Enphase Energy, Inc. (ENPH)财务
NASDAQ · Energy · Solar · 员工2,872人 · CEO Badrinarayanan Kothandaraman
- 股价
- $25.65 -0.81%
- 市值
- $33.9亿
- 企业价值
- $35.9亿
- 最近财报
- Q3 '26 2026-10-27提交
- 下次财报
- 2027-02-02 EPS预期 $0.31
营收(TTM)$12.1亿-19.9% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)4.1%-8.4 百分点 对比去年同期营业利润 $5010万
净利润(TTM)$9080万-53.6% 对比去年同期税后,含营业外收益
自由现金流(TTM)$1.35亿-37.7% 对比去年同期资本支出 $5550万
稀释EPS(TTM)$0.67-54.1% 对比去年同期最近4个季度之和
净现金$3.59亿+46.8% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $33.9亿 EV $35.9亿
- 营收
- $12.1亿 过去12个月
- 营收增速
- -24% FY2026年一致预期
- 净利润率
- 7.5% 净利润 / 营收,TTM
- P/E
- 37.2× 预期 15.1×(FY2026)
- P/S
- 2.8× 股价 / 营收,TTM
- EV / EBITDA
- 25.7× TTM
- 自由现金流
- $1.35亿 过去12个月
- 净利润
- $9080万 过去12个月
- 营收预期
- $11.2亿 FY2026年一致预期
- 盈利
- 2027-02-02 营收预期 $2.5亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-27):营收低于预期3.7%,EPS 低于预期19.6%营收$2.93亿,预期$3.05亿(-3.7%);EPS $0.41,预期$0.51(-19.6%)。
- 营收增长放缓:同比-28.5%Q3 '26营收$2.93亿,此前四个季度的平均值为-10.7%。
- 营业利润率4.1%(TTM),较去年同期-8.4 百分点营收增长-19.9%,营业利润增长-73.6%。
- 税前利润的39.7%来自营业外收益税前利润$8320万,营业利润$5010万(TTM)。股权投资收益等一次性项目推高了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的4.6%(去年为2.6%)最近4个季度投入$5550万(同比+42.4%)。自由现金流$1.35亿,相当于净利润的149.1%。
- 股东回报$1870万 = 自由现金流的13.8%回购$1870万(去年为$3.31亿),股息$0,股权激励$1.89亿(TTM)。
- 稀释股数一年内增加1.7%Q3 '26稀释股数1.35亿,一年前为1.33亿。
- 净现金 $3.59亿现金 + 短期投资 $9.32亿,含租赁债务 $5.73亿;一年前净现金 $2.44亿。
- Reportable Segment:营收-28.5%,利润率2.2%(此前为16.1%)Q3 '26增长最快的披露分部:营收$2.93亿,营业利润$647万(来自财报的分部附注)。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $2.93亿 | $4.1亿 | -28.5% |
| 毛利率 | 43.3% | 47.8% | -4.5 百分点 |
| 营业利润 | $647万 | $6620万 | -90.2% |
| 营业利润率 | 2.2% | 16.1% | -13.9 百分点 |
| 净利润 | $2340万 | $6660万 | -64.9% |
| 稀释EPS | $0.17 | $0.50 | -66.0% |
| 经营现金流 | $9万 | $1390万 | -99.4% |
| 资本支出 | $1150万 | $803万 | +42.7% |
| 自由现金流 | -$1140万 | $589万 | -293.2% |
| R&D | $4520万 | $4730万 | -4.4% |
| 股权激励费用 | $4300万 | $5150万 | -16.4% |
实际 vs 一致预期
2026-10-27| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $2.93亿 | $3.05亿 | -3.7% |
| EPS(一致预期口径) | $0.41 | $0.51 | -19.6% |
来自2026-10-27发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Reportable Segment | $2.93亿 | -28.5% | 100.0% | $15.7亿 | – |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $2.33亿 | -33.3% | 79.6% | $12.7亿 | – | |
| International | $5980万 | -1.0% | 20.4% | $3.05亿 | – |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Reportable Segment | $2.93亿 | -28.5% | $647万 | -90.2% | 2.2% | 16.1% | $5080万 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $1.91亿
- 资本支出
- -$5550万
- 股票回购
- -$1870万
- 股息
- $0
- 收购
- $0
- 债务净发行
- -$6.33亿
- 股权激励费用
- $1.89亿
- 自由现金流
- $1.35亿
- 股东回报 / FCF
- 13.8%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 37.2× | 82.8× | 24.5× – 167.8× |
| EV / EBITDA | 25.7× | 60.4× | 21.6× – 129.2× |
| EV / 营收 | 3.0× | 10.7× | 3.4× – 18.4× |
| 股价 / FCF | 25.1× | 45.4× | 19.3× – 81.9× |
| 股价 / 净资产 | 2.7× | 26.8× | 3.9× – 57.0× |
| FCF收益率 | 4.0% | 2.8% | 1.2% – 5.2% |
| 投入资本回报率 | 2.1% | 9.7% | 2.4% – 15.5% |
| 净资产收益率 | 7.9% | 30.9% | 12.3% – 48.1% |
分析师
一致目标价 $35.65 (+39.0%)
