Enphase Energy (ENPH) Financials

$46.59 +4.59 (+10.92%)

As of 11:32 AM Eastern

Annual Income Statements for Enphase Energy

This table shows Enphase Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-22	-67	-45	-12	161	134	145	397	439	103	172
Consolidated Net Income / (Loss)	-22	-67	-45	-12	161	134	145	397	439	103	172
Net Income / (Loss) Continuing Operations	-19	-67	-45	-12	161	134	145	397	439	103	172
Total Pre-Tax Income	-21	-66	-45	-10	90	119	121	452	513	120	205
Total Operating Income	-19	-63	-39	1.60	103	186	216	448	446	77	158
Total Gross Profit	108	58	56	94	221	346	554	975	1,058	629	687
Total Revenue	357	323	286	316	624	774	1,382	2,331	2,291	1,330	1,473
Operating Revenue	357	323	286	316	624	774	1,382	2,331	2,291	1,330	1,473
Total Cost of Revenue	249	265	230	222	403	428	828	1,356	1,232	701	786
Operating Cost of Revenue	249	265	230	222	403	428	828	1,356	1,232	701	786
Total Operating Expenses	128	121	95	93	119	160	339	526	613	552	529
Selling, General & Admin Expense	31	27	22	29	39	51	104	140	138	131	136
Marketing Expense	46	39	23	27	37	53	129	215	232	207	198
Research & Development Expense	51	51	33	33	40	56	106	169	227	201	189
Restructuring Charge	0.00	3.78	17	4.13	2.60	0.00	-	2.38	16	13	7.13
Total Other Income / (Expense), net	-1.39	-3.29	-5.96	-12	-13	-67	-95	3.79	67	43	47
Interest Expense	0.50	2.77	8.21	11	9.69	21	45	9.44	8.84	8.91	4.52
Interest & Investment Income	-	-	0.28	1.06	2.51	2.16	0.70	14	70	77	63
Other Income / (Expense), net	-0.89	-0.51	1.97	-2.19	-5.44	-48	-50	-0.43	6.51	-26	-11
Income Tax Expense	1.38	1.48	-0.15	1.40	-71	-15	-25	55	74	18	33
Basic Earnings per Share	($0.49)	($1.34)	($0.54)	($0.12)	$1.38	$1.07	$1.09	$2.94	$3.22	$0.76	$1.31
Weighted Average Basic Shares Outstanding	44.63M	50.52M	82.94M	99.62M	116.71M	125.56M	134.03M	135.35M	136.38M	135.17M	131.16M
Diluted Earnings per Share	($0.49)	($1.34)	($0.54)	($0.12)	$1.23	$0.95	$1.02	$2.77	$3.08	$0.75	$1.29
Weighted Average Diluted Shares Outstanding	44.63M	50.52M	82.94M	99.62M	131.64M	141.92M	142.88M	144.39M	143.29M	140.00M	134.89M
Weighted Average Basic & Diluted Shares Outstanding	44.63M	50.52M	82.94M	99.62M	123.18M	129.02M	133.94M	136.50M	135.76M	132.47M	131.10M

This table shows Enphase Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	114	21	-16	11	46	62	30	37	67	39	-7.41
Consolidated Net Income / (Loss)	114	21	-16	11	46	62	30	37	67	39	-7.41
Net Income / (Loss) Continuing Operations	114	21	-16	11	46	62	30	37	67	39	-7.41
Total Pre-Tax Income	137	12	-11	11	51	70	47	42	77	39	-14
Total Operating Income	118	-10	-29	1.80	50	55	32	37	66	22	-30
Total Gross Profit	262	147	116	137	178	198	168	170	196	152	100
Total Revenue	551	303	263	303	381	383	356	363	410	343	283
Operating Revenue	551	303	263	303	381	383	356	363	410	343	283
Total Cost of Revenue	289	156	148	166	203	184	188	193	214	191	183
Operating Cost of Revenue	289	156	148	166	203	184	188	193	214	191	183
Total Operating Expenses	144	157	145	135	128	143	136	133	130	130	130
Selling, General & Admin Expense	34	33	35	34	30	32	34	34	33	35	33
Marketing Expense	55	53	53	52	50	52	49	51	48	49	48
Research & Development Expense	55	55	54	49	48	50	50	45	47	46	45
Restructuring Charge	0.00	15	1.91	1.17	0.68	9.40	3.16	3.32	1.29	-0.64	3.83
Total Other Income / (Expense), net	19	22	18	9.42	0.96	15	15	5.20	11	16	16
Interest Expense	2.20	2.27	2.20	2.22	2.24	2.25	2.05	0.82	0.83	0.83	0.63
Interest & Investment Income	20	20	20	19	20	18	17	15	15	15	13
Other Income / (Expense), net	1.88	4.23	0.09	-7.57	-17	-1.27	-0.01	-8.90	-3.74	1.74	3.79
Income Tax Expense	23	-8.69	4.60	0.38	4.98	7.54	17	5.15	10	-0.02	-6.45
Basic Earnings per Share	$0.84	$0.16	($0.12)	$0.08	$0.34	$0.46	$0.23	$0.28	$0.51	$0.29	($0.06)
Weighted Average Basic Shares Outstanding	136.17M	136.38M	135.89M	135.65M	135.33M	135.17M	131.87M	131.03M	130.80M	131.16M	131.34M
Diluted Earnings per Share	$0.80	$0.17	($0.12)	$0.08	$0.33	$0.46	$0.22	$0.28	$0.50	$0.29	($0.06)
Weighted Average Diluted Shares Outstanding	143.86M	143.29M	135.89M	136.12M	139.91M	140.00M	136.21M	135.22M	133.00M	134.89M	131.34M
Weighted Average Basic & Diluted Shares Outstanding	136.55M	135.76M	136.06M	135.42M	135.11M	132.47M	131.21M	130.75M	130.86M	131.10M	131.80M

This table details how cash moves in and out of Enphase Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-14	-11	11	77	190	383	-560	354	-184	175	10
Net Cash From Operating Activities	-21	-33	-28	16	139	216	352	745	697	514	137
Net Cash From Continuing Operating Activities	-21	-33	-28	16	137	216	352	745	697	514	137
Net Income / (Loss) Continuing Operations	-22	-67	-45	-12	161	134	145	397	439	103	172
Consolidated Net Income / (Loss)	-22	-67	-45	-12	161	134	145	397	439	103	172
Depreciation Expense	11	11	9.00	9.67	14	18	31	59	75	81	81
Amortization Expense	0.16	0.15	1.67	2.70	6.08	19	46	5.54	-7.18	0.05	5.21
Non-Cash Adjustments To Reconcile Net Income	15	16	7.29	5.22	33	96	173	275	274	249	247
Changes in Operating Assets and Liabilities, net	-25	7.75	-1.21	10	-78	-51	-43	7.99	-84	81	-368
Net Cash From Investing Activities	-12	-12	-4.12	-19	-15	-26	-1,220	-372	-366	128	107
Net Cash From Continuing Investing Activities	-12	-12	-4.12	-19	-15	-26	-1,220	-372	-366	128	107
Purchase of Property, Plant & Equipment	-13	-12	-4.12	-4.15	-15	-21	-52	-46	-110	-34	-41
Purchase of Investments	-	-	-	0.00	0.00	0.00	-935	-907	-2,096	-1,185	-756
Sale and/or Maturity of Investments	-	-	-	-	0.00	0.00	35	660	1,840	1,347	962
Other Investing Activities, net	0.30	-	-	-	-	-5.01	-31	-16	0.00	0.00	-58
Net Cash From Financing Activities	21	34	43	81	66	192	309	-17	-517	-460	-242
Net Cash From Continuing Financing Activities	21	34	43	81	66	192	309	-17	-517	-460	-242
Repayment of Debt	-29	-17	-10	-9.98	-52	-2.58	-1.69	0.00	0.00	-0.01	-102
Repurchase of Common Equity	-	-	-	-	0.00	0.00	-500	0.00	-410	-394	-130
Issuance of Common Equity	4.01	17	27	23	35	80	228	10	14	13	8.53
Other Financing Activities, net	-0.30	-	0.00	0.00	-45	-157	-315	-27	-121	-79	-18
Effect of Exchange Rate Changes	-0.52	-0.32	-	-0.50	-	0.83	-1.96	-1.86	1.85	-6.32	8.49
Cash Interest Paid	0.36	2.70	5.82	6.34	2.69	1.88	0.73	0.46	0.46	0.26	0.13
Cash Income Taxes Paid	0.59	1.15	0.91	0.78	1.76	3.45	4.82	33	75	33	20

