Enphase Energy, Inc. (ENPH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-25.7%

$20.76

vs $27.93 price

Levered DCF

$46.97

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.36

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	24.47×	90.37×	41.04×	90.12×	167.83×	163.99×	18.93×	-39.42×
P/B	3.87×	11.14×	18.32×	43.44×	57×	45.52×	11.2×	58.94×
P/S	2.85×	6.98×	7.87×	15.39×	17.74×	28.45×	4.88×	1.45×
EV / EBITDA	21.61×	48.68×	31.93×	70.55×	129.25×	136.92×	25.52×	45.59×
Gross margin	46.6%	47.3%	46.2%	41.8%	40.1%	44.7%	35.4%	29.9%
Operating margin	11.2%	5.8%	19.5%	19.2%	15.6%	24.1%	16.5%	0.5%
Net margin	11.7%	7.7%	19.2%	17.0%	10.5%	17.3%	25.8%	-3.7%
Current ratio	2.07×	3.53×	4.59×	3.55×	3.33×	1.75×	2.51×	1.51×
Debt / equity	1.14×	1.6×	1.34×	1.59×	2.45×	0.72×	0.4×	14.12×
Interest coverage	36.42×	8.68×	50.43×	47.5×	4.78×	8.88×	10.6×	0.17×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.8%	12.3%	44.6%	48.1%	33.8%	27.7%	59.2%	-149.5%
Return on invested capital	4.8%	2.4%	13.4%	15.5%	12.5%	18.7%	19.8%	0.7%
Return on assets	4.9%	3.2%	13.0%	12.9%	7.0%	11.2%	22.6%	-3.4%
Free cash flow yield	2.3%	5.2%	3.3%	1.9%	1.2%	0.9%	4.1%	2.6%
Earnings yield	4.1%	1.1%	2.4%	1.1%	0.6%	0.6%	5.3%	-2.5%
Enterprise value	$5B	$10.2B	$19B	$36.7B	$25.5B	$21.7B	$2.9B	$461.8M
Net debt / EBITDA	3.34×	4.57×	1.72×	1.62×	4.74×	-2.07×	-1.25×	0.35×
Cash conversion cycle (days)	105	100	100	76	77	68	62	38