Enphase Energy, Inc. logo ENPH - Enphase Energy, Inc.

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 22
HOLD 27
SELL 6
STRONG
SELL
0
| PRICE TARGET: $45.65 DETAILS
HIGH: $85.00
LOW: $21.70
MEDIAN: $41.00
CONSENSUS: $45.65
DOWNSIDE: 28.71%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1
Revenue
Revenue 282.9 343.3 410.4 363.2 356.1 382.7 380.9 303.5 263.3 302.6 551.1 711.1 726.0 724.7 634.7 530.2 441.3 412.7 351.5 316.1 301.8 264.8 178.5 125.5 205.5 210.0 180.1 134.1 100.2 92.3 78.0 75.9 70.0 79.7 77.0 74.7 54.8 90.6 88.7 79.2 64.1 65.6 102.9 102.1 86.7 105.2 99.1 82.0 57.6 67.1 62.0 58.2 45.6 57.6 60.8 55.7 42.6 57.1 44.7 29.6 18.1 20.6 18.7 10.8 11.6
Cost of Revenue 182.5 191.3 214.2 192.7 187.8 184.4 202.7 166.3 147.8 155.9 289.1 387.8 399.6 414.0 366.8 311.2 264.3 249.4 211.2 188.3 178.8 142.9 83.5 77.2 124.9 132.2 115.4 88.8 66.8 64.1 52.7 53.2 51.7 60.7 60.6 61.2 47.7 74.4 72.8 65.0 52.4 49.9 71.4 69.1 58.6 70.2 66.6 55.2 38.9 45.6 44.6 41.9 33.4 41.5 44.5 42.1 33.3 44.1 36.2 24.8 15.4 18.4 16.6 9.5 10.6
Gross Profit 100.4 152.0 196.2 170.5 168.2 198.3 178.2 137.2 115.5 146.7 262.0 323.3 326.4 310.7 267.9 219.0 177.0 163.3 140.4 127.8 122.9 121.9 95.0 48.4 80.7 77.9 64.7 45.3 33.3 28.2 25.3 22.7 18.3 19.0 16.5 13.5 7.0 16.2 15.9 14.1 11.8 15.7 31.5 33.0 28.0 35.0 32.5 26.8 18.7 21.5 17.4 16.3 12.2 16.1 16.3 13.6 9.3 13.1 8.5 4.8 2.6 2.2 2.0 1.3 1.0
Operating Expenses
R&D Expenses 44.9 46.2 47.3 45.4 50.2 50.4 47.8 48.9 54.2 55.3 54.9 60.0 57.1 49.7 44.2 39.3 35.7 31.6 29.4 22.7 21.8 15.8 15.1 13.2 11.9 11.2 11.1 9.6 8.5 7.3 8.2 9.5 7.6 8.2 7.4 7.9 9.6 11.4 13.2 13.1 13.1 12.5 12.1 12.8 13.4 13.0 12.1 11.1 9.1 8.7 8.3 8.5 9.0 8.5 10.6 8.7 7.8 7.2 6.4 6.1 5.3 4.4 4.0 3.2 2.7
SG&A Expenses 81.3 84.0 81.5 84.7 83.0 83.7 79.9 85.3 88.5 86.8 89.2 92.8 100.9 102.3 87.7 85.7 79.4 74.0 73.6 45.7 39.7 27.0 28.2 24.3 24.1 21.1 19.4 17.6 17.3 14.3 14.9 13.8 13.2 10.9 10.9 11.2 12.3 13.9 17.7 16.8 17.8 18.3 17.6 20.6 20.1 20.0 18.5 18.2 15.4 14.4 14.5 13.3 12.9 13.7 13.9 12.5 10.7 9.7 8.5 8.2 6.3 4.4 3.9 2.7 2.0
Other Expenses 3.8 0 1.3 3.3 3.2 9.4 0.7 1.2 1.9 14.8 0 0.2 0.7 1.8 0.6 0 0 0 0 0 0 0 0 0 0 1.1 0.5 0.6 0.4 1.5 2.6 0 0 2.0 4.1 3.6 7.2 1.1 2.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Expenses 130.0 130.2 130.1 133.5 136.3 143.5 128.4 135.4 144.6 156.9 144.0 153.0 158.7 153.7 132.5 125.0 115.1 105.6 103.0 68.4 61.6 42.8 43.2 37.5 36.0 33.4 31 27.9 26.2 23.2 25.6 23.3 20.8 21.1 22.4 22.8 29.1 26.3 33.6 29.9 30.8 30.9 29.7 33.4 33.6 33.1 30.6 29.3 24.4 23.1 22.8 21.8 21.9 22.2 24.5 21.1 18.6 16.9 15.0 14.3 11.6 8.9 7.8 5.8 4.7
Operating Income