This table details how cash moves in and out of Enphase Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	11	-1.33	-35	-1.55	4.22	208	-49	-45	31	72	23
Net Cash From Operating Activities	146	35	49	127	170	167	48	27	14	48	103
Net Cash From Continuing Operating Activities	146	35	49	127	170	167	48	27	14	48	103
Net Income / (Loss) Continuing Operations	114	21	-16	11	46	62	30	37	67	39	-7.41
Consolidated Net Income / (Loss)	114	21	-16	11	46	62	30	37	67	39	-7.41
Depreciation Expense	19	21	20	20	20	21	20	20	20	20	21
Amortization Expense	7.21	-0.82	4.96	1.13	-0.73	-5.30	5.19	-0.41	0.06	0.36	5.74
Non-Cash Adjustments To Reconcile Net Income	43	120	48	51	74	64	66	54	72	54	56
Changes in Operating Assets and Liabilities, net	-38	-125	-7.97	44	31	26	-72	-85	-145	-66	28
Net Cash From Investing Activities	-15	76	18	-28	-112	251	113	-51	21	24	576
Net Cash From Continuing Investing Activities	-15	76	18	-28	-112	251	113	-51	21	24	576
Purchase of Property, Plant & Equipment	-24	-20	-7.37	-9.64	-8.53	-8.06	-15	-8.26	-8.03	-9.74	-20
Purchase of Investments	-471	-338	-472	-300	-319	-93	-201	-284	-123	-148	0.00
Sale and/or Maturity of Investments	495	434	497	282	215	352	335	243	202	182	597
Other Investing Activities, net	-	-	0.00	-	-	-	-6.90	-1.44	-50	-	-1.00
Net Cash From Financing Activities	-118	-115	-101	-101	-56	-203	-214	-28	-1.68	1.79	-651
Net Cash From Continuing Financing Activities	-118	-115	-101	-101	-56	-203	-214	-28	-1.68	1.79	-651
Repayment of Debt	-	-	-0.00	-	-0.01	-	-102	-	-	-	0.00
Repurchase of Common Equity	-110	-100	-42	-100	-50	-202	-100	-30	-	-	0.00
Issuance of Common Equity	0.72	13	1.19	6.77	0.01	4.72	0.07	5.30	-	3.16	0.00
Other Financing Activities, net	-8.47	-28	-60	-7.47	-6.29	-5.01	-12	-2.86	-1.68	-1.37	-651
Effect of Exchange Rate Changes	-1.90	2.18	-1.18	-0.37	2.64	-7.41	3.68	7.56	-2.30	-0.44	-4.84

This table presents Enphase Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	166	164	169	340	713	1,200	2,079	3,084	3,383	3,250	3,510
Total Current Assets	122	118	130	222	500	933	1,462	2,264	2,444	2,327	2,607
Cash & Equivalents	28	18	29	106	251	679	119	473	289	369	474
Short-Term Investments	-	-	-	-	-	-	897	1,140	1,406	1,253	1,039
Accounts Receivable	46	61	65	79	145	182	334	441	446	224	230
Inventories, net	41	32	26	16	32	42	74	150	214	165	288
Prepaid Expenses	6.42	7.12	9.96	21	26	30	38	61	89	221	576
Plant, Property, & Equipment, net	32	31	26	21	29	43	82	111	168	148	137
Total Noncurrent Assets	12	14	12	97	185	224	535	709	771	775	766
Goodwill	3.75	3.66	3.66	25	25	25	181	214	215	212	215
Intangible Assets	2.22	0.95	0.52	35	31	29	98	100	69	42	22
Noncurrent Deferred & Refundable Income Taxes	-	-	-	0.00	75	93	122	205	252	316	306
Other Noncurrent Operating Assets	5.68	9.66	8.04	37	55	78	133	191	236	206	223
Total Liabilities & Shareholders' Equity	166	164	169	340	713	1,200	2,079	3,084	3,383	3,250	3,510
Total Liabilities	124	162	178	332	441	716	1,649	2,259	2,399	2,417	2,423
Total Current Liabilities	73	83	92	147	199	534	440	638	532	660	1,262
Short-Term Debt	17	13	17	28	2.88	326	86	91	0.00	101	632
Accounts Payable	26	32	29	49	57	73	114	125	116	90	203
Accrued Expenses	26	32	30	37	57	88	177	331	298	232	246
Current Deferred Revenue	3.92	6.41	16	33	82	48	63	91	118	237	181
Total Noncurrent Liabilities	51	80	87	185	242	182	1,209	1,620	1,867	1,757	1,161
Long-Term Debt	0.00	21	32	82	103	4.90	952	1,199	1,294	1,201	572
Noncurrent Deferred Revenue	25	34	30	77	100	125	187	282	369	342	338
Other Noncurrent Operating Liabilities	26	25	24	26	39	52	71	139	204	213	251
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	41	1.30	-9.13	7.78	272	484	430	826	984	833	1,087
Total Preferred & Common Equity	41	1.30	-9.13	7.78	272	484	430	826	984	833	1,087
Total Common Equity	41	1.30	-9.13	7.78	272	484	430	826	984	833	1,087
Common Stock	225	252	287	353	458	535	838	819	939	1,085	1,289
Retained Earnings	-183	-251	-296	-346	-185	-51	-406	17	46	-245	-204
Accumulated Other Comprehensive Income / (Loss)	-0.21	-0.29	-0.66	0.74	-0.92	0.43	-2.02	-11	-1.99	-6.35	1.75

