# Enphase Energy, Inc. (ENPH)

> Source: Nexqual · https://nexqual.com/ENPH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Enphase Energy, Inc. (ENPH), nexqual.com/ENPH" · informational, not investment advice.

**Price:** USD 31.35 (-2.00% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 31.99 · day 30.86–32.03 · 52w 25.78–73.74 · market cap $4.14B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.33B, net income $134M (10.1% margin), free cash flow $153M (SEC filings).
- Valuation: P/E 30.9x (avg 54.0x at the last 3 fiscal year-ends), EV/EBITDA 19.7x, net cash $365M.
- Earnings quality: non-operating income $53.3M vs operating income $110M over the last four quarters; P/E excluding non-operating income ≈45.8x (estimate: non-operating income taxed at the company's 18.2% effective rate).
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $211K; 4 not under a Rule 10b5-1 plan ($211K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $391K; 0 by opportunistic insiders, 1 by routine insiders.
- Analysts: Hold (mean 2.55 on a 1–5 scale) (29 analysts), mean target USD 49.13 (range 24–212).
- Total return with dividends: 1Y -12.0% vs S&P 500 +14.9%; 5Y -82.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.5, revenue estimate $305M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.38B | $2.33B | $2.29B | $1.33B | $1.47B | $1.33B |
| Gross profit | $554M | $975M | $1.06B | $629M | $687M | — |
| Operating income | $216M | $448M | $446M | $77.3M | $158M | $110M |
| Net income | $145M | $397M | $439M | $103M | $172M | $134M |
| EPS (diluted) | — | $2.77 | $3.08 | $0.75 | $1.29 | — |
| Free cash flow | $300M | $698M | $586M | $480M | $95.9M | $153M |
| Gross margin | 40.1% | 41.8% | 46.2% | 47.3% | 46.6% | — |
| Operating margin | 15.6% | 19.2% | 19.5% | 5.8% | 10.7% | 8.3% |
| Net margin | 10.5% | 17.0% | 19.2% | 7.7% | 11.7% | 10.1% |
| Revenue growth | +78.5% | +68.7% | -1.7% | -41.9% | +10.7% | — |
| Cash + short-term investments | $1.02B | $1.61B | $1.70B | $1.62B | $1.51B | — |
| Total debt | $1.04B | $1.29B | $1.29B | $1.30B | $1.20B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 30.9x · P/E ex non-operating (est.) ≈45.8x · P/S 3.1x · EV/EBITDA 19.7x · EV/Sales 2.8x · P/FCF 27.1x · P/B 3.5x · FCF yield 3.68% · Earnings yield 3.24% · Buyback yield (TTM) 0.00% · Net cash $365M · EV $3.78B
P/E at fiscal year-ends: Dec 2025 25.1x, Dec 2024 93.7x, Dec 2023 43.1x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-14 | Mora Richard | Director | 1,500 | $61K | 12.6% | No | Too little history (no open-market trades in 2025) |
| 2026-07-30 | Mora Richard | Director | 2,000 | $74K | 14.4% | No | Too little history (no open-market trades in 2025) |
| 2026-06-01 | Mora Richard | Director | 700 | $45K | 4.8% | No | Too little history (no open-market trades in 2025) |
| 2026-05-19 | Mora Richard | Director | 700 | $32K | 4.6% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $391K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-12 | Trivedi Shanker | Director | 1,000 | $54K | 53.91 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-26 | Kothandaraman Badrinarayanan | President & CEO | 5,000 | $337K | 67.5 | Routine (bought in Nov each year 2023–2025; this trade is outside those months) |