Operating Income (29.6) 21.8 66.2 37.0 31.9 54.8 49.8 1.8 (29.1) (10.2) 118.0 170.3 167.7 157.0 135.4 94.0 61.8 57.7 37.4 59.4 61.4 79.1 51.8 10.9 44.7 44.4 33.7 17.4 7.1 5.0 (0.4) (0.6) (2.5) (2.1) (5.9) (9.2) (22.1) (10.1) (17.7) (15.8) (19.1) (15.2) 1.8 (0.4) (5.5) 2.0 1.9 (2.5) (5.8) (1.6) (5.3) (5.5) (9.7) (6.2) (8.2) (7.5) (9.3) (3.8) (6.4) (9.5) (9.0) (6.7) (5.8) (4.5) (3.7)
Interest Expense 0.6 0.8 0.8 0.8 2.0 2.3 2.2 2.2 2.2 2.3 2.2 2.2 2.2 2.3 2.3 2.2 2.7 12.7 12.6 12.5 7.3 5.9 6.0 6.0 3.2 2.3 2.3 1.4 3.5 2.6 2.5 2.3 2.3 2.0 1.8 2.1 2.1 1.2 1.2 0.2 0.2 0.2 0.1 0.1 0.1 0.6 0.4 0.5 0.4 0.7 0.4 0.5 0.5 1.0 0.5 3.4 1.5 1.4 0.9 0.5 0.3 0.3 0.3 0.3 0.1
Interest Income 12.6 15.3 15.4 14.9 17.0 18.4 20.0 19.2 19.7 20.5 19.7 16.5 13.0 8.7 3.7 0.8 0.5 0.4 0.1 0.1 0.1 0.7 0.1 0.3 1.1 0.8 0.9 0.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0
Profitability
EBITDA (12.5) 60.0 96.1 63.1 68.9 92.6 73.1 23.5 10.8 35.3 159.0 204.6 197.7 186.5 151.2 108.4 74.2 74.2 46.6 66.4 11.2 82.6 55.6 (43.8) 64.1 49.3 37.5 16.7 10.4 6.6 2.0 1.2 (0.3) 0.3 (3.1) (6.9) (18.7) (8.7) (14.7) (13.5) (15.7) (12.1) 3.7 2.2 (3.5) 3.6 3.4 (0.4) (3.8) 0.1 (4.0) (4.1) (8.1) (4.8) (6.8) (6.5) (7.6) (2.8) (5.5) (9.2) (8.5) (6.2) (5.4) (4.2) (3.4)
EBIT (12.5) 39.5 77.8 43.0 48.9 72.0 53.0 3.0 (9.3) 14.5 139.5 186.8 181.1 170.5 136.5 94.4 60.1 63.2 38.3 58.9 5.7 77.3 50.8 (47.9) 60.2 46.7 33.7 12.6 6.9 3.9 (0.4) (1.0) (2.6) (1.9) (5.3) (9.2) (21.0) (11.3) (17.4) (16.2) (18.4) (14.9) 1.1 (0.3) (6.1) 1.4 1.3 (2.4) (5.7) (1.7) (5.7) (5.8) (9.8) (6.4) (8.2) (7.8) (8.6) (3.8) (6.3) (9.8) (9.0) (6.7) (5.8) (4.5) (3.7)
Income Before Tax (13.9) 38.7 77.0 42.2 46.9 69.7 50.7 11.2 (11.5) 12.2 137.3 184.6 179.0 168.2 134.3 92.2 57.4 50.5 25.7 46.3 (1.7) 71.4 44.8 (53.9) 57.1 44.4 31.4 11.2 3.1 1.3 (3.2) (3.4) (4.9) (3.9) (7.0) (11.2) (23.2) (12.4) (18.6) (16.4) (18.6) (15.1) 0.9 (0.4) (6.2) 0.8 0.9 (2.9) (6.1) (2.4) (6.2) (6.3) (10.2) (7.4) (8.8) (11.2) (10.1) (5.5) (7.2) (10.3) (9.3) (7.0) (6.1) (4.9) (3.8)
Income Tax Expense (6.5) (0.0) 10.4 5.2 17.2 7.5 5.0 0.4 4.6 (8.7) 23.4 27.4 32.1 14.4 19.4 15.2 5.6 (2.0) 3.9 7.0 (33.4) (1.6) 5.5 (6.6) (11.9) (72.2) 0.3 0.6 0.3 0.6 0.2 0.3 0.2 (0.9) (0.2) 0.9 0.1 0.8 0.1 0.3 0.2 0.7 0.3 0.2 0.2 0.4 0.1 0.1 0.1 0.4 0.1 0.1 0.2 0.3 0.1 0.2 0.1 0 0 0 0 0 0 0 0
Net Income (7.4) 38.7 66.6 37.1 29.7 62.2 45.8 10.8 (16.1) 20.9 114.0 157.2 146.9 153.8 114.8 77.0 51.8 52.6 21.8 39.4 31.7 73.0 39.4 (47.3) 68.9 116.7 31.1 10.6 2.8 0.7 (3.5) (3.7) (5.1) (2.9) (6.9) (12.1) (23.3) (13.2) (18.8) (16.7) (18.8) (15.8) 0.6 (0.6) (6.3) 0.4 0.8 (3.0) (6.2) (2.8) (6.3) (6.4) (10.4) (7.7) (8.9) (11.4) (10.2) (5.5) (7.2) (10.3) (9.3) (7.0) (6.1) (4.9) (3.8)
Per Share Data
EPS (Basic) -0.06 0.30 0.51 0.28 0.23 0.46 0.34 0.08 -0.12 0.15 0.84 1.15 1.09 1.13 0.80 0.54 0.37 0.39 0.16 0.29 0.24 0.57 0.31 -0.38 0.56 0.95 0.25 0.09 0.03 0.01 -0.03 -0.04 -0.06 -0.03 -0.08 -0.14 -0.30 -0.21 -0.40 -0.36 -0.41 -0.35 0.01 -0.01 -0.14 0.01 0.02 -0.07 -0.15 -0.07 -0.15 -0.15 -0.25 -0.19 -0.22 -0.29 -0.26 -0.14 -4.77 -9.95 -10.95 -6.22 -4.06 -3.23 -2.53
