ENPH

MKT CAP:$5B

Enphase Energy, Inc.

Market Cap

$5B

Energy·Solar·🇺🇸 United States·NASDAQ

Energy·Solar·🇺🇸·NASDAQ

Stock Price

$36.16+$2.41 (+7.14%)

Apr 23, 2026

Company Details

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 micr...

CEO

Badrinarayanan Kothandaraman

IPO Date

Mar 30, 2012

Website

www.enphase.com

Key Metrics TTM

Revenue

$1.5B

+10.7% YoY

Net Income

$172M

EPS (Diluted)

$1.29

Free Cash Flow

$96M

Revenue / Share

$11.04

Gross Margin

46.6%

Operating Margin

10.7%

Net Margin

11.7%

FCF Margin

6.5%

P/S

3.2x

P/E

27.6x

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

FY 2025

Feb 13, 2026

$1.5B+10.7%EPS $1.29

Q4 2025

Feb 13, 2026

$343M-10.3%EPS $0.29

Q3 2025

Oct 28, 2025

$410M+7.8%EPS $0.50

Q2 2025

Jul 22, 2025

$363M+19.7%EPS $0.28

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$441M	$177M	$62M
Q2 22	$530M	$219M	$94M
Q3 22	$635M	$268M	$135M
Q4 22	$725M	$311M	$157M
Q1 23	$726M	$326M	$168M
Q2 23	$711M	$323M	$170M
Q3 23	$551M	$262M	$118M
Q4 23	$303M	$147M	-$10M
Q1 24	$263M	$116M	-$29M
Q2 24	$303M	$137M	$2M
Q3 24	$381M	$178M	$50M
Q4 24	$383M	$198M	$55M
Q1 25	$356M	$168M	$32M
Q2 25	$363M	$170M	$37M
Q3 25	$410M	$196M	$66M
Q4 25	$343M	$152M	$22M

Valuation

Quarter	P/S	P/E
Q1 22	3.1x	28.7x
Q2 22	2.7x	23.4x
Q3 22	2.4x	16.0x
Q4 22	2.0x	12.0x
Q1 23	1.8x	9.7x
Q2 23	1.7x	8.3x
Q3 23	1.8x	8.3x
Q4 23	2.1x	10.8x
Q1 24	2.6x	17.2x
Q2 24	3.3x	36.7x
Q3 24	3.8x	77.4x
Q4 24	3.6x	46.3x
Q1 25	3.3x	32.0x
Q2 25	3.2x	27.2x
Q3 25	3.1x	24.3x
Q4 25	3.2x	27.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$102M	$90M
Q2 22	$201M	$192M
Q3 22	$188M	$179M
Q4 22	$254M	$237M
Q1 23	$246M	$224M
Q2 23	$269M	$225M
Q3 23	$146M	$122M
Q4 23	$35M	$15M
Q1 24	$49M	$42M
Q2 24	$127M	$117M
Q3 24	$170M	$162M
Q4 24	$167M	$159M
Q1 25	$48M	$34M
Q2 25	$27M	$18M
Q3 25	$14M	$6M
Q4 25	$48M	$38M

