ENPH - Enphase Energy, Inc.
Price:
--
--
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CONSENSUS:
Hold
DETAILS
|
PRICE TARGET:
$45.65
DETAILS
HIGH:
$85.00
LOW:
$21.70
MEDIAN:
$41.00
CONSENSUS:
$45.65
DOWNSIDE:
28.71%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||
| Revenue | 1,473.0 | 1,330.4 | 2,290.8 | 2,330.9 | 1,382.0 | 774.4 | 624.3 | 316.2 | 286.2 | 322.6 | 357.2 | 343.9 | 232.8 | 216.7 | 149.5 | 61.7 | 20.2 | 1.7 |
| Cost of Revenue | 786.0 | 701.2 | 1,232.4 | 1,356.3 | 827.6 | 428.4 | 403.1 | 221.7 | 230.1 | 264.6 | 249.0 | 230.9 | 165.4 | 161.4 | 120.5 | 55.2 | 23.2 | 7.5 |
| Gross Profit | 687.0 | 629.1 | 1,058.4 | 974.6 | 554.4 | 346.0 | 221.2 | 94.4 | 56.0 | 58.0 | 108.2 | 113.0 | 67.4 | 55.3 | 29.1 | 6.5 | (3.0) | (5.8) |
| Operating Expenses | ||||||||||||||||||
| R&D Expenses | 189.1 | 201.3 | 227.3 | 168.8 | 105.5 | 55.9 | 40.4 | 32.6 | 33.2 | 50.7 | 50.8 | 45.4 | 34.5 | 35.6 | 25.1 | 14.3 | 8.4 | 5.4 |
| SG&A Expenses | 333.3 | 337.4 | 369.6 | 355.1 | 233.1 | 103.6 | 75.5 | 56.1 | 45.3 | 66.2 | 76.7 | 72.1 | 55.0 | 50.8 | 32.7 | 12.9 | 5.3 | 3.5 |
| Other Expenses | 0 | 13.2 | 15.7 | 2.4 | 0 | 0 | 2.6 | 4.1 | 16.9 | 3.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | 522.3 | 551.8 | 612.6 | 526.3 | 338.6 | 159.5 | 118.5 | 92.8 | 95.4 | 120.7 | 127.5 | 117.5 | 89.6 | 86.4 | 57.8 | 27.2 | 13.7 | 8.9 |
| Operating Income | ||||||||||||||||||
| Operating Income | 164.7 | 77.3 | 445.7 | 448.3 | 215.8 | 186.4 | 102.7 | 1.6 | (39.4) | (62.7) | (19.3) | (4.4) | (22.2) | (31.2) | (28.7) | (20.7) | (16.7) | (14.7) |
| Interest Expense | 4.5 | 8.9 | 8.8 | 9.4 | 45.2 | 21.0 | 9.7 | 9.6 | 7.9 | 2.8 | 0.5 | 1.9 | 2.1 | 6.4 | 3.0 | 0.9 | 0.4 | 0.0 |
| Interest Income | 62.7 | 77.3 | 69.7 | 13.7 | 0.7 | 2.2 | 2.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.0 | 0.1 | 0.2 |
| Profitability | ||||||||||||||||||
| EBITDA | 290.0 | 210.5 | 596.7 | 520.3 | 196.9 | 158.5 | 113.9 | 10.1 | (28.1) | (52.6) | (9.7) | 2.8 | (16.0) | (25.6) | (26.3) | (19.3) | (15.9) | (14.2) |
| EBIT | 209.3 | 129.1 | 522.0 | 461.5 | 166.1 | 140.4 | 99.8 | 0.5 | (37.1) | (63.2) | (20.2) | (5.4) | (23.0) | (31.1) | (29.3) | (20.9) | (16.7) | (14.5) |
| Income Before Tax | 204.8 | 120.2 | 513.1 | 452.0 | 120.9 | 119.4 | 90.1 | (10.2) | (45.3) | (66.0) | (20.7) | (7.3) | (25.1) | (37.6) | (32.3) | (21.8) | (16.9) | (14.5) |
| Income Tax Expense | 32.7 | 17.5 | 74.2 | 54.7 | (24.5) | (14.6) | (71.0) | 1.4 | (0.1) | 1.5 | 1.4 | 0.8 | 0.9 | 0.7 | 0 | 0 | 0 | 0 |
| Net Income | 172.1 | 102.7 | 438.9 | 397.4 | 145.4 | 134.0 | 161.1 | (11.6) | (45.2) | (67.5) | (22.1) | (8.1) | (25.9) | (38.2) | (32.3) | (21.8) | (16.9) | (14.5) |
