PerpEquities

Equity

Enphase Energy, Inc. (ENPH) perpetual futures

ENPH perpetual futures on 2 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade ENPHUSDT.

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

$30.49-0.6%NASDAQ closed
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venue perp mark · MEXC (ENPH/USDT)
Auto: highest-volume live perp venueOpen in TradingView

Trading data

Perpetual market activity

2/2 live markets
Venues
2
Live markets
2/2
24h volume
$140.7K
Open interest
$70.6KCoverage: 1/2 markets
Best liquidity
$2.7K
MEXC
Tightest spread
+121.3 bps
MEXC
Highest volume
$107.9K
MEXC
Settlement mix
USDT · 1/2
Perp/spot vol.
0.00x
Spot volume $228M
OI / float
0.00%
Float $3.9B
Spot performance
1D-0.65%
5D-6.59%
1M-14.99%
6M-5.73%
YTD-4.46%
1Y-16.25%

Venue matrix

2 markets

Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.

Trade
MEXCTradeENPH/USDTTrading$30.49+21.6% APR
+0.020% every 8h
+121.3 bps$2.7K$107.9K$70.6KUSDT20x
Helix (Injective)TradeENPH/USDCTrading$30.64+3.6% APR
+0.00042% every 1h
--$32.9K-USDC12x

Tradability

Execution quality

Entry cost and depth per venue at $1k–$100k

No sufficient depth · 0 of 2 venues absorb $10k

No fresh book data: MEXC, Helix (Injective)

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

Best venues for this underlying

Best liquidity

ENPH

Tightest spread

ENPH

Highest volume

ENPH

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 46m ago
Market cap
$4B
Updated 46m ago
Revenue
$1.3B
Trailing 12 months
Revenue growth
-20%
Next fiscal year
Profit margin
+10.1%
P/E
30.0
Peer P/E -3.1
Free cash flow
$152.6M
Trailing 12 months
More metrics
Net income
$134M
Trailing 12 months
P/S
3.0
Peer P/E
-3.1
Similar listed perps
Revenue estimate
$1.2B
Next fiscal year
Earnings
2026-10-27
Revenue est. $303.8M · Updated 46m 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

Refreshed 46m ago

Charts: revenue, profit, cash flow & valuation
Revenue$291.9MQ2 2026
$137.8M$275.5M$413.3M$551.1MQ3 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$36.1MQ2 2026
$16.4M$48.9M$81.4M$114MQ3 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$54.6MQ2 2026
$39.7M$79.5M$119.2M$159MQ3 2023: $159MQ4 2023: $35.3MQ1 2024: $10.8MQ2 2024: $23.5MQ3 2024: $73.1MQ4 2024: $92.6MQ1 2025: $68.9MQ2 2025: $63.1MQ3 2025: $98.1MQ4 2025: $60MQ1 2026: $8.3MQ2 2026: $54.6MQ3 2023Q2 2026
Free cash flow$25.9MQ2 2026
$40.4M$80.8M$121.2M$161.6MQ3 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$0.27Q2 2026
$0.11$0.34$0.57$0.8Q3 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$529.3MQ2 2026
$333.1M$666.1M$999.2M$1.3BQ3 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+60.0%Q2 2026
+6.7%+24.5%+42.2%+60.0%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-19.6%Q2 2026
-14.4%+2.2%+18.7%+35.2%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 outstanding132.8MQ2 2026
36M71.9M107.9M143.9MQ3 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
Valuation45.6Q2 2026
-108.828.7166.3303.9Q3 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$1.5B2025
$582.7M$1.2B$1.7B$2.3B2018: $316.2M2019: $624.3M2020: $774.4M2021: $1.4B2022: $2.3B2023: $2.3B2024: $1.3B2025: $1.5B20182025
Net income$172.1M2025
$101M$213.7M$326.3M$438.9M2018: -$11.6M2019: $161.1M2020: $134M2021: $145.4M2022: $397.4M2023: $438.9M2024: $102.7M2025: $172.1M20182025
EBITDA$230.2M2025
$149.2M$298.3M$447.5M$596.7M2018: $10.1M2019: $113.9M2020: $158.5M2021: $196.9M2022: $520.3M2023: $596.7M2024: $210.5M2025: $230.2M20182025
Free cash flow$95.9M2025
$174.6M$349.2M$523.8M$698.4M2018: $12M2019: $124.3M2020: $195.8M2021: $299.5M2022: $698.4M2023: $586.4M2024: $480.1M2025: $95.9M20182025
EPS$1.292025
$0.68$1.48$2.28$3.082018: -$0.122019: $1.232020: $0.952021: $1.022022: $2.772023: $3.082024: $0.752025: $1.2920182025
Cash / Debt$474.3M2025
$332.8M$665.6M$998.4M$1.3B2018 · 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+46.6%2025
+9.1%+21.8%+34.5%+47.3%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+10.7%2025
-7.1%+27.8%+62.6%+97.5%2019: +97.5%2020: +24.0%2021: +78.5%2022: +68.7%2023: -1.7%2024: -41.9%2025: +10.7%20182025
Shares outstanding134.9M2025
36.1M72.2M108.3M144.4M2018: 99.6M2019: 131.6M2020: 141.9M2021: 142.9M2022: 144.4M2023: 143.3M2024: 140M2025: 134.9M20182025
Valuation24.52025
12.464.2116.0167.82018 · 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