Capital Expenditures

Quarter	CapEx
Q1 22	$12M
Q2 22	$9M
Q3 22	$9M
Q4 22	$16M
Q1 23	$22M
Q2 23	$44M
Q3 23	$24M
Q4 23	$20M
Q1 24	$7M
Q2 24	$10M
Q3 24	$9M
Q4 24	$8M
Q1 25	$15M
Q2 25	$8M
Q3 25	$8M
Q4 25	$10M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+46.2%	+57.9%
Q2 22	+67.8%	+69.9%
Q3 22	+80.6%	+58.9%
Q4 22	+75.6%	+59.9%
Q1 23	+64.5%	+47.1%
Q2 23	+34.1%	+24.0%
Q3 23	-13.2%	-13.3%
Q4 23	-58.2%	-44.9%
Q1 24	-63.7%	-47.6%
Q2 24	-57.3%	-44.2%
Q3 24	-30.9%	-23.6%
Q4 24	+26.5%	+4.8%
Q1 25	+35.2%	+10.8%
Q2 25	+19.7%	+8.1%
Q3 25	+7.8%	+4.0%
Q4 25	-10.3%	-1.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$64M	8.8%
Q1 23	$60M	8.2%
Q2 23	$54M	7.6%
Q3 23	$44M	8.0%
Q4 23	$55M	18.3%
Q1 24	$61M	23.1%
Q2 24	$53M	17.4%
Q3 24	$46M	12.1%
Q4 24	$0	0.0%
Q1 25	$56M	15.6%
Q2 25	$54M	14.8%
Q3 25	$51M	12.5%
Q4 25	$53M	15.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$36M	$38M	$41M
Q2 22	$39M	$32M	$54M
Q3 22	$44M	$32M	$55M
Q4 22	$50M	$37M	$65M
Q1 23	$57M	$36M	$65M
Q2 23	$60M	$34M	$58M
Q3 23	$55M	$34M	$55M
Q4 23	$55M	$33M	$53M
Q1 24	$54M	$35M	$53M
Q2 24	$49M	$34M	$52M
Q3 24	$48M	$30M	$50M
Q4 24	$50M	$32M	$52M
Q1 25	$50M	$34M	$49M
Q2 25	$45M	$34M	$51M
Q3 25	$47M	$33M	$48M
Q4 25	$46M	$35M	$49M

Revenue Segments

Quarter	Reportable Segment
Q1 25	$356M
Q3 25	$410M

Revenue by Geography

Quarter	International	United States
Q1 22	$72M	$369M
Q2 22	$108M	$423M
Q3 22	$183M	$452M
Q4 22	$207M	$518M
Q1 23	$253M	$473M
Q2 23	$294M	$418M
Q3 23	$201M	$350M
Q1 24	$113M	$150M
Q2 24	$105M	$199M
Q3 24	$97M	$284M
Q4 24	$81M	$302M
Q1 25	$93M	$263M
Q3 25	$60M	$350M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$252M	$812M	$1.1B
Q2 22	$495M	$752M	$1.2B
Q3 22	$338M	$1.1B	$1.4B
Q4 22	$473M	$1.1B	$1.6B
Q1 23	$286M	$1.5B	$1.8B
Q2 23	$279M	$1.5B	$1.8B
Q3 23	$290M	$1.5B	$1.8B
Q4 23	$289M	$1.4B	$1.7B
Q1 24	$254M	$1.4B	$1.6B
Q2 24	$252M	$1.4B	$1.6B
Q3 24	$256M	$1.5B	$1.8B
Q4 24	$464M	$1.3B	$1.7B
Q1 25	$350M	$1.1B	$1.5B
Q2 25	$371M	$1.2B	$1.5B
Q3 25	$402M	$1.1B	$1.5B
Q4 25	$474M	$1.0B	$1.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	145M	+2.2%	-1.2%
Q2 22	144M	-0.6%	+1.5%
Q3 22	146M	+1.6%	+3.4%
Q4 22	146M	+0.2%	+3.4%
Q1 23	146M	-0.2%	+0.9%
Q2 23	145M	-0.6%	+1.0%
Q3 23	144M	-0.9%	-1.4%
Q4 23	139M	-3.2%	-4.9%
Q1 24	136M	-2.4%	-6.9%
Q2 24	136M	+0.2%	-6.2%
Q3 24	140M	+2.8%	-2.7%
Q4 24	138M	-1.3%	-0.8%
Q1 25	136M	-1.4%	+0.2%
Q2 25	135M	-0.7%	-0.7%
Q3 25	133M	-1.6%	-4.9%
Q4 25	133M	+0.4%	-3.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$195.3K	2K
Q2 22	$234.6K	2K
Q3 22	$280.8K	2K
Q4 22	$256.9K	3K
Q1 23	$257.4K	3K
Q2 23	$252.1K	3K
Q3 23	$195.3K	3K
Q4 23	$95.8K	3K
Q1 24	$83.4K	3K
Q2 24	$96.1K	3K
Q3 24	$120.6K	3K
Q4 24	$137.6K	3K
Q1 25	$128.0K	3K
Q2 25	$130.6K	3K
Q3 25	$147.6K	3K
Q4 25	$119.5K	3K

Revenue / Employee