Latest Ratios: P/E Ratio 33.3x · EV/EBITDA 26.2x · ROE 17.9%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.7B | $4.3B | $9.6B | $18.9B | $38.3B | $26.1B | $24.9B | $3.4B | $471M | $200M | $51M |
| Enterprise Value | $6.4B | $5.1B | $10.6B | $20.0B | $39.1B | $27.1B | $24.6B | $3.3B | $475M | $220M | $67M |
| P/E Ratio → | 33.33 | 24.84 | 91.57 | 42.90 | 95.65 | 179.35 | 184.71 | 21.24 | — | — | — |
| P/S Ratio | 3.85 | 2.93 | 7.23 | 8.27 | 16.41 | 18.91 | 32.16 | 5.51 | 1.49 | 0.70 | 0.16 |
| P/B Ratio | 5.33 | 3.98 | 11.54 | 19.25 | 46.34 | 60.76 | 51.45 | 12.64 | 60.60 | — | 39.25 |
| P/FCF | 59.08 | 45.08 | 20.03 | 32.29 | 54.78 | 87.27 | 127.20 | 27.68 | 39.33 | — | — |
| P/OCF | 41.50 | 31.66 | 18.72 | 27.17 | 51.37 | 74.25 | 115.11 | 24.74 | 29.21 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.46 | 7.95 | 8.71 | 16.77 | 19.59 | 31.73 | 5.28 | 1.50 | 0.77 | 0.21 |
| EV / EBITDA | 26.23 | 20.76 | 66.66 | 38.36 | 77.11 | 109.75 | 120.14 | 28.22 | 42.15 | — | — |
| EV / EBIT | 39.08 | 24.33 | 81.96 | 38.25 | 84.72 | 163.01 | 175.01 | 33.04 | 1023.15 | — | — |
| EV / FCF | — | 53.10 | 22.03 | 34.05 | 55.99 | 90.39 | 125.52 | 26.53 | 39.62 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.6% | 46.6% | 47.3% | 46.2% | 41.8% | 40.1% | 44.7% | 35.4% | 29.9% | 19.6% | 18.0% |
| Operating Margin | 11.2% | 11.2% | 5.8% | 19.5% | 19.2% | 15.6% | 24.1% | 16.5% | 0.5% | -13.8% | -19.4% |
| Net Profit Margin | 11.7% | 11.7% | 7.7% | 19.2% | 17.0% | 10.5% | 17.3% | 25.8% | -3.7% | -15.8% | -20.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.9% | 17.9% | 11.3% | 48.5% | 63.3% | 31.8% | 35.4% | 115.1% | -149.5% | — | -315.6% |
| ROA | 5.1% | 5.1% | 3.1% | 13.6% | 15.4% | 8.9% | 14.0% | 30.6% | -4.6% | -27.2% | -41.0% |
| ROIC | 6.8% | 6.8% | 3.0% | 18.2% | 22.2% | 21.3% | 98.2% | 109.4% | 10.5% | -204.3% | -198.3% |
| ROCE | 6.8% | 6.8% | 2.8% | 16.8% | 21.9% | 18.7% | 31.6% | 29.1% | 1.2% | -49.8% | -72.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.14 | 1.14 | 1.60 | 1.34 | 1.59 | 2.45 | 0.72 | 0.40 | 14.12 | — | 26.08 |
| Debt / EBITDA | 5.07 | 5.07 | 8.39 | 2.53 | 2.59 | 4.27 | 1.71 | 0.93 | 9.75 | — | — |
| Net Debt / Equity | — | 0.71 | 1.15 | 1.05 | 1.02 | 2.17 | -0.68 | -0.52 | 0.46 | — | 12.41 |
| Net Debt / EBITDA | 3.14 | 3.14 | 6.06 | 1.98 | 1.66 | 3.79 | -1.61 | -1.22 | 0.31 | — | — |
| Debt / FCF | — | 8.02 | 2.00 | 1.75 | 1.21 | 3.12 | -1.68 | -1.15 | 0.30 | — | — |
| Interest Coverage | 46.30 | 46.30 | 14.49 | 59.05 | 48.90 | 3.68 | 6.69 | 10.30 | 0.05 | -4.68 | -22.80 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.07 | 2.07 | 3.53 | 4.59 | 3.55 | 3.33 | 1.75 | 2.51 | 1.51 | 1.42 | 1.42 |
| Quick Ratio | 1.84 | 1.84 | 3.28 | 4.19 | 3.31 | 3.16 | 1.67 | 2.35 | 1.40 | 1.14 | 1.04 |
| Cash Ratio | 1.20 | 1.20 | 2.46 | 3.18 | 2.53 | 2.31 | 1.27 | 1.26 | 0.72 | 0.32 | 0.21 |
| Asset Turnover | — | 0.42 | 0.41 | 0.68 | 0.76 | 0.66 | 0.65 | 0.88 | 0.93 | 1.69 | 1.97 |
| Inventory Turnover | 2.73 | 2.73 | 4.25 | 5.77 | 9.06 | 11.12 | 10.26 | 12.57 | 13.63 | 8.85 | 8.28 |
| Days Sales Outstanding | — | 56.96 | 61.39 | 71.06 | 69.04 | 88.11 | 94.28 | 85.01 | 91.13 | 83.35 | 69.04 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 4.0% | 1.1% | 2.3% | 1.0% | 0.6% | 0.5% | 4.7% | — | — | — |
| FCF Yield | 1.7% | 2.2% | 5.0% | 3.1% | 1.8% | 1.1% | 0.8% | 3.6% | 2.5% | — | — |
| Buyback Yield | 2.3% | 3.0% | 4.1% | 2.2% | 0.0% | 1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.3% | 3.0% | 4.1% | 2.2% | 0.0% | 1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $135M | $140M | $143M | $144M | $143M | $142M | $132M | $100M | $83M | $51M |
Inventory and Subsidy Dependence
