Enphase Energy, Inc. (ENPH) Key Metrics
ENPH valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $4.05B
- Enterprise value
- $4.01B
- P/E (TTM)
- 30.6 10-yr median 93.7
- Forward P/E
- 14.3
- PEG ratio
- 0.75
- Price / sales
- 3.0 10-yr median 6.4
- Price / book
- 3.7 10-yr median 39.2
- EV / EBITDA
- 16.2 10-yr median 45.6
- Dividend yield
- —
- Beta
- 1.63
ENPH key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsENPH valuation Price multiples at each fiscal year-end price.
ENPH returns How much profit the business earns on the capital it uses.
ENPH per-share figures Results divided by the shares outstanding at year-end.
ENPH financial health Debt, liquidity and how easily interest is covered.
ENPH efficiency & capital use Working capital cycle and where the cash goes.
ENPH valuation history
ENPH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ENPH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ENPH cash returned to shareholders
ENPH price vs earnings per share
ENPH key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $4.32B | $9.62B | $18.93B | $38.26B | $26.14B | $24.90B | $3.44B | $471.2M | $199.9M | $51.0M |
| Enterprise value | $4.05B | $9.32B | $18.56B | $37.96B | $26.17B | $24.57B | $3.30B | $474.7M | $220.5M | $67.2M |
| P/E ratio | 25.1 | 93.7 | 43.1 | 96.3 | 179.7 | 185.8 | 21.3 | — | — | — |
| Price / sales | 2.9 | 7.2 | 8.3 | 16.4 | 18.9 | 32.2 | 5.5 | 1.5 | 0.7 | 0.2 |
| Price / book | 4.0 | 11.5 | 19.2 | 46.3 | 60.8 | 51.5 | 12.6 | 60.6 | — | 39.2 |
| Price / free cash flow | 45.1 | 20.0 | 32.3 | 54.8 | 87.3 | 127.2 | 27.7 | 39.3 | — | — |
| Price / operating cash flow | 31.7 | 18.7 | 27.2 | 51.4 | 74.3 | 115.1 | 24.7 | 29.2 | — | — |
| EV / sales | 2.8 | 7.0 | 8.1 | 16.3 | 18.9 | 31.7 | 5.3 | 1.5 | 0.8 | 0.2 |
| EV / EBITDA | 17.6 | 44.3 | 41.6 | 73.0 | 132.9 | 155.0 | 28.9 | 46.9 | — | — |
| EV / free cash flow | 42.3 | 19.4 | 31.6 | 54.4 | 87.4 | 125.5 | 26.5 | 39.6 | — | — |
| Earnings yield | 4.0% | 1.1% | 2.3% | 1.0% | 0.6% | 0.5% | 4.7% | −2.5% | −22.6% | −132.2% |
| Free cash flow yield | 2.2% | 5.0% | 3.1% | 1.8% | 1.1% | 0.8% | 3.6% | 2.5% | −16.3% | −89.8% |
| Dividend yield | — | — | — | — | 0.9% | 0.0% | 0.8% | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 3.0% | 4.1% | 2.2% | 0.1% | 2.8% | 0.3% | 1.0% | 0.0% | 0.0% | 0.0% |
| Share price at fiscal year-end | $32.05 | $68.68 | $132.14 | $264.96 | $182.94 | $175.47 | $26.13 | $4.73 | $2.41 | $1.01 |
| Per share | ||||||||||
| Revenue per share | $10.92 | $9.50 | $15.99 | $16.14 | $9.67 | $5.46 | $4.74 | $3.17 | $3.45 | $6.39 |
| Earnings per share | $1.28 | $0.73 | $3.06 | $2.75 | $1.02 | $0.94 | $1.22 | −$0.12 | −$0.54 | −$1.34 |
| Operating cash flow per share | $1.01 | $3.67 | $4.86 | $5.16 | $2.46 | $1.52 | $1.06 | $0.16 | −$0.34 | −$0.65 |
| Free cash flow per share | $0.71 | $3.43 | $4.09 | $4.84 | $2.10 | $1.38 | $0.94 | $0.12 | −$0.39 | −$0.91 |
| Cash per share | $11.22 | $11.59 | $11.83 | $11.17 | $7.12 | $4.79 | $1.91 | $1.07 | $0.35 | $0.35 |
| Book value per share | $8.06 | $5.95 | $6.86 | $5.72 | $3.01 | $3.41 | $2.07 | $0.08 | −$0.11 | $0.03 |
| Tangible book value per share | $6.30 | $4.14 | $4.89 | $3.55 | $1.06 | $3.03 | $1.65 | −$0.53 | −$0.16 | −$0.07 |
| Dividends per share | — | — | — | — | $1.60 | $0.08 | $0.20 | — | $0.00 | $0.00 |
| Capex per share | $0.30 | $0.24 | $0.77 | $0.32 | $0.37 | $0.14 | $0.11 | $0.04 | $0.05 | $0.25 |
| Debt per share | $9.22 | $9.51 | $9.20 | $9.11 | $7.37 | $2.47 | $0.83 | $1.10 | $0.60 | $0.67 |
