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Enphase Energy, Inc. (ENPH)

As-reported financials and recent SEC filings for Enphase Energy, Inc., latest fiscal period FY2025. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Enphase Energy, Inc.

Enphase Energy, Inc. is a global energy technology company that designs, develops, manufactures, and sells home energy solutions integrating solar generation, energy storage, and communication on a single platform. Its main products include IQ Microinverters, which convert solar energy at the individual module level, and IQ Batteries for energy storage, serving residential and commercial customers worldwide. The company provides advanced energy monitoring and management through cloud-based software, supporting energy independence and efficient use of solar power.

Snapshot

Revenue
$1.47B
Revenue growth (YoY)
10.7%
Net income
$172.1M
Diluted EPS
$1.29
Gross margin
46.6%
Operating margin
10.7%
Net margin
11.7%
FCF margin
6.5%
ROE
15.8%
P/E (TTM)
37.6×
Market cap
$5.01B
Debt / equity
0.5×

Fundamentals are from SEC filings. P/E and market cap are derived from recent market prices, refreshed on a rolling basis (typically within the past week).

What changed at Enphase Energy

  • Revenue grew 10.7% to $1.5B in FY2025, after a 41.9% decline the year before.
  • Operating margin is 10.7% in FY2025, -4.9 pp against 15.6% in FY2021.
  • Most recent quarter Q1 FY2026: revenue $283M, down 20.6% from Q1 FY2025.
  • Free cash flow was $96M in FY2025, 6.5% of revenue.
  • Net income rose 67.7% to $172M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Enphase Energy’s fundamentals sit among the 88 semiconductor companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin46.6%
58th percentile of 78
Operating margin10.7%
68th percentile of 79
Net margin11.7%
70th percentile of 80
FCF margin6.5%
49th percentile of 78
Revenue growth (YoY)+10.7%
47th percentile of 88
ROE15.8%
77th percentile of 74
P/E (TTM)37.6×
34th percentile of 45
Debt / equity0.53×
77th percentile of 45
Short interest5.06d
76th percentile of 88

3 open-market insider buys totaling $391,392 in the last 90 days, against 2 sales totaling $77,413. For context, about 16% of companies in the universe saw any open-market insider buying in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F (latest Q1 2026).

Conviction investors
2
+7 quant / multi-strat
Initiated / added
3
1 new, 2 added
Reduced / exited
7
6 trimmed, 1 exited
Combined position
$507.5M
reported long value
InvestorAs ofPosition valueSharesChange
Two Sigma InvestmentsquantQ1 2026$207.1M5.5MAdded
D. E. ShawquantQ1 2026$88.1M2.3MReduced
Citadel AdvisorsquantQ1 2026$87.9M2.3MAdded
Coatue ManagementQ1 2026$62.3M1.6MNew
Renaissance TechnologiesquantQ1 2026$33.6M888.6KReduced
Point72 Asset ManagementquantQ1 2026$16.4M434.8KReduced
Millennium ManagementquantQ1 2026$8.9M235.9KReduced
Bridgewater AssociatesQ1 2026$2.1M56.1KReduced
AQR Capital ManagementquantQ1 2026$1.1M30.6KReduced

No longer held by: Soros Fund Management (as of Q1 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4. Multiple insiders have bought recently (a cluster buy).

Buys (90d)
3
2 insiders
Bought (90d)
$391K
open-market value
Sells (90d)
2
$77K
Signal
Cluster buy
≥2 insiders buying
Trade dateInsiderTypeSharesPriceValue
2026-06-12
filed 2026-06-15
Trivedi ShankerDirectorBuy1.0K$53.91$54K
2026-06-01
filed 2026-06-04
MORA RICHARDDirectorSell700$64.20$45K
2026-05-26
Kothandaraman BadrinarayananPresident & CEOBuy4.4K$67.37$296K
2026-05-26
Kothandaraman BadrinarayananPresident & CEOBuy600$68.39$41K
2026-05-19
filed 2026-05-21
MORA RICHARDDirectorSell700$46.39$32K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
22.9M
settled 2026-07-15
Change vs prior
-2.6%
vs previous settlement
Days to cover
5.06
at avg daily volume
Avg daily volume
4.5M
FINRA reported
SettlementShares shortChangeDays to cover
2026-07-1522.9M-2.6%5.06
2026-06-3023.5M-2.8%2.91
2026-06-1524.2M-9.5%3.49
2026-05-2926.7M-10.9%2.46
2026-05-1530.0M-0.8%3.60
2026-04-3030.3M+14.4%3.76
2026-04-1526.5M+4.2%4.30
2026-03-3125.4M+21.6%5.08

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$1.47B$1.33B$2.29B$2.33B$1.38B
Gross profit$687.0M$629.1M$1.06B$974.6M$554.4M
Operating income$157.5M$77.3M$445.7M$448.3M$215.8M
Net income$172.1M$102.7M$438.9M$397.4M$145.4M
Diluted EPS$1.29$0.75$3.08$2.77

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$136.5M$513.7M$696.8M$744.8M$352.0M
Capital expenditure$40.6M$33.6M$110.4M$46.4M$52.3M
Free cash flow$95.9M$480.1M$586.4M$698.4M$299.8M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q1 FY2026$282.9M-20.6%$-7.4M$-0.06
Q4 FY2025$343.3M-10.3%$38.7M$0.28
Q3 FY2025$410.4M7.8%$66.6M$0.50
Q2 FY2025$363.2M19.7%$37.1M$0.28
Q1 FY2025$356.1M35.2%$29.7M$0.22
Q4 FY2024$382.7M26.5%$62.2M$0.41
Q3 FY2024$380.9M-30.9%$45.8M$0.33
Q2 FY2024$303.5M-57.3%$10.8M$0.08

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorTechnology
SIC industrySemiconductors & Related Devices
Fiscal year endDecember 31
Latest fiscal periodFY2025
SEC filings since2012
SEC CIK1463101

Recent SEC filings

10-K2026-02-17
View on EDGAR →
10-Q2026-04-28
View on EDGAR →
8-K2026-06-18
View on EDGAR →
8-K2026-06-15
View on EDGAR →
8-K2026-05-15
View on EDGAR →
8-K2026-04-28
View on EDGAR →

Largest semiconductor peers

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Data sourced from SEC EDGAR (public domain). Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.