EPS (Diluted) -0.06 0.29 0.50 0.28 0.22 0.46 0.33 0.08 -0.12 0.15 0.80 1.09 1.02 1.06 0.79 0.54 0.36 0.37 0.15 0.28 0.22 0.50 0.28 -0.38 0.50 0.88 0.23 0.08 0.02 0.01 -0.03 -0.04 -0.06 -0.03 -0.08 -0.14 -0.30 -0.21 -0.40 -0.36 -0.41 -0.35 0.01 -0.01 -0.14 0.01 0.02 -0.07 -0.15 -0.07 -0.15 -0.15 -0.25 -0.19 -0.22 -0.29 -0.26 -0.14 -4.77 -9.95 -10.95 -6.22 -4.06 -3.23 -2.53
Shares Outstanding 131.3 131.0 130.8 131.0 131.9 133.8 135.3 135.6 135.9 136.1 136.2 136.6 136.7 136.2 143.9 142.5 140.4 134.9 134.7 135.1 131.3 127.0 126.1 124.5 123.5 122.6 122.1 113.7 108.2 106.6 102.8 93.5 91.4 85.7 84.9 84.4 76.7 61.9 47.3 46.6 46.2 45.2 44.7 44.3 44.0 43.6 43.1 42.6 42.2 42.0 41.8 41.6 41.1 40.8 40.8 39.5 39.4 39.3 1.5 1.0 0.8 1.1 1.5 1.5 1.5
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Current Assets
Cash & Cash Equivalents 497.5 474.3 401.9 370.5 350.1 464.1 256.3 252.1 253.7 288.7 290.1 278.7 286.0 473.2 337.6 495.5 251.8 119.3 885.5 1,312.3 1,489.0 679.4 661.8 607.3 593.8 251.4 203.0 206.0 78.1 106.2 116.2 58.5 53.3 29.1 28.9 31.0 30.0 17.8 24.1 8.2 13.0
Short-Term Investments 433.1 1,038.5 1,076.0 1,159.6 1,116.8 1,253.5 1,510.3 1,394.3 1,375.9 1,406.3 1,493.8 1,521.8 1,492.4 1,139.6 1,079.7 752.3 811.6 897.3 508.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 196.6 229.9 265.5 265.6 225.6 265.8 232.2 319.2 405.3 446.0 599.8 558.4 516.1 440.9 367.6 312.5 358.3 333.6 295.5 302.3 255.4 200.0 139.4 105.9 111.4 145.4 133.7 97.5 81.7 78.9 54.1 58.7 55.6 65.3 68.9 56.4 48.9 61.0 59.5 49.0 47.1
Inventory 290.7 288.0 188.7 173.0 144.0 165.0 158.8 176.1 207.9 213.6 174.1 166.1 150.6 149.7 146.5 130.3 96.4 74.4 65.4 37.8 34.9 41.8 37.5 31.2 34.6 32.1 30.2 20.1 13.0 16.3 17.9 17.5 18.5 26.0 25.3 20.8 33.8 32.0 39.1 39.3 45.6
Other Current Assets 412.4 0 34.7 0 360.7 83.8 42.6 0 0 48.7 40.8 35.8 67.6 60.8 28.9 26.5 24.9 0 13.1 13.6 12.0 11.9 11.5 12.8 11.8 44.7 24.6 26.3 22.7 20.9 21.6 20.7 20.4 10.0 13.3 13.3 10.1 7.1 7.2 0 0
Total Current Assets 1,830.3 2,606.9 2,391.8 2,288.9 2,197.2 2,327.1 2,360.9 2,241.6 2,302.6 2,443.5 2,598.6 2,560.8 2,512.6 2,264.3 1,982.7 1,736.0 1,558.8 1,462.5 1,768.1 1,665.9 1,791.4 933.1 850.2 757.2 751.7 499.7 391.5 349.9 195.4 222.3 209.8 155.4 147.9 130.4 136.3 121.5 122.8 117.9 129.9 104.4 112.9
Non-Current Assets
Property, Plant & Equipment 138.9 136.8 131.3 162.7 142.2 172.1 176.6 171.5 178.2 188.1 194.2 174.6 154.9 132.7 109.9 103.8 104.5 96.6 88.6 78.9 70.3 60.7 49.7 44.4 42.5 39.1 34.9 33.8 28.1 21.0 20.3 23.1 24.9 26.5 28.2 29.4 30.9 31.4 32.5 34.6 33.0
Goodwill 213.7 214.8 214.4 214.9 212.4 211.6 214.3 213.2 213.6 214.6 213.2 214.3 213.9 213.6 195.5 197.0 195.6 181.3 61.0 61.3 61.0 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7
