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Enphase Energy, Inc. (ENPH) perpetual futures

Enphase Energy develops and sells home energy solutions, including semiconductor-based microinverters, AC battery storage, and monitoring software for the solar industry.

$35.53-2.4%NASDAQ closed
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venue perp mark · Helix (Injective) (ENPH/USDC)
Auto: highest-volume live perp venueOpen in TradingView

Trading data

Perpetual market activity

1/1 live markets
Venues
1
Live markets
1/1
24h volume
$56.6K
Open interest
$0
Best liquidity
-
Tightest spread
-
Highest volume
$56.6K
Helix (Injective)
Settlement mix
USDC · 1/1
Perp/spot vol.
0.00x
Spot volume $148.3M
OI / float
0.00%
Float $4.6B
Spot performance
1D-2.42%
5D-9.13%
1M-5.33%
6M-20.51%
YTD+10.89%
1Y-3.89%

Venue matrix

1 markets

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Trade
Helix (Injective)TradeENPH/USDCTrading$35.53+5.8% APR
+0.00066% every 1h
--$56.6K-USDC12x

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Tradability

Execution quality

No sufficient depth · 0 of 1 venues absorb $10k

No fresh book data: Helix (Injective)

Taker execution estimate incl. approx. fees - maker fills are not guaranteed.