区间 $16.00 – $56.00 · 评级 Hold
强烈买入0
买入22
持有29
卖出5
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $11.2亿 | -24.0% | $1.70 | +31.6% | 15.1× | 13 |
| FY2027 | $10.2亿 | -8.6% | $1.39 | -18.1% | 18.5× | 15 |
| FY2028 | $11.9亿 | +16.3% | $1.87 | +34.3% | 13.7× | 11 |
| FY2029 | $13.1亿 | +9.8% | $2.53 | +35.7% | 10.1× | 4 |
| FY2030 | $14亿 | +7.1% | $2.52 | -0.5% | 10.2× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Enphase Energy, Inc.在近期10-Q / 10-K文件中标记的全部259项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $1.01亿 | $1.89亿 | -46.6% | $2.03亿 | $9000万 | +125.5% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.5亿 | $2.66亿 | -5.9% | $2.3亿 | $2.24亿 | +2.7% |
| Accounts Receivable, after Allowance for Credit Loss, Noncurrent | $7160万 | $1530万 | +368.3% | – | – | – |
| Accounts Receivable, Allowance for Credit Loss | $58万2025-12-31 | $779万 | -92.6% | $58万 | $779万 | -92.6% |
| Accounts Receivable, Allowance for Credit Loss, Current | $126万 | $65.4万 | +93.3% | $58万 | $779万 | -92.6% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $620万 | – | – |
| Accounts Receivable, Credit Loss Expense (Reversal) | $57.7万 | -$3万 | +2,023.3% | -$12.6万 | $668万 | -101.9% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $26.8万 | $76.5万 | -65.0% | -$105万 | $860万 | -112.2% |
| Accrued Income Taxes, Current | $322万 | $24.8万 | +1,198.8% | $492万 | $354万 | +39.0% |
| Accrued Liabilities, Current | $1.62亿 | $2.08亿 | -22.1% | $2.17亿 | $1.97亿 | +10.4% |
| Accrued Marketing Costs, Current | $5030万 | $8920万 | -43.5% | $7960万 | $9630万 | -17.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $2.34亿2025-12-31 | $1.83亿 | +27.6% | $2.34亿 | $1.83亿 | +27.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$1110万 | $332万 | -435.1% | $175万 | -$635万 | +127.6% |
| Additional Paid in Capital | $14亿 | $12.3亿 | +13.8% | $12.9亿 | $10.8亿 | +18.9% |
| Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | – | – | – | $500万2023-12-31 | – | – |
| Advertising Expense | – | – | – | $270万 | $170万 | +58.8% |
| Amortization of Debt Issuance Costs and Discounts | $32.7万 | $82.9万 | -60.6% | $416万 | $865万 | -51.9% |
| Amortization of Intangible Assets | $447万 | $505万 | -11.4% | $2020万 | $2260万 | -10.6% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 457万 | 5620万 | -91.9% | 883万 | 1260万 | -29.9% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | – | – | – | $2.14亿 | $2.11亿 | +1.3% |
| Asset Impairment Charges | $4.3万 | $0 | – | $311万 | $2880万 | -89.2% |
| Assets | $28.8亿 | $33.2亿 | -13.4% | $35.1亿 | $32.5亿 | +8.0% |
| Assets, Current | $18.8亿 | $23.9亿 | -21.3% | $26.1亿 | $23.3亿 | +12.0% |
| Capital Expenditures Incurred but Not yet Paid | -$85.1万 | $39.2万 | -317.1% | $1560万 | $1120万 | +39.2% |
| Capitalized Computer Software, Net | $1750万2025-12-31 | $2260万 | -22.6% | $1750万 | $2260万 | -22.6% |
| Capitalized Contract Cost, Impairment Loss | $0 | $0 | – | $0 | $0 | – |