## Analysts
Consensus Hold (mean 2.55 on a 1–5 scale), 29 analysts; mean target USD 49.13 (low 24, high 212).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | BMO Capital | Target lowered | Market Perform | $37 → $28 |
| 2026-10-19 | JP Morgan | Target lowered | Neutral | $40 → $35 |
| 2026-10-14 | Morgan Stanley | Target lowered | Underweight | $27 → $24 |
| 2026-10-14 | Susquehanna | Target lowered | Neutral | $37 → $35 |
| 2026-10-06 | Barclays | Target lowered | Equal-Weight | $50 → $44 |
| 2026-09-29 | Citigroup | Target lowered | Neutral | $40 → $37 |
| 2026-09-21 | Jefferies | Target lowered | Buy | $54 → $42 |
| 2026-09-21 | Goldman Sachs | Target lowered | Buy | $55 → $47 |
| 2026-08-17 | Evercore ISI Group | Target raised | In-Line | $37 → $41 |
| 2026-07-30 | Citigroup | Target lowered | Neutral | $43 → $40 |
| 2026-07-30 | Susquehanna | Target lowered | Neutral | $45 → $39 |
| 2026-07-29 | RBC Capital | Target lowered | Outperform | $54 → $47 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -12.0% | -82.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -12.1% | -29.2% |
| Volatility (annualized) | 80.1% | 66.9% |
| Max drawdown | -59.4% (Jun 2026→Oct 2026) | -92.0% (Nov 2022→Nov 2025) |

## Peers (Solar)
SEDG (SolarEdge Technologies, Inc.) USD 32.94 -0.75% · RUN (Sunrun Inc.) USD 7.7 +1.05% · NXT (Nextpower Inc.) USD 77.63 -5.06% · SHLS (Shoals Technologies Group, Inc.) USD 7.73 -2.83% · FSLR (First Solar, Inc.) USD 171.25 -2.04% · CSIQ (Canadian Solar Inc.) USD 9.22 -6.21%

## More
Full page: https://nexqual.com/ENPH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ENPH's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/1463101/000146310126000013/enph-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Flex (FLEX) | "We utilize Flex Ltd. and affiliates ("Flex"), Salcomp Manufacturing India PVT and Sunwoda Electric Co. Ltd. to assemble and test certain of our IQ microinverters, IQ Battery storage systems, EV chargers and IQ Gateway pr…" |
| Supplier | Salcomp Manufacturing USA | "In November 2025, we commenced Enphase manufacturing at our Arlington, Texas facility previously operated by Salcomp Manufacturing USA Corp. This in-house facility, together with our contract manufacturer relationship wi…" |
| Related party | SunPower Inc. (SPWR) | "The CEO of SunPower also serves as a member of the Company's Board of Directors, and therefore this transaction constitutes a related party transaction." |
| Competitor | Tesla (TSLA) | "Competitors in the inverter market include, among others, SolarEdge Technologies, Inc. ("SolarEdge"), Huawei Technologies Co. Ltd., ("Huawei"), Tesla, Inc. ("Tesla"), Sungrow Power Supply Co., Ltd., Growatt New Energy Co…" |
| Competitor | Huawei | "Competitors in the inverter market include, among others, SolarEdge Technologies, Inc. ("SolarEdge"), Huawei Technologies Co. Ltd., ("Huawei"), Tesla, Inc. ("Tesla"), Sungrow Power Supply Co., Ltd., Growatt New Energy Co…" |
| Competitor | BYD | "Competitors in the storage market include Tesla, SolarEdge, Huawei, BYD Company Limited ("BYD"), Franklin Solar Battery and other producers of battery cells and integrated storage systems." |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $226.8M | 77.7% | -16.4% |
| International | $65.0M | 22.3% | -29.2% |
| Total revenue | $291.9M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 39% of revenue from unnamed direct customers (10-K, filed 2026-02-17).

## Company outlook (8-K filed 2026-07-28)

- "It uses 100 Ah prismatic cells and is expected to deliver approximately 50% higher energy density than the fourth-generation IQ ® Battery 10C, while reducing cost by approximately 40%."
- "This outlook includes approximately $75.0 million of safe harbor shipments. • GAAP gross margin to be within a range of 42.0% to 45.0%, including approximately 2 percentage points of reciprocal tariff impact. • Non-GAAP gross margin to be within a range of 44.0% to 47.0%, including approximately 2 percentage points of reciprocal tariff impact."
- "Conference Call Information Enphase Energy will host a conference call for analysts and investors to discuss its second quarter 2026 results and third quarter 2026 business outlook today at 4:30 p.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.50 | $0.54 | -6.0% | $305.1M | 18 |
| Next quarter (ends 2026-12-31) | $0.51 | $0.53 | -3.2% | $300.5M | 16 |
| Current fiscal year (ends 2026-12-31) | $1.98 | $2.07 | -4.3% | $1.18B | 24 |
| Next fiscal year (ends 2027-12-31) | $2.13 | $2.41 | -11.5% | $1.20B | 22 |