| Per Share Data | ||||||||||||||||||
| EPS (Basic) | 1.31 | 0.76 | 3.22 | 2.94 | 1.09 | 1.07 | 1.38 | -0.12 | -0.54 | -1.34 | -0.49 | -0.19 | -0.62 | -1.24 | -0.82 | -19.27 | -14.98 | -12.83 |
| EPS (Diluted) | 1.29 | 0.75 | 3.08 | 2.77 | 1.02 | 0.95 | 1.23 | -0.12 | -0.54 | -1.34 | -0.49 | -0.19 | -0.62 | -1.24 | -0.82 | -19.27 | -14.98 | -12.83 |
| Shares Outstanding | 131.2 | 135.2 | 136.4 | 135.3 | 134.0 | 125.6 | 116.7 | 96.9 | 82.9 | 50.5 | 44.6 | 42.9 | 41.6 | 30.7 | 39.3 | 1.1 | 1.1 | 1.1 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | |||||||||||
| Cash & Cash Equivalents | 474.3 | 369.1 | 288.7 | 473.2 | 119.3 | 679.4 | 251.4 | 106.2 | 29.1 | 17.8 | 8.6 |
| Short-Term Investments | 1,038.5 | 1,253.5 | 1,406.3 | 1,139.6 | 897.3 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 229.9 | 223.7 | 446.0 | 440.9 | 333.6 | 200.0 | 145.4 | 78.9 | 65.3 | 61.0 | 6.4 |
| Inventory | 288.0 | 165.0 | 213.6 | 149.7 | 74.4 | 41.8 | 32.1 | 16.3 | 26.0 | 32.0 | 1.5 |
| Other Current Assets | 0 | 315.7 | 48.7 | 60.8 | 0 | 11.9 | 44.7 | 20.9 | 10.0 | 7.1 | 0 |
| Total Current Assets | 2,606.9 | 2,327.1 | 2,443.5 | 2,264.3 | 1,462.5 | 933.1 | 499.7 | 222.3 | 130.4 | 117.9 | 16.7 |
| Non-Current Assets | |||||||||||
| Property, Plant & Equipment | 136.8 | 172.1 | 188.1 | 132.7 | 96.6 | 60.7 | 39.1 | 21.0 | 26.5 | 31.4 | 3.9 |
| Goodwill | 214.8 | 211.6 | 214.6 | 213.6 | 181.3 | 24.8 | 24.8 | 24.8 | 3.7 | 3.7 | 0 |
| Intangible Assets | 22.3 | 42.4 | 68.5 | 99.5 | 97.8 | 28.8 | 30.6 | 35.3 | 0.5 | 0.9 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 157.8 | 0 | 52.0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 529.1 | 180.9 | 215.9 | 11.5 | 118.7 | 7.9 | 44.6 | 36.5 | 8.0 | 9.7 | 0.4 |
| Total Non-Current Assets | 902.9 | 922.6 | 939.5 | 820.0 | 616.8 | 267.0 | 213.6 | 117.6 | 38.7 | 45.7 | 4.3 |
| Total Assets | 3,509.8 | 3,249.7 | 3,383.0 | 3,084.3 | 2,079.3 | 1,200.1 | 713.2 | 339.9 | 169.1 | 163.6 | 20.9 |
| Current Liabilities | |||||||||||
| Account Payables | 203.0 | 90.0 | 116.2 | 125.1 | 113.8 | 72.6 | 57.5 | 48.8 | 28.7 | 31.7 | 4.6 |
| Short-Term Debt | 632.2 | 101.3 | 5.2 | 90.9 | 86.1 | 330.5 | 2.9 | 28.2 | 17.4 | 13.1 | 0.2 |
| Deferred Revenue | 0 | 237.2 | 118.3 | 90.7 | 62.7 | 47.7 | 81.8 | 33.1 | 15.7 | 6.4 | 0.1 |
| Other Current Liabilities | 201.4 | 34.7 | 273.9 | 292.0 | 19.4 | 76.6 | 10.1 | 33.0 | 26.3 | 27.3 | 0 |
| Total Current Liabilities | 1,262.2 | 660.1 | 532.4 | 638.2 | 439.8 | 534.0 | 199.3 | 147.2 | 91.7 | 82.8 | 5.7 |
| Non-Current Liabilities | |||||||||||
