Fundamental analysis · SEC EDGAR · TTM through 31/03/2026
ENPH · Nasdaq · Technology
Fundamental quality
67
out of 100
Enphase Energy, Inc. earns a fundamental-quality score of 67 out of 100, profiling it as a company of reasonable quality. Its score rests mainly on its financial strength (net debt 0.42× EBITDA). Its weakest area is its growth (revenue +11.9%/yr). Whether it's cheap or expensive depends on the current price, which you can compute in the tool.
Enphase Energy makes microinverters for residential solar panels: the device that converts each panel's current into usable home electricity, plus batteries and management software. Its fate is tied to rooftop solar, a market as promising as it is volatile.
EPS growth: 0.1% · Revenue growth: 11.9%
Net margin: 9.6% · ROE: 12.2% · ROIC: 7.6%
Net debt/EBITDA: 0.42x · FCF: 10.4%
Source: SEC EDGAR · TTM through 31/03/2026
The score combines growth, profitability and financial strength. Here its financial strength weighs in its favor, while its growth drags it down the most.
Percentile against the other 101 Technology companies in our coverage: how far it beats them on each metric (100 = best in sector).
Computed from the daily dataset scores. A high percentile places the company among the best in its sector on that metric; it is not a buy recommendation.
Key concepts
What do these metrics mean? Fundamental analysis · What is the P/E · What is EPS · What is ROE · Net & gross margin · Free cash flow
| Year | Revenue | Net income | Free cash flow | Net debt |
|---|---|---|---|---|
| 2020 | 774 | 134 | 196 | -349 |
| 2021 | 1,382 | 145 | 300 | 918 |
| 2022 | 2,331 | 397 | 698 | 817 |
| 2023 | 2,291 | 439 | 586 | 1,005 |
| 2024 | 1,330 | 103 | 480 | 933 |
| 2025 | 1,473 | 172 | 96 | 730 |
Between 2020 and 2025, revenue went from $774M to $1,473M (+90%) and net income went from $134M to $172M (+28%). Meanwhile, its margins have narrowed (from 17% to 12%).
Annual figures in millions of U.S. dollars ($M) per SEC filings. Net debt is total debt minus cash.
Latest results
Figures for the quarter ended March 31, 2026, versus the quarter ended March 31, 2025 (SEC filings):
Automatic comparison between the two most recent periods filed with the SEC. One quarter doesn't make a trend: read it alongside the historical evolution above.
This company doesn't pay a dividend: it reinvests all its earnings back into the business.
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Is Enphase Energy, Inc. cheap or expensive?
That depends on the current price. Look it up, enter it in the tool and get the full valuation verdict (P/E against its sector).
Compute the valuation →Is Enphase Energy, Inc. a good company to invest in?
In terms of business quality, Enphase Energy, Inc. scores 67 out of 100 in our analysis, placing it as a company of reasonable quality. That said, this isn't a recommendation: whether it's a good investment also depends on its current price and your goals.
Is Enphase Energy, Inc. a profitable company?
Enphase Energy, Inc. is profitable, with a net margin of 9.6%, though a thin one.
Does Enphase Energy, Inc. have a lot of debt?
Not particularly. Its net debt is 0.42 times its EBITDA, a low level.
Is Enphase Energy, Inc. growing?
Its revenue has grown 11.9% annualized in recent years and its earnings per share 0.1%.
Does Enphase Energy, Inc. generate cash?
Yes. It converts about 10.4% of its revenue into free cash flow, and has done so positively year after year.
The thresholds are general and the system doesn't judge qualitative factors. See the full methodology and use this analysis as a first filter, never as a final decision.
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Who's behind the methodology and model · how the score is computed
Data: see Enphase Energy, Inc.'s filings on EDGAR
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