Enphase Energy Financials
This page shows Enphase Energy (ENPH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Enphase Energy has an operating margin of 10.7%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 53/100, indicating healthy but not exceptional operating efficiency. This is up from 5.8% the prior year.
Enphase Energy's revenue declined 99.9% year-over-year, from $1.3B to $1.5M. This contraction results in a growth score of 0/100.
Enphase Energy carries a low D/E ratio of 0.53, meaning only $0.53 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.
Enphase Energy's current ratio of 2.07 indicates adequate short-term liquidity, earning a score of 63/100. The company can meet its near-term obligations, though with limited headroom.
Enphase Energy has a free cash flow margin of 6.5%, earning a moderate score of 33/100. The company generates positive cash flow after capital investments, but with room for improvement.
Enphase Energy's ROE of 15.8% shows moderate profitability relative to equity, earning a score of 63/100. This is up from 12.3% the prior year.
Enphase Energy scores 1410.51, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($5.7B) relative to total liabilities ($2.4M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Enphase Energy passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Enphase Energy generates $0.79 in operating cash flow ($137K OCF vs $172K net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Enphase Energy earns $121.5 in operating income for every $1 of interest expense ($158K vs $1K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Enphase Energy generated $1.5M in revenue in fiscal year 2025. This represents a decrease of 99.9% from the prior year.
Enphase Energy's EBITDA was $238K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 99.8% from the prior year.
Enphase Energy generated $96K in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 100.0% from the prior year.
Enphase Energy reported $172K in net income in fiscal year 2025. This represents a decrease of 99.8% from the prior year.
Enphase Energy earned $1.29 per diluted share (EPS) in fiscal year 2025. This represents an increase of 72.0% from the prior year.
Enphase Energy held $474K in cash against $572K in long-term debt as of fiscal year 2025.
Enphase Energy had 131M shares outstanding in fiscal year 2025. This represents a decrease of 1.0% from the prior year.
Enphase Energy's gross margin was 46.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.7 percentage points from the prior year.
Enphase Energy's operating margin was 10.7% in fiscal year 2025, reflecting core business profitability. This is up 4.9 percentage points from the prior year.
Enphase Energy's net profit margin was 11.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.0 percentage points from the prior year.
Enphase Energy's ROE was 15.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.5 percentage points from the prior year.
Enphase Energy invested $189K in research and development in fiscal year 2025. This represents a decrease of 99.9% from the prior year.
Enphase Energy spent $130K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
Enphase Energy invested $41K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 99.9% from the prior year.
ENPH Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $410.4M+13.0% | $363.2M+2.0% | $356.1M-7.0% | $382.7M+26.1% | $303.5M+15.2% | $263.3M-13.0% | $302.6M-45.1% | $551.1M |
| Cost of Revenue | $214.2M+11.2% | $192.7M+2.6% | $187.8M+1.9% | $184.4M+10.9% | $166.3M+12.5% | $147.8M-5.2% | $155.9M-46.1% | $289.1M |
| Gross Profit | $196.2M+15.1% | $170.5M+1.3% | $168.2M-15.2% | $198.3M+44.6% | $137.2M+18.8% | $115.5M-21.2% | $146.7M-44.0% | $262.0M |
| R&D Expenses | $47.3M+4.1% | $45.4M-9.5% | $50.2M-0.4% | $50.4M+3.1% | $48.9M-9.9% | $54.2M-2.0% | $55.3M+0.8% | $54.9M |