According to current market data, Enphase trades at a forward P/E of 23.50, suggesting that investors are still pricing in a growth premium despite the recent contraction in earnings and the significant volatility observed in the company's TTM P/E multiple of 36.88 relative to historical averages.
The valuation appears to rely on the assumption that Enphase functions as a high-growth software-defined energy firm rather than a cyclical hardware manufacturer. However, the PEG ratio of 5.85 indicates that the current price may be disconnected from near-term earnings growth prospects, warranting caution for investors expecting a rapid recovery.
Based on reported financial figures, ROIC has deteriorated into negative territory at -1.5% in 2026Q1, marking a sharp reversal from the 2.8% peak in 2025Q3 and highlighting the company's struggle to generate adequate returns on its invested capital during the current industry downturn.
The decline in ROIC suggests that the company's asset-light model is currently failing to offset the impact of shrinking margins and reduced volume. Investors should monitor whether this trend represents a structural decay in the business model or a temporary consequence of the ongoing inventory clearing cycle.
As reported in recent quarterly filings, the cash conversion cycle has expanded significantly to 132 days in 2026Q1, driven by a ballooning days inventory outstanding of 143 days, which indicates that the company is struggling to move product through its distribution channels efficiently.
The sharp increase in DIO compared to the 74-day level seen in 2025Q1 suggests that channel inventory remains a persistent headwind. This inefficiency ties up critical liquidity and increases the risk of future inventory write-downs if market demand does not align with current stock levels.
According to recent balance sheet data, the interest coverage ratio has plummeted to -19.74 in 2026Q1, reflecting a precarious shift where operating income is no longer sufficient to cover interest obligations, a stark contrast to the robust coverage levels observed in previous fiscal periods.
The deterioration in interest coverage, coupled with a D/E ratio of 0.53, suggests that the company's financial flexibility is narrowing. While the balance sheet remains technically solvent, the inability to generate positive operating income creates a heightened risk profile for debt service in the coming quarters.
As highlighted in financial statements, the gross margin metric is frequently misapplied to Enphase because it obscures the impact of 45X manufacturing tax credits, which artificially inflate profitability and mask the underlying margin compression occurring within the core hardware business during periods of volume decline.
Investors should instead focus on operating margins and cash flow conversion, which provide a more accurate picture of the company's true earning power. Relying solely on gross margins may lead to an overestimation of the company's competitive resilience in a high-interest-rate environment.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying ENPH stock.
Enphase Energy, Inc.'s current P/E ratio is 33.3x. The historical average is 91.5x. This places it at the 29th percentile of its historical range.
Enphase Energy, Inc.'s current EV/EBITDA is 26.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 45.5x.
Enphase Energy, Inc.'s return on equity (ROE) is 17.9%. The historical average is -40.4%.
Based on historical data, Enphase Energy, Inc. is trading at a P/E of 33.3x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Enphase Energy, Inc. has 46.6% gross margin and 11.2% operating margin. Operating margin between 10-20% is typical for established companies.
Enphase Energy, Inc.'s Debt/EBITDA ratio is 5.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.