At a glance
Enphase Energy Inc is worth $3.31B, about 19 times its fiscal 2025 earnings. Revenue grew 10.7% to $1.47B in fiscal 2025, with 11.7% kept as profit; over 5 years it has grown 13.7% a year. It pays no dividend; it spent $1.43B buying back its shares over FY2021–FY2025. The stock returned −31.9% over the past year with dividends reinvested and −35.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 59.4% in the 2020 crash (S&P 500: 33.7%) and 36.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months after the low.
The business in plain English
Enphase Energy designs and sells the equipment that turns sunlight on a roof into power a home can use. Its main product is the microinverter. This semiconductor-based device works with each individual solar panel and converts its direct current (DC) into the alternating current (AC) that homes run on. Some rivals instead use a single "string" inverter for the whole array. As of December 31, 2025, Enphase had shipped about 86.4 million microinverters, and more than 5.1 million Enphase systems had been installed in over 160 countries.
The company has grown from solar-only equipment into a full home energy system. Alongside the microinverters it sells IQ Batteries to store power, load controllers, electric-vehicle (EV) chargers and an app that shows owners their solar output, storage and use. It began shipping the IQ Battery 10C in the United States in June 2025, and a microinverter for commercial buildings in December 2025.
Enphase makes money mainly by selling this hardware through solar distributors and installers, who fit it on homes and small businesses. It also sells some products online. The United States is its main market. Fiscal 2025 revenue was about $1.47 billion, with 80.7% from the US and 19.3% from international markets. The company hopes to win more market share in Europe, Asia Pacific and Latin America.
Price history
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ENPH -31.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $1.19B | 80.7% |
| International | $284.3M | 19.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $293.3M, down 28.5% from a year earlier, and net income was $23.4M (-64.9%).
- For fiscal 2025, revenue was $1.47B (+10.7% year over year; +13.7% a year from FY2020 to FY2025) with a 11.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +13.7% good |
|---|---|
| Operating margin | 10.7% watch |
| Free cash flow margin | 6.5% watch |
| Return on equity (FY2025) | 15.8% good |
| Return on assets (FY2025) | 4.9% watch |
| Net cash (cash minus debt) | $358.7M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $774.4M | $134.0M | $195.8M |
| FY2021 | $1.38B | $145.4M | $299.8M |
| FY2022 | $2.33B | $397.4M | $698.4M |
| FY2023 | $2.29B | $438.9M | $586.4M |
| FY2024 | $1.33B | $102.7M | $480.1M |
| FY2025 | $1.47B | $172.1M | $95.9M |
Valuation snapshot
| Market value | $3.31B |
|---|---|
| P/E ratio | 19.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Enphase Energy’s market value went from $62.5M at the end of 2016 to $3.31B on Oct 28, 2026, about 52.9 times as much; since the end of 2025 it is down 21%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.31B | -21.2% |
| 2025 | $4.19B | -54.8% |
| 2024 | $9.28B | -48.6% |
| 2023 | $18.04B | -49.9% |
| 2022 | $36.01B | +45.9% |
| 2021 | $24.68B | +11.3% |
| 2020 | $22.17B | +593.2% |
| 2019 | $3.20B | +535.9% |
| 2018 | $502.9M | +144.0% |
| 2017 | $206.1M | +229.7% |
| 2016 | $62.5M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ENPH price data to Oct 28, 2026 | -22.0% | -31.9% | -32.7% | -35.5% | +37.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -22.0% |
| 2025 | -53.3% |
| 2024 | -48.0% |
| 2023 | -50.1% |
| 2022 | +44.8% |
| 2021 | +4.3% |
| 2020 | +571.5% |
| 2019 | +452.4% |
| 2018 | +96.3% |
| 2017 | +138.6% |
| 2016 | -71.2% |
| 2015 | -75.4% |
| 2014 | +125.4% |
| 2013 | +73.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 51.9% over that stretch · deepest drop along the way 59.4%, back to its old high 1.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 34.5% over that stretch · deepest drop along the way 36.4%, back to its old high 1.9 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 6 open-market purchases ($919K) and 6 sales ($6.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 13, 2026 | Thurman J Rodgers Director | sell | $6.0M |
| May 26, 2026 | Badrinarayanan Kothandaraman President & CEO, Director | buy | $296K |
| Nov 2, 2026 | Badrinarayanan Kothandaraman President & CEO, Director | buy | $268K |
| Feb 5, 2026 | Badrinarayanan Kothandaraman President & CEO, Director | buy | $222K |
| Jul 30, 2026 | Richard Mora Director | sell | $74K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 17.3% | Jun 30, 2026 |
| Vanguard Portfolio Management | 7.39% | Mar 31, 2026 |
| Vanguard Capital Management | 5.08% | Mar 31, 2026 |
| BAILLIE GIFFORD & CO | 2% | Sep 30, 2025 |
| Invesco Ltd. | 1.8% | Sep 30, 2025 |
ETFs with the most weight in ENPH
| TAN Invesco Solar ETF | 10.78% |
| CTEC Global X CleanTech ETF | 6.62% |
| IBAT iShares Energy Storage & Materials ETF | 4.99% |
| ACES ALPS Clean Energy ETF | 4.7% |
| ICLN iShares Global Clean Energy ETF | 4.33% |
| VCLN Virtus Duff & Phelps Clean Energy ETF | 4.26% |
| QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund | 4.19% |
| ETEC iShares Breakthrough Environmental Solutions ETF | 3.95% |
What could go wrong
- Solar tax credits are shrinking or ending. The US Section 25D tax credit for home solar and storage expired on December 31, 2025, and other credits face new deadlines. Smaller incentives make rooftop solar costlier for homeowners, which can cut demand.
