Enphase Energy, Inc.
- Open
- 48.00
- Day high
- 48.26
- Day low
- 45.43
- Prev close
- 47.58
- Volume
- 1.7M
- Mkt cap
- $6.5B
- P/E (TTM)
- 47.8
- EPS (TTM)
- $0.98
- P/B
- 5.9
- P/S
- 4.6
- Yield
- —
- Per share
- —
- ▲Insiders net buying $314K over the last 3 months (3 open-market buys, 2 sales)
- 🏛Institutions mixed (13F)
Enphase Energy, Inc. (ENPH) is a Energy company listed on NASDAQ. The stock is up 20% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 2 sales (SEC Form 4). Drillr has 2 published research articles covering ENPH.
Enphase Energy, Inc. (ENPH) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ENPH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $0.43 | $0.47 | +9.3% | $283M | +0.2% |
| Feb 3, 2026 | $0.54 | $0.71 | +31.5% | $343M | +30.8% |
| Jul 22, 2025 | $0.62 | $0.69 | +11.3% | $363M | -1.4% |
| Feb 4, 2025 | $0.72 | $0.94 | +30.6% | $383M | +1.4% |
| Oct 22, 2024 | $0.78 | $0.65 | -16.7% | $381M | +0.5% |
| Jul 23, 2024 | $0.49 | $0.43 | -13.0% | $303M | -2.0% |
| Oct 26, 2023 | $1.01 | $1.02 | +1.0% | $551M | -2.6% |
| Jul 27, 2023 | $1.25 | $1.47 | +17.6% | $711M | -1.5% |
| Feb 7, 2023 | $1.27 | $1.51 | +18.9% | $725M | +2.5% |
| Oct 25, 2022 | $1.07 | $1.25 | +16.8% | $635M | +2.8% |
| Jul 26, 2022 | $0.83 | $1.07 | +28.9% | $530M | +4.1% |
| Feb 8, 2022 | $0.57 | $0.73 | +28.1% | $413M | +3.1% |
ENPH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | Trivedi Shankerdirector | Buy | 1,000 | $53.91 |
| Jun 15, 2026 | Trivedi Shankerdirector | Grant | 4,551 | $54.93 |
| Jun 4, 2026 | MORA RICHARDdirector | Sell | 700 | $64.20 |
| May 26, 2026 | Kothandaraman Badrinarayanandirector, officer: President & CEO | Buy | 600 | $68.39 |
| May 26, 2026 | Kothandaraman Badrinarayanandirector, officer: President & CEO | Buy | 4,400 | $67.37 |
| May 21, 2026 | MORA RICHARDdirector | Sell | 700 | $46.39 |
| May 15, 2026 | MORA RICHARDdirector | Grant | 5,952 | — |
| May 15, 2026 | Malchow Joseph Iandirector | Grant | 5,952 | — |
| May 15, 2026 | Haenggi Jamie Elizabethdirector | Grant | 5,952 | — |
| May 15, 2026 | Rodgers Thurman Jdirector | Grant | 5,952 | — |
| May 15, 2026 | GOMO STEVEN Jdirector | Grant | 6,428 | — |
| May 15, 2026 | Kortlang Benjamin Johndirector | Grant | 5,952 | — |
| Mar 17, 2026 | Rodgers Thurman Jdirector | Sell | 137,250 | $43.61 |
| Mar 12, 2026 | Yang Mandyofficer: EVP, Chief Financial Officer | Tax | 1,322 | $43.59 |
| Mar 3, 2026 | Yang Mandyofficer: EVP, Chief Financial Officer | Tax | 11,162 | $42.27 |
Source: ENPH SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full ENPH insider & 13F page →ENPH research & analysis
ENPH: EU Green Pivot Hinges on China Supply Chains
Europe's renewable energy transition is creating a critical national security vulnerability: the continent's solar and wind supply chains are heavily dependent on Chinese manufacturers of battery cells, inverters, and turbine components. Companies like Enphase and SolarEdge source LFP battery cells exclusively from China, while wind turbine makers source materials and components from Chinese suppliers. The exposure varies sharply across the industry, with solar inverter and storage companies facing the highest China dependency. If European governments implement domestic content requirements or tariffs to force supply chain diversification, companies with the highest China exposure will face significant margin compression.
