Valuation, from the filing
| Public float | $3.00B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $22.88 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 17.4× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 2.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 2.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
17.4× earnings today, against a median of 39.2× across 7 years on record. Below its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $3.00B | 17.4× | |
| 2024-06-30 | $9.90B | 96.4× | |
| 2023-06-30 | $17.20B | 39.2× | |
| 2022-06-30 | $20.20B | 50.8× | |
| 2021-06-30 | $19.40B | 133.4× | |
| 2020-06-30 | $4.00B | 29.9× | |
| 2019-06-30 | $1.60B | 9.9× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Semiconductors & Related Devices filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| SBC / revenue | 14.5% | 77th | |
| Net margin | 11.7% | 76th | |
| Current ratio | 2.07x | 28th | |
| Operating margin | 10.7% | 71th | |
| CapEx / revenue | 2.8% | 31th | |
| Long-term debt / equity | 0.53x | 68th | |
| R&D / revenue | 12.8% | 32th | |
| Gross margin | 46.6% | 59th | |
| Revenue YoY growth | 10.7% | 42th | |
| FCF margin | 6.5% | 51th | |
| Effective tax rate | 16.0% | 49th |
Enphase Energy, Inc. (ENPH) reported revenue of $1.47B and net income of $172.13M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from Enphase Energy, Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Semiconductors & Related Devices.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.47B | $1.33B | $2.29B | $2.33B | $1.38B | $774.42M | $624.33M | $316.16M | $286.17M | $322.59M |
| Cost of revenue | $785.98M | $701.24M | $1.23B | $1.36B | $827.63M | $428.44M | $403.09M | $221.71M | $230.12M | $264.58M |
| Gross profit | $687.00M | $629.14M | $1.06B | $974.60M | $554.42M | $345.98M | $221.24M | $94.44M | $56.04M | $58.01M |
| Operating income | $157.53M | $77.29M | $445.74M | $448.26M | $215.83M | $186.44M | $102.73M | $1.60M | -$39.38M | -$62.70M |
| Net income | $172.13M | $102.66M | $438.94M | $397.36M | $145.45M | $134.00M | $161.15M | -$11.63M | -$45.19M | -$67.46M |
| Research & development | $189.08M | $201.32M | $227.34M | $168.85M | $105.53M | $55.92M | $40.38M | $32.59M | $33.16M | $50.70M |
| Weighted-average diluted shares | shares 134.89M | shares 140.00M | shares 143.29M | shares 144.39M | shares 142.88M | shares 141.92M | shares 131.64M | shares 99.62M | shares 82.94M | Unavailable |
| Pretax income | $204.81M | $120.16M | $513.14M | $452.05M | $120.93M | $119.41M | $90.11M | -$10.23M | -$45.34M | -$65.99M |
| Income tax expense | $32.68M | $17.50M | $74.20M | $54.69M | -$24.52M | -$14.58M | -$71.03M | $1.40M | -$149.00K | $1.48M |
| Diluted EPS | $1.29 | $0.75 | $3.08 | $2.77 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling, general & administrative | $333.27M | $337.38M | $369.63M | $355.10M | $233.06M | $103.62M | $75.54M | $56.13M | $45.35M | $66.23M |
| General & administrative | $135.77M | $130.82M | $137.84M | $140.00M | $104.09M | $50.69M | $38.81M | $29.09M | $22.22M | $27.42M |
| Selling & marketing | $197.50M | $206.55M | $231.79M | $215.10M | $128.97M | $52.93M | $36.73M | $27.05M | $23.13M | $38.81M |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $474.32M | $369.11M | $288.75M | $473.24M | $119.32M | $679.38M | $251.41M | $106.24M | $29.14M | $17.76M |
| Total assets | $3.51B | $3.25B | $3.38B | $3.08B | $2.08B | $1.20B | $713.22M | $339.94M | $169.15M | $163.58M |
