Enphase Energy (ENPH)
Market Price (3/14/2026): $43.99 | Market Cap: $5.8 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
Enphase Energy (ENPH)
Market Price (3/14/2026): $43.99Market Cap: $5.8 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Sustainable Infrastructure. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. | Weak multi-year price returns2Y Excs Rtn is -98%, 3Y Excs Rtn is -150% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -10% |
| Meaningful short interestShort 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 compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Sustainable Infrastructure. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -98%, 3Y Excs Rtn is -150% |
| Meaningful short interestShort 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% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -10% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% |
Qualitative Assessment
AI Analysis | Feedback
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 $400 million total addressable market. This new offering saw strong initial demand with over 50,000 units ordered for Q1 2026. Additionally, Enphase announced plans to pilot its fifth-generation battery platform in Q3 2026 and commence shipments in Q4 2026, with targets of 50% higher energy density and 40% lower costs.
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Stock Movement Drivers
Fundamental Drivers
The 52.8% change in ENPH stock from 11/30/2025 to 3/13/2026 was primarily driven by a 73.8% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.85 | 44.07 | 52.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,512 | 1,473 | -2.6% |
| Net Income Margin (%) | 12.9% | 11.7% | -9.6% |
| P/E Multiple | 19.3 | 33.5 | 73.8% |
| Shares Outstanding (Mil) | 131 | 131 | -0.1% |
| Cumulative Contribution | 52.8% |
Market Drivers
11/30/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| ENPH | 52.8% | |
| 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) | 8312025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.70 | 44.07 | 16.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,483 | 1,473 | -0.7% |
| Net Income Margin (%) | 11.8% | 11.7% | -0.8% |
| P/E Multiple | 28.3 | 33.5 | 18.6% |
| Shares Outstanding (Mil) | 131 | 131 | 0.1% |
| Cumulative Contribution | 16.9% |
Market Drivers
8/31/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| ENPH | 16.9% | |
| 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) | 2282025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 57.33 | 44.07 | -23.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,330 | 1,473 | 10.7% |
| Net Income Margin (%) | 7.7% | 11.7% | 51.4% |
| P/E Multiple | 74.7 | 33.5 | -55.1% |
| Shares Outstanding (Mil) | 134 | 131 | 2.2% |
| Cumulative Contribution | -23.1% |
Market Drivers
2/28/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| 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) | 2282023 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 210.53 | 44.07 | -79.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,331 | 1,473 | -36.8% |
| Net Income Margin (%) | 17.0% | 11.7% | -31.5% |
| P/E Multiple | 72.2 | 33.5 | -53.5% |
| Shares Outstanding (Mil) | 136 | 131 | 4.0% |
| Cumulative Contribution | -79.1% |
Market Drivers
2/28/2023 to 3/13/2026| Return | Correlation | |
|---|---|---|
| ENPH | -79.1% | |
| Market (SPY) | 73.4% | 29.2% |
| Sector (XLK) | 104.5% | 22.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ENPH Return | 4% | 45% | -50% | -48% | -53% | 35% | -75% |
| Peers Return | 10% | -41% | 11% | -14% | 41% | 6% | -7% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 80% |
Monthly Win Rates [3] | |||||||
| ENPH Win Rate | 50% | 67% | 25% | 33% | 25% | 100% | |
| Peers Win Rate | 44% | 35% | 48% | 46% | 51% | 60% | |
| S&P 500 Win Rate | 75% | 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
| Event | ENPH | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -77.5% | -25.4% |
| % Gain to Breakeven | 344.7% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -59.4% | -33.9% |
| % Gain to Breakeven | 146.3% | 51.3% |
| Time to Breakeven | 54 days | 148 days |
| 2018 Correction | ||
| % Loss | -63.2% | -19.8% |
| % Gain to Breakeven | 171.8% | 24.7% |
| Time to Breakeven | 176 days | 120 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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About Enphase Energy (ENPH)
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.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | BMI | Badger Meter | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02282026 | VRNS | Varonis Systems | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | ITRI | Itron | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | FSLR | First Solar | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | PEGA | Pegasystems | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 11282025 | ENPH | Enphase Energy | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 46.5% | 46.5% | -0.9% |
| 05312025 | ENPH | Enphase Energy | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -30.3% | 2.1% | -36.9% |