This table presents Enphase Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	3,466	3,554	3,383	3,233	3,167	3,264	3,250	3,106	3,179	3,320	2,724
Total Current Assets	2,561	2,599	2,444	2,303	2,242	2,361	2,327	2,197	2,289	2,392	1,830
Cash & Equivalents	279	290	289	254	252	256	369	350	371	402	498
Short-Term Investments	1,522	1,494	1,406	1,376	1,394	1,510	1,253	1,117	1,160	1,076	433
Accounts Receivable	520	560	446	364	277	232	224	226	223	266	197
Inventories, net	166	174	214	208	176	159	165	144	173	189	291
Prepaid Expenses	74	80	89	101	142	203	221	296	363	460	412
Plant, Property, & Equipment, net	152	173	168	158	152	148	148	142	137	131	139
Total Noncurrent Assets	753	782	771	772	773	755	775	767	753	797	755
Goodwill	214	213	215	214	213	214	212	212	215	214	214
Intangible Assets	86	79	69	63	57	51	42	37	32	27	18
Noncurrent Deferred & Refundable Income Taxes	235	254	252	262	279	276	316	305	312	321	312
Other Noncurrent Operating Assets	218	236	236	234	224	214	206	211	193	235	212
Total Liabilities & Shareholders' Equity	3,466	3,554	3,383	3,233	3,167	3,264	3,250	3,106	3,179	3,320	2,724
Total Liabilities	2,493	2,539	2,399	2,310	2,282	2,333	2,417	2,295	2,298	2,325	1,622
Total Current Liabilities	744	774	532	554	530	567	660	1,159	1,163	1,171	482
Short-Term Debt	93	95	0.00	97	99	100	101	631	631	632	0.00
Accounts Payable	79	90	116	72	80	112	90	115	163	189	113
Accrued Expenses	462	476	298	265	228	226	232	245	240	239	224
Current Deferred Revenue	109	114	118	120	124	130	237	168	129	111	144
Total Noncurrent Liabilities	1,750	1,765	1,867	1,756	1,752	1,765	1,757	1,136	1,136	1,154	1,140
Long-Term Debt	1,201	1,197	1,294	1,199	1,199	1,200	1,201	571	572	572	573
Noncurrent Deferred Revenue	354	366	369	359	353	354	342	334	332	346	326
Other Noncurrent Operating Liabilities	194	202	204	198	200	211	213	231	232	237	241
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	973	1,015	984	923	885	931	833	811	881	995	1,102
Total Preferred & Common Equity	973	1,015	984	923	885	931	833	811	881	995	1,102
Total Common Equity	973	1,015	984	923	885	931	833	811	881	995	1,102
Common Stock	858	899	939	941	993	1,033	1,085	1,128	1,184	1,234	1,319
Retained Earnings	190	125	46	-12	-101	-105	-245	-316	-309	-243	-211
Accumulated Other Comprehensive Income / (Loss)	-6.85	-9.76	-1.99	-6.77	-7.95	3.26	-6.35	-1.61	5.36	3.32	-5.82

