# Enphase Energy Inc. (ENPH) fundamentals

Data as of 2026-11-04. NASDAQ, United States. Sector: Technology / Computers & Hardware. Price $30.42, market value $4.0 billion.

## Valuation
- **P/E (trailing): 45.4×** (5-yr avg 63.7×, 3-yr avg 53.1×). Enphase Energy Inc. trades at 45.4× 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 21.2×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.29**. A PEG of 0.29 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 3.3×**. Each dollar of revenue is priced at 3.3×.
- **Price / book: 3.2×**. The shares trade at 3.2× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 35.9×**. Enterprise value is 35.9× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 3.4%** (5-yr avg 2.7%). Free cash flow equals 3.4% of the market value, above its five-year average of 2.7%, so the shares are cheaper on cash than they have usually been.
- **Earnings yield: 2.2%**. The inverse of the P/E: 2.2% of the price is earned each year.

## Profitability
- **Gross margin: 45.8%**. Enphase Energy Inc. keeps 45.8% of revenue after the direct cost of what it sells.
- **Operating margin: 4.2%**. 4.2% of revenue is left after running the business, which leaves little cushion in a downturn.
- **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: 2.2%**. Return on all capital, debt included, is 2.2%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 2.6%**. Each dollar of assets produces 2.6% 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: 5.5×**. It would take 5.5 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Current ratio: 2.07** (quick 2.07). Current assets cover the next year's liabilities 2.07 times.
- **Altman Z-score: 2.46**. A Z-score of 2.46 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** (25 analysts). 25 analysts cover Enphase Energy Inc.; the consensus is buy, with an average price target of $40.58 (+33% 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): 3.1%** (YTD -5.1%, 3-mo -27.2%). The shares are up 3.1% over twelve months including dividends.
- **From 52-week high: -58.7%** (27.7% above the low). Trading 59% 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): 49**. An RSI of 49 is neutral.
- **Beta (1 yr): 2.40** (volatility 84%). Beta of 2.40 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.