Intangible Assets 17.6 22.3 27.3 32.4 37.4 42.4 51.2 56.7 62.6 68.5 79.1 86.0 92.8 99.5 90.9 96.9 103.2 97.8 43.1 45.4 47.9 28.8 26.8 28.1 29.3 30.6 31.8 32.9 34.1 35.3 36.1 0.4 0.4 0.5 0.6 0.7 0.8 0.9 1.7 1.9 2.0
Long-Term Investments 0 0 0 170.4 0 175.8 196.3 200.4 201.5 0 203.2 183.3 0 157.8 129.1 119.1 113.1 0 128.5 63.8 57.4 52.0 48.8 47.0 93.2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 211.7 222.7 234.7 (2.7) 211.4 5.1 (10.9) 3.8 12.6 215.9 12.1 12.0 184.1 11.5 11.4 10.1 7.8 118.7 7.6 54.8 33.9 7.9 3.2 2.6 2.4 44.6 40.7 40.1 36.8 36.5 35.5 36.0 35.2 8.0 8.3 8.5 9.3 9.7 8.7 7.9 6.9
Total Non-Current Assets 893.7 902.9 928.7 889.8 908.8 922.6 903.3 924.9 930.4 939.5 955.3 905.1 868.2 820.0 715.2 701.1 704.5 616.8 462.1 434.7 402.8 267.0 242.1 240.7 279.1 213.6 132.2 131.7 123.8 117.6 116.7 63.2 64.3 38.7 40.8 42.2 44.7 45.7 46.5 48.1 45.6
Total Assets 2,723.9 3,509.8 3,320.5 3,178.8 3,106.1 3,249.7 3,264.2 3,166.6 3,233.0 3,383.0 3,553.9 3,465.9 3,380.9 3,084.3 2,697.8 2,437.1 2,263.3 2,079.3 2,230.2 2,100.7 2,194.2 1,200.1 1,092.3 997.9 1,030.8 713.2 523.7 481.5 319.3 339.9 326.5 218.5 212.1 169.1 177.1 163.7 167.5 163.6 176.4 152.5 158.5
Current Liabilities
Account Payables 113.5 203.0 188.6 162.7 115.4 90.0 112.4 79.6 71.8 116.2 90.1 79.1 106.2 125.1 92.8 90.4 104.7 113.8 92.2 82.1 81.5 72.6 48.1 24.1 34.5 57.5 60.7 66.0 52.5 48.8 28.1 21.9 14.1 28.7 34.6 15.4 15.9 31.7 32.6 37.6 24.3
Short-Term Debt 0 632.2 631.7 637.3 630.7 101.3 99.9 103.7 97.3 0 100.1 99.2 92.1 90.9 89.7 88.4 90.9 86.1 90.3 89.7 89.1 330.5 107.9 105.8 104.1 2.9 3.1 3.0 3.0 28.2 24.1 18.4 14.3 17.4 10.6 6.0 1.5 13.1 13.6 12.4 20
Deferred Revenue 144.3 180.5 111.5 129.0 167.8 237.2 129.6 123.6 119.8 118.3 114.0 109.2 99.8 90.7 79.6 74.1 68.7 62.7 59.2 55.1 49.1 47.7 41.7 40.3 39.0 81.8 34.3 33.6 32.9 33.1 32.0 35.0 37.4 15.7 9.0 8.1 7.2 6.4 5.9 5.8 5.6
Other Current Liabilities 28.4 246.4 31.5 213.3 33.3 34.7 205.0 202.5 244.1 36.1 362.6 360.4 34.5 292.0 250.6 208.6 172.3 19.4 133.6 119.7 107.2 76.6 53.2 49.7 46.8 10.1 40.1 36.4 10.1 33.0 19.1 8.3 7.7 26.3 7.2 8.0 8.4 27.3 6.8 6.7 6.7
Total Current Liabilities 481.8 1,262.2 1,171.1 1,162.6 1,159.3 660.1 567.5 529.6 554.1 532.4 774.4 743.6 729.3 638.2 550.2 480.0 453.8 439.8 393.5 356.6 344.5 534.0 256.5 223.5 233.6 199.3 146.8 143.6 128.7 147.2 134.9 114.6 103.7 91.7 85.5 63.3 54.6 82.8 85.6 84.6 79.9
Non-Current Liabilities
Long-Term Debt 572.5 572.2 571.9 571.5 571.2 1,201.1 1,200.3 1,199.4 1,198.6 1,293.7 1,196.9 1,201.1 1,200.3 1,199.5 1,198.6 1,197.8 1,197.0 951.6 940.2 929.0 917.9 4.9 256.5 253.2 295.2 102.7 101.0 99.9 65.4 81.6 87.9 33.6 36.5 32.3 37.1 41.4 45.4 20.8 22.8 0 0
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 18.8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 25.9 25.5 0 23.2 23.1 23.4 22.9 22.4 23.2 23.6 23.6 22.8 23.6 0 0
