Enphase Energy - Public Comps and Valuation Multiples

Enphase Energy Overview

About Enphase Energy

Enphase Energy is a global energy technology company. It delivers smart, easy-to-use solutions that manage solar generation, storage, and communication on one platform. The company's microinverter technology primarily serves the rooftop solar market and produces a fully integrated solar-plus-storage solution. Enphase derives a majority of revenue from the United States.

Founded

2006

HQ

Employees

2.8K+

Website

enphase.com

Sectors

Energy Equipment
Solar
EnergyTech
Industry 4.0
DeepTech
ClimateTech

Financials

LTM Revenue $1.4B

LTM EBITDA $424M

EV

$4.5B

Valuation Multiples

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Enphase Energy Financials

As of September 2025, Enphase Energy reported last 12-month revenue of $1.4B and EBITDA of $424M.

In the same period, Enphase Energy generated $657M in LTM gross profit and $130M in net income.

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Enphase Energy P&L

In the most recent fiscal year, Enphase Energy reported revenue of $1.3B and EBITDA of $210M.

Enphase Energy expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.4B	XXX	$1.3B	XXX	XXX	XXX
Gross Profit	$657M	XXX	$629M	XXX	XXX	XXX
Gross Margin	45%	XXX	47%	XXX	XXX	XXX
EBITDA	$424M	XXX	$210M	XXX	XXX	XXX
EBITDA Margin	29%	XXX	16%	XXX	XXX	XXX
EBIT	$113M	XXX	$90.4M	XXX	XXX	XXX
EBIT Margin	8%	XXX	7%	XXX	XXX	XXX
Net Profit	$130M	XXX	$103M	XXX	XXX	XXX
Net Margin	9%	XXX	8%	XXX	XXX	XXX
Net Debt	XXX	XXX	$933M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Enphase Energy including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.4B. EBITDA for the last twelve months was $424M. In the most recent fiscal year, Enphase Energy achieved $1.3B in revenue and $210M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.4B	Analyst estimates available to subscribers	$1.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$657M	Analyst estimates available to subscribers	$629M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	45.4% gross margin	Analyst estimates available to subscribers	47.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$424M	Analyst estimates available to subscribers	$210M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	29.3% EBITDA margin	Analyst estimates available to subscribers	15.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$113M	Analyst estimates available to subscribers	$90.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	7.8% EBIT margin	Analyst estimates available to subscribers	6.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$130M	Analyst estimates available to subscribers	$103M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	9.0% net profit margin	Analyst estimates available to subscribers	7.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$933M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Enphase Energy

This financial data table provides comprehensive performance metrics for Enphase Energy, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Enphase Energy generated $1.4B in revenue over the last twelve months.
The company achieved $424M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $657M.
Net income over the last twelve months reached $130M.

Fiscal Year Performance

In the most recent fiscal year, Enphase Energy reported $1.3B in total revenue.
Fiscal year EBITDA was $210M.
The company maintained a gross profit margin of 47.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 15.8%.
Net profit margin reached 7.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Enphase Energy. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Enphase Energy Stock Performance

Enphase Energy has current market cap of $4.8B, and EV of $4.5B.

Market Cap Evolution

Enphase Energy Stock Data

As of October 17, 2025, Enphase Energy's stock price is $37.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$4.5B	$4.8B	XXX	XXX	XXX	XXX	$2.63

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Enphase Energy Valuation Multiples

Enphase Energy's trades at 3.4x EV/Revenue multiple, and 21.2x EV/EBITDA.

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Enphase Energy Financial Valuation Multiples

As of October 17, 2025, Enphase Energy has market cap of $4.8B and EV of $4.5B.

Equity research analysts estimate Enphase Energy's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Enphase Energy has a P/E ratio of 36.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$4.8B	XXX	$4.8B	XXX	XXX	XXX
EV (current)	$4.5B	XXX	$4.5B	XXX	XXX	XXX
EV/Revenue	3.1x	XXX	3.4x	XXX	XXX	XXX
EV/EBITDA	10.5x	XXX	21.2x	XXX	XXX	XXX
EV/EBIT	39.3x	XXX	49.3x	XXX	XXX	XXX
EV/Gross Profit	6.8x	XXX	n/a	XXX	XXX	XXX
P/E	36.9x	XXX	46.6x	XXX	XXX	XXX
EV/FCF	16.4x	XXX	9.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Enphase Energy Margins & Growth Rates

Enphase Energy's last 12 month revenue growth is -6%

Enphase Energy's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.2M for the same period.

Enphase Energy's rule of 40 is 20% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Enphase Energy's rule of X is 15% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Enphase Energy Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-6%	XXX	0%	XXX	XXX	XXX
EBITDA Margin	29%	XXX	16%	XXX	XXX	XXX
EBITDA Growth	-13%	XXX	-15%	XXX	XXX	XXX
Rule of 40	20%	XXX	10%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	15%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	16%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	15%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	40%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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