Best venues for this underlying

Best liquidity

-
No live data-

Tightest spread

-
No live data-

Highest volume

ENPH

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 1h ago
Market cap
$4.7B
Updated 1h ago
Revenue
$1.3B
Trailing 12 months
Revenue growth
-19%
Next fiscal year
Profit margin
+10.1%
P/E
34.8
Peer P/E -5.1
Free cash flow
$152.6M
Trailing 12 months
More metrics
Net income
$134M
Trailing 12 months
P/S
3.5
Peer P/E
-5.1
Similar listed perps
Revenue estimate
$1.2B
Next fiscal year
Earnings
2026-10-27
Revenue est. $305.1M · Updated 1h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$1.5B
Net margin+11.7%
Free cash flow$95.9M
Net debt$769.5M
2020$774.4M
2021$1.4B
2022$2.3B
2023$2.3B
2024$1.3B
2025$1.5B
PeriodRevenueGrowthNet incomeFCF
2020$774.4M+24%$134M$195.8M
2021$1.4B+78%$145.4M$299.5M
2022$2.3B+69%$397.4M$698.4M
2023$2.3B-2%$438.9M$586.4M
2024$1.3B-42%$102.7M$480.1M
2025$1.5B+11%$172.1M$95.9M
PeriodGross marginOperating marginNet marginROEROA
2020+44.7%+24.1%+17.3%+27.7%+11.2%
2021+40.1%+15.6%+10.5%+33.8%+7.0%
2022+41.8%+19.2%+17.0%+48.1%+12.9%
2023+46.2%+19.5%+19.2%+44.6%+13.0%
2024+47.3%+5.8%+7.7%+12.3%+3.2%
2025+46.6%+11.2%+11.7%+15.8%+4.9%
PeriodCashDebtNet debtCurrent ratio
2020$679.4M$350.6M-$328.8M1.75
2021$119.3M$1.1B$934.1M3.33
2022$473.2M$1.3B$841.6M3.55
2023$288.7M$1.3B$1B4.59
2024$369.1M$1.3B$962.1M3.53
2025$474.3M$1.2B$769.5M2.07
PeriodMarket capEnterprise valueP/SP/E
2020$22B$21.7B28.4164.0
2021$24.5B$25.5B17.7167.8
2022$35.9B$36.7B15.490.1
2023$18B$19B7.941.0
2024$9.3B$10.2B7.090.4
2025$4.2B$5B2.924.5
Q3 2024$380.9M
Q4 2024$382.7M
Q1 2025$356.1M
Q2 2025$363.2M
Q3 2025$410.4M
Q4 2025$343.3M
Q1 2026$282.9M
Q2 2026$291.9M
PeriodRevenueGrowthNet incomeFCF
Q3 2024$380.9M-31%$45.8M$161.6M
Q4 2024$382.7M+26%$62.2M$159.2M
Q1 2025$356.1M+35%$29.7M$33.8M
Q2 2025$363.2M+20%$37.1M$18.4M
Q3 2025$410.4M+8%$66.6M$5.9M
Q4 2025$343.3M-10%$38.7M$37.8M
Q1 2026$282.9M-21%-$7.4M$83M
Q2 2026$291.9M-20%$36.1M$25.9M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+46.8%+13.1%+12.0%+4.9%+1.4%
Q4 2024+51.8%+14.3%+16.2%+7.5%+1.9%
Q1 2025+47.2%+9.0%+8.3%+3.7%+1.0%
Q2 2025+46.9%+10.2%+10.2%+4.2%+1.2%
Q3 2025+47.8%+16.1%+16.2%+6.7%+2.0%
Q4 2025+44.3%+6.3%+11.3%+3.6%+1.1%
Q1 2026+35.5%-10.5%-2.6%-0.7%-0.3%
Q2 2026+60.0%+17.7%+12.4%+3.1%+1.2%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$256.3M$1.3B$1.1B4.16
Q4 2024$464.1M$1.3B$867.1M3.53
Q1 2025$350.1M$1.2B$884.5M1.90
Q2 2025$370.5M$1.2B$864.2M1.97
Q3 2025$401.9M$1.2B$831.7M2.04
Q4 2025$474.3M$1.2B$738.3M2.07
Q1 2026$497.5M$612.1M$114.6M3.80
Q2 2026$529.3M$613.4M$84M3.45
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$15.3B$16.4B40.283.1
Q4 2024$9.2B$10.1B24.037.3
Q1 2025$8.2B$9.1B23.067.4
Q2 2025$5.2B$6.1B14.335.4
Q3 2025$4.6B$5.5B11.317.3
Q4 2025$4.2B$4.9B12.226.7
Q1 2026$5B$5.1B17.6-157.5
Q2 2026$6.5B$6.6B22.245.6
Historical value series
Revenue
Q3 2023: $551.1MQ4 2023: $302.6MQ1 2024: $263.3MQ2 2024: $303.5MQ3 2024: $380.9MQ4 2024: $382.7MQ1 2025: $356.1MQ2 2025: $363.2MQ3 2025: $410.4MQ4 2025: $343.3MQ1 2026: $282.9MQ2 2026: $291.9MQ3 2023Q2 2026
Net income
Q3 2023: $114MQ4 2023: $20.9MQ1 2024: -$16.1MQ2 2024: $10.8MQ3 2024: $45.8MQ4 2024: $62.2MQ1 2025: $29.7MQ2 2025: $37.1MQ3 2025: $66.6MQ4 2025: $38.7MQ1 2026: -$7.4MQ2 2026: $36.1MQ3 2023Q2 2026
EBITDA
Q3 2023: $159MQ4 2023: $35.3MQ1 2024: $10.8MQ2 2024: $23.5MQ3 2024: $73.1MQ4 2024: $92.6MQ1 2025: $68.9MQ2 2025: $63.1MQ3 2025: $96.1MQ4 2025: $60MQ1 2026: $8.3MQ2 2026: $13.6MQ3 2023Q2 2026
Free cash flow
Q3 2023: $122MQ4 2023: $15.4MQ1 2024: $41.8MQ2 2024: $117.4MQ3 2024: $161.6MQ4 2024: $159.2MQ1 2025: $33.8MQ2 2025: $18.4MQ3 2025: $5.9MQ4 2025: $37.8MQ1 2026: $83MQ2 2026: $25.9MQ3 2023Q2 2026
EPS
Q3 2023: $0.8Q4 2023: $0.15Q1 2024: -$0.12Q2 2024: $0.08Q3 2024: $0.33Q4 2024: $0.46Q1 2025: $0.22Q2 2025: $0.28Q3 2025: $0.5Q4 2025: $0.29Q1 2026: -$0.06Q2 2026: $0.27Q3 2023Q2 2026
Cash / Debt
Q3 2023 · Cash: $290.1MQ3 2023 · Debt: $1.3BQ4 2023 · Cash: $288.7MQ4 2023 · Debt: $1.3BQ1 2024 · Cash: $253.7MQ1 2024 · Debt: $1.3BQ2 2024 · Cash: $252.1MQ2 2024 · Debt: $1.3BQ3 2024 · Cash: $256.3MQ3 2024 · Debt: $1.3BQ4 2024 · Cash: $464.1MQ4 2024 · Debt: $1.3BQ1 2025 · Cash: $350.1MQ1 2025 · Debt: $1.2BQ2 2025 · Cash: $370.5MQ2 2025 · Debt: $1.2BQ3 2025 · Cash: $401.9MQ3 2025 · Debt: $1.2BQ4 2025 · Cash: $474.3MQ4 2025 · Debt: $1.2BQ1 2026 · Cash: $497.5MQ1 2026 · Debt: $612.1MQ2 2026 · Cash: $529.3MQ2 2026 · Debt: $613.4MQ3 2023Q2 2026
