Tearsheet

Enphase Energy (ENPH)


Market Price (3/14/2026): $43.99 | Market Cap: $5.8 Bil
Sector: Information Technology | Industry: Semiconductor Materials & Equipment

Enphase Energy (ENPH)


Market Price (3/14/2026): $43.99
Market Cap: $5.8 Bil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, and Sustainable Infrastructure. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more.
Weak multi-year price returns
2Y Excs Rtn is -98%, 3Y Excs Rtn is -150%
Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -10%
1  Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16%
Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15%
0 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, and Sustainable Infrastructure. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more.
1 Weak multi-year price returns
2Y Excs Rtn is -98%, 3Y Excs Rtn is -150%
2 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16%
3 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -10%
4 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Enphase Energy (ENPH) stock has gained about 55% since 11/30/2025 because of the following key factors:

1. Strong Q4 2025 Earnings Beat and Positive 2026 Outlook. Enphase Energy reported robust financial results for Q4 2025 on February 3, 2026, with an Earnings Per Share (EPS) of $0.71, exceeding analysts' expectations of $0.43 by 65.12%. Revenue for the quarter reached $343.3 million, surpassing the Zacks Consensus Estimate of $335 million by 2.6%. The company also provided optimistic Q1 2026 revenue guidance of $270-$300 million, exceeding the Zacks Consensus Estimate of $260 million, and projected Q1 to be the demand low point, with anticipated improvements in demand throughout 2026, particularly in the latter half.

2. Strategic Market Diversification and New Product Launches. Enphase demonstrated significant progress in diversifying its market presence and expanding its product portfolio. The company launched its IQ9 commercial microinverter, entering the 480-volt commercial solar market, which represents an estimated $400 million total addressable market. This new offering saw strong initial demand with over 50,000 units ordered for Q1 2026. Additionally, Enphase announced plans to pilot its fifth-generation battery platform in Q3 2026 and commence shipments in Q4 2026, with targets of 50% higher energy density and 40% lower costs.

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Stock Movement Drivers

Fundamental Drivers

The 52.8% change in ENPH stock from 11/30/2025 to 3/13/2026 was primarily driven by a 73.8% change in the company's P/E Multiple.
(LTM values as of)113020253132026Change
Stock Price ($)28.8544.0752.8%
Change Contribution By: 
Total Revenues ($ Mil)1,5121,473-2.6%
Net Income Margin (%)12.9%11.7%-9.6%
P/E Multiple19.333.573.8%
Shares Outstanding (Mil)131131-0.1%
Cumulative Contribution52.8%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/13/2026
ReturnCorrelation
ENPH52.8% 
Market (SPY)-3.1%23.9%
Sector (XLK)-4.4%9.2%

Fundamental Drivers

The 16.9% change in ENPH stock from 8/31/2025 to 3/13/2026 was primarily driven by a 18.6% change in the company's P/E Multiple.
(LTM values as of)83120253132026Change
Stock Price ($)37.7044.0716.9%
Change Contribution By: 
Total Revenues ($ Mil)1,4831,473-0.7%
Net Income Margin (%)11.8%11.7%-0.8%
P/E Multiple28.333.518.6%
Shares Outstanding (Mil)1311310.1%
Cumulative Contribution16.9%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/13/2026
ReturnCorrelation
ENPH16.9% 
Market (SPY)3.0%28.9%
Sector (XLK)4.4%18.4%

Fundamental Drivers

The -23.1% change in ENPH stock from 2/28/2025 to 3/13/2026 was primarily driven by a -55.1% change in the company's P/E Multiple.
(LTM values as of)22820253132026Change
Stock Price ($)57.3344.07-23.1%
Change Contribution By: 
Total Revenues ($ Mil)1,3301,47310.7%
Net Income Margin (%)7.7%11.7%51.4%
P/E Multiple74.733.5-55.1%
Shares Outstanding (Mil)1341312.2%
Cumulative Contribution-23.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/13/2026
ReturnCorrelation
ENPH-23.1% 
Market (SPY)12.4%26.7%
Sector (XLK)21.9%21.0%

