InsiderClue
Stocks · Technology · Semiconductors & Related Devices

Enphase Energy, Inc.

ENPH Clue Score49
United States Fiscal year ends December CIK 0001463101
$32.81 -0.30% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $32.81 −79.65% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue286.2Operating income−39.4Net income−45.2EPS, diluted−0.54Fiscal year 2018Revenue316.2 +10.5%Operating income1.6Net income−11.6EPS, diluted−0.12Fiscal year 2019Revenue624.3 +97.5%Operating income102.7Net income161.1EPS, diluted1.23Fiscal year 2020Revenue774.4 +24.0%Operating income186.4Net income134.0 −16.8%EPS, diluted0.95 −22.8%Fiscal year 2021Revenue1,382.0 +78.5%Operating income215.8Net income145.4 +8.5%EPS, diluted1.02 +7.4%Fiscal year 2022Revenue2,330.9 +68.7%Operating income448.3Net income397.4 +173.2%EPS, diluted2.77 +171.6%Fiscal year 2023Revenue2,290.8 −1.7%Operating income445.7Net income438.9 +10.5%EPS, diluted3.08 +11.2%Fiscal year 2024Revenue1,330.4 −41.9%Operating income77.3Net income102.7 −76.6%EPS, diluted0.75 −75.6%Fiscal year 2025Revenue1,473.0 +10.7%Operating income157.5Net income172.1 +67.7%EPS, diluted1.29 +72.0%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 286.2 316.2 624.3 774.4 1,382.0 2,330.9 2,290.8 1,330.4 1,473.0
Growth +10.5% +97.5% +24.0% +78.5% +68.7% −1.7% −41.9% +10.7%
Operating income −39.4 1.6 102.7 186.4 215.8 448.3 445.7 77.3 157.5
Net income −45.2 −11.6 161.1 134.0 145.4 397.4 438.9 102.7 172.1
Growth −16.8% +8.5% +173.2% +10.5% −76.6% +67.7%
EPS, diluted −0.54 −0.12 1.23 0.95 1.02 2.77 3.08 0.75 1.29
Growth −22.8% +7.4% +171.6% +11.2% −75.6% +72.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin19.6%Operating margin−13.8%Net margin−15.8%Free cash flow margin−11.4%Fiscal year 2018Gross margin29.9%Operating margin0.5%Net margin−3.7%Free cash flow margin3.8%Fiscal year 2019Gross margin35.4%Operating margin16.5%Net margin25.8%Free cash flow margin19.9%Fiscal year 2020Gross margin44.7%Operating margin24.1%Net margin17.3%Free cash flow margin25.3%Fiscal year 2021Gross margin40.1%Operating margin15.6%Net margin10.5%Free cash flow margin21.7%Fiscal year 2022Gross margin41.8%Operating margin19.2%Net margin17.0%Free cash flow margin30.0%Fiscal year 2023Gross margin46.2%Operating margin19.5%Net margin19.2%Free cash flow margin25.6%Fiscal year 2024Gross margin47.3%Operating margin5.8%Net margin7.7%Free cash flow margin36.1%Fiscal year 2025Gross margin46.6%Operating margin10.7%Net margin11.7%Free cash flow margin6.5%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 19.6% 29.9% 35.4% 44.7% 40.1% 41.8% 46.2% 47.3% 46.6%
Operating margin −13.8% 0.5% 16.5% 24.1% 15.6% 19.2% 19.5% 5.8% 10.7%
Net margin −15.8% −3.7% 25.8% 17.3% 10.5% 17.0% 19.2% 7.7% 11.7%