CashDebt
Profitability
Q3 2023 · Gross margin: +47.5%Q4 2023 · Gross margin: +48.5%Q1 2024 · Gross margin: +43.9%Q2 2024 · Gross margin: +45.2%Q3 2024 · Gross margin: +46.8%Q4 2024 · Gross margin: +51.8%Q1 2025 · Gross margin: +47.2%Q2 2025 · Gross margin: +46.9%Q3 2025 · Gross margin: +47.8%Q4 2025 · Gross margin: +44.3%Q1 2026 · Gross margin: +35.5%Q2 2026 · Gross margin: +60.0%Q3 2023 · Operating margin: +21.4%Q4 2023 · Operating margin: -3.4%Q1 2024 · Operating margin: -11.1%Q2 2024 · Operating margin: +0.6%Q3 2024 · Operating margin: +13.1%Q4 2024 · Operating margin: +14.3%Q1 2025 · Operating margin: +9.0%Q2 2025 · Operating margin: +10.2%Q3 2025 · Operating margin: +16.1%Q4 2025 · Operating margin: +6.3%Q1 2026 · Operating margin: -10.5%Q2 2026 · Operating margin: +17.7%Q3 2023 · Net margin: +20.7%Q4 2023 · Net margin: +6.9%Q1 2024 · Net margin: -6.1%Q2 2024 · Net margin: +3.6%Q3 2024 · Net margin: +12.0%Q4 2024 · Net margin: +16.2%Q1 2025 · Net margin: +8.3%Q2 2025 · Net margin: +10.2%Q3 2025 · Net margin: +16.2%Q4 2025 · Net margin: +11.3%Q1 2026 · Net margin: -2.6%Q2 2026 · Net margin: +12.4%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth
Q3 2024: -30.9%Q4 2024: +26.5%Q1 2025: +35.2%Q2 2025: +19.7%Q3 2025: +7.8%Q4 2025: -10.3%Q1 2026: -20.6%Q2 2026: -19.6%Q3 2023Q2 2026
Shares outstanding
Q3 2023: 143.9MQ4 2023: 139.2MQ1 2024: 135.9MQ2 2024: 136.1MQ3 2024: 139.9MQ4 2024: 138.1MQ1 2025: 136.2MQ2 2025: 135.2MQ3 2025: 133MQ4 2025: 133.5MQ1 2026: 131.3MQ2 2026: 132.8MQ3 2023Q2 2026
Valuation
Q3 2023 · P/E: 35.8Q4 2023 · P/E: 220.2Q1 2024 · P/E: -246.4Q2 2024 · P/E: 303.9Q3 2024 · P/E: 83.1Q4 2024 · P/E: 37.3Q1 2025 · P/E: 67.4Q2 2025 · P/E: 35.4Q3 2025 · P/E: 17.3Q4 2025 · P/E: 26.7Q1 2026 · P/E: -157.5Q2 2026 · P/E: 45.6Q3 2023 · P/S: 29.7Q4 2023 · P/S: 59.4Q1 2024 · P/S: 61.0Q2 2024 · P/S: 43.5Q3 2024 · P/S: 40.2Q4 2024 · P/S: 24.0Q1 2025 · P/S: 23.0Q2 2025 · P/S: 14.3Q3 2025 · P/S: 11.3Q4 2025 · P/S: 12.2Q1 2026 · P/S: 17.6Q2 2026 · P/S: 22.2Q3 2023Q2 2026
P/EP/S
Revenue
2018: $316.2M2019: $624.3M2020: $774.4M2021: $1.4B2022: $2.3B2023: $2.3B2024: $1.3B2025: $1.5B20182025
Net income
2018: -$11.6M2019: $161.1M2020: $134M2021: $145.4M2022: $397.4M2023: $438.9M2024: $102.7M2025: $172.1M20182025
EBITDA
2018: $10.1M2019: $113.9M2020: $158.5M2021: $196.9M2022: $520.3M2023: $596.7M2024: $210.5M2025: $290M20182025
Free cash flow
2018: $12M2019: $124.3M2020: $195.8M2021: $299.5M2022: $698.4M2023: $586.4M2024: $480.1M2025: $95.9M20182025
EPS
2018: -$0.122019: $1.232020: $0.952021: $1.022022: $2.772023: $3.082024: $0.752025: $1.2920182025
Cash / Debt
2018 · Cash: $106.2M2018 · Debt: $109.8M2019 · Cash: $251.4M2019 · Debt: $108.7M2020 · Cash: $679.4M2020 · Debt: $350.6M2021 · Cash: $119.3M2021 · Debt: $1.1B2022 · Cash: $473.2M2022 · Debt: $1.3B2023 · Cash: $288.7M2023 · Debt: $1.3B2024 · Cash: $369.1M2024 · Debt: $1.3B2025 · Cash: $474.3M2025 · Debt: $1.2B20182025
CashDebt
Profitability
2018 · Gross margin: +29.9%2019 · Gross margin: +35.4%2020 · Gross margin: +44.7%2021 · Gross margin: +40.1%2022 · Gross margin: +41.8%2023 · Gross margin: +46.2%2024 · Gross margin: +47.3%2025 · Gross margin: +46.6%2018 · Operating margin: +0.5%2019 · Operating margin: +16.5%2020 · Operating margin: +24.1%2021 · Operating margin: +15.6%2022 · Operating margin: +19.2%2023 · Operating margin: +19.5%2024 · Operating margin: +5.8%2025 · Operating margin: +11.2%2018 · Net margin: -3.7%2019 · Net margin: +25.8%2020 · Net margin: +17.3%2021 · Net margin: +10.5%2022 · Net margin: +17.0%2023 · Net margin: +19.2%2024 · Net margin: +7.7%2025 · Net margin: +11.7%20182025
Gross marginOperating marginNet margin
Revenue growth
2019: +97.5%2020: +24.0%2021: +78.5%2022: +68.7%2023: -1.7%2024: -41.9%2025: +10.7%20182025
Shares outstanding
2018: 99.6M2019: 131.6M2020: 141.9M2021: 142.9M2022: 144.4M2023: 143.3M2024: 140M2025: 134.9M20182025
Valuation
2018 · P/E: -39.42019 · P/E: 18.92020 · P/E: 164.02021 · P/E: 167.82022 · P/E: 90.12023 · P/E: 41.02024 · P/E: 90.42025 · P/E: 24.52018 · P/S: 1.42019 · P/S: 4.92020 · P/S: 28.42021 · P/S: 17.72022 · P/S: 15.42023 · P/S: 7.92024 · P/S: 7.02025 · P/S: 2.920182025
P/EP/S

