Enphase Energy, Inc. (ENPH) financials

NASDAQ · Energy · Solar · 2,872 employees · CEO Badrinarayanan Kothandaraman

Price: $25.65 -0.81%
Market cap: $3.39B
Enterprise value: $3.59B
Last report: Q3 '26 filed 2026-10-27
Next report: 2027-02-02 EPS est. $0.31

Revenue (TTM)$1.21B-19.9% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)4.1%-8.4 pp vs a year agoOperating income $50.1M

Net income (TTM)$90.8M-53.6% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$135M-37.7% vs a year agoCapex $55.5M

Diluted EPS (TTM)$0.67-54.1% vs a year agoSum of the last 4 quarters

Net cash$359M+46.8% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $3.39B
Revenue: $1.21B
Revenue growth: -24%
Profit margin: 7.5%
P/E: 37.2×
P/S: 2.8×
EV / EBITDA: 25.7×
Free cash flow: $135M
Net income: $90.8M
Revenue estimate: $1.12B
Earnings: 2027-02-02
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-27): revenue missed by 3.7%, EPS missed by 19.6%Revenue $293M vs $305M expected (-3.7%); EPS $0.41 vs $0.51 (-19.6%).
Revenue growth slowing: -28.5% year on yearQ3 '26 revenue $293M, against an average of -10.7% over the four quarters before.
Operating margin 4.1% (TTM), -8.4 pp on a year agoOperating income grew -73.6% while revenue grew -19.9%.
39.7% of pre-tax profit is non-operatingPre-tax income $83.2M vs operating income $50.1M (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
Capex 4.6% of revenue (a year ago 2.6%)$55.5M invested in the last 4 quarters (+42.4% on a year earlier). Free cash flow $135M = 149.1% of net income.
Returned $18.7M to shareholders = 13.8% of free cash flowBuybacks $18.7M (a year earlier $331M), dividends $0, stock-based pay $189M (TTM).
Diluted share count up 1.7% in a year135M diluted shares in Q3 '26, 133M a year earlier.
Net cash $359MCash + short-term investments $932M, debt incl. leases $573M; a year ago net cash $244M.
Reportable Segment: revenue -28.5%, margin 2.2% (was 16.1%)Fastest-growing reported segment in Q3 '26: operating income $6.47M on revenue $293M (from the segment note of the filing).

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$293M	$410M	-28.5%
Gross margin	43.3%	47.8%	-4.5 pp
Operating income	$6.47M	$66.2M	-90.2%
Operating margin	2.2%	16.1%	-13.9 pp
Net income	$23.4M	$66.6M	-64.9%
Diluted EPS	$0.17	$0.50	-66.0%
Operating cash flow	$90K	$13.9M	-99.4%
Capex	$11.5M	$8.03M	+42.7%
Free cash flow	-$11.4M	$5.89M	-293.2%
R&D	$45.2M	$47.3M	-4.4%
Stock-based compensation	$43M	$51.5M	-16.4%

Reported vs consensus

2026-10-27

	Actual	Consensus	vs consensus
Revenue	$293M	$305M	-3.7%
EPS (as estimated)	$0.41	$0.51	-19.6%

From the report of 2026-10-27 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Reportable Segment	$293M	-28.5%	100.0%	$1.57B	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
United States	$233M	-33.3%	79.6%	$1.27B	–
International	$59.8M	-1.0%	20.4%	$305M	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Reportable Segment	$293M	-28.5%	$6.47M	-90.2%	2.2%	16.1%	$50.8M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $191M
Capex: -$55.5M
Buybacks: -$18.7M
Dividends: $0
Acquisitions: $0
Net debt issued: -$633M
Stock-based compensation: $189M
Free cash flow: $135M
Returned to shareholders / FCF: 13.8%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	37.2×	82.8×	24.5× – 167.8×
EV / EBITDA	25.7×	60.4×	21.6× – 129.2×
EV / Sales	3.0×	10.7×	3.4× – 18.4×
Price / FCF	25.1×	45.4×	19.3× – 81.9×
Price / Book	2.7×	26.8×	3.9× – 57.0×
FCF yield	4.0%	2.8%	1.2% – 5.2%
Return on invested capital	2.1%	9.7%	2.4% – 15.5%
Return on equity	7.9%	30.9%	12.3% – 48.1%