Next catalyst

Catalysts

Earnings
2026-10-27
Revenue est. $303.8M · Updated 46m ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20261.98$1.2B-20%14
FY 20272.05$1.2B-19%13
FY 20282.50$1.3B-9%9
FY 20293.17$1.5B+3%3
FY 20303.53$1.7B+15%3
Q4 20280.67$372.8M+9%5

Company events

6
2026-10-27Earnings · After market closeActual - / Estimate 0.51-
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

Analyst track record

How the analysts covering ENPH have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings168527
Analysts2849
Buy / hold / sell61 / 81 / 26235 / 209 / 83
Upgrades / downgrades / initiations9 / 1 / 119 / 30 / 10
Price targets hit / missed13 / 137 (9%)25 / 444 (5%)
Avg. return after a rating (TipRanks)-25.1%-47.4%
Best / worst call+42.0% / -63.7%+55.7% / -82.2%

After buy calls on this stock: median 21-day move -3.4% vs S&P 500 -4.0% (n = 240)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Julien Dumoulin SmithJefferies100% hit rate on this stock · 10 targets measuredBuytarget $42.00Sep 21, 2026
  2. Dimple GosaiBank of America Securities100% hit rate on this stock · 10 targets measuredSellno targetNov 13, 2025
  3. Christine Cho CFABarclays53% hit rate on this stock · 15 targets measuredHoldtarget $44.00Oct 6, 2026

Latest ratings

DateAnalystCallTarget
Oct 14, 2026David ArcaroMorgan StanleySellMaintained$24.00
Oct 14, 2026David ArcaroMorgan StanleySellMaintained$24.00
Oct 14, 2026Charles MinervinoSusquehannaHoldReiterated$35.00
Oct 9, 2026Chris DendrinosRBC CapitalBuyMaintained$41.00
Oct 7, 2026Corinne BlanchardDeutsche BankHoldMaintained$34.00
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$30.00$40.00$50.00$60.00$70.00Nov 25 · Buy 7 · Hold 10 · Sell 8Nov 25Dec 25 · Buy 7 · Hold 11 · Sell 7Jan 26 · Buy 7 · Hold 13 · Sell 5Jan 26Feb 26 · Buy 10 · Hold 12 · Sell 4Mar 26 · Buy 10 · Hold 12 · Sell 4Mar 26Apr 26 · Buy 10 · Hold 11 · Sell 4May 26 · Buy 9 · Hold 11 · Sell 3May 26Jun 26 · Buy 9 · Hold 14 · Sell 2Jul 26 · Buy 9 · Hold 15 · Sell 2Jul 26Aug 26 · Buy 8 · Hold 15 · Sell 2Sep 26 · Buy 8 · Hold 15 · Sell 2Sep 26Oct 26 · Buy 8 · Hold 15 · Sell 2Nov 25 · avg. target $38.17Dec 25 · avg. target $38.82Jan 26 · avg. target $38.32Feb 26 · avg. target $45.56Mar 26 · avg. target $45.41Apr 26 · avg. target $42.18May 26 · avg. target $45.24Jun 26 · avg. target $48.99Jul 26 · avg. target $48.25Aug 26 · avg. target $48.26Sep 26 · avg. target $46.69Oct 26 · avg. target $46.07Nov 25 · month-end close $28.85Dec 25 · month-end close $32.05Jan 26 · month-end close $36.98Feb 26 · month-end close $42.27Mar 26 · month-end close $37.81Apr 26 · month-end close $32.96May 26 · month-end close $68.36Jun 26 · month-end close $49.24Jul 26 · month-end close $37.54Aug 26 · month-end close $36.42Sep 26 · month-end close $32.99Oct 26 · month-end close $32.81

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Oct 16, 2026 · 168 ratings

Frequently asked questions

Where can I trade ENPH perpetual futures?

Enphase Energy, Inc. (ENPH) perpetual futures trade on 2 crypto venues, including MEXC, 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?

Right now the ENPH perp funding rate is +12.6% annualized (venue median), ranging from +3.6% to +21.6% across 2 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the ENPH perp price compare to the Enphase Energy, Inc. stock?

The venue-median ENPH perp mark is $30.6 versus a reference stock price of $30.5, a basis of +0.2%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.

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.

What is ENPHUSDT perpetual?

ENPHUSDT is the symbol most crypto exchanges use for the Enphase Energy, Inc. perpetual settled in USDT (Tether). It tracks the ENPH share price through an index, trades 24/7 with leverage and never expires.

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