Enphase Energy (ENPH)
Market Price (3/21/2026): $44.65 | Market Cap: $5.8 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
Enphase Energy (ENPH)
Market Price (3/21/2026): $44.65Market 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 -86%, 3Y Excs Rtn is -146% | 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% | |
| Key risksENPH key risks include [1] its weaker market share in third-party ownership models, Show more. |
| 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 -86%, 3Y Excs Rtn is -146% |
| 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% |
| Key risksENPH key risks include [1] its weaker market share in third-party ownership models, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Stronger-than-expected Q4 2025 Earnings and Upbeat Q1 2026 Guidance.
Enphase Energy reported non-GAAP diluted earnings per share (EPS) of $0.71 for the fourth quarter of 2025, significantly surpassing analysts' consensus estimates of $0.52 by $0.19. Quarterly revenue also exceeded expectations, reaching $343.32 million against an estimated $340.45 million. This earnings beat and optimistic guidance contributed to a substantial surge in the stock, which rocketed approximately 34% on February 4, 2026. The company further provided an encouraging outlook for Q1 2026, projecting revenue between $270 million and $300 million, exceeding the consensus estimate of $263.2 million, and signaling an anticipated demand trough with subsequent improvements throughout 2026.
2. Strategic Expansion into New Markets and Product Innovation.
Enphase Energy diversified its offerings by launching the GaN-based IQ9 Commercial Microinverters in December 2025, marking its entry into the 480-volt three-phase commercial market, a segment estimated to represent a new $400 million total addressable market. The company also began shipping its next-generation IQ EV Charger 2 in December 2025. These innovations, coupled with a strategic focus on advanced battery platforms and the development of recurring revenue models through new partnerships (such as collaborations with Ensol in France for battery subscription programs and Vistra in Texas for virtual power plants), aim to broaden revenue streams and mitigate the impact of the Section 25D residential tax credit expiration.
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Stock Movement Drivers
Fundamental Drivers
The 52.9% change in ENPH stock from 11/30/2025 to 3/20/2026 was primarily driven by a 73.9% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3202026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.85 | 44.11 | 52.9% |
| 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 | 33.6 | 73.9% |
| Shares Outstanding (Mil) | 131 | 131 | -0.1% |
| Cumulative Contribution | 52.9% |
Market Drivers
11/30/2025 to 3/20/2026| Return | Correlation | |
|---|---|---|
| ENPH | 52.9% | |
| Market (SPY) | -4.8% | 25.1% |
| Sector (XLK) | -5.5% | 11.0% |
Fundamental Drivers
The 17.0% change in ENPH stock from 8/31/2025 to 3/20/2026 was primarily driven by a 18.7% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3202026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.70 | 44.11 | 17.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,483 | 1,473 | -0.7% |
| Net Income Margin (%) | 11.8% | 11.7% | -0.8% |
| P/E Multiple | 28.3 | 33.6 | 18.7% |
| Shares Outstanding (Mil) | 131 | 131 | 0.1% |
| Cumulative Contribution | 17.0% |
Market Drivers
8/31/2025 to 3/20/2026| Return | Correlation | |
|---|---|---|
| ENPH | 17.0% | |
| Market (SPY) | 1.1% | 29.4% |
| Sector (XLK) | 3.2% | 19.3% |
Fundamental Drivers
The -23.1% change in ENPH stock from 2/28/2025 to 3/20/2026 was primarily driven by a -55.1% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3202026 | Change |
|---|---|---|---|
| Stock Price ($) | 57.33 | 44.11 | -23.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,330 | 1,473 | 10.7% |
| Net Income Margin (%) | 7.7% | 11.7% | 51.4% |
| P/E Multiple | 74.7 | 33.6 | -55.1% |
| Shares Outstanding (Mil) | 134 | 131 | 2.2% |
| Cumulative Contribution | -23.1% |
Market Drivers
2/28/2025 to 3/20/2026| Return | Correlation | |
|---|---|---|
| ENPH | -23.1% | |
| Market (SPY) | 10.4% | 27.0% |
| Sector (XLK) | 20.5% | 21.3% |
Fundamental Drivers
The -79.0% change in ENPH stock from 2/28/2023 to 3/20/2026 was primarily driven by a -53.5% change in the company's P/E Multiple.| (LTM values as of) | 2282023 | 3202026 | Change |
|---|---|---|---|
| Stock Price ($) | 210.53 | 44.11 | -79.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,331 | 1,473 | -36.8% |
| Net Income Margin (%) | 17.0% | 11.7% | -31.5% |
| P/E Multiple | 72.2 | 33.6 | -53.5% |
| Shares Outstanding (Mil) | 136 | 131 | 4.0% |
| Cumulative Contribution | -79.0% |
Market Drivers
2/28/2023 to 3/20/2026| Return | Correlation | |
|---|---|---|
| ENPH | -79.0% | |
| Market (SPY) | 70.3% | 29.3% |
| Sector (XLK) | 102.2% | 22.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ENPH Return | 4% | 45% | -50% | -48% | -53% | 39% | -75% |
| Peers Return | 10% | -41% | 11% | -14% | 41% | 7% | -6% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -3% | 76% |
Monthly Win Rates [3] | |||||||
| ENPH Win Rate | 50% | 67% | 25% | 33% | 25% | 100% | |
| Peers Win Rate | 44% | 35% | 48% | 46% | 51% | 47% | |
| 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% | -16% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -3% | |
[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 3/20/2026 (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.