Fundamental Drivers

The -79.1% change in ENPH stock from 2/28/2023 to 3/13/2026 was primarily driven by a -53.5% change in the company's P/E Multiple.
(LTM values as of)22820233132026Change
Stock Price ($)210.5344.07-79.1%
Change Contribution By: 
Total Revenues ($ Mil)2,3311,473-36.8%
Net Income Margin (%)17.0%11.7%-31.5%
P/E Multiple72.233.5-53.5%
Shares Outstanding (Mil)1361314.0%
Cumulative Contribution-79.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/13/2026
ReturnCorrelation
ENPH-79.1% 
Market (SPY)73.4%29.2%
Sector (XLK)104.5%22.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ENPH Return4%45%-50%-48%-53%35%-75%
Peers Return10%-41%11%-14%41%6%-7%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
ENPH Win Rate50%67%25%33%25%100% 
Peers Win Rate44%35%48%46%51%60% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
ENPH Max Drawdown-35%-34%-71%-55%-62%0% 
Peers Max Drawdown-28%-56%-42%-50%-31%-15% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: SEDG, TSLA, GNRC, RUN, SPWR. See ENPH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventENPHS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-77.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven344.7%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-59.4%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven146.3%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven54 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-63.2%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven171.8%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven176 days120 days

Compare to SEDG, TSLA, GNRC, RUN, SPWR

In The Past

Enphase Energy's stock fell -77.5% during the 2022 Inflation Shock from a high on 12/2/2022. A -77.5% loss requires a 344.7% gain to breakeven.

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Asset Allocation

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About Enphase Energy (ENPH)

Enphase Energy, Inc., together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level, and combines with its proprietary networking and software technologies to provide energy monitoring and control services. It also offers AC battery storage systems; Envoy communications gateway; and Enlighten cloud-based monitoring service, as well as other accessories. The company sells its solutions to solar distributors; and directly to large installers, original equipment manufacturers, strategic partners, and homeowners, as well as through its legacy product upgrade program or online store. Enphase Energy, Inc. was incorporated in 2006 and is headquartered in Fremont, California.

AI Analysis | Feedback

Enphase is like Intel for solar panels, providing the smart processing brains for individual modules.

Think of Enphase as the Google Nest for home solar energy management, offering an integrated system of hardware and software.

AI Analysis | Feedback

  • Microinverters: Semiconductor-based devices that convert energy at the individual solar module level for solar photovoltaic systems.
  • AC Battery Storage Systems: Systems designed for storing electrical energy generated by solar installations.
  • Envoy Communications Gateway: A device that enables communication and data collection within their home energy solutions.
  • Enlighten Cloud-Based Monitoring Service: A cloud-based service offering monitoring and control of solar energy systems.

AI Analysis | Feedback

Enphase Energy (ENPH) primarily sells its solutions to other companies within the solar photovoltaic industry. However, based on the company's financial disclosures, Enphase Energy operates with a highly diversified customer base and does not identify any single customer that accounts for 10% or more of its total net revenues in recent fiscal years. Therefore, specific named "major customer" companies, as typically defined by significant revenue concentration, cannot be provided.

Instead, Enphase Energy's sales strategy targets the following key categories of business customers:

  • Solar Distributors: These are companies that purchase solar equipment from manufacturers, including Enphase microinverters and battery storage systems, and then supply them to local and regional solar installers.
  • Large Installers: Businesses that directly procure Enphase products for integration into the residential and commercial solar energy systems they install for end-users.
  • Original Equipment Manufacturers (OEMs): Other companies that integrate Enphase's advanced components into their own branded solar modules or comprehensive energy management solutions.
  • Strategic Partners: Various business entities with whom Enphase collaborates to expand market reach or develop integrated energy offerings.

While Enphase also makes some direct sales to homeowners, primarily through its legacy product upgrade program or online store, its primary go-to-market channels are business-to-business through the customer categories listed above.

