Solar technology company designing microinverter systems for solar energy generation, storage, and monitoring.
Profile & Fundamentals
Enphase Energy: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Enphase Energy Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
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.
Company profile record
Enphase Energy Inc
Common Stock · Information Technology · Semiconductor Materials & Equipment
Company
- Company / asset
- Enphase Energy Inc
- Security type
- Common Stock
- Sector
- Information Technology
- Industry
- Semiconductor Materials & Equipment
- HQ
- 🇺🇸 United States
- Head office
- 47281 Bayside Parkway, Fremont, CA, United States, 94538
Leadership & scale
- Chief executive
- Mr. Badrinarayanan Kothandaraman
- CEO year born
- 1973
- Full-time employees
- 2.9K
- Fiscal year end
- December
- IPO date
- 2012-03-30
Fundamentals snapshot
- Market Cap
- USD 4.5B
- P/E
- 33.6x
- Revenue (Q2 26)
- USD 291.9M
- Profit (Q2 26)
- USD 36.1M
- Dividend Yield
- --
- Revenue (FY 25)
- USD 1.5B
- Shares in public float
- 128.1M
- Insider ownership
- 3.03%
Reporting & identifiers
- Symbol
- ENPH.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US29355A1079
- Asset ID
- equity_becdb741-0d31-5f88-8b00-de8d5e4d4e7e
Ownership
Shares Outstanding
Latest: 132.8M | Max: 146.3M | Min: 85.7M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
96.50%
128.1M latest reported shares
Insider Ownership
3.03%
Latest reported insider stake
Short Float
0.22%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 85,689,000 |
| 2018-01-01 | 113,888,000 |
| 2019-01-01 | 132,872,000 |
| 2020-01-01 | 145,990,000 |
| 2021-01-01 | 141,480,000 |
| 2022-01-01 | 146,311,000 |
| 2023-01-01 | 139,205,000 |
| 2024-01-01 | 138,128,000 |
| 2025-01-01 | 133,461,000 |
| 2026-01-01 | 132,788,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 22,202,913 | 16.8% | 2026-03-31 |
| Vanguard Portfolio Management, LLC | 9,658,892 | 7.31% | 2026-03-31 |
| iShares Core S&P Small-Cap ETF | 8,033,806 | 6.08% | 2026-08-31 |
| Alyeska Investment Group, L.P. | 5,845,629 | 4.42% | 2026-03-31 |
| Vanguard Capital Management, LLC | 5,667,108 | 4.29% | 2026-03-31 |
| Two Sigma Investments LLC | 4,655,692 | 3.52% | 2026-06-30 |
| State Street Corp | 4,597,699 | 3.48% | 2026-03-31 |
| iShares Global Clean Engy Trns ETF $Dist | 4,372,983 | 3.31% | 2026-08-28 |
| Vanguard MStar Total Stk Mkt Idx Invest | 3,981,761 | 3.01% | 2026-08-31 |
| Amvescap Plc. | 3,682,383 | 2.79% | 2026-03-31 |
| Holocene Advisors, LP | 3,361,368 | 2.54% | 2026-03-31 |
| Morgan Stanley - Brokerage Accounts | 2,928,679 | 2.22% | 2026-03-31 |
| Vanguard Small Cap Index | 2,879,201 | 2.18% | 2026-08-31 |
| iShares Global Clean Energy ETF | 2,690,118 | 2.04% | 2026-08-31 |
| Geode Capital Management, LLC | 2,589,905 | 1.96% | 2026-03-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Enphase's revenue trajectory illustrates the aftermath of an historic boom followed by steady operational stabilization. After reaching cyclical highs above 2.3 billion dollars in 2022, annual revenue compressed toward 1.33 billion dollars as higher interest rates and the statutory expiration of residential clean-energy tax credits curtailed homeowner installations. Recent quarterly results demonstrate that top-line sales have found an operational floor near 290 million dollars. Headline profitability requires careful interpretation. While second-quarter 2026 GAAP net income rebounded to 36.1 million dollars, reported profits were substantially aided by 45.4 million dollars in one-time customs tariff refunds and ongoing domestic production tax credit transfers. Stripping away non-recurring items reveals an underlying business generating modest operating profit, converting roughly 150 million dollars in trailing free cash flow while adjusting to an unsubsidized consumer market.