This table displays calculated financial ratios and metrics derived from Enphase Energy's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.88%	-9.70%	-11.29%	10.48%	97.47%	24.04%	78.46%	68.65%	-1.72%	-41.92%	10.72%
EBITDA Growth	-386.23%	-451.91%	49.02%	144.05%	897.89%	49.10%	38.26%	111.44%	1.49%	-74.37%	74.53%
EBIT Growth	-272.52%	-212.91%	40.83%	98.41%	16,479.12%	42.10%	19.62%	170.78%	0.99%	-88.56%	183.27%
NOPAT Growth	-335.97%	-224.72%	37.20%	104.05%	16,343.52%	13.88%	24.08%	51.79%	-3.24%	-82.68%	100.49%
Net Income Growth	-174.24%	-205.51%	33.01%	74.27%	1,485.98%	-16.85%	8.55%	173.20%	10.46%	-76.61%	67.68%
EPS Growth	0.00%	-173.47%	59.70%	77.78%	1,125.00%	-22.76%	7.37%	171.57%	11.19%	-75.65%	72.00%
Operating Cash Flow Growth	-187.36%	-55.73%	13.69%	156.72%	762.06%	55.56%	62.72%	111.58%	-6.45%	-26.28%	-73.42%
Free Cash Flow Firm Growth	-1,543.98%	18.82%	31.02%	105.91%	8,784.42%	37.04%	-136.10%	709.96%	-11.71%	-23.67%	-199.04%
Invested Capital Growth	509.70%	-41.87%	-34.15%	-1.38%	621.13%	65.93%	233.01%	11.51%	15.75%	-28.25%	86.34%
Revenue Q/Q Growth	-9.97%	8.39%	-3.68%	4.16%	23.24%	7.62%	11.98%	15.45%	-15.56%	6.41%	-2.60%
EBITDA Q/Q Growth	-248.32%	6.12%	25.74%	135.95%	57.63%	26.65%	-0.40%	20.98%	-23.66%	70.07%	-9.33%
EBIT Q/Q Growth	-417.87%	5.46%	19.96%	90.74%	76.02%	28.51%	-7.69%	28.36%	-27.05%	765.78%	-16.68%
NOPAT Q/Q Growth	-782.90%	7.49%	16.81%	128.80%	201.74%	-28.25%	-6.49%	27.47%	-27.21%	449.89%	-15.94%
Net Income Q/Q Growth	-274.46%	3.70%	18.48%	23.89%	256.59%	-24.58%	-12.30%	34.15%	-23.23%	67.15%	-11.99%
EPS Q/Q Growth	0.00%	11.84%	21.74%	20.00%	261.76%	-26.92%	-15.00%	33.17%	-22.42%	63.04%	-11.64%
Operating Cash Flow Q/Q Growth	-3.58%	-61.23%	7.93%	30.70%	259.62%	-7.72%	3.83%	26.61%	-23.85%	34.53%	-46.72%
Free Cash Flow Firm Q/Q Growth	14.65%	-38.98%	-0.54%	-81.84%	1,391.59%	-32.54%	-150.00%	216.61%	-37.39%	231.77%	-132.51%
Invested Capital Q/Q Growth	-36.82%	-22.75%	5.04%	47,075.00%	53.17%	18.29%	61.14%	4.58%	11.47%	-10.14%	8.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.29%	17.98%	19.58%	29.87%	35.44%	44.68%	40.12%	41.81%	46.20%	47.29%	46.64%
EBITDA Margin	-2.66%	-16.25%	-9.34%	3.72%	18.82%	22.62%	17.53%	21.97%	22.69%	10.01%	15.78%
Operating Margin	-5.40%	-19.44%	-13.76%	0.50%	16.45%	24.07%	15.62%	19.23%	19.46%	5.81%	10.69%
EBIT Margin	-5.65%	-19.60%	-13.07%	-0.19%	15.58%	17.85%	11.97%	19.21%	19.74%	3.89%	9.95%
Profit (Net Income) Margin	-6.18%	-20.91%	-15.79%	-3.68%	25.81%	17.30%	10.52%	17.05%	19.16%	7.72%	11.69%
Tax Burden Percent	106.66%	102.24%	99.67%	113.67%	178.83%	112.21%	120.28%	87.90%	85.54%	85.44%	84.04%
Interest Burden Percent	102.48%	104.39%	121.22%	1,722.05%	92.62%	86.37%	73.12%	100.94%	113.46%	232.16%	139.70%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	-78.83%	-12.21%	-20.28%	12.10%	14.46%	14.56%	15.96%
Return on Invested Capital (ROIC)	-77.42%	-185.06%	-190.65%	9.80%	395.20%	192.71%	88.50%	82.58%	70.26%	13.21%	22.13%
ROIC Less NNEP Spread (ROIC-NNEP)	-45.39%	-1,191.55%	-286.60%	-95.73%	419.33%	220.62%	158.21%	80.38%	54.33%	4.23%	11.15%
Return on Net Nonoperating Assets (RNNOA)	27.46%	-130.56%	1,345.57%	1,712.72%	-280.09%	-157.27%	-56.68%	-19.30%	-21.73%	-1.90%	-4.20%
Return on Equity (ROE)	-49.96%	-315.62%	1,154.92%	1,722.52%	115.11%	35.44%	31.82%	63.29%	48.52%	11.30%	17.93%
Cash Return on Invested Capital (CROIC)	-221.06%	-132.10%	-149.46%	11.19%	243.92%	143.12%	-19.12%	71.70%	55.65%	46.11%	-38.18%
Operating Return on Assets (OROA)	-12.72%	-38.42%	-22.48%	-0.23%	18.48%	14.45%	10.09%	17.35%	13.99%	1.56%	4.34%
Return on Assets (ROA)	-13.90%	-41.00%	-27.16%	-4.57%	30.60%	14.01%	8.87%	15.39%	13.57%	3.10%	5.09%
Return on Common Equity (ROCE)	-49.96%	-315.62%	1,154.92%	1,722.52%	115.11%	35.44%	31.82%	63.29%	48.52%	11.30%	17.93%
Return on Equity Simple (ROE_SIMPLE)	-53.28%	0.00%	495.20%	-149.52%	59.20%	27.69%	33.81%	48.13%	44.62%	12.32%	0.00%
Net Operating Profit after Tax (NOPAT)	-14	-44	-28	1.12	184	209	260	394	381	66	132
NOPAT Margin	-3.78%	-13.61%	-9.63%	0.35%	29.42%	27.02%	18.78%	16.91%	16.64%	4.96%	8.99%
Net Nonoperating Expense Percent (NNEP)	-32.03%	1,006.49%	95.95%	105.53%	-24.12%	-27.91%	-69.70%	2.21%	15.93%	8.97%	10.98%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	18.62%	16.74%	3.09%	5.78%
Cost of Revenue to Revenue	69.71%	82.02%	80.42%	70.13%	64.56%	55.32%	59.88%	58.19%	53.80%	52.71%	53.36%
SG&A Expenses to Revenue	8.63%	8.50%	7.77%	9.20%	6.22%	6.55%	7.53%	6.01%	6.02%	9.83%	9.22%
R&D to Revenue	14.23%	15.72%	11.59%	10.31%	6.47%	7.22%	7.64%	7.24%	9.92%	15.13%	12.84%
Operating Expenses to Revenue	35.70%	37.42%	33.34%	29.37%	18.98%	20.60%	24.50%	22.58%	26.74%	41.48%	35.95%
Earnings before Interest and Taxes (EBIT)	-20	-63	-37	-0.59	97	138	165	448	452	52	147
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-9.50	-52	-27	12	117	175	242	512	520	133	232
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.84	48.10	0.00	64.68	11.75	45.80	57.38	43.62	18.34	11.14	3.86
Price to Tangible Book Value (P/TBV)	4.48	0.00	0.00	0.00	14.75	51.50	163.28	70.28	25.76	16.02	4.93
Price to Revenue (P/Rev)	0.45	0.19	0.72	1.59	5.12	28.62	17.86	15.45	7.88	6.97	2.85
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	19.84	165.44	169.69	90.63	41.11	90.39	24.37
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	5.04%	0.60%	0.59%	1.10%	2.43%	1.11%	4.10%
Enterprise Value to Invested Capital (EV/IC)	4.92	4.51	19.75	44.73	36.83	161.05	54.75	70.95	30.30	21.22	4.99
Enterprise Value to Revenue (EV/Rev)	0.41	0.24	0.79	1.60	4.82	28.17	17.87	15.31	7.70	6.66	2.64
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	43.02	25.60	124.55	101.99	69.69	33.94	66.55	16.71
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	30.91	157.82	149.36	79.70	39.01	171.26	26.50
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	453.35	16.37	104.29	95.15	90.58	46.27	134.23	29.35
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	31.40	21.63	100.86	70.17	47.92	25.32	17.26	28.46
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	396.86	26.52	140.43	0.00	104.33	58.41	38.44	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.41	26.08	-5.45	14.12	0.39	0.68	2.41	1.56	1.32	1.56	1.11
Long-Term Debt to Equity	0.00	15.98	-3.54	10.50	0.38	0.01	2.21	1.45	1.32	1.44	0.53
Financial Leverage	-0.61	0.11	-4.70	-17.89	-0.67	-0.71	-0.36	-0.24	-0.40	-0.45	-0.38
Leverage Ratio	3.59	7.70	-42.52	-377.10	3.76	2.53	3.59	4.11	3.57	3.65	3.52
Compound Leverage Factor	3.68	8.04	-51.54	-6,493.85	3.48	2.19	2.62	4.15	4.06	8.48	4.92
Debt to Total Capital	29.09%	96.31%	122.46%	93.39%	27.94%	40.60%	70.69%	60.98%	56.81%	60.99%	52.56%
Short-Term Debt to Total Capital	29.09%	37.31%	42.90%	23.95%	0.76%	40.00%	5.86%	4.30%	0.00%	4.74%	27.59%
Long-Term Debt to Total Capital	0.00%	59.00%	79.56%	69.44%	27.18%	0.60%	64.83%	56.69%	56.81%	56.25%	24.97%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	70.91%	3.69%	-22.46%	6.61%	72.06%	59.40%	29.31%	39.02%	43.19%	39.01%	47.44%
Debt to EBITDA	-1.79	-0.65	-1.86	9.32	0.90	1.89	4.28	2.52	2.49	9.78	5.18
Net Debt to EBITDA	1.21	-0.31	-0.77	0.30	-1.62	-1.99	0.09	-0.63	-0.77	-3.12	-1.33
Long-Term Debt to EBITDA	0.00	-0.40	-1.21	6.93	0.87	0.03	3.93	2.34	2.49	9.02	2.46
Debt to NOPAT	-1.26	-0.77	-1.80	98.27	0.57	1.58	4.00	3.27	3.39	19.72	9.10
Net Debt to NOPAT	0.85	-0.37	-0.75	3.17	-1.04	-1.67	0.08	-0.82	-1.05	-6.29	-2.33
Long-Term Debt to NOPAT	0.00	-0.47	-1.17	73.06	0.56	0.02	3.67	3.04	3.39	18.19	4.32
Altman Z-Score	1.33	-0.96	-0.52	0.67	5.82	19.94	10.22	11.44	6.33	3.28	1.97
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.67	1.42	1.42	1.51	2.51	1.75	3.33	3.55	4.59	3.53	2.07
Quick Ratio	1.02	0.95	1.03	1.26	1.99	1.61	3.07	3.22	4.02	2.80	1.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-39	-31	-22	1.28	113	155	-56	342	302	231	-228
Operating Cash Flow to CapEx	-168.94%	-270.84%	-690.17%	388.63%	940.40%	1,052.31%	673.63%	1,603.72%	631.14%	1,528.67%	335.98%
Free Cash Flow to Firm to Interest Expense	-77.03	-11.30	-2.63	0.12	11.70	7.40	-1.24	36.25	34.17	25.89	-50.51
Operating Cash Flow to Interest Expense	-42.24	-11.88	-3.46	1.51	14.35	10.30	7.80	78.92	78.83	57.69	30.20
Operating Cash Flow Less CapEx to Interest Expense	-67.24	-16.27	-3.97	1.12	12.82	9.32	6.64	74.00	66.34	53.91	21.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.25	1.96	1.72	1.24	1.19	0.81	0.84	0.90	0.71	0.40	0.44
Accounts Receivable Turnover	7.83	6.02	4.53	4.38	5.57	4.73	5.36	6.02	5.17	3.97	6.49
Inventory Turnover	7.98	7.27	7.94	10.49	16.68	11.61	14.25	12.10	6.78	3.70	3.47
Fixed Asset Turnover	11.35	10.15	9.88	13.32	25.01	21.54	22.09	24.09	16.39	8.43	10.36
Accounts Payable Turnover	10.40	9.24	7.61	5.72	7.59	6.59	8.88	11.36	10.22	6.80	5.36
Days Sales Outstanding (DSO)	46.60	60.60	80.59	83.29	65.58	77.20	68.11	60.64	70.65	91.87	56.20
Days Inventory Outstanding (DIO)	45.72	50.19	45.96	34.79	21.88	31.44	25.62	30.16	53.80	98.53	105.20
Days Payable Outstanding (DPO)	35.09	39.50	47.93	63.83	48.11	55.41	41.10	32.14	35.73	53.66	68.05
Cash Conversion Cycle (CCC)	57.23	71.29	78.62	54.25	39.35	53.23	52.63	58.66	88.73	136.74	93.35
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	30	17	11	11	82	135	451	503	582	418	779
Invested Capital Turnover	20.46	13.60	19.79	27.73	13.43	7.13	4.71	4.89	4.22	2.66	2.46
Increase / (Decrease) in Invested Capital	25	-13	-5.96	-0.16	70	54	316	52	79	-165	361
Enterprise Value (EV)	148	79	227	506	3,007	21,819	24,702	35,692	17,643	8,864	3,886
Market Capitalization	159	63	206	503	3,198	22,168	24,681	36,014	18,044	9,279	4,194
Book Value per Share	$0.91	$0.02	($0.11)	$0.07	$2.22	$3.83	$3.19	$6.07	$7.20	$6.17	$8.31
Tangible Book Value per Share	$0.78	($0.05)	($0.16)	($0.49)	$1.77	$3.41	$1.12	$3.77	$5.13	$4.29	$6.50
Total Capital	58	35	41	118	378	815	1,468	2,116	2,277	2,135	2,291
Total Debt	17	34	50	110	106	331	1,038	1,290	1,294	1,302	1,204
Total Long-Term Debt	0.00	21	32	82	103	4.90	952	1,199	1,294	1,201	572
Net Debt	-11	16	21	3.55	-191	-349	21	-322	-401	-415	-308
Capital Expenditures (CapEx)	13	12	4.12	4.15	15	21	52	46	110	34	41
Debt-free, Cash-free Net Working Capital (DFCFNWC)	37	30	27	-2.94	7.12	46	92	104	216	51	464
Debt-free Net Working Capital (DFNWC)	66	48	56	103	303	725	1,109	1,717	1,911	1,768	1,977
Net Working Capital (NWC)	49	35	39	75	300	399	1,023	1,626	1,911	1,667	1,345
Net Nonoperating Expense (NNE)	8.57	24	18	13	23	75	114	-3.33	-58	-37	-40
Net Nonoperating Obligations (NNO)	-11	16	21	3.55	-191	-349	21	-322	-401	-415	-308
Total Depreciation and Amortization (D&A)	11	11	11	12	20	37	77	64	68	81	86
Debt-free, Cash-free Net Working Capital to Revenue	10.49%	9.44%	9.43%	-0.93%	1.14%	5.89%	6.66%	4.47%	9.43%	3.81%	31.50%
Debt-free Net Working Capital to Revenue	18.45%	14.95%	19.62%	32.67%	48.57%	93.62%	80.22%	73.66%	83.42%	132.92%	134.21%
Net Working Capital to Revenue	13.69%	10.88%	13.53%	23.77%	48.11%	51.52%	74.00%	69.76%	83.42%	125.30%	91.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	($0.12)	$1.38	$0.00	$1.09	$2.94	$3.22	$0.76	$1.31
Adjusted Weighted Average Basic Shares Outstanding	46.40M	82.53M	95.83M	108.52M	116.71M	0.00	134.03M	135.35M	136.38M	135.17M	131.16M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.12)	$1.23	$0.00	$1.02	$2.77	$3.08	$0.75	$1.29
Adjusted Weighted Average Diluted Shares Outstanding	46.40M	82.53M	95.83M	108.52M	131.64M	0.00	142.88M	144.39M	143.29M	140.00M	134.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.12)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	44.63M	50.52M	82.94M	99.62M	123.18M	0.00	133.94M	136.50M	135.76M	132.47M	131.10M
Normalized Net Operating Profit after Tax (NOPAT)	-14	-41	-16	4.01	74	131	151	396	395	77	138
Normalized NOPAT Margin	-3.78%	-12.79%	-5.49%	1.27%	11.81%	16.85%	10.93%	17.00%	17.23%	5.81%	9.39%
Pre Tax Income Margin	-5.80%	-20.46%	-15.84%	-3.24%	14.43%	15.42%	8.75%	19.39%	22.40%	9.03%	13.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-40.32	-22.80	-4.55	-0.06	10.04	6.58	3.66	47.45	51.17	5.81	32.43
NOPAT to Interest Expense	-26.98	-15.83	-3.36	0.10	18.96	9.96	5.75	41.75	43.14	7.42	29.28
EBIT Less CapEx to Interest Expense	-65.32	-27.18	-5.06	-0.44	8.51	5.60	2.51	42.53	38.68	2.04	23.44
NOPAT Less CapEx to Interest Expense	-51.98	-20.22	-3.86	-0.28	17.43	8.98	4.59	36.83	30.65	3.64	20.29
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	343.76%	0.00%	93.41%	383.93%	75.50%

