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Earnings transcript
Read the complete earnings call transcript.
ENPH
Enphase Energy, Inc.
$34.92
-3.36
(-8.78%)
[ms_data_label text=’Delayed data’]
| Exchange: | NASDAQ |
| Market Cap: | 4.578B |
| Shares Outstanding: | 39.291M |
About The Company
| Sector: | Energy | |||||
| Industry: | Solar | |||||
| CEO: | Badrinarayanan Kothandaraman | |||||
| Full Time Employees: | 2781 | |||||
| Address: |
| |||||
| Website: | https://www.enphase.com |
Enphase Energy, Inc., together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level, and combines with its proprietary networking and software technologies to provide energy monitoring and control services. It also offers AC battery storage systems; Envoy communications gateway; and Enlighten cloud-based monitoring service, as well as other accessories. The company sells its solutions to solar distributors; and directly to large installers, original equipment manufacturers, strategic partners, and homeowners, as well as through its legacy product upgrade program or online store. Enphase Energy, Inc. was incorporated in 2006 and is headquartered in Fremont, California.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2,290,786 | 1,330,383 | 1,472,985 |
| Gross Profit | 1,058,388 | 629,138 | 687,004 |
| EBITDA | 596,686 | 210,453 | 289,980 |
| Operating Income | 445,741 | 77,292 | 164,657 |
| Net Income | 438,936 | 102,658 | 172,133 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 3,383,012 | 3,249,676 | 3,509,792 |
| Total Liabilities | 2,399,388 | 2,416,660 | 2,422,769 |
| Total Stockholders Equity | 983,624 | 833,016 | 1,087,023 |
| Total Debt | 1,298,958 | 1,308,195 | 1,204,377 |
| Cash and Cash Equivalents | 288,748 | 369,110 | 474,318 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 696,780 | 513,693 | 136,540 |
| Capital Expenditure | -110,401 | -33,604 | -40,639 |
| Free Cash Flow | 586,379 | 480,089 | 95,901 |
| Net Income | 438,936 | 102,658 | 172,133 |
| Net Change in Cash | -184,496 | 175,368 | 0 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 1,326,521.664 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 1,974,488.738 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 1,475,950 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 260,322.502 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 387,482.439 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 289,646.983 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 368,968.515 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 611,463.870 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 424,890.903 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 255,273.130 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 379,966.596 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 284,028.815 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 3.150 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 4.530 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 2.740 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 11 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 4 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Resilient Financial Performance: Enphase Energy reported Q1 2025 revenue of $356.1 million, demonstrating stability despite industry challenges. Historical data shows revenue growth from $774.4 million in 2020 to $2.33 billion in 2022, with a gross profit margin of 47.67% in 2024, indicating strong profitability within the solar sector.
- Strong Cash Flow Generation: Free cash flow for 2024 was $480.1 million, reflecting robust operational efficiency. This is supported by consistent positive operating cash flow over recent years, providing financial flexibility for innovation and debt management.
- Strategic Product Innovation: As highlighted in the Q1 2025 earnings call, Enphase is focusing on new product launches and supply chain adjustments to maintain growth. This adaptability positions the company favorably against competitors in the solar industry.
- Solid Liquidity Position: With a current ratio of 1.895 and a quick ratio of 1.771 in 2024, Enphase maintains a strong balance sheet, ensuring it can cover short-term liabilities and invest in growth opportunities.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates ENPH intrinsic value between $50.46 – $107.88 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about ENPH valuation
Is Enphase Energy, Inc. (ENPH) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Enphase Energy, Inc. (ENPH) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is ENPH a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether ENPH trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is ENPH’s P/E ratio?
You can see ENPH’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for ENPH?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is ENPH a good long-term investment?
Whether ENPH fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
ENPH
1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.
[ms_data_label text="Daily snapshot"]
-8.78
Trading Metrics:
| Open: | [ms_cell_or_dash table='trading_quote' column='open'] | Previous Close: | [ms_cell_or_dash table='trading_quote' column='previousClose'] | |
| Day Low: | [ms_cell_or_dash table='trading_quote' column='dayLow'] | Day High: | [ms_cell_or_dash table='trading_quote' column='dayHigh'] | |
| Year Low: | 25.78 | Year High: | 59.4 | |
| Price Avg 50: | 42.96 | Price Avg 200: | 36.99 | |
| Volume: | 6.242M | Average Volume: | 7.719M |
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Login — it's freeENPH full analysis
Welcome to MARKETSNAP’s SWOT analysis for Enphase Energy, a key player in the renewable energy space that many of you are likely already tracking. If you’re not familiar, Enphase Energy is a leading provider of solar energy solutions, specializing in microinverters and energy storage systems. They operate in the solar industry within the broader technology and energy sector, and they’ve carved out a strong niche by focusing on innovative, efficient solar tech for residential and commercial markets. With a solid…