| SG&A Expenses | $33.1M-2.8% | $34.0M0.0% | $34.0M+6.7% | $31.9M-4.9% | $33.5M-4.6% | $35.2M+5.4% | $33.4M-1.2% | $33.8M |
| Operating Income | $66.2M+78.8% | $37.0M+15.9% | $31.9M-41.8% | $54.8M+2946.4% | $1.8M+106.2% | -$29.1M-184.4% | -$10.2M-108.7% | $118.0M |
| Interest Expense | $830K+1.8% | $815K-60.2% | $2.0M-9.1% | $2.3M+1.4% | $2.2M+1.1% | $2.2M-3.2% | $2.3M+3.3% | $2.2M |
| Income Tax | $10.4M+101.5% | $5.2M-70.0% | $17.2M+127.7% | $7.5M+1868.4% | $383K-91.7% | $4.6M+152.9% | -$8.7M-137.2% | $23.4M |
| Net Income | $66.6M+79.8% | $37.1M+24.6% | $29.7M-52.2% | $62.2M+473.8% | $10.8M+167.3% | -$16.1M-176.9% | $20.9M-81.6% | $114.0M |
| EPS (Diluted) | $0.50+78.6% | $0.28+27.3% | $0.22-52.2% | $0.46+475.0% | $0.08+166.7% | $-0.12-170.6% | $0.17-78.8% | $0.80 |
ENPH Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.3B+4.5% | $3.2B+2.3% | $3.1B-4.4% | $3.2B+2.6% | $3.2B-2.1% | $3.2B-4.4% | $3.4B-4.8% | $3.6B |
| Current Assets | $2.4B+4.5% | $2.3B+4.2% | $2.2B-5.6% | $2.3B+3.8% | $2.2B-2.6% | $2.3B-5.8% | $2.4B-6.0% | $2.6B |
| Cash & Equivalents | $401.9M+8.5% | $370.5M+5.8% | $350.1M-5.2% | $369.1M+46.4% | $252.1M-0.6% | $253.7M-12.2% | $288.7M-0.5% | $290.1M |
| Inventory | $188.7M+9.0% | $173.0M+20.1% | $144.0M-12.7% | $165.0M-6.3% | $176.1M-15.3% | $207.9M-2.7% | $213.6M+22.7% | $174.1M |
| Accounts Receivable | $265.5M+18.9% | $223.2M-1.1% | $225.6M+0.8% | $223.7M-19.4% | $277.5M-23.8% | $364.4M-18.3% | $446.0M-20.4% | $560.3M |
| Goodwill | $214.4M-0.2% | $214.9M+1.2% | $212.4M+0.4% | $211.6M-0.8% | $213.2M-0.2% | $213.6M-0.4% | $214.6M+0.6% | $213.2M |
| Total Liabilities | $2.3B+1.2% | $2.3B+0.1% | $2.3B-5.0% | $2.4B+5.9% | $2.3B-1.2% | $2.3B-3.7% | $2.4B-5.5% | $2.5B |
| Current Liabilities | $1.2B+0.7% | $1.2B+0.3% | $1.2B+75.6% | $660.1M+24.6% | $529.6M-4.4% | $554.1M+4.1% | $532.4M-31.2% | $774.4M |
| Long-Term Debt | $571.9M+0.1% | $571.5M+0.1% | $571.2M-52.4% | $1.2B+0.1% | $1.2B+0.1% | $1.2B-7.4% | $1.3B+8.1% | $1.2B |
| Total Equity | $995.0M+13.0% | $880.6M+8.6% | $810.7M-2.7% | $833.0M-5.8% | $884.5M-4.1% | $922.7M-6.2% | $983.6M-3.1% | $1.0B |
| Retained Earnings | -$242.6M+21.6% | -$309.2M+2.1% | -$315.9M-28.8% | -$245.2M-143.0% | -$100.9M-753.6% | -$11.8M-125.5% | $46.3M-63.1% | $125.4M |
ENPH Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $13.9M-47.7% | $26.6M-45.0% | $48.4M-71.1% | $167.3M+31.7% | $127.1M+158.3% | $49.2M+38.8% | $35.5M-75.7% | $145.9M |
| Capital Expenditures | $8.0M-2.7% | $8.3M-43.5% | $14.6M+81.2% | $8.1M-16.3% | $9.6M+30.7% | $7.4M-63.3% | $20.1M-15.8% | $23.8M |
| Free Cash Flow | $5.9M-68.0% | $18.4M-45.7% | $33.8M-78.8% | $159.2M+35.6% | $117.4M+180.7% | $41.8M+172.1% | $15.4M-87.4% | $122.0M |
| Investing Cash Flow | $21.4M+141.8% | -$51.2M-145.3% | $113.1M-54.9% | $250.6M+1007.3% | -$27.6M-255.8% | $17.7M-76.7% | $76.0M+613.4% | -$14.8M |
| Financing Cash Flow | -$1.7M+93.9% | -$27.6M+87.1% | -$214.2M-5.6% | -$202.7M-101.5% | -$100.6M+0.2% | -$100.9M+12.3% | -$115.0M+2.3% | -$117.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0-100.0% | $30.0M-70.0% | $100.0M-49.9% | $199.7M+99.8% | $99.9M+137.9% | $42.0M-58.0% | $100.0M-9.1% | $110.0M |
ENPH Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.8%+0.9pp | 46.9%-0.3pp | 47.3%-4.6pp | 51.8%+6.6pp | 45.2%+1.3pp | 43.9%-4.6pp | 48.5%+0.9pp | 47.5% |
| Operating Margin | 16.1%+5.9pp | 10.2%+1.2pp | 9.0%-5.4pp | 14.3%+13.7pp | 0.6%+11.6pp | -11.1%-7.7pp | -3.4%-24.8pp | 21.4% |
| Net Margin | 16.2%+6.0pp | 10.2%+1.8pp | 8.3%-7.9pp | 16.2%+12.7pp | 3.6%+9.7pp | -6.1%-13.0pp | 6.9%-13.8pp | 20.7% |
| Return on Equity | 6.7%+2.5pp | 4.2%+0.5pp | 3.7%-3.8pp | 7.5%+6.2pp | 1.2% | N/A | 2.1%-9.1pp | 11.2% |
| Return on Assets | 2.0%+0.8pp | 1.2%+0.2pp | 1.0%-0.9pp | 1.9%+1.6pp | 0.3%+0.8pp | -0.5%-1.1pp | 0.6%-2.6pp | 3.2% |