SEDGRUNGEVTotalEnergies $2.2B Asia Solar JV: 5 US Stocks Poised to Surge — FSLR Leads the Pack
TotalEnergies and Masdar's $2.2B Asia renewables JV promises a supply chain boom for US solar firms. We rank FSLR, ARRY, ENPH, NEE, and BEPC as top beneficiaries, with FSLR leading on margins and tech fit. All poised for revenue uplift amid recent price dips.
FSLRARRYNEE
Enphase Energy, Inc. company profile
Overview
Enphase Energy, Inc. (NASDAQ:ENPH) is a leading provider of home energy solutions for the solar photovoltaic industry, founded in 2006 and headquartered in Fremont, California. The company went public in 2012 and has established itself as a pioneer in microinverter technology and integrated energy management systems. Enphase designs, develops, manufactures, and sells semiconductor-based microinverters that convert solar energy at the individual panel level, along with battery storage systems and energy management software. The company serves customers across the United States and internationally, operating in 51 countries and focusing on residential and small commercial solar installations.
Business
Enphase Energy operates in the distributed solar energy industry, specifically focusing on residential and small commercial solar power systems. The company's core business revolves around three main product categories that work together as an integrated home energy solution. The primary product is microinverters, semiconductor-based devices that convert direct current (DC) electricity generated by individual solar panels into alternating current (AC) electricity that can be used by homes or fed back into the electrical grid. Unlike traditional string inverters that connect multiple panels in series, microinverters are attached to each solar panel individually, allowing for panel-level optimization and monitoring. This technology maximizes energy harvest even when some panels are shaded or underperforming. Enphase's current flagship microinverter lines include the IQ8 series and the upcoming IQ9 series featuring gallium nitride technology. The second major product line is battery storage systems, marketed under the IQ Battery brand. These AC-coupled battery systems store excess solar energy for use during peak demand periods, power outages, or when solar panels aren't generating electricity. The batteries integrate seamlessly with Enphase microinverters and provide backup power capabilities. The company recently launched its fourth-generation IQ Battery 10C system, which offers 60% smaller wall space requirements compared to previous generations. The third component is energy management software and monitoring services, including the Enlighten cloud-based platform and Envoy communications gateway. These systems provide real-time monitoring of energy production, consumption, and storage, enabling homeowners to optimize their energy usage and participate in grid services programs like virtual power plants (VPPs). Based on recent financial reports, microinverters represent approximately 70-75% of total revenue, while battery systems account for roughly 20-25% of revenue. The remaining revenue comes from accessories, software services, and other complementary products like EV chargers, which the company is expanding into European markets.
Revenue model
Enphase Energy generates revenue primarily through product sales to a diverse customer base in the solar installation ecosystem. The company sells its microinverters, battery systems, and accessories to solar distributors, large installers, original equipment manufacturers (OEMs), strategic partners, and directly to homeowners through online channels and legacy product upgrade programs. The business model is based on hardware sales with recurring software revenue. While the bulk of revenue comes from one-time sales of physical products, the company also generates ongoing revenue from its Enlighten monitoring platform and is expanding into grid services and virtual power plant programs that provide additional recurring income streams. Enphase's customers include residential homeowners installing new solar systems, homeowners retrofitting existing systems with batteries, solar installation companies of various sizes, and distributors who resell to smaller installers. The company has built a network spanning from large national installers to smaller regional contractors, with particular strength in the "long tail" of smaller installers who value the simplicity and reliability of Enphase's plug-and-play systems. Several factors significantly impact the company's margins and profitability. Positive margin drivers include technological innovations that reduce component costs (such as the transition to gallium nitride semiconductors), economies of scale in manufacturing, domestic content tax credits from U.S. manufacturing, and premium pricing for integrated energy solutions. The company's focus on high-value markets like California's NEM 3.0 program, where battery attachment rates exceed 90%, also supports higher average selling prices. Margin pressures come from commodity price fluctuations, particularly for semiconductor components and battery cells, tariffs on Chinese imports (notably the 145% tariff on battery cells), competitive pricing pressure in mature markets, and the cyclical nature of the solar industry affected by interest rates, policy changes, and seasonal demand patterns. The company has been working to mitigate these pressures through supply chain diversification, moving battery cell sourcing away from China, and increasing domestic manufacturing capacity in the United States.