AI Analysis | Feedback

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Latest Trefis Analyses

Trade Ideas

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Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
BMI_2282026_Insider_Buying_45D_2Buy_200K02282026BMIBadger MeterInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
0.0%0.0%0.0%
VRNS_2282026_Insider_Buying_45D_2Buy_200K02282026VRNSVaronis SystemsInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
0.0%0.0%0.0%
ITRI_2272026_Dip_Buyer_FCFYield02272026ITRIItronDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
0.0%0.0%0.0%
FSLR_2272026_Dip_Buyer_ValueBuy02272026FSLRFirst SolarDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
0.0%0.0%0.0%
PEGA_2272026_Dip_Buyer_ValueBuy02272026PEGAPegasystemsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
0.0%0.0%0.0%
ENPH_11282025_Dip_Buyer_High_CFO_Margins_ExInd_DE11282025ENPHEnphase EnergyDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
46.5%46.5%-0.9%
ENPH_5312025_Dip_Buyer_High_CFO_Margins_ExInd_DE05312025ENPHEnphase EnergyDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-30.3%2.1%-36.9%
ENPH_11302024_Dip_Buyer_High_CFO_Margins_ExInd_DE11302024ENPHEnphase EnergyDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-42.0%-59.6%-63.4%
ENPH_8312023_Dip_Buyer_High_CFO_Margins_ExInd_DE08312023ENPHEnphase EnergyDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
0.4%-4.3%-40.3%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ENPHSEDGTSLAGNRCRUNSPWRMedian
NameEnphase .SolarEdg.Tesla Generac Sunrun SunPower  
Mkt Price44.0737.44391.20200.5312.141.3040.75
Mkt Cap5.82.21,264.011.72.80.14.3
Rev LTM1,4731,18494,8274,2092,9573092,215
Op Inc LTM165-2304,849289-126-2769
FCF LTM96816,220268-2,922-3988
FCF 3Y Avg387-2374,719422-3,273-48170
CFO LTM13710414,747438-421-39120
CFO 3Y Avg449-13014,309567-669-47201

Growth & Margins

ENPHSEDGTSLAGNRCRUNSPWRMedian
NameEnphase .SolarEdg.Tesla Generac Sunrun SunPower  
Rev Chg LTM10.7%31.4%-2.9%-2.0%45.1%657.3%21.1%
Rev Chg 3Y Avg-11.0%-14.2%5.6%-2.4%10.9%--2.4%
Rev Chg Q-10.3%70.9%-3.1%-11.6%123.5%1,164.5%33.9%
QoQ Delta Rev Chg LTM-2.6%13.3%-0.8%-3.3%27.6%26.4%6.2%
Op Mgn LTM11.2%-19.4%5.1%6.9%-4.3%-8.6%0.4%
Op Mgn 3Y Avg12.7%-60.3%7.4%9.7%-22.9%-72.6%-7.7%
QoQ Delta Op Mgn LTM-2.5%25.5%0.0%-4.5%11.2%13.1%5.6%
CFO/Rev LTM9.3%8.8%15.6%10.4%-14.3%-12.6%9.0%
CFO/Rev 3Y Avg26.1%-10.7%14.8%13.5%-29.4%-61.7%1.4%
FCF/Rev LTM6.5%6.8%6.6%6.4%-98.8%-12.6%6.4%
FCF/Rev 3Y Avg22.7%-17.7%4.9%10.1%-140.2%-63.7%-6.4%

Valuation

ENPHSEDGTSLAGNRCRUNSPWRMedian
NameEnphase .SolarEdg.Tesla Generac Sunrun SunPower  
Mkt Cap5.82.21,264.011.72.80.14.3
P/S3.91.913.32.81.00.42.3
P/EBIT27.6-5.9225.143.3-15.72.314.9
P/E33.5-5.5333.173.36.37.020.3
P/CFO42.321.585.726.7-6.7-2.824.1
Total Yield3.0%-18.1%0.3%1.4%15.9%14.3%2.2%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg3.6%-19.1%0.4%5.0%-105.5%-0.4%
D/E0.20.20.00.15.21.90.2
Net D/E-0.1-0.0-0.00.14.91.80.0

Returns

ENPHSEDGTSLAGNRCRUNSPWRMedian
NameEnphase .SolarEdg.Tesla Generac Sunrun SunPower  
1M Rtn-8.6%3.1%-8.7%-6.7%-36.6%-18.2%-8.6%
3M Rtn36.9%26.8%-14.8%24.7%-32.3%-18.2%5.0%
6M Rtn17.1%29.2%-1.2%8.8%-24.4%-15.6%3.8%
12M Rtn-24.0%148.6%62.5%57.0%95.5%-20.2%59.8%
3Y Rtn-79.3%-88.1%113.5%77.6%-40.3%-20.2%-30.3%
1M Excs Rtn-6.2%5.4%-6.3%-4.3%-34.3%-15.9%-6.3%
3M Excs Rtn36.0%20.2%-11.7%22.0%-32.1%-20.1%4.3%
6M Excs Rtn15.2%24.1%3.2%3.9%-27.0%-19.0%3.5%
12M Excs Rtn-45.7%115.8%36.7%31.7%63.8%-41.3%34.2%
3Y Excs Rtn-149.5%-158.2%45.2%-4.6%-119.7%-90.0%-104.8%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Design, development, manufacture and sale of solutions for the solar photovoltaic (PV) industry1,3302,2912,3311,382774
Total1,3302,2912,3311,382774