AI Analysis | Feedback
- LG Energy Solution (LGESY)
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Badri Kothandaraman, President and CEO
Badri Kothandaraman joined Enphase as Chief Operating Officer in April 2017 and was appointed President and CEO in September 2017. He brings over 21 years of product development and general management experience in the semiconductor industry. Prior to Enphase, he spent 21 years at Cypress Semiconductor, where he held various leadership roles including Executive Vice President of the Data Communications Division. During his tenure at Cypress, he transformed the Data Communications Division from a declining revenue model to one of growth through organic means and acquisition, including successfully acquiring the Wi-Fi and Bluetooth IoT Portfolio from Broadcom for $200 million. Kothandaraman also previously served as the founder of InnoCharge Solutions LLC.
Mandy Yang, EVP, Chief Financial Officer
Mandy Yang joined Enphase in 2018 as Chief Accounting Officer and Corporate Treasurer, becoming CFO in February 2022 and promoted to EVP in January 2024. She possesses over 20 years of experience in accounting, financial reporting, treasury, and tax across the energy management, solar technology, and semiconductor industries. Before Enphase, she was Senior Director and Group Controller at Tesla, Inc., where she was responsible for global order-to-cash revenue financial accounting, regional controllership, and setting up accounting and financial shared services for APAC and EMEA. Yang also held several positions at SunPower Corporation, including Senior Director and Division Controller of the global distributed generation division, and concurrently served as the Chief Accounting Officer and Corporate Controller of 8point3 Energy Partners. Earlier in her career, she held senior finance roles at Spansion Inc., focusing on SEC financial reporting, corporate treasury, and financial planning and analysis.
Raghu Belur, SVP, Co-founder, Chief Products Officer
Raghu Belur co-founded Enphase Energy with Martin Fornage in 2006. He has over 25 years of experience in the clean energy and high-technology industries and has been instrumental in developing Enphase's integrated energy system. Before co-founding Enphase, Belur developed high-speed optical communication technology for Cerent, a company later acquired by Cisco Systems. He also worked as an engineer at the Indian Institute of Science, where he contributed to the development of an alternative energy gasification system.
Dave Ranhoff, Chief Commercial Officer
Dave Ranhoff joined Enphase in December 2017 as Vice President and Chief Commercial Officer. He brings extensive experience from the renewable energy and semiconductor industries. Prior to Enphase, he served as President and CEO of GCL Solar Materials, and before that, President of the Solar Materials group at SunEdison, which was acquired by GCL in early 2017. He joined SunEdison through its acquisition of Solaicx in July 2010, where he also held the position of President and CEO. Ranhoff previously served as President and CEO at Credence Systems, a public semiconductor capital equipment company, where he spent 20 years in various executive roles, including Chief Operating Officer.
Lisan Hung, SVP, General Counsel, and Corporate Secretary
Lisan Hung joined Enphase in 2019 and is responsible for worldwide legal affairs and the company's environmental, social, and governance (ESG) matters. She has over 25 years of legal experience in high-tech companies. Before joining Enphase, Hung served as Vice President of Legal Affairs, General Counsel, and Corporate Secretary at Crocus Technology, Inc. from 2014 to 2019, and held the same role at Kovio, Inc. from 2009 to 2014. She also held progressive leadership roles in the legal department at Advanced Micro Devices, Inc. from 1999 to 2009. Hung has served as a director on the board of Rodgers Silicon Valley Acquisition Corp. and currently sits on the board of directors of FTC Solar.
AI Analysis | Feedback
The key risks to Enphase Energy (ENPH) primarily revolve around policy and regulatory shifts, macroeconomic factors impacting demand, and intense competition.
- Policy Uncertainty and Regulatory Headwinds: Enphase Energy is significantly exposed to changes in government policies and regulations. This includes the potential rollback of residential Investment Tax Credits (ITC) and shifts in net metering policies, such as California's NEM 3.0, which directly affect the financial viability and payback periods for solar installations for homeowners, thereby impacting demand. Additionally, high tariffs, notably a 145% tariff on battery imports from China, are projected to substantially reduce the company's gross margins, necessitating costly supply chain relocations.