Other Non-Current Liabilities 241.0 250.5 212.5 206.6 204.6 190.5 185.1 181.6 160.7 204.0 182.2 174.0 158.7 139.4 98.9 91.2 61.3 70.5 58.9 52.1 42.1 36.5 35.0 29.9 68.6 38.8 37.8 38.5 32.6 26.5 25.5 25.3 24.9 24.3 26.0 25.6 25.5 24.8 26.0 25.7 25.3
Total Non-Current Liabilities 1,139.8 1,160.6 1,154.3 1,135.6 1,136.1 1,756.6 1,765.3 1,752.4 1,756.2 1,866.9 1,764.9 1,749.7 1,681.5 1,620.5 1,537.5 1,506.1 1,478.5 1,209.3 1,188.9 1,159.7 1,116.9 182.1 419.6 404.2 481.0 241.7 224.6 220.6 176.4 185 187.4 134.0 139.6 86.5 99.4 102.7 105.4 79.5 80.6 55.4 53.0
Total Liabilities 1,621.6 2,422.8 2,325.5 2,298.2 2,295.4 2,416.7 2,332.8 2,282.1 2,310.3 2,399.4 2,539.2 2,493.3 2,410.8 2,258.7 2,087.8 1,986.1 1,932.3 1,649.1 1,582.3 1,516.3 1,461.4 716.1 676.1 627.8 714.6 441.0 371.4 364.2 305.1 332.2 322.4 248.7 243.3 178.3 184.9 166.1 160.0 162.3 166.2 140.1 133.0
Stockholders' Equity
Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 0
Retained Earnings (211.3) (203.9) (242.6) (309.2) (315.9) (245.2) (104.9) (100.9) (11.8) 46.3 125.4 189.5 164.2 17.3 (136.4) (251.2) (328.2) (405.7) (158.3) (180.1) (19.5) (51.2) (124.2) (163.5) (116.2) (185.2) (301.8) (332.9) (343.6) (346.3) (347.0) (343.5) (339.8) (295.7) (292.8) (285.9) (273.8) (250.5) (237.3) (218.6) (201.9)
Accumulated Other Comprehensive Income (5.8) 1.8 3.3 5.4 (1.6) (6.4) 3.3 (8.0) (6.8) (2.0) (9.8) (6.9) (6.7) (10.9) (15.5) (11.2) (7.3) (2.0) (0.2) 1.9 0.6 0.4 (0.4) (1.2) (1.1) (0.9) 0.6 0.4 0.7 0.7 (0.0) (0.4) (0.4) (0.7) (0.5) (0.2) (0.6) (0.3) (0.3) (0.2) (0.4)
Total Stockholders' Equity 1,102.4 1,087.0 995.0 880.6 810.7 833.0 931.4 884.5 922.7 983.6 1,014.7 972.6 970.1 825.6 610.1 451.0 331.0 430.2 647.8 584.4 732.8 484.0 416.2 370.2 316.2 272.2 152.3 117.3 14.1 7.8 4.2 (30.1) (31.2) (9.1) (7.8) (2.4) 7.5 1.3 10.2 12.5 25.6
Total Liabilities & Equity 2,723.9 3,509.8 3,320.5 3,178.8 3,106.1 3,249.7 3,264.2 3,166.6 3,233.0 3,383.0 3,553.9 3,465.9 3,380.9 3,084.3 2,697.8 2,437.1 2,263.3 2,079.3 2,230.2 2,100.7 2,194.2 1,200.1 1,092.3 997.9 1,030.8 713.2 523.7 481.5 319.3 339.9 326.5 218.5 212.1 169.1 177.1 163.7 167.5 163.6 176.4 152.5 158.5
Debt Metrics
Total Debt 581.1 1,204.4 1,233.6 1,234.7 1,234.6 1,331.2 1,332.2 1,321.3 1,319.8 1,299.0 1,316.7 1,320.6 1,298.0 1,290.4 1,292.5 1,290.0 1,305.5 1,041.5 1,043.0 1,031.7 1,020.9 350.6 376.8 369.2 410.3 108.7 107.1 102.9 68.4 109.8 112.0 52.0 50.7 49.8 47.6 47.3 46.9 33.9 36.5 12.4 20
Net Debt 83.6 730.1 831.7 864.2 884.5 867.1 1,075.9 1,069.2 1,066.1 1,010.2 1,026.6 1,041.9 1,012.0 817.1 954.9 794.5 1,053.6 922.2 157.5 (280.6) (468.1) (328.8) (285.0) (238.0) (183.6) (142.7) (95.9) (103.0) (9.7) 3.5 (4.1) (6.5) (2.5) 20.6 18.7 16.4 16.9 16.1 12.3 4.2 7.0
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Operating Activities