Net Income by Segment
$ Mil20252024202320222021
Design, development, manufacture and sale of solutions for the solar photovoltaic (PV) industry103    
Total103    


Price Behavior

Price Behavior
Market Price$44.07 
Market Cap ($ Bil)5.8 
First Trading Date03/30/2012 
Distance from 52W High-30.9% 
   50 Days200 Days
DMA Price$41.33$37.12
DMA Trendindeterminateup
Distance from DMA6.6%18.7%
 3M1YR
Volatility98.8%82.4%
Downside Capture101.75161.91
Upside Capture326.33101.87
Correlation (SPY)23.4%27.9%
ENPH Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta2.222.152.122.081.111.34
Up Beta2.292.131.913.100.910.92
Down Beta3.621.861.832.601.361.17
Up Capture293%426%465%190%78%169%
Bmk +ve Days9203170142431
Stock +ve Days9183259125364
Down Capture162%138%126%149%125%113%
Bmk -ve Days12213054109320
Stock -ve Days12232965125386

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ENPH
ENPH-27.4%82.3%-0.04-
Sector ETF (XLK)30.0%26.8%0.9521.4%
Equity (SPY)19.6%18.9%0.8128.0%
Gold (GLD)71.9%26.3%2.0513.9%
Commodities (DBC)19.3%17.3%0.8912.0%
Real Estate (VNQ)6.2%16.3%0.1931.1%
Bitcoin (BTCUSD)-15.0%44.2%-0.2424.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ENPH
ENPH-20.3%68.6%-0.04-
Sector ETF (XLK)17.7%24.7%0.6434.5%
Equity (SPY)13.1%17.0%0.6136.6%
Gold (GLD)24.1%17.3%1.1411.3%
Commodities (DBC)11.2%19.0%0.4712.0%
Real Estate (VNQ)4.8%18.8%0.1634.0%
Bitcoin (BTCUSD)6.4%56.7%0.3319.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ENPH
ENPH30.2%77.7%0.69-
Sector ETF (XLK)21.8%24.2%0.8234.0%
Equity (SPY)14.5%17.9%0.7034.6%
Gold (GLD)14.4%15.6%0.778.8%
Commodities (DBC)8.6%17.6%0.4015.6%
Real Estate (VNQ)5.6%20.7%0.2328.1%
Bitcoin (BTCUSD)67.5%66.8%1.0710.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity20.6 Mil
Short Interest: % Change Since 2152026-5.4%
Average Daily Volume5.0 Mil
Days-to-Cover Short Interest4.1 days
Basic Shares Quantity131.0 Mil
Short % of Basic Shares15.8%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/3/202638.6%34.8%10.4%
10/28/2025-15.1%-21.0%-24.2%
7/22/2025-14.2%-21.2%-16.0%
4/22/2025-15.6%-10.7%-11.5%
2/4/2025-1.5%-5.5%-11.4%
10/22/2024-14.9%-9.9%-31.3%
7/23/202412.8%5.5%15.1%
4/23/2024-5.6%-4.2%6.8%
...
SUMMARY STATS   
# Positive131113
# Negative101210
Median Positive12.0%13.5%16.4%
Median Negative-14.2%-10.3%-16.9%
Max Positive38.6%37.0%47.1%
Max Negative-25.7%-30.7%-31.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/17/202610-K
09/30/202510/28/202510-Q
06/30/202507/22/202510-Q
03/31/202504/22/202510-Q
12/31/202402/10/202510-K
09/30/202410/22/202410-Q
06/30/202407/23/202410-Q
03/31/202404/23/202410-Q
12/31/202302/09/202410-K
09/30/202310/26/202310-Q
06/30/202307/27/202310-Q
03/31/202304/25/202310-Q
12/31/202202/13/202310-K
09/30/202210/25/202210-Q
06/30/202207/26/202210-Q
03/31/202204/26/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Yang, MandyEVP, Chief Financial OfficerDirectSell1212202533.016,000198,0602,277,261Form
2Rodgers, Thurman J TrustSell1204202529.13150,0004,369,14050,495,491Form
3Kothandaraman, BadrinarayananPresident & CEOTrustBuy1110202530.695,000153,43850,193,784Form
4Kothandaraman, BadrinarayananPresident & CEOTrustBuy1103202530.9310,000309,31750,438,220Form
5Kothandaraman, BadrinarayananPresident & CEOTrustBuy806202530.825,000154,12049,954,361Form