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ENPH

Enphase Energy, Inc.

ENPH

Enphase Energy, Inc. • NASDAQ
$28.85 ▲ 3.70% (+1.03)
Market Cap $3.78 B
52w High $78.26
52w Low $25.78
Dividend Yield 0%
P/E 19.76
Volume 2.42M
Outstanding Shares 130.86M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $410.427M ▲ $130.08M ▼ $66.638M ▲ 16.236% ▲ $0.51 ▲ $96.068M ▲
Q2-2025 $363.153M ▲ $133.486M ▼ $37.052M ▲ 10.203% ▲ $0.28 ▲ $63.105M ▼
Q1-2025 $356.084M ▼ $136.319M ▼ $29.73M ▼ 8.349% ▼ $0.23 ▼ $68.855M ▼
Q4-2024 $382.713M ▲ $143.489M ▲ $62.16M ▲ 16.242% ▲ $0.46 ▲ $92.616M ▲
Q3-2024 $380.873M $128.383M $45.762M 12.015% $0.34 $73.083M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.478B ▼ $3.32B ▲ $2.325B ▲ $995.022M ▲
Q2-2025 $1.53B ▲ $3.179B ▲ $2.298B ▲ $880.637M ▲
Q1-2025 $1.467B ▼ $3.106B ▼ $2.295B ▼ $810.698M ▼
Q4-2024 $1.623B ▼ $3.25B ▼ $2.417B ▲ $833.016M ▼
Q3-2024 $1.767B $3.264B $2.333B $931.373M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $66.638M ▲ $13.918M ▼ $21.405M ▲ $-1.679M ▲ $31.344M ▲ $5.886M ▼
Q2-2025 $37.052M ▲ $26.629M ▼ $-51.185M ▼ $-27.555M ▲ $-44.554M ▲ $18.37M ▼
Q1-2025 $29.73M ▼ $48.414M ▼ $113.06M ▼ $-214.175M ▼ $-49.026M ▼ $33.806M ▼
Q4-2024 $62.16M ▲ $167.292M ▼ $250.641M ▲ $-202.732M ▼ $207.791M ▲ $159.228M ▼
Q3-2024 $45.762M $170.138M $-112.482M $-56.071M $4.223M $161.605M

Revenue by Products

Product Q4-2017Q1-2025Q3-2025
Reportable Segment
Reportable Segment
 $0 ▲$360.00M ▲$410.00M ▲
Envoy Communications Gateway Device And Enlighten WebBased Monitoring Service
Envoy Communications Gateway Device And Enlighten WebBased Monitoring Service
 $0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Enphase’s income statement tells a story of strong growth followed by a clear slowdown. Revenue expanded rapidly from 2020 through 2022, then stalled in 2023 and dropped meaningfully in 2024, showing how sensitive the business is to swings in solar demand. Profitability used to be very strong, with healthy margins, but those margins have compressed as sales softened and fixed costs became harder to cover. Even so, the company has remained profitable, which is a sign of underlying strength, but recent earnings are much lower than in peak years. Overall, the income statement shows a high-quality business model experiencing a cyclical downturn rather than a structural collapse, but with noticeably higher earnings volatility than earlier in the decade.

Balance Sheet

Balance Sheet The balance sheet looks generally solid but somewhat leveraged. Total assets have grown steadily over the last five years, reflecting investment in the business and its expansion. Cash on hand has moved around but has not kept pace with the rise in debt, so the company now carries a meaningful debt load relative to its equity. Equity itself has increased compared with several years ago, suggesting the business has been able to build value over time, despite recent bumps. The structure points to a company that can support its operations, but with debt levels that deserve attention if industry conditions stay weak or interest rates remain high.

Cash Flow

Cash Flow Cash flow is one of Enphase’s clear strengths. The company has consistently generated cash from its operations every year, even during tougher market periods, which shows that reported profits are largely backed by real cash earnings. Free cash flow has been positive and healthy, helped by relatively modest spending on physical assets, which indicates an asset-light and scalable model. That said, cash generation has come down from its peak years, mirroring the pressure seen in revenue and profits. Overall, the cash flow profile provides Enphase with flexibility to manage debt, invest in new products, and navigate industry cycles, as long as the recent downturn does not deepen significantly or persist for many years.

Competitive Edge

Competitive Edge Enphase holds a strong position in the solar value chain, particularly in residential systems, thanks to its leadership in microinverter technology. By placing an inverter at each panel, it offers better reliability, safety, and monitoring than many traditional string inverter setups, which has become a clear selling point with installers and homeowners. On top of that, Enphase has built an integrated ecosystem—microinverters, batteries, software, and related hardware—that makes its solutions sticky and harder to displace once installed. Its brand, large installer network, and growing U.S. manufacturing base further support its moat and help with policy-related incentives. However, competition from other inverter makers and solar technology companies remains intense, and the business is still exposed to changes in government incentives, interest rates, and housing and rooftop-solar demand.

Innovation and R&D

Innovation and R&D Innovation is at the core of Enphase’s strategy and is a major differentiator. The company continues to advance its microinverter line, moving from IQ8 to the upcoming IQ9, which aims to support more powerful panels and open up the commercial solar market—a significant new opportunity. It is also pushing forward on next-generation batteries, aiming for better energy density and lower cost, which could make combined solar-and-storage systems more attractive. Beyond hardware, Enphase is investing in software, smart-home integration, and future technologies such as bidirectional EV charging and vehicle-to-grid functionality, all designed to deepen its role in home and small-commercial energy management. These efforts create a rich long-term growth pipeline but also add complexity and execution risk, as multiple new product categories must be brought to market successfully and profitably.

Summary

Putting it all together, Enphase looks like a high-quality, innovation-driven energy technology company going through a cyclical downshift. The business model has produced strong growth and attractive margins in the past, but recent results show that revenue and earnings can fall off quickly when solar demand and financing conditions turn less favorable. The balance sheet and cash flow profile are generally supportive, with steady cash generation and accumulated equity, but meaningful debt and softer cash flows increase the importance of a demand recovery. Competitively, Enphase benefits from a strong technological edge, an integrated ecosystem, and a respected brand, which together provide a real moat, especially in residential solar. The key issues to watch going forward are the pace of demand normalization, the company’s ability to protect margins, how it manages leverage, and how effectively it executes on its ambitious roadmap in commercial solar, storage, EV charging, and smart energy management.

NEWS

November 20, 2025 · 8:00 AM UTC

Enphase Energy Announces New Safe Harbor Agreement with a Leading TPO Provider

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November 6, 2025 · 8:00 AM UTC

Enphase Energy IQ8 Microinverters Power Solar Projects at Gas Stations Worldwide

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November 4, 2025 · 8:00 AM UTC

Enphase Energy Announces IQ Battery Systems Now Eligible for San Diego Community Power's Solar Battery Savings Program

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October 28, 2025 · 4:05 PM UTC

Enphase Energy Reports Financial Results for the Third Quarter of 2025

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October 27, 2025 · 8:00 AM UTC

Enphase Energy Announces Complete Off-Grid Solar and Battery Solution in the U.S.

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