, equity €500m → 0.6.More in the Academy: Lesson debt, dividends and growth0.46 latest balance sheet
Sector Technology: median 0.45 (79 symbols)
What does this mean? For every 1 USD of equity there is 0.46 USD of financial debt – more than the median company in the sector (0.45). More debt amplifies good and bad years alike.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
Payout ratio
Payout ratioThe share of profit that a company pays out as a dividend. Above 100% it pays out more than it earns.Example: Dividend €1, earnings per share €2.50 → payout ratio 40%.More in the Academy: Lesson debt, dividends and growth– Dividend / earnings per share
Sector Technology: median 30% (36 symbols)
What does this mean? The loaded SEC filings of the last two fiscal years contain no dividend per share. Either the company pays none, or it reports it under a different tag.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
Profitable years
Profitable yearsHow many of the last fiscal years ended with a profit rather than a loss on the bottom line. The figure shows how consistently a company earns.Example: Profit in 9 of 10 years → one loss year.More in the Academy: Lesson revenue, profit and margin7 of 10 fiscal years with a profit
What does this mean? In 7 of the last 10 fiscal years the bottom line showed a profit. 3 years ended with a loss.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
All figures as a table
| Year | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| 2025 | Dec 31, 2025 | 1.5B | 172.1M | 11.7% | 1.29 | – | – |
| 2024 | Dec 31, 2024 | 1.3B | 102.7M | 7.7% | 0.75 | – | – |
| 2023 | Dec 31, 2023 | 2.3B | 438.9M | 19.2% | 3.08 | – | – |
| 2022 | Dec 31, 2022 | 2.3B | 397.4M | 17.0% | 2.77 | – | – |
| 2021 | Dec 31, 2021 | 1.4B | 145.4M | 10.5% | 1.02 | – | – |
| 2020 | Dec 31, 2020 | 774.4M | 134.0M | 17.3% | 0.95 | – | – |
| 2019 | Dec 31, 2019 | 624.3M | 161.1M | 25.8% | 1.23 | – | – |
| 2018 | Dec 31, 2018 | 316.2M | −11.6M | −3.7% | −0.12 | – | – |
| 2017 | Dec 31, 2017 | 286.2M | −45.2M | −15.8% | −0.54 | – | – |
| 2016 | Dec 31, 2016 | 322.6M | −67.5M | −20.9% | – | – | – |
| Quarter | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| Q3/26 | Sep 30, 2026 | 293.3M | 23.4M | 8.0% | 0.17 | – | – |
| Q2/26 | Jun 30, 2026 | 291.9M | 36.1M | 12.4% | 0.27 | – | – |
| Q1/26 | Mar 31, 2026 | 282.9M | −7.4M | −2.6% | −0.06 | – | – |
| Q4/25* | Dec 31, 2025 | 343.3M | 38.7M | 11.3% | – | – | – |
| Q3/25 | Sep 30, 2025 | 410.4M | 66.6M | 16.2% | 0.50 | – | – |
| Q2/25 | Jun 30, 2025 | 363.2M | 37.1M | 10.2% | 0.28 | – | – |
| Q1/25 | Mar 31, 2025 | 356.1M | 29.7M | 8.3% | 0.22 | – | – |
| Q4/24* | Dec 31, 2024 | 382.7M | 62.2M | 16.2% | – | – | – |
| Q3/24 | Sep 30, 2024 | 380.9M | 45.8M | 12.0% | 0.33 | – | – |
| Q2/24 | Jun 30, 2024 | 303.5M | 10.8M | 3.6% | 0.08 | – | – |
| Q1/24 | Mar 31, 2024 | 263.3M | −16.1M | −6.1% | −0.12 | – | – |
| Q4/23* | Dec 31, 2023 | 302.6M | 20.9M | 6.9% | – | – | – |
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
Insiders
Insider transactionsExecutives, directors and major shareholders (over 10%) of US companies report their own transactions in their company’s stock to the SEC within two business days (Form 4). Purchases in the market count as more meaningful than sales (often taxes, estate planning).Example: Three executives acquire stock worth a total of 2 million USD within two weeks → “purchases by several insiders”.More in the Academy: Glossary| Period | Purchases | Sales | Net |
|---|---|---|---|
| 3 months | $00 people | $134.1K1 person | −$134.1K |
| 6 months | $391.4K2 people | $211.5K1 person | +$179.9K |
| 12 months | $1.1M2 people | $10.8M3 people | −$9.7M |
Latest transactions
- Aug 14, 2026 Mora Richard Director Open-market sale 1,500 shares · $60.5K · SEC
- Jul 30, 2026 Mora Richard Director Open-market sale 2,000 shares · $73.5K · SEC
- Jun 12, 2026 Trivedi Shanker Director Open-market purchase 1,000 shares · $53.9K · SEC
- Jun 1, 2026 Mora Richard Director Open-market sale 700 shares · $44.9K · SEC
- May 26, 2026 Kothandaraman Badrinarayanan Chief executive (CEO), Director Open-market purchase 600 shares · $41.0K · SEC
- May 26, 2026 Kothandaraman Badrinarayanan Chief executive (CEO), Director Open-market purchase 4,400 shares · $296.4K · SEC
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
Trend score -100
Price vs. EMA 50-15
Price vs. EMA 200-15
EMA 50 vs. EMA 200-20
ADX (trend strength)-15
Highs and lows-20
Relative strength-15
Volatility and trend strength
ADX 14 (trend strength)30.0
Rel. strength 60 d−25.1%
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
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