| Current Ratio | 2.04+0.1 | 1.97+0.1 | 1.90-1.6 | 3.53-0.7 | 4.23+0.1 | 4.16-0.4 | 4.59+1.2 | 3.36 |
| Debt-to-Equity | 0.57-0.1 | 0.65-0.1 | 0.70-0.7 | 1.44+0.1 | 1.36+0.1 | 1.30-0.0 | 1.32+0.1 | 1.18 |
| FCF Margin | 1.4%-3.6pp | 5.1%-4.4pp | 9.5%-32.1pp | 41.6%+2.9pp | 38.7%+22.8pp | 15.9%+10.8pp | 5.1%-17.1pp | 22.1% |
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Frequently Asked Questions
What is Enphase Energy's annual revenue?
Enphase Energy (ENPH) reported $1.5M in total revenue for fiscal year 2025. This represents a -99.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Enphase Energy's revenue growing?
Enphase Energy (ENPH) revenue declined by 99.9% year-over-year, from $1.3B to $1.5M in fiscal year 2025.
Is Enphase Energy profitable?
Yes, Enphase Energy (ENPH) reported a net income of $172K in fiscal year 2025, with a net profit margin of 11.7%.
What is Enphase Energy's earnings per share (EPS)?
Enphase Energy (ENPH) reported diluted earnings per share of $1.29 for fiscal year 2025. This represents a 72.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Enphase Energy's EBITDA?
Enphase Energy (ENPH) had EBITDA of $238K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Enphase Energy have?
As of fiscal year 2025, Enphase Energy (ENPH) had $474K in cash and equivalents against $572K in long-term debt.
What is Enphase Energy's gross margin?
Enphase Energy (ENPH) had a gross margin of 46.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Enphase Energy's operating margin?
Enphase Energy (ENPH) had an operating margin of 10.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Enphase Energy's net profit margin?
Enphase Energy (ENPH) had a net profit margin of 11.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Enphase Energy's return on equity (ROE)?
Enphase Energy (ENPH) has a return on equity of 15.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Enphase Energy's free cash flow?
Enphase Energy (ENPH) generated $96K in free cash flow during fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Enphase Energy's operating cash flow?
Enphase Energy (ENPH) generated $137K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Enphase Energy's total assets?
Enphase Energy (ENPH) had $3.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Enphase Energy's capital expenditures?
Enphase Energy (ENPH) invested $41K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Enphase Energy spend on research and development?
Enphase Energy (ENPH) invested $189K in research and development during fiscal year 2025.
Does Enphase Energy buy back shares?
Yes, Enphase Energy (ENPH) spent $130K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Enphase Energy have outstanding?
Enphase Energy (ENPH) had 131M shares outstanding as of fiscal year 2025.
What is Enphase Energy's current ratio?
Enphase Energy (ENPH) had a current ratio of 2.07 as of fiscal year 2025, which is generally considered healthy.
What is Enphase Energy's debt-to-equity ratio?
Enphase Energy (ENPH) had a debt-to-equity ratio of 0.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Enphase Energy's return on assets (ROA)?
Enphase Energy (ENPH) had a return on assets of 4.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Enphase Energy's Altman Z-Score?
Enphase Energy (ENPH) has an Altman Z-Score of 1410.51, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Enphase Energy's Piotroski F-Score?
Enphase Energy (ENPH) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Enphase Energy's earnings high quality?
Enphase Energy (ENPH) has an earnings quality ratio of 0.79x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Enphase Energy cover its interest payments?
Enphase Energy (ENPH) has an interest coverage ratio of 121.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Enphase Energy?
Enphase Energy (ENPH) scores 51 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.