| Long-Term Debt | 572.2 | 1,201.1 | 1,293.7 | 1,199.5 | 951.6 | 4.9 | 102.7 | 81.6 | 32.3 | 20.8 | 0.2 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.2 | 22.4 | 22.8 | 0 |
| Other Non-Current Liabilities | 219.3 | 190.5 | 185.2 | 120.3 | 58.6 | 36.5 | 38.8 | 26.5 | 24.3 | 24.8 | 1.2 |
| Total Non-Current Liabilities | 1,160.6 | 1,756.6 | 1,866.9 | 1,620.5 | 1,209.3 | 182.1 | 241.7 | 185 | 86.5 | 79.5 | 1.6 |
| Total Liabilities | 2,422.8 | 2,416.7 | 2,399.4 | 2,258.7 | 1,649.1 | 716.1 | 441.0 | 332.2 | 178.3 | 162.3 | 7.3 |
| Stockholders' Equity | |||||||||||
| Common Stock | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0 |
| Retained Earnings | (203.9) | (245.2) | 46.3 | 17.3 | (405.7) | (51.2) | (185.2) | (346.3) | (295.7) | (250.5) | (34.7) |
| Accumulated Other Comprehensive Income | 1.8 | (6.4) | (2.0) | (10.9) | (2.0) | 0.4 | (0.9) | 0.7 | (0.7) | (0.3) | 0 |
| Total Stockholders' Equity | 1,087.0 | 833.0 | 983.6 | 825.6 | 430.2 | 484.0 | 272.2 | 7.8 | (9.1) | 1.3 | 13.6 |
| Total Liabilities & Equity | 3,509.8 | 3,249.7 | 3,383.0 | 3,084.3 | 2,079.3 | 1,200.1 | 713.2 | 339.9 | 169.1 | 163.6 | 20.9 |
| Debt Metrics | |||||||||||
| Total Debt | 1,243.8 | 1,331.2 | 1,317.8 | 1,314.8 | 1,053.4 | 350.6 | 108.7 | 109.8 | 49.8 | 33.9 | 0.4 |
| Net Debt | 769.5 | 962.1 | 1,029.0 | 841.6 | 934.1 | (328.8) | (142.7) | 3.5 | 20.6 | 16.1 | (8.2) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | 172.1 | 102.7 | 438.9 | 397.4 | 145.4 | 134.0 | 161.1 | (11.6) | (45.2) | (67.5) |
| Depreciation & Amortization | 81.7 | 81.4 | 74.7 | 52.4 | 30.8 | 18.1 | 14.1 | 9.7 | 9.0 | 10.6 |
| Stock-Based Compensation | 214.1 | 211.4 | 212.9 | 0 | 114.3 | 42.5 | 20.2 | 11.4 | 6.7 | 10.3 |
| Change in Working Capital | (352.9) | 143.0 | 17.1 | 62.1 | 15.1 | (24.7) | 1.4 | 1.5 | (2.8) | 7.1 |
| Other Non-Cash Items | 15.4 | 33.6 | (3.5) | 229.3 | 77.6 | 63.5 | 15.6 | 5.0 | 5.2 | 5.8 |
| Operating Cash Flow | 136.5 | 513.7 | 696.8 | 744.8 | 352.0 | 216.3 | 139.1 | 16.1 | (28.4) | (33.0) |
| Investing Activities | ||||||||||
| Capital Expenditure | (40.6) | (33.6) | (110.4) | (46.4) | (52.5) | (20.6) | (14.8) | (4.2) | (4.1) | (12.8) |
| Acquisitions | 0 | 0 | (15) | (62.2) | (293.7) | (5.0) | 0 | (15) | 0 | 1.1 |
| Purchases of Investments | (744.8) | (1,184.6) | (2,081.4) | (923.4) | (935.0) | 0 | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 961.8 | 1,346.5 | 1,840.5 | 660.1 | 61.6 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | (69.6) | 0 | 0 | 0 | (0.2) | 0 | 0 | (15) | 0 | 0.4 |
| Investing Cash Flow | 106.8 | 128.3 | (366.4) | (371.9) | (1,219.5) | (25.6) | (14.8) | (19.2) | (4.1) | (11.8) |