Enphase's revenue trajectory illustrates the aftermath of an historic boom followed by steady operational stabilization. After reaching cyclical highs above 2.3 billion dollars in 2022, annual revenue compressed toward 1.33 billion dollars as higher interest rates and the statutory expiration of residential clean-energy tax credits curtailed homeowner installations. Recent quarterly results demonstrate that top-line sales have found an operational floor near 290 million dollars. Headline profitability requires careful interpretation. While second-quarter 2026 GAAP net income rebounded to 36.1 million dollars, reported profits were substantially aided by 45.4 million dollars in one-time customs tariff refunds and ongoing domestic production tax credit transfers. Stripping away non-recurring items reveals an underlying business generating modest operating profit, converting roughly 150 million dollars in trailing free cash flow while adjusting to an unsubsidized consumer market.
Revenue, Net Income, and Free Cash Flow
Latest: USD 1.5B | Max: USD 2.3B | Min: USD -67.5M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 25x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Enphase's profit margins display remarkable headline resilience that conceals important underlying adjustments. Second-quarter 2026 GAAP gross margin surged to 60.0%, but this figure was artificially boosted by 15.6 percentage points from retroactive customs tariff refunds. Excluding this one-off windfall, core non-GAAP gross margin stabilized at a healthy 46.8%, demonstrating that Enphase's microinverters continue to command premium pricing over conventional string alternatives. Underlying profitability is further supported by Section 45X advanced manufacturing production tax credits, which provide an essential regulatory margin cushion. Operating margins have compressed from historical 20% peaks toward low double digits due to fixed research and administrative overhead spreading over lower sales volumes. Preserving premium margins long term will depend on manufacturing cost reductions from gallium nitride technology rather than temporary accounting relief.
Enphase's profit margins display remarkable headline resilience that conceals important underlying adjustments. Second-quarter 2026 GAAP gross margin surged to 60.0%, but this figure was artificially boosted by 15.6 percentage points from retroactive customs tariff refunds. Excluding this one-off windfall, core non-GAAP gross margin stabilized at a healthy 46.8%, demonstrating that Enphase's microinverters continue to command premium pricing over conventional string alternatives. Underlying profitability is further supported by Section 45X advanced manufacturing production tax credits, which provide an essential regulatory margin cushion. Operating margins have compressed from historical 20% peaks toward low double digits due to fixed research and administrative overhead spreading over lower sales volumes. Preserving premium margins long term will depend on manufacturing cost reductions from gallium nitride technology rather than temporary accounting relief.
Profitability Margins
Latest: 46.6% | Max: 47.3% | Min: -20.9%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
46.6%
Gross profit / revenue
Operating Margin
11.2%
Operating income / revenue
Net Margin
11.7%
Net income / revenue
FCF Margin
6.5%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 322,591,000 | -67,462,000 | -45,798,000 |
| 2017-12-31 | 286,166,000 | -45,192,000 | -32,563,000 |
| 2018-12-31 | 316,159,000 | -11,627,000 | 11,981,000 |
| 2019-12-31 | 624,333,000 | 161,148,000 | 124,279,000 |
| 2020-12-31 | 774,425,000 | 133,995,000 | 195,776,000 |
| 2021-12-31 | 1,382,049,000 | 145,449,000 | 299,520,000 |
| 2022-12-31 | 2,330,853,000 | 397,362,000 | 698,374,000 |
| 2023-12-31 | 2,290,786,000 | 438,936,000 | 586,379,000 |
| 2024-12-31 | 1,330,383,000 | 102,658,000 | 480,089,000 |
| 2025-12-31 | 1,472,985,000 | 172,133,000 | 95,901,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 24.85 | Trailing four quarters |
| 2024-12-31 | 92.41 | Trailing four quarters |
| 2023-12-31 | 41.91 | Trailing four quarters |
| 2022-12-31 | 97.56 | Annual net income |
| 2021-12-31 | 177.95 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 17.98 | -19.44 | -20.91 | -14.2 |
| 2017-12-31 | 19.58 | -13.76 | -15.79 | -11.38 |
| 2018-12-31 | 29.87 | 0.5 | -3.68 | 3.79 |
| 2019-12-31 | 35.44 | 16.45 | 25.81 | 19.91 |
| 2020-12-31 | 44.68 | 24.07 | 17.3 | 25.28 |
| 2021-12-31 | 40.12 | 15.62 | 10.52 | 21.67 |
| 2022-12-31 | 41.81 | 19.23 | 17.05 | 29.96 |
| 2023-12-31 | 46.2 | 19.46 | 19.16 | 25.6 |
| 2024-12-31 | 47.29 | 5.81 | 7.72 | 36.09 |
| 2025-12-31 | 46.64 | 11.18 | 11.69 | 6.51 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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