Net Income (7.4) 38.7 66.6 37.1 29.7 62.2 45.8 10.8 (16.1) 20.9 114.0 157.2 146.9 153.8 114.8 77.0 51.8 52.6 21.8 39.4 31.7 73.0 39.4 (47.3) 68.9 116.7 31.1 10.6 2.8 0.7 (3.5) (3.7) (5.1) (2.9) (6.9) (12.1) (23.3) (13.2) (18.8) (16.7) (18.8)
Depreciation & Amortization 20.8 20.0 20.2 20.1 23.4 20.7 20.1 20.5 20.1 20.8 19.4 17.8 16.6 16.0 12.0 15.2 15.6 11.0 8.3 7.6 5.6 4.5 4.8 4.1 3.8 2.6 3.9 4.1 3.6 2.7 2.5 2.2 2.3 2.2 2.2 2.3 2.3 2.6 2.7 2.7 2.7
Stock-Based Compensation 49.0 53.1 51.5 53.9 55.6 0 45.9 52.8 60.8 55.2 43.8 54.2 59.7 63.6 0 0 0 37.2 0 15.3 14.8 0 14.4 12.3 7.5 0 5.8 4.9 3.3 1.5 4.1 4.3 1.6 1.4 1.7 1.6 1.9 2.1 2.5 2.7 3.0
Change in Working Capital 35.4 (61.2) (125.8) (95.5) (70.4) 65.4 43.3 45.9 (11.6) (62.6) (26.7) 60.0 46.4 35.3 5.3 40.7 (19.1) (7.2) 23.1 (13.5) 12.6 (5.2) (1.6) (1.8) (16.1) 47.4 (37.9) (11.9) 3.8 (4.0) 1.5 0.6 3.5 (2.6) 0.4 7.9 (8.5) 2.4 (10.3) 17.7 (2.7)
Other Non-Cash Items 8.2 (1.9) 3.2 10.7 1.4 49.7 20.3 11.2 4.2 6.1 6.9 (9.4) (7.1) (2.9) 55.9 55.3 51.0 6.0 58.8 11.6 46.5 14.6 5.5 65.1 (12.5) 9.0 1.9 6.8 3.6 0.8 0.7 0.6 0.5 1.3 0.3 0.1 0.9 1.1 0.0 0.0 0.0
Operating Cash Flow 102.9 47.6 13.9 26.6 48.4 167.3 170.1 127.1 49.2 35.5 145.9 269.2 246.2 253.7 188.0 200.7 102.4 97.2 113.4 65.7 75.8 84.2 67.5 25.4 39.2 102.3 5.0 14.8 17.1 1.9 6.8 4.1 3.4 (1.9) (2.2) 0.2 (24.5) (4.4) (20.6) 7.3 (15.2)
Investing Activities
Capital Expenditure (19.9) (9.7) (8.0) (8.3) (14.6) (8.1) (8.5) (9.6) (7.4) (20.1) (23.8) (44.0) (22.5) (16.4) (8.9) (8.7) (12.4) (13.2) (12.7) (16.4) (9.9) (8.9) (3.9) (4.5) (3.4) (7.4) (4.2) (2.5) (0.7) (1.8) (0.9) (0.4) (1.0) (0.5) (0.1) (0.0) (3.5) (2.6) (2.1) (4.8) (3.3)
Acquisitions 0 0 0 0 0 0 0 0 0 (96.1) (15) 20.1 0 (34.5) 0 (3.1) (24.6) (180.4) 0 0 (55.2) 0 0 0 0 0 0 0 0 (6) (9) 0 0 0 0 0 0 1.1 0 0 0
Purchases of Investments 0 (143.4) (123.9) (285.7) (200.8) (93.1) (319.2) (300.1) (472.3) (337.8) (470.8) (577.5) (695.4) (350.2) (513.2) (60.1) 0 (389.5) (558.5) (20) (25) (5.0) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 597.3 181.7 201.9 242.8 335.4 351.8 215.2 282.1 497.4 433.9 494.8 557.5 354.3 283.0 184.1 116.3 76.7 26.6 35 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Investing Activities (1) (5) (48.5) 0 (6.9) 0 0 0 0 96.1 0 (20.1) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (6) (9) 0 0 0 0 0 0 1.1 0 (0.7) 0
Investing Cash Flow 576.4 23.5 21.4 (51.2) 113.1 250.6 (112.5) (27.6) 17.7 76.0 (14.8) (64.1) (363.5) (118.1) (338.0) 44.5 39.7 (556.5) (536.4) (36.4) (90.2) (13.9) (3.9) (4.5) (3.4) (7.4) (4.2) (2.5) (0.7) (7.8) (9.9) (0.4) (1.0) (0.5) (0.1) (0.0) (3.5) (1.5) (2.1) (4.8) (3.3)
Financing Activities
Net Debt Issuance (632.5) 0 0 0 (102.2) 0 (0.0) 0 (0.0) 0 0 0 0 0 0 0 0 (1.2) (3.1) (1.3) 902.1 (89.4) (0.6) (1.1) 311.9 5.7 (1.1) 127.6 (44.7) (4.6) 60.2 0.9 1.5 2.2 0 0.1 14.1 (2.1) 24.2 (7.5) 3
