Enphase EnergyENPHRevenue: is the business selling more than it used to?
$1.5B+11% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $1.5B in 2025, compounding -14% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $1.4B, behind the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHNet income: how much of that revenue becomes profit?
$172M+68% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Net income was $172M in 2025, compounding -24% a year over three years. Trailing twelve-month profit stands at $135M.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHHow fast is it growing, year by year?
+10.7%revenue growth, FY 2025
→Revenue grew +11% in 2025 against a five-year average of +23%. Earnings grew faster (+68%), so each new dollar of sales is arriving more profitably.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHRevenue per share: is your slice growing as fast as the company?
$10.92revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-03-31), not a full fiscal year
→Revenue per share reached $10.92 in 2025, compounding -12% a year against -14% for ENPH as a whole. Buybacks added roughly 2.0 points to your per-share result. Free cash flow per share stands at $0.71.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHFree cash flow: what is left in real cash after everything?
$96M−80% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow was $96M in 2025, compounding -48% a year since 2022. The trailing twelve months stand at $145M.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHWhere does each dollar of revenue actually go?
→Of $1.5B in 2025 sales, $172M reaches net profit - 12 cents on the dollar. The largest single deduction is producing the product ($786M).
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→7 cents of every sales dollar became free cash in 2025, down 23 points since 2022.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-03-31), not a full fiscal year
→The biggest claim on each sales dollar is stock compensation, at 15% of revenue (research and development 13%, capital spending 3%). That share has risen since 2022, so the cost of competing is climbing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHWhen sales grow, do profits grow faster?
→Operating profit outgrew revenue in 3 of the last 5 years, most recently +104% against +11%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-03-31), not a full fiscal year
→Operating margin compressed 9 points to 11% since 2022. After everything, 12 cents of each sales dollar reaches net profit.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-03-31), not a full fiscal year
→ROE of 12% sits well above ROCE of 7%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHWhat has the market paid for ENPH over time?
36.3xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 36.3x earnings, the market is paying 51% less than ENPH's own 7-year median of 74.3x. Pessimism is priced in - the question is whether it is deserved.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHWhat cash return does the business throw off per dollar of market value?
3.0%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys 3.0% of annual free cash flow, more than its 9-year median of 2.1% - the cash is cheaper than usual.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHCould it handle its debt if things went wrong?
→Debt of $573M sits against $498M of cash, or 0.5x shareholders' equity. Earnings cover the interest bill 31 times over, so the debt is comfortably serviced.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHIs the company's own capital growing?
→The company's own capital grew from $984M in 2023 to $1.1B (+12%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHHow much goes back, and how much leaks out as stock comp?
→Shareholders received $130M in buybacks in 2025. Stock compensation issued $214M of new shares in the same year, offsetting 100% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHHow fast is your ownership being diluted - or concentrated?
→The share count shrank 3.7% in 2025, averaging 2.2% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHDoes ENPH earn more on its capital than that capital costs?
→ENPH earns 7.0% on the capital it employs, below the 10% most investors treat as the cost of capital. It was 18.3% in 2022, so the trend is down, though the pace has cooled.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHENPH has issued or retired shares - did shareholders end up better off?
→ENPH issued +63% more shares from 2017 to 2025, but revenue per share still rose +216%. The dilution bought more growth than it cost existing holders.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31
Enphase EnergyENPHAre the people running it buying or selling?
→Insiders bought $1M and sold $11M on the open market, a net sale of $9M. A further 35 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-03-31