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Enphase Energy, Inc., together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter that converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control. It also provides microinverter units and related accessories; IQ Battery and related accessories; IQ PowerPack 1500 and related accessories; IQ Combiner, IQ Gateway, and IQ Energy Router; cloud-based monitoring service; and electric vehicle charging solutions, as well as design, proposal, permitting, installation and solar appointment generation services, and Enphase Care services. The company sells its solutions to solar distributors; and directly to large installers, original equipment manufacturers, strategic partners, and homeowners, as well as through its legacy product upgrade program or online store. Enphase Energy, Inc. was incorporated in 2006 and is headquartered in Fremont, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.5B | $290M | $172M | $96M | 15.8% | 10.7% | 67.7% |
| 2024 | $1.3B | $210M | $103M | $480M | 12.3% | -41.9% | -76.6% |
| 2023 | $2.3B | $597M | $439M | $586M | 44.6% | -1.7% | 10.5% |
| 2022 | $2.3B | $520M | $397M | $698M | 48.1% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,330.85 | 2,290.79 | 1,330.38 | 1,472.98 |
| Operating Revenue | - | 2,330.85 | 2,290.79 | 1,330.38 | 1,472.98 |
| Cost Of Revenue | - | 1,356.26 | 1,232.40 | 701.24 | 785.98 |
| Gross Profit | - | 974.60 | 1,058.39 | 629.14 | 687 |
| Operating Expense | - | 523.95 | 596.96 | 538.69 | 522.35 |
| Research And Development | - | 168.85 | 227.34 | 201.32 | 189.08 |
| Selling General And Administration | - | 355.10 | 369.63 | 337.38 | 333.27 |
| Total Expenses | - | 1,880.21 | 1,829.36 | 1,239.94 | 1,308.33 |
| Operating Income | - | 450.64 | 461.42 | 90.45 | 164.66 |
| Total Operating Income As Reported | - | 448.26 | 445.74 | 77.29 | 157.53 |
| EBITDA | - | 520.26 | 596.69 | 210.45 | 289.98 |
| Normalized EBITDA | - | 522.64 | 612.37 | 223.61 | 297.11 |
| EBIT | - | 461.49 | 521.98 | 129.06 | 209.34 |
| Interest Income | - | 13.66 | 69.73 | 77.31 | 62.72 |
| Interest Expense | - | 9.44 | 8.84 | 8.90 | 4.52 |
| Net Interest Income | - | 4.22 | 60.89 | 68.40 | 58.20 |
| Other Non Operating Income Expenses | - | -0.43 | 6.51 | -25.53 | -10.91 |
| Other Income Expense | - | -2.82 | -9.18 | -38.69 | -18.04 |
| Interest Income Non Operating | - | 13.66 | 69.73 | 77.31 | 62.72 |
| Interest Expense Non Operating | - | 9.44 | 8.84 | 8.90 | 4.52 |
| Net Non Operating Interest Income Expense | - | 4.22 | 60.89 | 68.40 | 58.20 |
| Pretax Income | - | 452.05 | 513.14 | 120.16 | 204.81 |
| Tax Provision | - | 54.69 | 74.20 | 17.50 | 32.68 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.29 | -2.27 | -1.92 | -1.13 |
| Net Income Continuous Operations | - | 397.36 | 438.94 | 102.66 | 172.13 |
| Net Income From Continuing And Discontinued Operation | - | 397.36 | 438.94 | 102.66 | 172.13 |
| Net Income From Continuing Operation Net Minority Interest | - | 397.36 | 438.94 | 102.66 | 172.13 |
| Net Income | - | 397.36 | 438.94 | 102.66 | 172.13 |
| Net Income Common Stockholders | - | 397.36 | 438.94 | 102.66 | 172.13 |
| Net Income Including Noncontrolling Interests | - | 397.36 | 438.94 | 102.66 | 172.13 |
| Normalized Income | - | 399.46 | 452.35 | 113.90 | 178.13 |
| Diluted NI Availto Com Stockholders | - | 399.99 | 441.51 | 105.14 | 174.10 |
| Basic Average Shares | - | 135.35 | 136.38 | 135.17 | 131.16 |
| Diluted Average Shares | - | 144.39 | 143.29 | 140 | 134.89 |
| Reconciled Depreciation | - | 58.78 | 74.71 | 81.39 | 80.64 |
| Reconciled Cost Of Revenue | - | 1,356.26 | 1,232.40 | 701.24 | 785.98 |
| Total Unusual Items | - | -2.38 | -15.68 | -13.15 | -7.13 |
| Total Unusual Items Excluding Goodwill | - | -2.38 | -15.68 | -13.15 | -7.13 |
| Special Income Charges | - | -2.38 | -15.68 | -13.15 | -7.13 |
| Other Special Charges | 56.50 | - | - | - | - |
| Restructuring And Mergern Acquisition | - | 2.38 | 15.68 | 13.15 | 7.13 |
| General And Administrative Expense | - | 140 | 137.84 | 130.82 | 135.77 |
| Other Gand A | - | 140 | 137.84 | 130.82 | 135.77 |
| Selling And Marketing Expense | - | 215.10 | 231.79 | 206.55 | 197.50 |
| Average Dilution Earnings | - | 2.63 | 2.57 | 2.49 | 1.97 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Enphase Energy, Inc.this co. | ENPH | $9.0B | 52.36↑ premium | 8.29 | 15.8% | 33.63 |
| Viasat, Inc. | VSAT | $10.0B | -292.20 | 2.14 | -0.7% | 8.33 |
| Qorvo, Inc. | QRVO | $9.2B | 26.99 | 2.74 | 10.1% | 12.92 |
| Vishay Intertechnology, Inc. | VSH | $8.7B | - | 4.15 | -0.4% | 31.93 |
| MaxLinear, Inc. | MXL | $8.4B | -61.72 |
| - |
| - |
| - |
| - |
| - |
| 18.67 |
| -30.2% |
| -97.97 |
| Plexus Corp. | PLXS | $7.6B | 44.01 | 5.23 | 11.9% | 26.92 |
| ESCO Technologies Inc. | ESE | $7.6B | 25.28 | 4.91 | 19.4% | 31.35 |
| Clear Secure, Inc. | YOU | $7.3B | 66.70 | 40.97 | 61.4% | 33.05 |
| Ralliant Corporation | RAL | $7.0B | -5.72 | 4.28 | -74.8% | -7.39 |
| Peer Median | - | 25.28 | 4.59 | 4.9% | 19.92 | |