| Shares outstanding | 134.9M | 140.0M | 143.3M | 144.4M | 142.9M | 141.9M | 131.6M | 99.6M | 82.9M | 50.5M |
| Change in shares outstanding | −3.7% | −2.3% | −0.8% | +1.1% | +0.7% | +7.8% | +32.1% | +20.1% | +64.2% | +13.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 17.9% | 11.3% | 48.5% | 63.3% | 31.8% | 35.4% | 115.1% | — | — | −315.6% |
| Return on invested capital (ROIC) | 20.4% | 11.5% | 78.6% | 79.2% | 69.4% | 131.0% | 145.9% | 11.1% | −215.2% | −208.9% |
| Return on assets (ROA) | 5.1% | 3.1% | 13.6% | 15.4% | 8.9% | 14.0% | 30.6% | −4.6% | −27.2% | −41.0% |
| Return on tangible assets | 5.3% | 3.4% | 14.2% | 14.3% | 8.1% | 11.7% | 24.5% | −4.2% | −27.4% | −42.4% |
| Free cash flow margin | 6.5% | 36.1% | 25.6% | 30.0% | 21.7% | 25.3% | 19.9% | 3.8% | −11.4% | −14.2% |
| Income quality (OCF / net income) | 0.79 | 5.00 | 1.59 | 1.87 | 2.42 | 1.61 | 0.86 | — | — | — |
| Financial health | ||||||||||
| Total debt | $1.24B | $1.33B | $1.32B | $1.31B | $1.05B | $350.6M | $108.7M | $109.8M | $49.8M | $33.9M |
| Cash & short-term investments | $1.51B | $1.62B | $1.70B | $1.61B | $1.02B | $679.4M | $251.4M | $106.2M | $29.1M | $17.8M |
| Net debt | −$269.1M | −$291.4M | −$377.3M | −$298.0M | $36.7M | −$328.8M | −$142.7M | $3.5M | $20.6M | $16.1M |
| Debt / equity | 1.14 | 1.60 | 1.34 | 1.59 | 2.45 | 0.72 | 0.40 | 14.12 | — | 26.08 |
| Debt / assets | 0.35 | 0.41 | 0.39 | 0.43 | 0.51 | 0.29 | 0.15 | 0.32 | 0.29 | 0.21 |
| Net debt / EBITDA | −1.17 | −1.38 | −0.85 | −0.57 | 0.19 | −2.07 | −1.25 | 0.35 | — | — |
| Current ratio | 2.07 | 3.53 | 4.59 | 3.55 | 3.33 | 1.75 | 2.51 | 1.51 | 1.42 | 1.42 |
| Quick ratio | 1.84 | 3.28 | 4.19 | 3.31 | 3.16 | 1.67 | 2.35 | 1.40 | 1.14 | 1.04 |
| Interest coverage | 36.4 | 8.7 | 50.4 | 47.5 | 4.8 | 8.9 | 10.6 | 0.2 | -5.0 | -22.6 |
| Working capital | $1.34B | $1.67B | $1.91B | $1.63B | $1.02B | $399.0M | $300.3M | $75.1M | $38.7M | $35.1M |
| Invested capital | $818.0M | $541.7M | $606.4M | $527.5M | $466.9M | $155.2M | $129.5M | $11.3M | $11.5M | $17.4M |
| Tangible asset value | $850.0M | $579.0M | $700.5M | $512.5M | $151.2M | $430.4M | $216.8M | −$52.3M | −$13.3M | −$3.3M |
| Net current asset value | $184.1M | −$89.6M | $44.1M | $5.6M | −$186.6M | $217.0M | $58.6M | −$109.9M | −$47.8M | −$44.4M |
| Graham number | $15.21 | $9.91 | $21.75 | $18.82 | $8.30 | $8.51 | $7.55 | — | — | — |
| Graham net-net per share | −$4.20 | −$3.88 | −$1.84 | −$1.66 | −$2.29 | $0.95 | −$0.49 | −$1.59 | −$1.05 | −$1.64 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | $228.3M | $11.6M | $26.6M | — | $0 | $0 |
| Share buybacks (net) | $130.0M | $391.4M | $410.0M | $27.5M | $500.0M | $68.3M | $8.2M | $0 | $0 | $0 |
| Dividend payout ratio | — | — | — | — | 157.0% | 8.7% | 16.5% | — | — | — |
| Dividends + buybacks / free cash flow | 135.5% | 81.5% | 69.9% | 3.9% | 243.2% | 40.8% | 28.0% | 0.0% | — | — |
| Capex / revenue | 2.8% | 2.5% | 4.8% | 2.0% | 3.8% | 2.7% | 2.4% | 1.3% | 1.4% | 4.0% |
| Capex / operating cash flow | 29.8% | 6.5% | 15.8% | 6.2% | 14.9% | 9.5% | 10.6% | 25.7% | — | — |
| Capex / depreciation | 1.95 | 0.41 | 1.48 | 0.79 | 1.70 | 1.14 | 1.05 | 0.43 | 0.46 | 1.21 |
| Stock-based compensation / revenue | 14.5% | 15.9% | 9.3% | 9.3% | 8.3% | 5.5% | 3.2% | 3.6% | 2.4% | 3.2% |
| R&D / revenue | 12.8% | 15.1% | 9.9% | 7.2% | 7.6% | 7.2% | 6.5% | 10.3% | 11.6% | 15.7% |
| SG&A / revenue | 22.6% | 25.4% | 16.1% | 15.2% | 16.9% | 13.4% | 12.1% | 17.8% | 15.8% | 20.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 60.7 | 91.9 | 70.7 | 62.5 | 73.6 | 81.4 | 65.6 | 83.3 | 80.6 | 60.6 |