This table displays calculated financial ratios and metrics derived from Enphase Energy's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	131,098,819.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	131,098,819.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.06
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-13.18%	-58.25%	-63.73%	-57.33%	-30.89%	26.49%	35.22%	19.67%	7.76%	-10.29%	-20.55%
EBITDA Growth	-1.62%	-91.99%	-102.19%	-91.20%	-64.26%	391.45%	1,555.18%	201.62%	57.90%	-34.74%	-98.77%
EBIT Growth	-9.76%	-103.71%	-117.26%	-103.39%	-72.47%	992.53%	209.98%	587.41%	89.13%	-54.84%	-181.02%
NOPAT Growth	-15.48%	-112.20%	-114.80%	-98.80%	-54.13%	379.23%	199.36%	1,769.78%	27.49%	-54.07%	-202.53%
Net Income Growth	-0.75%	-86.39%	-110.96%	-93.11%	-59.84%	197.15%	284.69%	242.03%	45.62%	-37.72%	-124.91%
EPS Growth	0.00%	-83.96%	-111.76%	-92.66%	-58.75%	170.59%	283.33%	250.00%	51.52%	-36.96%	-127.27%
Operating Cash Flow Growth	-22.42%	-86.03%	-80.02%	-52.81%	16.65%	371.91%	-1.60%	-79.04%	-91.82%	-71.56%	112.48%
Free Cash Flow Firm Growth	166.29%	-205.65%	-161.06%	-140.40%	81.20%	320.58%	202.58%	122.80%	-293.84%	-258.52%	-321.18%
Invested Capital Growth	8.60%	15.75%	21.67%	14.91%	-11.00%	-28.25%	-18.38%	3.18%	55.00%	86.34%	54.81%
Revenue Q/Q Growth	-22.50%	-45.10%	-12.97%	15.23%	25.51%	0.48%	-6.96%	1.99%	13.02%	-16.35%	-17.60%
EBITDA Q/Q Growth	-18.62%	-90.43%	-127.95%	504.39%	230.57%	31.55%	-17.25%	-16.18%	73.06%	-45.63%	-98.43%
EBIT Q/Q Growth	-29.61%	-105.00%	-383.69%	80.12%	672.27%	62.21%	-40.40%	-11.91%	122.06%	-61.27%	-206.93%
NOPAT Q/Q Growth	-32.50%	-117.88%	-16.37%	108.53%	2,484.11%	8.85%	-58.59%	60.53%	76.19%	-60.79%	-192.44%
Net Income Q/Q Growth	-27.51%	-81.64%	-176.95%	167.30%	322.43%	35.83%	-52.17%	24.63%	79.85%	-41.91%	-119.13%
EPS Q/Q Growth	-26.61%	-78.75%	-170.59%	166.67%	312.50%	39.39%	-52.17%	27.27%	78.57%	-42.00%	-120.69%
Operating Cash Flow Q/Q Growth	-45.83%	-75.70%	38.79%	158.25%	33.90%	-1.67%	-71.06%	-45.00%	-47.73%	241.85%	116.21%
Free Cash Flow Firm Q/Q Growth	-66.34%	-271.21%	-29.50%	45.87%	250.98%	108.43%	-39.78%	-87.97%	-1,383.75%	-70.46%	15.98%
Invested Capital Q/Q Growth	11.97%	11.47%	1.15%	-8.97%	-13.28%	-10.14%	15.06%	15.07%	30.28%	8.03%	-4.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.55%	48.47%	43.86%	45.20%	46.78%	51.81%	47.25%	46.95%	47.81%	44.28%	35.49%
EBITDA Margin	26.59%	4.63%	-1.49%	5.22%	13.75%	18.00%	16.01%	13.16%	20.15%	13.10%	0.25%
Operating Margin	21.41%	-3.38%	-11.05%	0.59%	13.07%	14.32%	8.96%	10.19%	16.12%	6.54%	-10.48%
EBIT Margin	21.75%	-1.98%	-11.02%	-1.90%	8.67%	13.99%	8.96%	7.74%	15.21%	7.04%	-9.14%
Profit (Net Income) Margin	20.68%	6.91%	-6.11%	3.57%	12.02%	16.24%	8.35%	10.20%	16.24%	11.28%	-2.62%
Tax Burden Percent	82.97%	171.09%	139.99%	96.59%	90.18%	89.18%	63.40%	87.79%	86.52%	100.04%	53.43%
Interest Burden Percent	114.58%	-203.85%	39.64%	-194.49%	153.75%	130.20%	146.96%	150.15%	123.39%	160.06%	53.61%
Effective Tax Rate	17.03%	-71.09%	0.00%	3.41%	9.82%	10.82%	36.60%	12.21%	13.48%	-0.04%	0.00%
Return on Invested Capital (ROIC)	96.05%	-24.42%	-26.35%	1.62%	29.86%	33.98%	15.12%	24.36%	35.58%	16.10%	-16.76%
ROIC Less NNEP Spread (ROIC-NNEP)	90.88%	-35.04%	-27.40%	-0.51%	29.68%	30.72%	12.26%	23.01%	33.05%	11.61%	-20.64%
Return on Net Nonoperating Assets (RNNOA)	-34.75%	14.02%	11.87%	0.23%	-14.62%	-13.81%	-4.70%	-8.81%	-12.71%	-4.37%	7.42%
Return on Equity (ROE)	61.30%	-10.40%	-14.49%	1.86%	15.24%	20.17%	10.43%	15.55%	22.87%	11.73%	-9.34%
Cash Return on Invested Capital (CROIC)	96.15%	55.65%	20.13%	0.06%	14.08%	46.11%	41.75%	23.44%	-16.57%	-38.18%	-28.34%
Operating Return on Assets (OROA)	18.88%	-1.40%	-6.09%	-0.81%	3.18%	5.61%	4.02%	3.62%	6.99%	3.07%	-4.39%
Return on Assets (ROA)	17.95%	4.90%	-3.38%	1.53%	4.41%	6.52%	3.75%	4.77%	7.46%	4.91%	-1.26%
Return on Common Equity (ROCE)	61.30%	-10.40%	-14.49%	1.86%	15.24%	20.17%	10.43%	15.55%	22.87%	11.73%	-9.34%
Return on Equity Simple (ROE_SIMPLE)	56.35%	0.00%	29.91%	14.65%	6.59%	0.00%	18.32%	19.84%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	98	-18	-20	1.74	45	49	20	32	57	22	-21
NOPAT Margin	17.76%	-5.79%	-7.74%	0.57%	11.79%	12.77%	5.68%	8.95%	13.95%	6.54%	-7.33%
Net Nonoperating Expense Percent (NNEP)	5.17%	10.62%	1.04%	2.13%	0.18%	3.25%	2.86%	1.35%	2.54%	4.50%	3.88%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.77%	-	-	-	2.29%	1.01%	1.56%	2.60%	0.98%	-1.24%
Cost of Revenue to Revenue	52.45%	51.53%	56.14%	54.80%	53.22%	48.19%	52.75%	53.05%	52.19%	55.72%	64.51%
SG&A Expenses to Revenue	6.13%	11.03%	13.36%	11.06%	7.93%	8.34%	9.56%	9.37%	8.06%	10.08%	11.76%
R&D to Revenue	9.96%	18.27%	20.59%	16.10%	12.56%	13.17%	14.09%	12.51%	11.52%	13.46%	15.86%
Operating Expenses to Revenue	26.13%	51.85%	54.91%	44.61%	33.71%	37.49%	38.28%	36.76%	31.69%	37.75%	45.97%
Earnings before Interest and Taxes (EBIT)	120	-6.00	-29	-5.77	33	54	32	28	62	24	-26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	147	14	-3.92	16	52	69	57	48	83	45	0.70
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	16.15	18.34	17.90	15.34	16.43	11.14	10.14	5.91	4.65	3.86	4.50
Price to Tangible Book Value (P/TBV)	22.68	25.76	25.55	22.08	22.98	16.02	14.65	8.21	6.14	4.93	5.69
Price to Revenue (P/Rev)	6.04	7.88	9.04	9.55	12.24	6.97	5.78	3.51	3.06	2.85	3.54
Price to Earnings (P/E)	28.65	41.11	59.86	104.68	249.20	90.39	55.36	29.78	23.66	24.37	36.72
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.49%	2.43%	1.67%	0.96%	0.40%	1.11%	1.81%	3.36%	4.23%	4.10%	2.72%
Enterprise Value to Invested Capital (EV/IC)	30.42	30.30	27.48	24.65	31.92	21.22	16.41	8.81	6.04	4.99	6.18
Enterprise Value to Revenue (EV/Rev)	5.86	7.70	8.85	9.31	11.87	6.66	5.54	3.29	2.88	2.64	3.29
Enterprise Value to EBITDA (EV/EBITDA)	23.34	33.94	48.07	76.64	189.47	66.55	40.64	21.56	16.98	16.71	26.11
Enterprise Value to EBIT (EV/EBIT)	25.63	39.01	63.44	167.12	0.00	171.26	70.02	33.26	24.74	26.50	51.76
Enterprise Value to NOPAT (EV/NOPAT)	30.34	46.27	76.01	189.24	1,235.69	134.23	68.59	33.70	27.64	29.35	51.14
Enterprise Value to Operating Cash Flow (EV/OCF)	17.37	25.32	32.39	36.97	38.86	17.26	15.38	11.82	16.99	28.46	24.08
Enterprise Value to Free Cash Flow (EV/FCFF)	32.94	58.41	149.83	44,047.17	213.53	38.44	35.33	38.19	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.27	1.32	1.40	1.47	1.40	1.56	1.48	1.37	1.21	1.11	0.52
Long-Term Debt to Equity	1.18	1.32	1.30	1.36	1.29	1.44	0.70	0.65	0.57	0.53	0.52