| 11302024 | ENPH | Enphase Energy | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -42.0% | -59.6% | -63.4% |
| 08312023 | ENPH | Enphase Energy | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.4% | -4.3% | -40.3% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 40.75 |
| Mkt Cap | 4.3 |
| Rev LTM | 2,215 |
| Op Inc LTM | 69 |
| FCF LTM | 88 |
| FCF 3Y Avg | 170 |
| CFO LTM | 120 |
| CFO 3Y Avg | 201 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 21.1% |
| Rev Chg 3Y Avg | -2.4% |
| Rev Chg Q | 33.9% |
| QoQ Delta Rev Chg LTM | 6.2% |
| Op Mgn LTM | 0.4% |
| Op Mgn 3Y Avg | -7.7% |
| QoQ Delta Op Mgn LTM | 5.6% |
| CFO/Rev LTM | 9.0% |
| CFO/Rev 3Y Avg | 1.4% |
| FCF/Rev LTM | 6.4% |
| FCF/Rev 3Y Avg | -6.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.3 |
| P/S | 2.3 |
| P/EBIT | 14.9 |
| P/E | 20.3 |
| P/CFO | 24.1 |
| Total Yield | 2.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 0.4% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -8.6% |
| 3M Rtn | 5.0% |
| 6M Rtn | 3.8% |
| 12M Rtn | 59.8% |
| 3Y Rtn | -30.3% |
| 1M Excs Rtn | -6.3% |
| 3M Excs Rtn | 4.3% |
| 6M Excs Rtn | 3.5% |
| 12M Excs Rtn | 34.2% |
| 3Y Excs Rtn | -104.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Design, development, manufacture and sale of solutions for the solar photovoltaic (PV) industry | 1,330 | 2,291 | 2,331 | 1,382 | 774 |
| Total | 1,330 | 2,291 | 2,331 | 1,382 | 774 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Design, development, manufacture and sale of solutions for the solar photovoltaic (PV) industry | 103 | ||||
| Total | 103 |
Price Behavior
| Market Price | $44.07 | |
| Market Cap ($ Bil) | 5.8 | |
| First Trading Date | 03/30/2012 | |
| Distance from 52W High | -30.9% | |
| 50 Days | 200 Days | |
| DMA Price | $41.33 | $37.12 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 6.6% | 18.7% |
| 3M | 1YR | |
| Volatility | 98.8% | 82.4% |
| Downside Capture | 101.75 | 161.91 |
| Upside Capture | 326.33 | 101.87 |
| Correlation (SPY) | 23.4% | 27.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.22 | 2.15 | 2.12 | 2.08 | 1.11 | 1.34 |
| Up Beta | 2.29 | 2.13 | 1.91 | 3.10 | 0.91 | 0.92 |
| Down Beta | 3.62 | 1.86 | 1.83 | 2.60 | 1.36 | 1.17 |
| Up Capture | 293% | 426% | 465% | 190% | 78% | 169% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 9 | 18 | 32 | 59 | 125 | 364 |
| Down Capture | 162% | 138% | 126% | 149% | 125% | 113% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 12 | 23 | 29 | 65 | 125 | 386 |
[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% | 0.95 | 21.4% |
| Equity (SPY) | 19.6% | 18.9% | 0.81 | 28.0% |
| Gold (GLD) | 71.9% | 26.3% | 2.05 | 13.9% |
| Commodities (DBC) | 19.3% | 17.3% | 0.89 | 12.0% |
| Real Estate (VNQ) | 6.2% | 16.3% | 0.19 | 31.1% |
| Bitcoin (BTCUSD) | -15.0% | 44.2% | -0.24 | 24.1% |
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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% | 0.64 | 34.5% |
| Equity (SPY) | 13.1% | 17.0% | 0.61 | 36.6% |
| Gold (GLD) | 24.1% | 17.3% | 1.14 | 11.3% |
| Commodities (DBC) | 11.2% | 19.0% | 0.47 | 12.0% |
| Real Estate (VNQ) | 4.8% | 18.8% | 0.16 | 34.0% |
| Bitcoin (BTCUSD) | 6.4% | 56.7% | 0.33 | 19.4% |
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 | |
|---|---|---|---|---|
| ENPH | 30.2% | 77.7% | 0.69 | - |
| Sector ETF (XLK) | 21.8% | 24.2% | 0.82 | 34.0% |
| Equity (SPY) | 14.5% | 17.9% | 0.70 | 34.6% |
| Gold (GLD) | 14.4% | 15.6% | 0.77 | 8.8% |
| Commodities (DBC) | 8.6% | 17.6% | 0.40 | 15.6% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 28.1% |
| Bitcoin (BTCUSD) | 67.5% | 66.8% | 1.07 | 10.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/3/2026 | 38.6% | 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% |
| 7/23/2024 | 12.8% | 5.5% | 15.1% |
| 4/23/2024 | -5.6% | -4.2% | 6.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 13 |
| # Negative | 10 | 12 | 10 |
| Median Positive | 12.0% | 13.5% | 16.4% |
| Median Negative | -14.2% | -10.3% | -16.9% |
| Max Positive | 38.6% | 37.0% | 47.1% |
| Max Negative | -25.7% | -30.7% | -31.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/22/2025 | 10-Q |
| 03/31/2025 | 04/22/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-K |
| 09/30/2024 | 10/22/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/26/2022 | 10-Q |
| 03/31/2022 | 04/26/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Yang, Mandy | EVP, Chief Financial Officer | Direct | Sell | 12122025 | 33.01 | 6,000 | 198,060 | 2,277,261 | Form |
| 2 | Rodgers, Thurman J | Trust | Sell | 12042025 | 29.13 | 150,000 | 4,369,140 | 50,495,491 | Form | |
| 3 | Kothandaraman, Badrinarayanan | President & CEO | Trust | Buy | 11102025 | 30.69 | 5,000 | 153,438 | 50,193,784 | Form |
| 4 | Kothandaraman, Badrinarayanan | President & CEO | Trust | Buy | 11032025 | 30.93 | 10,000 | 309,317 | 50,438,220 | Form |
| 5 | Kothandaraman, Badrinarayanan | President & CEO | Trust | Buy | 8062025 | 30.82 | 5,000 | 154,120 | 49,954,361 | Form |
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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