| Days of inventory on hand | 105.2 | 98.5 | 53.8 | 30.2 | 25.6 | 31.4 | 21.9 | 34.8 | 46.0 | 50.2 |
| Days payables outstanding | 68.0 | 53.7 | 35.7 | 32.1 | 41.1 | 55.4 | 48.1 | 63.8 | 47.9 | 39.5 |
| Cash conversion cycle (days) | 97.8 | 136.7 | 88.7 | 60.5 | 58.1 | 57.4 | 39.3 | 54.3 | 78.6 | 71.3 |
| Receivables turnover | 6.02 | 3.97 | 5.17 | 5.84 | 4.96 | 4.48 | 5.57 | 4.38 | 4.53 | 6.02 |
| Payables turnover | 5.36 | 6.80 | 10.22 | 11.36 | 8.88 | 6.59 | 7.59 | 5.72 | 7.61 | 9.24 |
| Inventory turnover | 3.47 | 3.70 | 6.78 | 12.10 | 14.25 | 11.61 | 16.68 | 10.49 | 7.94 | 7.27 |
| Asset turnover | 0.44 | 0.40 | 0.71 | 0.90 | 0.84 | 0.81 | 1.19 | 1.24 | 1.72 | 1.96 |
| Average receivables | $244.8M | $334.9M | $443.4M | $399.0M | $278.6M | $172.7M | $112.2M | $72.1M | $63.2M | $53.6M |
| Average payables | $146.5M | $103.1M | $120.6M | $119.4M | $93.2M | $65.0M | $53.1M | $38.8M | $30.2M | $28.6M |
| Average inventory | $226.5M | $189.3M | $181.7M | $112.1M | $58.1M | $36.9M | $24.2M | $21.1M | $29.0M | $36.4M |
| Intangibles / total assets | 6.8% | 7.8% | 8.4% | 10.2% | 13.4% | 4.5% | 7.8% | 17.7% | 2.5% | 2.8% |
Computed from ENPH's annual financial statements (latest annual report filed February 17, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ENPH valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Enphase Energy traded at 25.1 times earnings, against a 10-year median of 93.7. Based on the latest twelve months, the trailing P/E is 30.6 and the forward P/E is 14.3. Enphase Energy earned a return on equity of 17.9% and a return on invested capital of 20.4% in fiscal 2025. It ended the year with $1.2 billion of debt and $1.5 billion in cash and short-term investments, a net cash position of $269.1 million. It returned $130.0 million to shareholders: $0 in dividends and $130.0 million in share buybacks, 136% of free cash flow. The share count rose 167.0% from 50.5M to 134.9M over 9 years.
See the ENPH income statement, the ENPH chart for price history, or the ENPH stock overview for the latest quote and news.
ENPH key metrics FAQ
What is Enphase Energy's P/E ratio?
Enphase Energy's trailing P/E ratio is 30.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 14.3. At the end of fiscal 2025 it was 25.1, compared with a 10-year median of 93.7.
What is Enphase Energy's EV/EBITDA?
Enphase Energy's enterprise value was 17.6 times EBITDA at the end of fiscal 2025 (enterprise value $4.1 billion, EBITDA $230.2 million); the current EV/EBITDA is 16.2.
What is Enphase Energy's return on equity?
Enphase Energy's return on equity (ROE) was 17.9% in fiscal 2025: net income of $172.1 million on average shareholders' equity of $960.0 million.
What is Enphase Energy's ROIC?
Enphase Energy's return on invested capital was 20.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Enphase Energy have?
Enphase Energy had total debt of $1.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.14 and more cash than debt.
Does Enphase Energy buy back its shares?
Yes. Enphase Energy spent $130.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −3.7% over the year, to 134.9M..
What is Enphase Energy's free cash flow yield?
Enphase Energy generated $95.9 million of free cash flow in fiscal 2025, a free cash flow yield of 2.2% on its market value at year-end ($4.3 billion).
What is Enphase Energy's current ratio?
Enphase Energy's current ratio was 2.07 at the end of fiscal 2025: current assets were 2.07 times current liabilities.