- High Interest Rates and Cyclical Demand: The solar industry is susceptible to macroeconomic conditions, particularly interest rates. Elevated interest rates increase the cost of financing solar energy systems for homeowners and installers, leading to a significant slowdown or "collapse" in residential solar demand. This cyclical downturn, amplified by higher borrowing costs, has directly contributed to prolonged softness in product demand, impacting Enphase's revenue and operating margins.
- Intense Competition and Market Share Erosion: Enphase faces robust competition from both traditional string inverter manufacturers and new market entrants. Integrated energy solution providers, such as Tesla, also pose a significant competitive threat, particularly in the home energy storage market. This intense competition, characterized by aggressive pricing strategies, challenges Enphase's market share, especially in segments where it is less dominant (e.g., Third-Party Ownership market vs. non-TPO), and places continuous pressure on its profitability and premium product positioning.
AI Analysis | Feedback
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AI Analysis | Feedback
Here are the addressable market sizes for Enphase Energy's main products and services:Addressable Markets for Enphase Energy (ENPH) Products and Services
- Microinverters:
- The global microinverter market was valued at approximately USD 2.9 billion in 2024 and is projected to reach USD 8.2 billion by 2034, growing at a CAGR of 10.6% from 2025 to 2034. Other estimates place the global microinverter market at USD 4.98 billion in 2024, expected to reach USD 19.76 billion by 2032 with a CAGR of 21.8%. The global microinverter market was valued at USD 3.12 billion in 2023 and is projected to reach USD 14.90 billion by 2032, growing at a CAGR of 18.97% from 2024 to 2032.
- The U.S. microinverter market was valued at USD 1.5 billion in 2024 and is estimated to grow at a CAGR of 9.4% from 2025 to 2034. Another estimate states the U.S. solar microinverter market size reached USD 473.1 million in 2025 and is projected to reach USD 1,085.5 million by 2034, exhibiting a CAGR of 9.67% from 2026 to 2034. The U.S. microinverter market was valued at USD 0.61 billion in 2023 and is expected to reach USD 2.94 billion by 2032, growing at a CAGR of 19.07%.
- Enphase Energy's IQ9N microinverter, for 480-volt three-phase commercial systems in the U.S., represents an approximately USD 400 million total addressable market.
- AC Battery Storage Systems (Residential Energy Storage):
- The global residential energy storage systems market was valued at USD 8.78 billion in 2023. It is estimated to reach USD 37.65 billion by 2032, growing at a CAGR of 17.56% from 2024 to 2032. Another source indicates the global residential energy storage market is projected to reach USD 68.0 billion by 2035, from USD 18.5 billion in 2025, at a CAGR of 13.9%. The global residential energy storage system market size is anticipated to exceed USD 43.95 billion by 2033, growing at a CAGR of 17.61% from 2023 to 2033.
- The U.S. residential energy storage market was valued at USD 363.00 million in 2024 and is projected to grow at a CAGR of 17.5% during the forecast period. Another estimate for the U.S. residential energy storage market size was USD 0.49 billion in 2024 and is projected to grow at a CAGR of 13.55%, reaching USD 1.36 billion by 2032.
AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for Enphase Energy (ENPH)
Over the next 2-3 years, Enphase Energy (ENPH) is anticipated to drive revenue growth through several key initiatives and market trends:
- New Product Introductions: Enphase Energy is expanding its product portfolio with innovative offerings. The company's launch of the IQ9 Commercial Microinverter is expected to open a substantial new revenue stream in the U.S. commercial solar market. Additionally, the debut of the iQ9 GaN-enabled microinverter and a bidirectional EV charger are anticipated to capture significant market shares. The company is also progressing with its fifth-generation battery, further enhancing its technological offerings.
- Expansion into New Geographical Markets: International expansion is a key growth strategy for Enphase. The company expects steady growth throughout 2024 as sell-through in new countries begins to ramp up. Specific regions of focus include Australia, where higher battery attachment rates are anticipated in the latter half of 2024, as well as progress in building an installer base in Brazil, and shipping high-powered microinverters to Mexico and India. The company's investor presentation highlights a broad global presence across the Americas, APAC, and EMEA regions.
- Growth of IQ Battery Storage Systems: Enphase's IQ Batteries are a significant revenue driver. The company shipped a record 195.0 megawatt hours (MWh) of IQ® Batteries in Q3 2025. Forecasts for Q1 2026 include shipments of 100-120 MWh of IQ batteries, indicating continued demand and contribution to revenue. Battery sell-through in the U.S. experienced a 27% quarter-over-quarter increase in Q4 2025.