Financial Leverage	-0.38	-0.40	-0.43	-0.46	-0.49	-0.45	-0.38	-0.38	-0.38	-0.38	-0.36
Leverage Ratio	3.85	3.57	3.49	3.57	3.50	3.65	3.66	3.59	3.42	3.52	3.05
Compound Leverage Factor	4.41	-7.29	1.38	-6.95	5.39	4.75	5.37	5.40	4.22	5.64	1.63
Debt to Total Capital	56.00%	56.81%	58.41%	59.47%	58.26%	60.99%	59.72%	57.73%	54.74%	52.56%	34.18%
Short-Term Debt to Total Capital	4.10%	0.00%	4.38%	4.52%	4.48%	4.74%	31.34%	30.30%	28.73%	27.59%	0.00%
Long-Term Debt to Total Capital	51.90%	56.81%	54.03%	54.96%	53.79%	56.25%	28.38%	27.43%	26.01%	24.97%	34.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	44.00%	43.19%	41.59%	40.53%	41.74%	39.01%	40.28%	42.27%	45.26%	47.44%	65.82%
Debt to EBITDA	1.90	2.49	3.85	7.53	16.60	9.78	6.19	5.32	4.69	5.18	3.25
Net Debt to EBITDA	-0.72	-0.77	-0.99	-2.02	-5.96	-3.12	-1.70	-1.45	-1.07	-1.33	-2.03
Long-Term Debt to EBITDA	1.76	2.49	3.56	6.95	15.33	9.02	2.94	2.53	2.23	2.46	3.25
Debt to NOPAT	2.47	3.39	6.09	18.58	108.27	19.72	10.45	8.31	7.64	9.10	6.37
Net Debt to NOPAT	-0.94	-1.05	-1.57	-4.99	-38.84	-6.29	-2.87	-2.26	-1.74	-2.33	-3.98
Long-Term Debt to NOPAT	2.29	3.39	5.63	17.17	99.95	18.19	4.97	3.95	3.63	4.32	6.37
Altman Z-Score	5.41	5.88	5.47	4.61	4.97	3.28	2.90	2.14	2.05	1.86	2.80
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.36	4.59	4.16	4.23	4.16	3.53	1.90	1.97	2.04	2.07	3.80
Quick Ratio	3.03	4.02	3.60	3.63	3.52	2.80	1.46	1.51	1.49	1.38	2.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	57	-97	-125	-68	102	213	129	15	-198	-338	-284
Operating Cash Flow to CapEx	611.60%	176.59%	667.49%	1,318.62%	1,993.88%	2,074.55%	331.42%	322.42%	173.28%	488.49%	516.99%
Free Cash Flow to Firm to Interest Expense	25.73	-42.66	-57.05	-30.55	45.77	94.76	62.78	18.97	-239.11	-408.08	-449.06
Operating Cash Flow to Interest Expense	66.42	15.63	22.40	57.24	76.06	74.29	23.65	32.67	16.77	57.39	162.51
Operating Cash Flow Less CapEx to Interest Expense	55.56	6.78	19.05	52.89	72.24	70.71	16.51	22.54	7.09	45.64	131.08
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.87	0.71	0.55	0.43	0.37	0.40	0.45	0.47	0.46	0.44	0.48
Accounts Receivable Turnover	5.85	5.17	4.15	3.56	3.16	3.97	4.82	5.92	6.08	6.49	6.63
Inventory Turnover	9.30	6.78	5.47	4.44	4.04	3.70	4.21	4.40	4.48	3.47	3.59
Fixed Asset Turnover	20.49	16.39	12.54	9.35	7.78	8.43	9.47	10.26	10.81	10.36	9.96
Accounts Payable Turnover	16.29	10.22	11.02	9.57	6.64	6.80	7.92	6.34	5.18	5.36	6.82
Days Sales Outstanding (DSO)	62.42	70.65	87.90	102.50	115.68	91.87	75.66	61.62	60.06	56.20	55.05
Days Inventory Outstanding (DIO)	39.25	53.80	66.71	82.27	90.32	98.53	86.64	82.99	81.40	105.20	101.63
Days Payable Outstanding (DPO)	22.40	35.73	33.11	38.16	54.94	53.66	46.07	57.62	70.50	68.05	53.50
Cash Conversion Cycle (CCC)	79.28	88.73	121.50	146.61	151.06	136.74	116.23	87.00	70.96	93.35	103.18
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	522	582	589	536	465	418	481	553	721	779	744
Invested Capital Turnover	5.41	4.22	3.41	2.83	2.53	2.66	2.66	2.72	2.55	2.46	2.29
Increase / (Decrease) in Invested Capital	41	79	105	70	-57	-165	-108	17	256	361	264
Enterprise Value (EV)	15,891	17,643	16,186	13,218	14,839	8,864	7,890	4,875	4,353	3,886	4,599
Market Capitalization	16,383	18,044	16,520	13,567	15,305	9,279	8,220	5,202	4,627	4,194	4,957
Book Value per Share	$7.44	$7.20	$6.79	$6.50	$6.88	$6.17	$6.12	$6.71	$7.61	$8.31	$8.41
Tangible Book Value per Share	$5.30	$5.13	$4.76	$4.52	$4.92	$4.29	$4.23	$4.83	$5.76	$6.50	$6.64
Total Capital	2,306	2,277	2,219	2,183	2,232	2,135	2,013	2,083	2,199	2,291	1,675
Total Debt	1,292	1,294	1,296	1,298	1,300	1,302	1,202	1,203	1,204	1,204	573
Total Long-Term Debt	1,197	1,294	1,199	1,199	1,200	1,201	571	572	572	572	573
Net Debt	-492	-401	-334	-348	-466	-415	-330	-327	-274	-308	-358
Capital Expenditures (CapEx)	24	20	7.37	9.64	8.53	8.06	15	8.26	8.03	9.74	20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	135	216	216	164	127	51	137	227	374	464	418
Debt-free Net Working Capital (DFNWC)	1,919	1,911	1,846	1,811	1,893	1,768	1,669	1,758	1,852	1,977	1,348
Net Working Capital (NWC)	1,824	1,911	1,748	1,712	1,793	1,667	1,038	1,126	1,221	1,345	1,348
Net Nonoperating Expense (NNE)	-16	-38	-4.27	-9.10	-0.86	-13	-9.49	-4.56	-9.40	-16	-13
Net Nonoperating Obligations (NNO)	-492	-401	-334	-348	-466	-415	-330	-327	-274	-308	-358
Total Depreciation and Amortization (D&A)	27	20	25	22	19	15	25	20	20	21	27
Debt-free, Cash-free Net Working Capital to Revenue	4.98%	9.43%	11.82%	11.56%	10.13%	3.81%	9.61%	15.33%	24.76%	31.50%	29.85%
Debt-free Net Working Capital to Revenue	70.73%	83.42%	100.96%	127.47%	151.44%	132.92%	117.25%	118.53%	122.48%	134.21%	96.33%
Net Working Capital to Revenue	67.24%	83.42%	95.64%	120.53%	143.44%	125.30%	72.93%	75.96%	80.71%	91.29%	96.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.84	$0.16	($0.12)	$0.08	$0.34	$0.46	$0.23	$0.28	$0.51	$0.29	($0.06)
Adjusted Weighted Average Basic Shares Outstanding	136.17M	136.38M	135.89M	135.65M	135.33M	135.17M	131.87M	131.03M	130.80M	131.16M	131.34M
Adjusted Diluted Earnings per Share	$0.80	$0.17	($0.12)	$0.08	$0.33	$0.46	$0.22	$0.28	$0.50	$0.29	($0.06)
Adjusted Weighted Average Diluted Shares Outstanding	143.86M	143.29M	135.89M	136.12M	139.91M	140.00M	136.21M	135.22M	133.00M	134.89M	131.34M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	136.55M	135.76M	136.06M	135.42M	135.11M	132.47M	131.21M	130.75M	130.86M	131.10M	131.80M
Normalized Net Operating Profit after Tax (NOPAT)	98	3.21	-19	2.87	46	57	22	35	58	15	-18
Normalized NOPAT Margin	17.76%	1.06%	-7.23%	0.95%	11.95%	14.96%	6.25%	9.75%	14.22%	4.44%	-6.39%
Pre Tax Income Margin	24.92%	4.04%	-4.37%	3.70%	13.32%	18.21%	13.17%	11.62%	18.77%	11.27%	-4.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	54.59	-2.64	-13.21	-2.60	14.75	23.77	15.59	34.49	75.20	29.16	-40.84
NOPAT to Interest Expense	44.58	-7.72	-9.28	0.78	20.07	21.70	9.89	39.86	68.97	27.08	-32.78
EBIT Less CapEx to Interest Expense	43.73	-11.50	-16.57	-6.94	10.94	20.19	8.45	24.36	65.53	17.41	-72.27
NOPAT Less CapEx to Interest Expense	33.72	-16.57	-12.63	-3.56	16.26	18.12	2.75	29.73	59.29	15.33	-64.22
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	54.22%	93.41%	163.79%	271.51%	474.94%	383.93%	304.48%	218.76%	169.95%	75.50%	22.22%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Enphase Energy (ENPH) based on the last four years of quarterly data provided (2022–2025). This summary focuses on revenue, profitability, cash flow, and liquidity to help retail investors gauge the company’s trajectory.