Competitive moat
Enphase Energy possesses a moderate to strong competitive moat built primarily on technological differentiation, ecosystem integration, and network effects. The company's core competitive advantage lies in its pioneering microinverter technology and the comprehensive nature of its integrated energy platform. The technological moat is anchored by Enphase's proprietary semiconductor designs and software algorithms that enable panel-level optimization and monitoring. The company's AC-coupled architecture for battery systems provides unique advantages in terms of system flexibility, safety, and ease of installation compared to DC-coupled alternatives. This technology is protected by patents and requires significant R&D investment to replicate, creating barriers for new entrants. Ecosystem integration strengthens the moat through the interconnected nature of Enphase's products. Once installers and homeowners adopt the Enphase platform, switching costs are high because the microinverters, batteries, monitoring systems, and software are designed to work optimally together. The company's 25-year warranty and proven reliability record further entrench customer loyalty. Network effects emerge from the company's installer relationships and software platform. Enphase has trained thousands of installers on its systems, creating a self-reinforcing cycle where installer familiarity drives customer adoption, which in turn attracts more installers. The Enlighten monitoring platform becomes more valuable as it aggregates more data across installations. However, the moat faces several challenges. Competitive threats include Tesla's Powerwall 3 and other integrated energy solutions from well-funded competitors, potential technology disruption from new battery chemistries or power electronics innovations, and the commoditization risk as the solar industry matures. Chinese manufacturers with cost advantages pose ongoing pricing pressure, while utility-scale storage solutions could potentially reduce demand for residential systems. The strength of Enphase's moat is also geographically variable, being strongest in premium markets like California where complex rate structures favor sophisticated energy management, but potentially weaker in cost-sensitive markets where simpler, cheaper solutions may suffice.
Risks & safety
Enphase Energy demonstrates a moderate margin of safety with solid financial fundamentals but elevated valuation metrics that warrant caution. **Financial Strength:** - Cash position of $350 million with strong free cash flow generation ($480 million in FY 2024) - Current ratio of 1.90 indicates adequate short-term liquidity - Debt-to-equity ratio of 1.49 is manageable but elevated - No immediate solvency concerns given strong cash generation capabilities **Valuation Concerns:** - Price-to-earnings ratio of 68.8 is significantly elevated for a hardware company - EV/EBITDA multiple of 32.8 suggests high growth expectations are already priced in - Price-to-book ratio of 10.1 indicates substantial premium to tangible assets - Graham number of 5.58 suggests the stock trades well above conservative valuation metrics **Other Considerations:** - Cyclical industry exposure to interest rates, policy changes, and construction activity - Geographic concentration risk with 74% of revenue from U.S. market - Supply chain risks from tariffs and component availability - Technology disruption risk in rapidly evolving energy storage market
Recent development
Over the past few years, Enphase Energy has executed several strategic initiatives to diversify its product portfolio and expand geographically. The company has been transitioning from a pure microinverter manufacturer to a comprehensive home energy solutions provider. Key product developments include the launch of the fourth-generation IQ Battery 10C system, which offers significantly improved space efficiency, and the upcoming IQ9 microinverter series featuring gallium nitride technology for enhanced power density and cost reduction. The company has also expanded into electric vehicle charging solutions, introducing IQ EV chargers across 14 European countries, and is developing bidirectional charging capabilities for vehicle-to-home applications. Geographic expansion has been a major focus, with Enphase now operating in 51 countries compared to a much smaller international footprint just a few years ago. The company has made particular investments in European markets including Germany, France, Netherlands, and the UK, while also exploring opportunities in India, Southeast Asia, and Japan. This expansion includes developing region-specific products like balcony solar systems for European apartment dwellers. Manufacturing strategy has shifted significantly toward domestic production, with 85% of microinverters now manufactured in the United States. The company is also planning to move battery cell sourcing away from China to mitigate tariff impacts, with expectations to qualify non-Chinese suppliers within 2-3 quarters. This supply chain diversification represents a major strategic pivot in response to trade policy changes. The company has also been investing in software and services capabilities, expanding its Enlighten monitoring platform globally and developing virtual power plant programs that allow customers to monetize their energy storage systems through grid services. These initiatives represent a move toward recurring revenue models beyond traditional hardware sales.
ENPH company profile · for informational purposes only — not investment advice.
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