Free cash flow margin −11.4% 3.8% 19.9% 25.3% 21.7% 30.0% 25.6% 36.1% 6.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow−28.4Capital expenditure−4.1Free cash flow−32.6Fiscal year 2018Operating cash flow16.1Capital expenditure−4.2Free cash flow12.0Fiscal year 2019Operating cash flow139.1Capital expenditure−14.8Free cash flow124.3 +937.3%Buybacks0.0Fiscal year 2020Operating cash flow216.3Capital expenditure−20.6Free cash flow195.8 +57.5%Buybacks0.0Fiscal year 2021Operating cash flow352.0Capital expenditure−52.3Free cash flow299.8 +53.1%Buybacks−500.0Fiscal year 2022Operating cash flow744.8Capital expenditure−46.4Free cash flow698.4 +133.0%Buybacks0.0Fiscal year 2023Operating cash flow696.8Capital expenditure−110.4Free cash flow586.4 −16.0%Buybacks−410.0Fiscal year 2024Operating cash flow513.7Capital expenditure−33.6Free cash flow480.1 −18.1%Buybacks−391.4Fiscal year 2025Operating cash flow136.5Capital expenditure−40.6Free cash flow95.9 −80.0%Buybacks−130.0
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −28.4 16.1 139.1 216.3 352.0 744.8 696.8 513.7 136.5
Capital expenditure −4.1 −4.2 −14.8 −20.6 −52.3 −46.4 −110.4 −33.6 −40.6
Free cash flow −32.6 12.0 124.3 195.8 299.8 698.4 586.4 480.1 95.9
Growth +937.3% +57.5% +53.1% +133.0% −16.0% −18.1% −80.0%
Buybacks n/a n/a 0.0 0.0 −500.0 0.0 −410.0 −391.4 −130.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash29.1Total debt49.8Net cash (debt)−20.6Shareholders’ equity−9.1Fiscal year 2018Cash106.2Total debt109.8Net cash (debt)−3.5Shareholders’ equity7.8Debt to equity14.12Fiscal year 2019Cash251.4Total debt105.5Net cash (debt)145.9Shareholders’ equity272.2Debt to equity0.39Fiscal year 2020Cash679.4Total debt330.9Net cash (debt)348.5Shareholders’ equity484.0Debt to equity0.68Fiscal year 2021Cash119.3Total debt1,037.6Net cash (debt)−918.3Shareholders’ equity430.2Debt to equity2.41Fiscal year 2022Cash473.2Total debt1,290.4Net cash (debt)−817.1Shareholders’ equity825.6Debt to equity1.56Fiscal year 2023Cash288.7Total debt1,293.7Net cash (debt)−1,005.0Shareholders’ equity983.6Debt to equity1.32Fiscal year 2024Cash369.1Total debt1,302.4Net cash (debt)−933.3Shareholders’ equity833.0Debt to equity1.56Fiscal year 2025Cash474.3Total debt1,204.4Net cash (debt)−730.1Shareholders’ equity1,087.0Debt to equity1.11
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 29.1 106.2 251.4 679.4 119.3 473.2 288.7 369.1 474.3
Total debt 49.8 109.8 105.5 330.9 1,037.6 1,290.4 1,293.7 1,302.4 1,204.4
Net cash (debt) −20.6 −3.5 145.9 348.5 −918.3 −817.1 −1,005.0 −933.3 −730.1
Shareholders’ equity −9.1 7.8 272.2 484.0 430.2 825.6 983.6 833.0 1,087.0
Debt to equity n/a 14.12 0.39 0.68 2.41 1.56 1.32 1.56 1.11

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
−28.4 16.1 139.1 216.3 352.0 744.8 696.8 513.7 136.5
Growth +762.1% +55.6% +62.7% +111.6% −6.4% −26.3% −73.4%
9.0 9.7 14.1 18.1 30.8 58.8 74.7 81.4 80.6
Investment
−4.1 −4.2 −14.8 −20.6 −52.3 −46.4 −110.4 −33.6 −40.6
calc −32.6 12.0 124.3 195.8 299.8 698.4 586.4 480.1 95.9
Growth +937.3% +57.5% +53.1% +133.0% −16.0% −18.1% −80.0%
calc −0.39 0.12 0.94 1.38 2.10 4.84 4.09 3.43 0.71
−4.1 −19.2 −14.8 −25.6 −1,219.5 −371.9 −366.4 128.3 106.8
Financing
43.3 80.6 65.9 191.7 309.4 −17.1 −516.8 −460.3 −241.6
n/a n/a 0.0 0.0 −500.0 0.0 −410.0 −391.4 −130.0

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.