ENPH Financials Enphase Energy, Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Oct 30, 2026, 11:14 UTC Overview →

Growth & profitability

Revenue has grown 13.7% per year over the past 5 years.
Net income has grown slower than revenue (5.1% vs 13.7% per year).
Operating margin has contracted, at 10.7% in the latest year.
Free cash flow has declined 13.3% per year over the past 5 years.

Financial health

Total debt ($1.2B) exceeds cash ($474M); net debt is $730M.
Total debt has grown faster than revenue (29.5% vs 13.7% per year).
Operating income covered interest expense 35× in the latest year.
Total debt is 5.1× EBITDA.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$1.5B	$172M	46.6%	10.7%	15.8%	4.9%	$96M	$1.2B	$474M
2024	$1.3B	$103M	47.3%	5.8%	12.3%	3.2%	$480M	$1.3B	$369M
2023	$2.3B	$439M	46.2%	19.5%	44.6%	13.0%	$586M	$1.3B	$289M
2022	$2.3B	$397M	41.8%	19.2%	48.1%	12.9%	$698M	$1.3B	$473M
2021	$1.4B	$145M	40.1%	15.6%	33.8%	7.0%	$300M	$1.0B	$119M
2020	$774M	$134M	44.7%	24.1%	27.7%	11.2%	$196M	$331M	$679M
2019	$624M	$161M	35.4%	16.5%	59.2%	22.6%	$124M	$106M	$251M
2018	$316M	-$12M	29.9%	0.5%	-149.5%	-3.4%	$12M	$110M	$106M
2017	$286M	-$45M	19.6%	-13.8%	495.2%	-26.7%	-$33M	$50M	$29M
2016	$323M	-$67M	18.0%	-19.4%	-5189.4%	-41.2%	-$45M	$24M	$18M
2015	—	-$22M	—	—	-53.3%	-13.3%	-$34M	$0	$28M
2014	—	-$8M	—	—	-17.1%	-5.3%	$11M	$0	$42M
2013	—	-$26M	—	—	-64.5%	-22.2%	-$7M	$11M	$38M
2012	—	-$38M	—	—	-67.5%	-31.3%	-$58M	$11M	$45M
2011	—	-$32M	—	—	-231.1%	-30.4%	-$15M	$15M	$52M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$293M	$23M	43.3%	2.2%	1.9%	0.8%	-$11M	$573M	$380M
Jun '26	$292M	$36M	60.0%	17.7%	3.1%	1.2%	$26M	$573M	$529M
Mar '26	$283M	-$7M	35.5%	-10.5%	-0.7%	-0.3%	$83M	$573M	$498M
Dec '25	$343M	$39M	44.3%	6.5%	3.6%	1.1%	$38M	$1.2B	$474M
Sep '25	$410M	$67M	47.8%	16.1%	6.7%	2.0%	$6M	$1.2B	$402M
Jun '25	$363M	$37M	46.9%	10.2%	4.2%	1.2%	$18M	$1.2B	$371M
Mar '25	$356M	$30M	47.2%	9.0%	3.7%	1.0%	$34M	$1.2B	$350M
Dec '24	$383M	$62M	51.8%	14.3%	7.5%	1.9%	$159M	$1.3B	$369M
Sep '24	$381M	$46M	46.8%	13.1%	4.9%	1.4%	$162M	$1.3B	$256M
Jun '24	$303M	$11M	45.2%	0.6%	1.2%	0.3%	$117M	$1.3B	$252M
Mar '24	$263M	-$16M	43.9%	-11.1%	-1.7%	-0.5%	$42M	$1.3B	$254M
Dec '23	$303M	$21M	48.5%	-3.4%	2.1%	0.6%	$15M	$1.3B	$289M
Sep '23	$551M	$114M	47.5%	21.4%	11.2%	3.2%	$122M	$1.3B	$290M
Jun '23	$711M	$157M	45.5%	24.0%	16.2%	4.5%	$225M	$1.3B	$279M
Mar '23	$726M	$147M	45.0%	23.1%	15.1%	4.3%	$224M	$1.3B	$286M
Dec '22	$725M	$154M	42.9%	21.7%	18.6%	5.0%	$237M	$1.3B	$473M
Sep '22	$635M	$115M	42.2%	21.3%	18.8%	4.3%	$179M	$1.3B	$338M
Jun '22	$530M	$77M	41.3%	17.7%	17.1%	3.2%	$192M	$1.3B	$495M
Mar '22	$441M	$52M	40.1%	14.0%	15.7%	2.3%	$90M	$1.3B	$252M
Dec '21	$413M	$53M	39.6%	14.0%	12.2%	2.5%	$84M	$1.0B	$119M

Valuation over time

How the market has priced ENPH against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 70.0× (Mar '23) to 21.6× (Nov '26).
The price-to-sales ratio has fallen from 11.9× (Mar '23) to 2.5× (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Frequently asked questions

Is ENPH growing its revenue and profit?

Over the past 5 years, Enphase Energy, Inc.'s revenue has grown 13.7% per year, and net income grown 5.1% per year. These are computed facts, not advice.

How much debt does ENPH have?

As of FY2025, Enphase Energy, Inc. reported $1.2B of total debt against $474M of cash; operating income covered interest expense 35×.

What is ENPH's profit margin?

In FY2025, gross margin was 46.6%, operating margin 10.7%, and net margin 11.7%.

What is ENPH's P/E ratio?

Enphase Energy, Inc.'s P/E (TTM) is 40.89 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the ENPH stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 21.6× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.