Enphase Energy, Inc. (ENPH) Stock

Enphase Energy, Inc. (ENPH) is a Technology stock trading at $38.35 (as of 2026-08-20), with a market capitalization of $5.05B and a trailing P/E of 37.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Enphase Energy designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry. Its offerings include semiconductor-based microinverters, AC battery storage systems, and communications and monitoring products that support energy management for residential solar installations, sold through distributors and to installers, OEMs, partners, and homeowners.

Understand Enphase Energy, Inc.: how it makes money

Enphase Energy designs and sells home energy solutions for solar customers, including semiconductor-based microinverters, AC battery storage systems, and monitoring and control technology, and it earns revenue from selling these products and services.

Enphase is a hardware-led profit model where shipment volume and product mix (microinverters and batteries) are central to performance, and the latest quarter showed strong gross margin alongside a negative operating margin, implying that operating costs and/or mix can overwhelm product-level profitability.

Business quality (Weak): Positive gross margin with negative operating margin in the latest quarter, and shipment metrics are available for microinverters and batteries, suggesting investors should watch execution and volume rather than rely only on top-line growth.

Valuation: At 52× earnings, ENPH trades in line with the Semiconductors average (51×). Note: one-time items can distort reported P/E.

Bull case

Product execution shows up in scale of shipments for core offerings: Microinverters Shipped (Megawatts Direct Current) were 660.1 in the latest reported period, and Batteries Shipped (Megawatt Hours) were 103100000.0.
Hardware economics are not inherently weak at the gross level: Gross margin_pct was 35.5 for the latest quarter.

Bear case

Operating losses indicate challenges below the gross margin line: Operating margin_pct was -10.5 in the latest quarter.
A portion of revenue is tied to Safe Harbor categories: The company reported Safe Harbor Revenue (Inflation Reduction Act) of 0.05 and Safe Harbor Revenue of 0.03, which highlights how incentives or program classifications may matter to reported revenue mix.

Valuation — source: SEC EDGAR (first-party)
Price	$38.35
Market Cap	$5.05B
P/E Ratio	37.4
EV / EBITDA	28.9
Price / Book	4.59
Price / Sales	3.61
FCF Yield	2.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.47B
Net Margin	11.7%
Revenue Growth (YoY)	-20.6%
EPS Growth (YoY)	-126.1%
FCF Growth (YoY)	145.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.19 (grey)
Piotroski F-Score	6/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	37.4
Sector P/E (Technology)	33.9
Industry P/E (Electronic Equipment)	39.4
vs Sector	10.3%
vs Industry	-4.9%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($839.49M)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Technology
Industry	Electronic Equipment
CEO	Badrinarayanan Kothandaraman
Employees	2,781
Country	US
IPO Date	2012-03-30

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.