Revenue growth and scale: 2025 Q3 revenue reached 410.4 million, up from 2024’s 382.7 million, indicating a rebound in top-line growth into 2025.
Solid gross margins maintained: Gross margin generally sits in the mid-40s to low-50s across 2024–2025, with 2024 Q4 around 51.9% and 2025 quarters hovering in a similar range, supporting profitability.
Positive quarterly net income in major periods: Net income stayed positive in multiple quarters, including 2025 Q3 (~66.6M) and 2024 Q4 (~62.2M), underscoring ongoing profitability.
Positive operating cash flow (OCF) trends: OCF remained positive in key quarters, notably 2024 Q4 (~167.3M) and continued positive in 2025 quarters, reflecting solid cash generation from operations.
Healthy liquidity position: Across several quarters, total current assets (~2.3B) exceeded total current liabilities (roughly 0.7–1.2B), implying a strong working-capital cushion and liquidity headroom.
Scale of liquid assets varies but remains substantial: Cash and short-term investments are consistently sizable (e.g., cash around 0.4B and short-term investments near 1.0–1.1B in mid-2025), providing a liquidity buffer for operations and capex.
Ongoing investment in growth initiatives: R&D and SG&A spending are elevated (R&D typically ~46–50M; SG&A ~33–35M in several quarters), signaling continued investment in product development and market expansion.
Margins show improvement versus earlier cycles: Operating margin in several 2024–2025 quarters has trended toward the mid-teens (e.g., 16% in 2025 Q3), indicating improving efficiency and scale.
Quarterly profitability remains volatile: Significant quarter-to-quarter swings exist (e.g., 2025 Q4 net income declined vs. 2025 Q3), suggesting sensitivity to seasonality and product mix.
Financing outflows in some periods: Net cash from financing activities is negative in several quarters, reflecting outflows for activities like share repurchases or debt repayments, which can affect near-term cash balances.