Stock Repurchased (18.7) 0 (1.7) (30.0) (100.0) (199.7) (49.8) (99.9) (42.0) (100.0) (110) (200) 0 0 0 0 0 (300) 0 (200) 0 0 0 0 (34.3) 0 (2.3) (0.7) (1.4) 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities 0 (1.4) 0 (2.9) (12.0) (7.8) (6.3) (0.7) (58.9) (28.9) (7.7) (12.2) (71.8) (8.1) (4.6) (14.8) 0 (5.0) 20.1 (7.9) (298.4) 32.0 (8.4) (9.4) (15.5) (9.8) (2.0) (12.3) 0.3 0.6 0.6 1.1 0.3 0.4 0.0 0.1 26.5 0.3 (0.2) 0.6 0.0
Financing Cash Flow (651.2) 1.8 (1.7) (27.6) (214.2) (202.7) (56.1) (100.6) (100.9) (115.0) (117.7) (212.2) (71.8) (3.0) (3.9) (1.3) (8.9) (306.2) (3.3) (205.8) 824.7 (53.6) (9.2) (7.6) 262.1 (2.0) (3.1) 115.4 (44.4) (4.0) 60.9 2.0 21.7 2.6 0.0 0.1 40.6 (0.3) 38.5 (6.9) 3.0
Cash Position
Net Change in Cash 23.2 72.4 31.3 (44.6) (49.0) 207.8 4.2 (1.6) (35.1) (1.3) 11.4 (7.4) (187.2) 135.7 (157.9) 243.6 132.5 (766.2) (426.7) (176.7) 809.6 17.6 54.5 13.4 297.7 93.1 (2.9) 127.9 (28.1) (9.9) 57.7 5.2 24.1 0.3 (2.1) 1.0 12.2 (6.3) 15.9 (4.8) (15.4)
Cash at Beginning 474.3 401.9 370.5 415.1 464.1 256.3 252.1 253.7 288.7 290.1 278.7 286.0 473.2 337.6 495.5 251.8 119.3 885.5 1,312.3 1,489.0 679.4 661.8 607.3 593.8 296.1 203.0 206.0 78.1 106.2 116.2 58.5 53.3 29.1 28.9 31.0 30.0 17.8 24.1 8.2 13.0 28.5
Cash at End 497.5 474.3 401.9 370.5 415.1 464.1 256.3 252.1 253.7 288.7 290.1 278.7 286.0 473.2 337.6 495.5 251.8 119.3 885.5 1,312.3 1,489.0 679.4 661.8 607.3 593.8 296.1 203.0 206.0 78.1 106.2 116.2 58.5 53.3 29.1 28.9 31.0 30.0 17.8 24.1 8.2 13.0
Free Cash Flow 83.0 37.8 5.9 18.4 33.8 159.2 161.6 117.4 41.8 15.4 122.0 225.2 223.8 237.3 179.1 192.0 90.1 84.0 100.7 49.2 65.9 75.3 63.6 21.0 35.9 94.9 0.8 12.3 16.4 0.1 5.9 3.6 2.3 (2.4) (2.3) 0.1 (28.0) (6.9) (22.7) 2.4 (18.6)
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1
Income Statement
Revenue 282.9 343.3 410.4 363.2 356.1 382.7 380.9 303.5 263.3 302.6 551.1 711.1 726.0 724.7 634.7 530.2 441.3 412.7 351.5 316.1 301.8 264.8 178.5 125.5 205.5 210.0 180.1 134.1 100.2 92.3 78.0 75.9 70.0 79.7 77.0 74.7 54.8 90.6 88.7 79.2 64.1 65.6 102.9 102.1 86.7 105.2 99.1 82.0 57.6 67.1 62.0 58.2 45.6 57.6 60.8 55.7 42.6 57.1 44.7 29.6 18.1 20.6 18.7 10.8 11.6
Gross Profit 100.4 152.0 196.2 170.5 168.2 198.3 178.2 137.2 115.5 146.7 262.0 323.3 326.4 310.7 267.9 219.0 177.0 163.3 140.4 127.8 122.9 121.9 95.0 48.4 80.7 77.9 64.7 45.3 33.3 28.2 25.3 22.7 18.3 19.0 16.5 13.5 7.0 16.2 15.9 14.1 11.8 15.7 31.5 33.0 28.0 35.0 32.5 26.8 18.7 21.5 17.4 16.3 12.2 16.1 16.3 13.6 9.3 13.1 8.5 4.8 2.6 2.2 2.0 1.3 1.0
Operating Income (29.6) 21.8 66.2 37.0 31.9 54.8 49.8 1.8 (29.1) (10.2) 118.0 170.3 167.7 157.0 135.4 94.0 61.8 57.7 37.4 59.4 61.4 79.1 51.8 10.9 44.7 44.4 33.7 17.4 7.1 5.0 (0.4) (0.6) (2.5) (2.1) (5.9) (9.2) (22.1) (10.1) (17.7) (15.8) (19.1) (15.2) 1.8 (0.4) (5.5) 2.0 1.9 (2.5) (5.8) (1.6) (5.3) (5.5) (9.7) (6.2) (8.2) (7.5) (9.3) (3.8) (6.4) (9.5) (9.0) (6.7) (5.8) (4.5) (3.7)