Refreshed 1h ago

Next catalyst

Catalysts

Earnings
2026-10-27
Revenue est. $305.1M · Updated 1h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20262.00$1.2B-19%15
FY 20272.23$1.3B-14%16
FY 20282.60$1.4B-5%12
FY 20293.25$1.5B-1%9
FY 20303.45$1.6B+8%5
Q4 20280.82$379.1M+10%6

Company events

6
2026-10-27EarningsActual - / Estimate 0.48-
2026-07-28EarningsActual 0.46 / Estimate 0.47Miss
2026-04-28EarningsActual 0.47 / Estimate 0.47Miss
2026-02-03EarningsActual 0.71 / Estimate 0.54Beat
2025-10-28EarningsActual 0.9 / Estimate 0.62Beat
2025-07-22EarningsActual 0.69 / Estimate 0.62Beat

Peer comparison

Similar listed perps

Frequently asked questions

Where can I trade ENPH perpetual futures?

Enphase Energy, Inc. (ENPH) perpetual futures trade on 1 crypto venues, including Helix (Injective). PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade ENPH around the clock?

Yes. Unlike the underlying stock, ENPH perpetuals trade 24/7 — including weekends and outside regular market hours.

What is the funding rate on ENPH perpetuals?

Each venue sets its own ENPH funding rate and it changes continuously. PerpEquities shows the live rate, annualized rate and history for every venue side by side.

What is a ENPH perpetual future?

A ENPH perpetual is a derivative that tracks the price of Enphase Energy, Inc. with no expiry date. It lets you take long or short exposure to Enphase Energy, Inc. on crypto venues, around the clock.