05/14/26 11:04 AM ETAI Generated. May Contain Errors.

Enphase Energy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Enphase Energy's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Enphase Energy's net income appears to be on an upward trend, with a most recent value of $172.13 million in 2025, falling from -$22.08 million in 2015. The previous period was $102.66 million in 2024. Check out Enphase Energy's forecast to explore projected trends and price targets.

Enphase Energy's total operating income in 2025 was $157.53 million, based on the following breakdown:

Total Gross Profit: $687.00 million
Total Operating Expenses: $529.48 million

Over the last 10 years, Enphase Energy's total revenue changed from $357.25 million in 2015 to $1.47 billion in 2025, a change of 312.3%.

Enphase Energy's total liabilities were at $2.42 billion at the end of 2025, a 0.3% increase from 2024, and a 1,852.6% increase since 2015.

In the past 10 years, Enphase Energy's cash and equivalents has ranged from $17.76 million in 2016 to $679.38 million in 2020, and is currently $474.32 million as of their latest financial filing in 2025.

Over the last 10 years, Enphase Energy's book value per share changed from 0.91 in 2015 to 8.31 in 2025, a change of 808.5%.

Related Companies

Financial statements for NASDAQ:ENPH last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Enphase Energy (ENPH) Financials

Financials Breakdown Chart

Key Financial Trends

Enphase Energy Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Enphase Energy (ENPH) Financials

Annual Income Statements for Enphase Energy

Quarterly Income Statements for Enphase Energy

Annual Cash Flow Statements for Enphase Energy

Quarterly Cash Flow Statements for Enphase Energy

Annual Balance Sheets for Enphase Energy

Quarterly Balance Sheets for Enphase Energy

Annual Metrics And Ratios for Enphase Energy

Quarterly Metrics And Ratios for Enphase Energy

Financials Breakdown Chart

Key Financial Trends

Enphase Energy Financials - Frequently Asked Questions

When does Enphase Energy's financial year end?

How has Enphase Energy's net income changed over the last 10 years?

What is Enphase Energy's operating income?

How has Enphase Energy's revenue changed over the last 10 years?

How much debt does Enphase Energy have?

How much cash does Enphase Energy have?

How has Enphase Energy's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools