# Enphase Energy Inc. (ENPH) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Technology / Technology Hardware, Storage & Peripherals. Price $36.37, market value $4.8 billion.

## Valuation
- **P/E (trailing): 36.0×** (5-yr avg 63.7×, 3-yr avg 53.1×). Enphase Energy Inc. trades at 36.0× trailing earnings, well below its own five-year average of 63.7×: cheap by its own standards. The Technology median in the September 2026 study was 32.1×. Forward P/E is 16.0×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.22**. A PEG of 0.22 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 3.6×**. Each dollar of revenue is priced at 3.6×.
- **Price / book: 4.1×**. The shares trade at 4.1× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 27.3×**. Enterprise value is 27.3× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 3.2%** (5-yr avg 2.7%). Free cash flow equals 3.2% of the market value, in line with its five-year average of 2.7%.
- **Earnings yield: 2.8%**. The inverse of the P/E: 2.8% of the price is earned each year.

## Profitability
- **Gross margin: 46.9%**. Enphase Energy Inc. keeps 46.9% of revenue after the direct cost of what it sells.
- **Operating margin: 8.4%**. 8.4% of revenue is left after running the business.
- **Net margin: 11.7%**. 11.7% of each dollar of sales reaches the bottom line.
- **Return on equity: 15.8%**. 15.8% on shareholders' equity is solid.
- **Return on invested capital: 4.8%**. Return on all capital, debt included, is 4.8%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 3.8%**. Each dollar of assets produces 3.8% of profit.

## Growth
- **Revenue growth (1 yr): 10.7%** (3-yr -14.2%/yr, 5-yr 13.7%/yr). Revenue grew 10.7% over the last year, against 13.7% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 72.0%** (3-yr -22.5%/yr). Earnings per share rose 72.0%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): -48.4%/yr**. Free cash flow has compounded at -48.4% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 1.11**. Debt is 1.11 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 3.6×**. It would take 3.6 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Altman Z-score: 2.19**. A Z-score of 2.19 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Enphase Energy Inc. does not currently pay a dividend.

## Analyst view
- **Analyst consensus: buy** (27 analysts). 27 analysts cover Enphase Energy Inc.; the consensus is buy, with an average price target of $46.79 (+29% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -0.4%** (YTD 13.5%, 3-mo -35.1%). The shares are down 0.4% over twelve months including dividends.
- **From 52-week high: -50.7%** (41.1% above the low). Trading 51% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 42**. An RSI of 42 is neutral.
- **Beta (1 yr): 2.52** (volatility 83%). Beta of 2.52 against the S&P 500: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=ENPH · Page: https://foliofundamentals.com/stocks/enph

Not investment advice.