| Financing Activities | ||||||||||
| Net Debt Issuance | (102.2) | (0.0) | 0 | 0 | 610.3 | 269.1 | 81.6 | 58.0 | 16.3 | 17.1 |
| Stock Repurchased | (130.0) | (391.4) | (410.0) | 0 | (500) | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (18.0) | (81.6) | (120.6) | (27.5) | (29.1) | (77.4) | (15.7) | 2.8 | 27.0 | 17.3 |
| Financing Cash Flow | (241.6) | (460.3) | (516.8) | (17.1) | 309.4 | 191.7 | 65.8 | 80.6 | 43.3 | 34.4 |
| Cash Position | ||||||||||
| Net Change in Cash | 10.2 | 175.4 | (184.5) | 353.9 | (560.1) | 383.3 | 189.9 | 77.1 | 11.4 | (10.7) |
| Cash at Beginning | 464.1 | 288.7 | 473.2 | 119.3 | 679.4 | 296.1 | 106.2 | 29.1 | 17.8 | 28.5 |
| Cash at End | 474.3 | 464.1 | 288.7 | 473.2 | 119.3 | 679.4 | 296.1 | 106.2 | 29.1 | 17.8 |
| Free Cash Flow | 95.9 | 480.1 | 586.4 | 698.4 | 299.5 | 195.8 | 124.3 | 12.0 | (32.6) | (45.8) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||||||||
| Revenue | 1,473.0 | 1,330.4 | 2,290.8 | 2,330.9 | 1,382.0 | 774.4 | 624.3 | 316.2 | 286.2 | 322.6 | 357.2 | 343.9 | 232.8 | 216.7 | 149.5 | 61.7 | 20.2 | 1.7 |
| Gross Profit | 687.0 | 629.1 | 1,058.4 | 974.6 | 554.4 | 346.0 | 221.2 | 94.4 | 56.0 | 58.0 | 108.2 | 113.0 | 67.4 | 55.3 | 29.1 | 6.5 | (3.0) | (5.8) |
| Operating Income | 164.7 | 77.3 | 445.7 | 448.3 | 215.8 | 186.4 | 102.7 | 1.6 | (39.4) | (62.7) | (19.3) | (4.4) | (22.2) | (31.2) | (28.7) | (20.7) | (16.7) | (14.7) |
| Net Income | 172.1 | 102.7 | 438.9 | 397.4 | 145.4 | 134.0 | 161.1 | (11.6) | (45.2) | (67.5) | (22.1) | (8.1) | (25.9) | (38.2) | (32.3) | (21.8) | (16.9) | (14.5) |
| EPS (Diluted) | 1.29 | 0.75 | 3.08 | 2.77 | 1.02 | 0.95 | 1.23 | -0.12 | -0.54 | -1.34 | -0.49 | -0.19 | -0.62 | -1.24 | -0.82 | -19.27 | -14.98 | -12.83 |
| Balance Sheet | ||||||||||||||||||
| Cash & Equivalents | 474.3 | 369.1 | 288.7 | 473.2 | 119.3 | 679.4 | 251.4 | 106.2 | 29.1 | 17.8 | 8.6 | |||||||
| Total Assets | 3,509.8 | 3,249.7 | 3,383.0 | 3,084.3 | 2,079.3 | 1,200.1 | 713.2 | 339.9 | 169.1 | 163.6 | 20.9 | |||||||
| Total Debt | 1,243.8 | 1,331.2 | 1,317.8 | 1,314.8 | 1,053.4 | 350.6 | 108.7 | 109.8 | 49.8 | 33.9 | 0.4 | |||||||
| Stockholders' Equity | 1,087.0 | 833.0 | 983.6 | 825.6 | 430.2 | 484.0 | 272.2 | 7.8 | (9.1) | 1.3 | 13.6 | |||||||
| Cash Flow | ||||||||||||||||||
| Operating Cash Flow | 136.5 | 513.7 | 696.8 | 744.8 | 352.0 | 216.3 | 139.1 | 16.1 | (28.4) | (33.0) | ||||||||
| Capital Expenditure | (40.6) | (33.6) | (110.4) | (46.4) | (52.5) | (20.6) | (14.8) | (4.2) | (4.1) | (12.8) | ||||||||
| Free Cash Flow | 95.9 | 480.1 | 586.4 | 698.4 | 299.5 | 195.8 | 124.3 | 12.0 | (32.6) | (45.8) | ||||||||