Analysts

Consensus target $35.65 (+39.0%)
range $16.00 – $56.00 · rating Hold

Strong buy0

Buy22

Hold29

Sell5

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$1.12B	-24.0%	$1.70	+31.6%	15.1×	13
FY2027	$1.02B	-8.6%	$1.39	-18.1%	18.5×	15
FY2028	$1.19B	+16.3%	$1.87	+34.3%	13.7×	11
FY2029	$1.31B	+9.8%	$2.53	+35.7%	10.1×	4
FY2030	$1.4B	+7.1%	$2.52	-0.5%	10.2×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 259 figures Enphase Energy, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$101M	$189M	-46.6%	$203M	$90M	+125.5%
Accounts Receivable, after Allowance for Credit Loss, Current	$250M	$266M	-5.9%	$230M	$224M	+2.7%
Accounts Receivable, after Allowance for Credit Loss, Noncurrent	$71.6M	$15.3M	+368.3%	–	–	–
Accounts Receivable, Allowance for Credit Loss	$580K2025-12-31	$7.79M	-92.6%	$580K	$7.79M	-92.6%
Accounts Receivable, Allowance for Credit Loss, Current	$1.26M	$654K	+93.3%	$580K	$7.79M	-92.6%
Accounts Receivable, Allowance for Credit Loss, Writeoff	–	–	–	$6.2M	–	–
Accounts Receivable, Credit Loss Expense (Reversal)	$577K	-$30K	+2,023.3%	-$126K	$6.68M	-101.9%
Accretion (Amortization) of Discounts and Premiums, Investments	$268K	$765K	-65.0%	-$1.05M	$8.6M	-112.2%
Accrued Income Taxes, Current	$3.22M	$248K	+1,198.8%	$4.92M	$3.54M	+39.0%
Accrued Liabilities, Current	$162M	$208M	-22.1%	$217M	$197M	+10.4%
Accrued Marketing Costs, Current	$50.3M	$89.2M	-43.5%	$79.6M	$96.3M	-17.4%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$234M2025-12-31	$183M	+27.6%	$234M	$183M	+27.6%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$11.1M	$3.32M	-435.1%	$1.75M	-$6.35M	+127.6%
Additional Paid in Capital	$1.4B	$1.23B	+13.8%	$1.29B	$1.08B	+18.9%
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature	–	–	–	$5M2023-12-31	–	–
Advertising Expense	–	–	–	$2.7M	$1.7M	+58.8%
Amortization of Debt Issuance Costs and Discounts	$327K	$829K	-60.6%	$4.16M	$8.65M	-51.9%
Amortization of Intangible Assets	$4.47M	$5.05M	-11.4%	$20.2M	$22.6M	-10.6%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4.57M	56.2M	-91.9%	8.83M	12.6M	-29.9%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	–	–	–	$214M	$211M	+1.3%
Asset Impairment Charges	$43K	$0	–	$3.11M	$28.8M	-89.2%
Assets	$2.88B	$3.32B	-13.4%	$3.51B	$3.25B	+8.0%
Assets, Current	$1.88B	$2.39B	-21.3%	$2.61B	$2.33B	+12.0%
Capital Expenditures Incurred but Not yet Paid	-$851K	$392K	-317.1%	$15.6M	$11.2M	+39.2%
Capitalized Computer Software, Net	$17.5M2025-12-31	$22.6M	-22.6%	$17.5M	$22.6M	-22.6%
Capitalized Contract Cost, Impairment Loss	$0	$0	–	$0	$0	–
Cash and Cash Equivalents, at Carrying Value	$380M	$402M	-5.3%	$474M	$369M	+28.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$380M	$402M	-5.3%	$474M	$464M	+2.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$149M	$31.3M	-575.2%	$10.2M	$175M	-94.2%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	300M	300M	0.0%	300M	300M	0.0%
Common Stock, Shares, Issued	132M	131M	+1.1%	131M	132M	-1.0%
Common Stock, Shares, Outstanding	132M	131M	+1.1%	131M	132M	-1.0%
Common Stock, Value, Issued	$1K	$1K	0.0%	$1K	$1K	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$19.9M	$64.6M	-69.2%	$180M	$98.3M	+83.4%
Contract with Customer, Asset, after Allowance for Credit Loss	$177M	$147M	+20.4%	$151M	$153M	-1.3%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$35.4M	$34.7M	+2.2%	$36M	$42M	-14.3%
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent	$142M	$112M	+26.1%	$115M	$111M	+3.7%
Contract with Customer, Liability	$526M	$457M	+15.0%	$518M	$579M	-10.5%
Contract with Customer, Liability, Current	$171M	$111M	+53.0%	$181M	$237M	-23.9%
Contract with Customer, Liability, Noncurrent	$355M	$346M	+2.7%	$338M	$342M	-1.2%
Contract with Customer, Liability, Revenue Recognized	$82.2M	$27.4M	+199.6%	$233M	$126M	+85.1%
Cost of Revenue	$166M	$214M	-22.4%	$786M	$701M	+12.1%
Current Federal Tax Expense (Benefit)	–	–	–	$7.23M	$61.3M	-88.2%
Current Foreign Tax Expense (Benefit)	–	–	–	$11M	$11.1M	-1.6%
Current Income Tax Expense (Benefit)	–	–	–	$19.2M	$78.7M	-75.6%
Current State and Local Tax Expense (Benefit)	–	–	–	$986K	$6.32M	-84.4%
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss	$9.7M2025-12-31	$10.1M	-4.0%	$9.7M	$10.1M	-4.0%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$31K	$3.08M	-99.0%	$3.21M	$2.45M	+30.8%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$3.39M	$157K	+2,060.5%	$11K	$2.35M	-99.5%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One	$376M	$813M	-53.8%	$943M	$1.1B	-13.9%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One	$375M	$814M	-53.9%	$945M	$1.1B	-13.9%
Debt Securities, Gain (Loss)	-$27.2M	-$3.17M	-757.5%	-$9.56M	$1.97M	-586.2%
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss	$625M	$1.23B	-49.3%	$1.27B	$1.54B	-17.7%
DebtSecuritiesAvailableForSaleExcludingAccruedInterest	$621M	$1.24B	-49.7%	$1.27B	$1.54B	-17.5%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$4.58M	-$58.6M	+107.8%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$2.3M	$1.91M	+20.4%
Deferred Income Tax Assets, Net	$322M	$321M	+0.2%	$306M	$316M	-2.9%
Deferred Income Tax Expense (Benefit)	–	–	–	$13.5M	-$61.2M	+122.1%
Deferred Income Taxes and Tax Credits	-$28.6M	-$1.83M	-1,463.8%	$6.08M	-$58.3M	+110.4%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-02