Net Income (7.4) 38.7 66.6 37.1 29.7 62.2 45.8 10.8 (16.1) 20.9 114.0 157.2 146.9 153.8 114.8 77.0 51.8 52.6 21.8 39.4 31.7 73.0 39.4 (47.3) 68.9 116.7 31.1 10.6 2.8 0.7 (3.5) (3.7) (5.1) (2.9) (6.9) (12.1) (23.3) (13.2) (18.8) (16.7) (18.8) (15.8) 0.6 (0.6) (6.3) 0.4 0.8 (3.0) (6.2) (2.8) (6.3) (6.4) (10.4) (7.7) (8.9) (11.4) (10.2) (5.5) (7.2) (10.3) (9.3) (7.0) (6.1) (4.9) (3.8)
EPS (Diluted) -0.06 0.29 0.50 0.28 0.22 0.46 0.33 0.08 -0.12 0.15 0.80 1.09 1.02 1.06 0.79 0.54 0.36 0.37 0.15 0.28 0.22 0.50 0.28 -0.38 0.50 0.88 0.23 0.08 0.02 0.01 -0.03 -0.04 -0.06 -0.03 -0.08 -0.14 -0.30 -0.21 -0.40 -0.36 -0.41 -0.35 0.01 -0.01 -0.14 0.01 0.02 -0.07 -0.15 -0.07 -0.15 -0.15 -0.25 -0.19 -0.22 -0.29 -0.26 -0.14 -4.77 -9.95 -10.95 -6.22 -4.06 -3.23 -2.53
Balance Sheet
Cash & Equivalents 497.5 474.3 401.9 370.5 350.1 464.1 256.3 252.1 253.7 288.7 290.1 278.7 286.0 473.2 337.6 495.5 251.8 119.3 885.5 1,312.3 1,489.0 679.4 661.8 607.3 593.8 251.4 203.0 206.0 78.1 106.2 116.2 58.5 53.3 29.1 28.9 31.0 30.0 17.8 24.1 8.2 13.0
Total Assets 2,723.9 3,509.8 3,320.5 3,178.8 3,106.1 3,249.7 3,264.2 3,166.6 3,233.0 3,383.0 3,553.9 3,465.9 3,380.9 3,084.3 2,697.8 2,437.1 2,263.3 2,079.3 2,230.2 2,100.7 2,194.2 1,200.1 1,092.3 997.9 1,030.8 713.2 523.7 481.5 319.3 339.9 326.5 218.5 212.1 169.1 177.1 163.7 167.5 163.6 176.4 152.5 158.5
Total Debt 581.1 1,204.4 1,233.6 1,234.7 1,234.6 1,331.2 1,332.2 1,321.3 1,319.8 1,299.0 1,316.7 1,320.6 1,298.0 1,290.4 1,292.5 1,290.0 1,305.5 1,041.5 1,043.0 1,031.7 1,020.9 350.6 376.8 369.2 410.3 108.7 107.1 102.9 68.4 109.8 112.0 52.0 50.7 49.8 47.6 47.3 46.9 33.9 36.5 12.4 20
Stockholders' Equity 1,102.4 1,087.0 995.0 880.6 810.7 833.0 931.4 884.5 922.7 983.6 1,014.7 972.6 970.1 825.6 610.1 451.0 331.0 430.2 647.8 584.4 732.8 484.0 416.2 370.2 316.2 272.2 152.3 117.3 14.1 7.8 4.2 (30.1) (31.2) (9.1) (7.8) (2.4) 7.5 1.3 10.2 12.5 25.6
Cash Flow
Operating Cash Flow 102.9 47.6 13.9 26.6 48.4 167.3 170.1 127.1 49.2 35.5 145.9 269.2 246.2 253.7 188.0 200.7 102.4 97.2 113.4 65.7 75.8 84.2 67.5 25.4 39.2 102.3 5.0 14.8 17.1 1.9 6.8 4.1 3.4 (1.9) (2.2) 0.2 (24.5) (4.4) (20.6) 7.3 (15.2)
Capital Expenditure (19.9) (9.7) (8.0) (8.3) (14.6) (8.1) (8.5) (9.6) (7.4) (20.1) (23.8) (44.0) (22.5) (16.4) (8.9) (8.7) (12.4) (13.2) (12.7) (16.4) (9.9) (8.9) (3.9) (4.5) (3.4) (7.4) (4.2) (2.5) (0.7) (1.8) (0.9) (0.4) (1.0) (0.5) (0.1) (0.0) (3.5) (2.6) (2.1) (4.8) (3.3)
Free Cash Flow 83.0 37.8 5.9 18.4 33.8 159.2 161.6 117.4 41.8 15.4 122.0 225.2 223.8 237.3 179.1 192.0 90.1 84.0 100.7 49.2 65.9 75.3 63.6 21.0 35.9 94.9 0.8 12.3 16.4 0.1 5.9 3.6 2.3 (2.4) (2.3) 0.1 (28.0) (6.9) (22.7) 2.4 (18.6)