| Current assets | $2.61B | $2.33B | $2.44B | $2.26B | $1.46B | $933.06M | $499.66M | $222.30M | $130.45M | $117.86M |
| Total liabilities | $2.42B | $2.42B | $2.40B | $2.26B | $1.65B | $716.11M | $441.01M | $332.16M | $178.27M | $162.28M |
| Current liabilities | $1.26B | $660.09M | $532.45M | $638.22M | $439.80M | $534.04M | $199.31M | $147.16M | $91.74M | $82.77M |
| Total equity incl. NCI | $1.09B | $833.02M | $983.62M | $825.57M | $430.17M | $483.99M | $272.21M | $7.78M | -$9.13M | $1.30M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $288.05M | $165.00M | $213.60M | $149.71M | $74.40M | $41.76M | $32.06M | $16.27M | $26.00M | $31.96M |
| Accounts receivable | $229.88M | $223.75M | $445.96M | $440.90M | $333.63M | $182.16M | $145.41M | $78.94M | $65.35M | $61.02M |
| Goodwill | $214.76M | $211.57M | $214.56M | $213.56M | $181.25M | $24.78M | $24.78M | $24.78M | $3.66M | $3.66M |
| Long-term debt | $572.19M | $1.20B | $1.29B | $1.20B | $951.59M | $4.90M | $102.66M | $81.63M | $32.32M | $20.77M |
| Accounts payable | $203.04M | $90.03M | $116.16M | $125.08M | $113.77M | $72.61M | $57.47M | $48.79M | $28.75M | $31.70M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $136.54M | $513.69M | $696.78M | $744.82M | $352.03M | $216.33M | $139.07M | $16.13M | -$28.44M | -$32.95M |
| Capital expenditures | $40.64M | $33.60M | $110.40M | $46.44M | $52.26M | $20.56M | $14.79M | $4.15M | $4.12M | $12.17M |
| Investing cash flow | $106.79M | $128.27M | -$366.36M | -$371.91M | -$1.22B | -$25.57M | -$14.79M | -$19.15M | -$4.12M | -$11.80M |
| Financing cash flow | -$241.62M | -$460.27M | -$516.77M | -$17.13M | $309.41M | $191.68M | $65.85M | $80.61M | $43.30M | $34.38M |
| Net change in cash | $10.20M | $175.37M | -$184.50M | $353.93M | -$560.06M | $383.27M | $189.87M | $77.09M | $11.38M | -$10.69M |
| Stock-based compensation | $214.09M | $211.36M | $212.86M | $216.80M | $114.29M | $42.50M | $20.18M | $11.43M | $6.73M | $10.33M |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | $129.96M | $391.36M | $410.00M | $0 | $500.00M | $0 | $0 | Unavailable | Unavailable | Unavailable |
| Depreciation & amortization | $80.64M | $81.39M | $74.71M | $58.78M | $30.85M | $18.10M | $14.12M | $9.67M | $9.00M | $10.64M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $95.90M | $480.09M | $586.38M | $698.37M | $299.77M | $195.78M | $124.28M | $11.98M | -$32.56M | -$45.12M |
| Gross margin | 46.6% | 47.3% | 46.2% | 41.8% | 40.1% | 44.7% | 35.4% | 29.9% | 19.6% | 18.0% |
| Operating margin | 10.7% | 5.8% | 19.5% | 19.2% | 15.6% | 24.1% | 16.5% | 0.5% | -13.8% | -19.4% |
| FCF margin | 6.5% | 36.1% | 25.6% | 30.0% | 21.7% | 25.3% | 19.9% | 3.8% | -11.4% | -14.0% |
| SBC / revenue | 14.5% | 15.9% | 9.3% | 9.3% | 8.3% | 5.5% | 3.2% | 3.6% | 2.4% | 3.2% |
| Current ratio | 2.07x | 3.53x | 4.59x | 3.55x | 3.33x | 1.75x | 2.51x | 1.51x | 1.42x | 1.42x |
| Revenue YoY growth | 10.7% | -41.9% | -1.7% | 68.7% | 78.5% | 24.0% | 97.5% | 10.5% | -11.3% | Unavailable |
| Net margin | 11.7% | 7.7% | 19.2% | 17.0% | 10.5% | 17.3% | 25.8% | -3.7% | -15.8% | -20.9% |
| R&D / revenue | 12.8% | 15.1% | 9.9% | 7.2% | 7.6% | 7.2% | 6.5% | 10.3% | 11.6% | 15.7% |
| CapEx / revenue | 2.8% | 2.5% | 4.8% | 2.0% | 3.8% | 2.7% | 2.4% | 1.3% | 1.4% | 3.8% |
| Long-term debt / equity | 0.53x | 1.44x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 16.0% | 14.6% | 14.5% | 12.1% | -20.3% | -12.2% | -78.8% | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open ENPH in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.