Is Enphase Energy Stock Outperforming Its Rivals?
Despite a significant surge on February 4, 2026, Enphase Energy’s (ENPH) stock has faced headwinds over the past year. But how does it truly measure up against peers rapidly scaling in the global clean energy transition? A closer look reveals strong profitability, robust revenue growth, and moderate valuation, though evolving grid demands and competition from alternative storage technologies could limit upside.
- ENPH’s 13.7% operating margin, the highest among peers, highlights its tech leadership & cost control, enabling strong pricing power.
- ENPH’s 21.0% LTM revenue growth outpaces most peers, yet lags SPWR’s surge from strategic acquisitions and market expansion.
- ENPH stock is down 22.0% in 1 year, underperforming peers. Its 34.6 PE reflects market downturn concerns, despite growth expectations.
Here’s how Enphase Energy stacks up across size, valuation, and profitability versus key peers.
| ENPH | SEDG | TSLA | GNRC | RUN | SPWR | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 6.8 | 2.1 | 1,311.8 | 10.3 | 4.8 | 0.1 |
| Revenue ($ Bil) | 1.5 | 1.0 | 94.8 | 4.4 | 2.3 | 0.3 |
| PE Ratio | 34.6 | -3.7 | 345.8 | 33.3 | -1.9 | 8.5 |
| LTM Revenue Growth | 21.0% | 2.4% | -2.9% | 5.5% | 13.8% | 657.3% |
| LTM Operating Margin | 13.7% | -45.1% | 5.1% | 11.4% | -15.4% | -8.6% |
| LTM FCF Margin | 14.4% | 6.0% | 6.6% | 9.7% | -158.0% | -12.6% |
| 12M Market Return | -22.0% | 152.3% | 3.5% | 24.3% | 132.9% |
For more details on Enphase Energy, read Buy or Sell ENPH Stock. Below we compare ENPH’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
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| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| ENPH | 21.0% | – | -41.9% | -1.7% | 68.7% |
| SEDG | 2.4% | – | -69.7% | -4.3% | 58.4% |
| TSLA | -2.9% | -2.9% | 0.9% | 18.8% | |
| GNRC | 5.5% | – | 6.8% | -11.9% | 22.1% |
| RUN | 13.8% | – | -9.8% | -2.7% | 44.2% |
| SPWR | 657.3% | – | 24.1% | 31.8% | -3.4% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| ENPH | 13.7% | – | 6.8% | 20.1% | 19.3% |
| SEDG | -45.1% | – | -163.8% | 2.4% | 9.2% |
| TSLA | 5.1% | 5.1% | 7.9% | 9.2% | |
| GNRC | 11.4% | – | 12.5% | 9.6% | 12.4% |
| RUN | -15.4% | – | -28.1% | -36.3% | -28.5% |
| SPWR | -8.6% | – | -63.0% | -59.8% | -31.8% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| ENPH | 34.6 | – | 42.2 | 21.3 | 45.0 |
| SEDG | -3.7 | – | -0.9 | 22.4 | 55.0 |
| TSLA | 345.8 | 382.3 | 181.1 | 52.6 | |
| GNRC | 33.3 | – | 25.0 | 46.8 | 23.3 |
| RUN | -1.9 | – | -1.4 | -1.2 | 23.9 |
| SPWR | 8.5 | – | -1.9 | � | � |
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