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 46 d ago 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
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
Sep '21	$352M	$22M	39.9%	10.6%	3.4%	1.0%	$101M	$1.0B	$886M
Jun '21	$316M	$39M	40.4%	18.8%	6.7%	1.9%	$49M	$1.0B	$1.3B

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 69.7× (Mar '23) to 27.8× (Sep '26).
The price-to-sales ratio has fallen from 11.9× (Mar '23) to 3.2× (Sep '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?

As of Sep '26, Enphase Energy, Inc. traded at a price-to-earnings ratio of about 27.8× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.