- Lower pay for selling power to utilities. Net metering pays solar owners for spare power sent to the grid. California's NEM 3.0 cut average export rates to about $0.05–$0.08 per kilowatt-hour, from $0.25–$0.35. California has historically supplied much of Enphase's US revenue.
- Heavy reliance on US policy and trade. About 81% of fiscal 2025 revenue came from the US. Import tariffs have affected its results. Products that miss domestic-content or "foreign entity of concern" (FEOC) tax credit rules could lose demand.
- Sales depend on installers and swing sharply. Enphase sells mainly through distributors, installers and solar financing providers, so how those partners are doing drives its orders. Sales swing sharply: revenue for the quarter ended September 30, 2026, fell 28.5% from a year earlier.
- Competition and constant pressure on prices. The solar industry is highly competitive, and Enphase expects more rivals with new products. It says pressure to cut prices has already hurt its gross margins, the share of sales left after production costs.
- Reliance on a few manufacturers and suppliers. Enphase relies on a small number of contract manufacturers and on limited-source suppliers for key parts. Problems at any of them, or a jump in raw material prices, could delay shipments and raise costs.
Recent events
- Other company announcement
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Executive or board change
- Executive or board change; Shareholder vote results
- Quarterly results released
- Quarterly results released; Other company announcement
- Quarterly results released
For income and retirement investors
Enphase does not pay a dividend, and its annual report says it does not intend to. For an income investor, that means no regular cash payments. Any return must come from a higher share price, and raising cash means selling shares. The company has used buybacks (repurchases of its own stock) instead, spending about $1.43 billion from fiscal 2021 through 2025. Even so, the share count fell only 1.2% between February 2022 and October 2026.
The stock has been far more volatile than the market. In the 2020 COVID crash it fell 59.4% in less than a month but regained its prior high by May 11, 2020. From the market's January 2022 peak to its October low, it rose 34.5%, despite a 36.4% drop that spring. The stock then lost about half its value each year from 2023 to 2025 and was down 89% over the five years to October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Enphase Energy make money?
Enphase makes money by selling solar and home energy equipment. Its core products are microinverters, which convert the power from each solar panel into electricity a home can use, and IQ Batteries, which store that power. It sells mostly through distributors and installers, plus some online sales. Fiscal 2025 revenue was about $1.47 billion, with 80.7% from the United States and 19.3% from international markets. As of December 31, 2025, it had shipped about 86.4 million microinverters.
Does Enphase Energy pay a dividend?
No. Enphase does not pay a dividend, and its annual report says it does not intend to. Shareholders earn a return only if the share price rises. The company has returned cash through buybacks instead, spending about $1.43 billion from fiscal 2021 through 2025. Even so, the share count fell only 1.2% between February 2022 and October 2026. For investors who live on portfolio income, it provides none.
Why has Enphase stock dropped so much?
Sales have fallen from their peak as solar incentives weakened, and the share price followed. Revenue dropped from $2.33 billion in fiscal 2022 to $1.47 billion in fiscal 2025. The company says California's NEM 3.0 cut in payments for exported solar power has hurt its business. It adds that cuts to incentives in Germany and other European countries have hit the solar industry there. The stock lost about half its value each year from 2023 to 2025 and was down 89% over the five years to October 28, 2026.
Is Enphase Energy profitable?
Yes, though profits have shrunk. In fiscal 2025, Enphase earned $172.1 million, or $1.29 per diluted share, on revenue of $1.47 billion. That was well below the $438.9 million it earned in fiscal 2023. Free cash flow, the cash the business generates after capital spending, fell to $95.9 million from $480.1 million in 2024. In the quarter ended September 30, 2026, net income was $23.4 million, down 64.9% from a year earlier. As of October 28, 2026, the shares traded at 19.4 times 2025 earnings.
Which ETFs hold Enphase Energy?
About 144 ETFs hold Enphase. Solar, clean-energy and energy-storage funds give it the biggest weights: the Invesco Solar ETF (TAN) at about 10.8%, the Global X CleanTech ETF (CTEC) at about 6.6%, the iShares Energy Storage & Materials ETF (IBAT) at about 5.0% and the iShares Global Clean Energy ETF (ICLN) at about 4.3%. These funds spread risk across many companies but stay concentrated in one theme. Weights shift as prices move.