- Recovery in Residential Solar Demand and Market Share Capture: Analysts suggest that the demand for Enphase's products has "bottomed" and the company is well-positioned for a market share recovery in the residential solar sector. The first quarter of 2026 is expected to mark the low point for demand, with anticipated improvement throughout 2026, particularly in the second half of the year. This market recovery, combined with Enphase's ability to gain market share, is expected to fuel revenue growth.
- Expansion into Commercial Solar Market: Beyond its traditional residential focus, Enphase is strategically expanding into the commercial solar market. The introduction of the IQ9 Commercial Microinverter is a key part of this strategy, expected to generate a "substantial new revenue stream" within the U.S. commercial sector. RBC Capital also notes Enphase's opportunity to capture share in commercial markets as it continues to introduce new products.
AI Analysis | Feedback
Share Repurchases
- Enphase Energy’s Board of Directors authorized a new share repurchase program of up to $1.0 billion, set to expire on July 26, 2026.
- In the first quarter of 2025, the company repurchased 1,594,105 shares of its common stock for approximately $100.0 million.
- In the second quarter of 2025, Enphase Energy repurchased 702,948 shares for approximately $30.0 million. As of the fourth quarter of 2025, $268.7 million remained under the current share repurchase authorization.
Share Issuance
- On May 14, 2025, stockholders approved an amendment to the company's 2021 Equity Incentive Plan, increasing the number of shares reserved for issuance by 4,000,000 shares.
Capital Expenditures
- Capital expenditures were $14.6 million in the first quarter of 2025, attributed to continued investment in U.S. manufacturing and research and development (R&D) equipment.
- In the fourth quarter of 2025, capital expenditures totaled $9.7 million, also driven by ongoing investments in U.S. manufacturing and R&D equipment.
- Enphase Energy is strategically increasing its manufacturing capabilities in the U.S. to qualify for 45X production tax credits under the Inflation Reduction Act.
Latest Trefis Analyses
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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 | 47.92 |
| Mkt Cap | 4.4 |
| 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 | 4.4 |
| P/S | 2.7 |
| P/EBIT | 14.8 |
| P/E | 20.0 |
| P/CFO | 28.1 |
| 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 | -11.6% |
| 3M Rtn | 4.6% |
| 6M Rtn | -2.1% |
| 12M Rtn | 52.6% |
| 3Y Rtn | -31.7% |
| 1M Excs Rtn | -6.3% |
| 3M Excs Rtn | 11.4% |
| 6M Excs Rtn | 0.2% |
| 12M Excs Rtn | 37.9% |
| 3Y Excs Rtn | -99.9% |
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 | $44.11 | |
| Market Cap ($ Bil) | 5.8 | |
| First Trading Date | 03/30/2012 | |
| Distance from 52W High | -29.7% | |
| 50 Days | 200 Days | |
| DMA Price | $42.39 | $37.23 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 4.0% | 18.5% |
| 3M | 1YR | |
| Volatility | 99.2% | 82.0% |
| Downside Capture | 90.25 | 153.48 |
| Upside Capture | 304.11 | 94.20 |
| Correlation (SPY) | 22.4% | 27.6% |
| 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 | -31.8% | 81.9% | -0.12 | - |
| Sector ETF (XLK) | 26.6% | 26.6% | 0.86 | 21.5% |
| Equity (SPY) | 15.8% | 18.9% | 0.64 | 27.9% |
| Gold (GLD) | 48.2% | 27.0% | 1.45 | 13.7% |
| Commodities (DBC) | 17.8% | 17.4% | 0.83 | 11.6% |
| Real Estate (VNQ) | 1.0% | 16.4% | -0.11 | 30.3% |
| Bitcoin (BTCUSD) | -19.0% | 44.2% | -0.35 | 24.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ENPH | |
|---|---|---|---|---|
| ENPH | -24.6% | 68.2% | -0.12 | - |
| Sector ETF (XLK) | 16.2% | 24.6% | 0.59 | 34.1% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 36.4% |
| Gold (GLD) | 20.7% | 17.5% | 0.97 | 10.7% |
| Commodities (DBC) | 10.9% | 19.0% | 0.46 | 11.9% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.06 | 33.8% |
| Bitcoin (BTCUSD) | 4.7% | 56.7% | 0.30 | 19.3% |
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 | 30.7% | 77.5% | 0.69 | - |
| Sector ETF (XLK) | 21.6% | 24.2% | 0.82 | 34.0% |
| Equity (SPY) | 14.2% | 17.9% | 0.68 | 34.6% |
| Gold (GLD) | 13.3% | 15.7% | 0.70 | 8.8% |
| Commodities (DBC) | 8.3% | 17.6% | 0.39 | 15.4% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 28.0% |
| Bitcoin (BTCUSD) | 66.9% | 66.8% | 1.06 | 11.0% |
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
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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