| Cash and Cash Equivalents, at Carrying Value | $3.8亿 | $4.02亿 | -5.3% | $4.74亿 | $3.69亿 | +28.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $3.8亿 | $4.02亿 | -5.3% | $4.74亿 | $4.64亿 | +2.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$1.49亿 | $3130万 | -575.2% | $1020万 | $1.75亿 | -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 | 3亿 | 3亿 | 0.0% | 3亿 | 3亿 | 0.0% |
| Common Stock, Shares, Issued | 1.32亿 | 1.31亿 | +1.1% | 1.31亿 | 1.32亿 | -1.0% |
| Common Stock, Shares, Outstanding | 1.32亿 | 1.31亿 | +1.1% | 1.31亿 | 1.32亿 | -1.0% |
| Common Stock, Value, Issued | $1000 | $1000 | 0.0% | $1000 | $1000 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1990万 | $6460万 | -69.2% | $1.8亿 | $9830万 | +83.4% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $1.77亿 | $1.47亿 | +20.4% | $1.51亿 | $1.53亿 | -1.3% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $3540万 | $3470万 | +2.2% | $3600万 | $4200万 | -14.3% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent | $1.42亿 | $1.12亿 | +26.1% | $1.15亿 | $1.11亿 | +3.7% |
| Contract with Customer, Liability | $5.26亿 | $4.57亿 | +15.0% | $5.18亿 | $5.79亿 | -10.5% |
| Contract with Customer, Liability, Current | $1.71亿 | $1.11亿 | +53.0% | $1.81亿 | $2.37亿 | -23.9% |
| Contract with Customer, Liability, Noncurrent | $3.55亿 | $3.46亿 | +2.7% | $3.38亿 | $3.42亿 | -1.2% |
| Contract with Customer, Liability, Revenue Recognized | $8220万 | $2740万 | +199.6% | $2.33亿 | $1.26亿 | +85.1% |
| Cost of Revenue | $1.66亿 | $2.14亿 | -22.4% | $7.86亿 | $7.01亿 | +12.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $723万 | $6130万 | -88.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1100万 | $1110万 | -1.6% |
| Current Income Tax Expense (Benefit) | – | – | – | $1920万 | $7870万 | -75.6% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $98.6万 | $632万 | -84.4% |
| Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $970万2025-12-31 | $1010万 | -4.0% | $970万 | $1010万 | -4.0% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $3.1万 | $308万 | -99.0% | $321万 | $245万 | +30.8% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $339万 | $15.7万 | +2,060.5% | $1.1万 | $235万 | -99.5% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $3.76亿 | $8.13亿 | -53.8% | $9.43亿 | $11亿 | -13.9% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $3.75亿 | $8.14亿 | -53.9% | $9.45亿 | $11亿 | -13.9% |
| Debt Securities, Gain (Loss) | -$2720万 | -$317万 | -757.5% | -$956万 | $197万 | -586.2% |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss | $6.25亿 | $12.3亿 | -49.3% | $12.7亿 | $15.4亿 | -17.7% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterest | $6.21亿 | $12.4亿 | -49.7% | $12.7亿 | $15.4亿 | -17.5% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $458万 | -$5860万 | +107.8% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $230万 | $191万 | +20.4% |
| Deferred Income Tax Assets, Net | $3.22亿 | $3.21亿 | +0.2% | $3.06亿 | $3.16亿 | -2.9% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $1350万 | -$6120万 | +122.1% |
| Deferred Income Taxes and Tax Credits | -$2860万 | -$183万 | -1,463.8% | $608万 | -$5830万 | +110.4% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标和预期均根据公司文件标准化。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-02