Company Analysis

Enphase Energy, Inc. (ENPH)

Nasdaq: ENPH · Semiconductors & Related Devices · Fremont, CA · filing with the SEC since 2009
Grade5.2
◀ Past 5.3● Present 5.8▶ Future 4.2

The grade of Enphase Energy, Inc.

Nine metrics read from its own filings, by tense
Headline grade
5.2/10
◀ Past5.335% of the headline
● Present5.838% of the headline
▶ Future4.228% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

All nine metrics read as filed from the record.

◀ Past

What did they actually do?

5.3/1035% of the headline grade · 3 of 3 filed

Surviving crises

as filed
2.9/10

Has it survived what it has been through?

1 warning event since 2017; the latest 2017-06-28.

weight 39% of this tense · 29th percentile among 99 sector filers · read for itself

From the record

Enphase Energy, Inc.'s filings since 2017 show 1 warning event: a notice about its exchange listing (8-K item 3.01, the latest 2017-06-28) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
6.0/10

What has it actually done, year after year?

+22.7% a year over 9 filed years; profitable in 7 of 9.

weight 39% of this tense · 60th percentile among 93 sector filers · read for its customers

From the record

Enphase Energy, Inc.'s 9 filed years say what it did: revenue went from $286 million in fiscal 2017 to $1.5 billion in fiscal 2025, up 22.7% a year; it rose in 6 of 8 years; the deepest fall was 43% from fiscal 2022 to fiscal 2024; net income was positive in 7 of 9 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span22.7%top 18% of its family
  • the share of years revenue rosetop 33% of its family
  • the share of filed years with a profittop 43% of its family
  • the deepest fall from a revenue peak42.9%bottom 34% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed
8.4/10

How has it treated the people who own it?

Share count shrank 2.2% a year. 69% of cash flow returned. Insiders: 9 sales, 7 purchases.

weight 22% of this tense · 84th percentile among 67 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, Enphase Energy, Inc.'s diluted share count shrank about 2.2% a year, and dividends and buybacks returned about 69% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 9 sales (1 under scheduled 10b5-1 plans) and 7 purchases of their own stock on the open market in the year to 2026-11-12, buying about $949 thousand (their Form 4 filings).

What it rests on

  • the share count over the yearstop 11% of its family
  • cash returned against operating cash flowtop 22% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

5.8/1038% of the headline grade · 3 of 3 filed

Financial health

as filed
5.9/10

Is it financially healthy right now?

ROE 16%: 16¢ of profit per shareholder dollar. Leverage 69%: owes 69¢ per asset dollar.

weight 45% of this tense · 59th percentile among 95 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Enphase Energy, Inc. earned about 16 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 20 cents per dollar of everything the company owns. Leverage: it owed about 69 cents per dollar of assets, and net share issuance: its share count shrank 3.7% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetsbottom 16% of its family
  • return on equitytop 26% of its family
  • gross profit against assetstop 45% of its family
  • the share count against the year beforetop 7% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
5.0/10

How strong is its position in its industry?

bottom 50% of 97 in its family; net margin 11.7%.

weight 33% of this tense · 50th percentile among 97 sector filers · read for its customers

From the record

Enphase Energy, Inc.'s standing among 97 graded names in its industry family: revenue of $1.5 billion in fiscal 2025 ranks in the top 33% by size; a net margin of 11.7% ranks in the top 31%; revenue growth of -14.2% a year over the last 3 filed years ranks in the bottom 14% (its annual reports).

What it rests on

  • revenue against the family$1.47Btop 33% of its family
  • net margin11.7%top 31% of its family
  • three-year revenue growth-14.2%bottom 14% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
6.9/10

What are the people in charge doing?

top 31% of 67 in its family for leadership; chief executive since 2017.

weight 22% of this tense · 69th percentile among 67 sector filers · read for its shareholders

From the record

Enphase Energy, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Kothandaraman, Badrinarayanan (President & CEO, as filed), filing under that title since 2017-09-14, 9.2 years (top 27% of its family); the 10 officers and directors filing in the last fifteen months have been on the record a median of 8.8 years (top 23%); 5 officer or director changes were reported on Form 8-K since 2023-11-13, against the 10 people in charge now (top 45%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge5 in three years among 10 peopletop 45% of its family
  • the median years the people in charge have filed8.8 yearstop 23% of its family
  • the chief executive's years on the record9.2 yearstop 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

4.2/1028% of the headline grade · 3 of 3 filed

Room to expand

as filed
4.0/10

How much room does it have to grow?

bottom 40% of 94 in its family for room to expand.

weight 34% of this tense · 40th percentile among 94 sector filers · read for itself

From the record

Enphase Energy, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $474 million against debt of $1.2 billion leaves -20.8% of its assets as net cash, bottom 13% of its family; cash from operations less capital spending is 6.5% of revenue (top 46%); a gross margin of 46.6% (top 41%); research spending of 12.8% of revenue (bottom 36%) (its annual report).

What it rests on

  • cash less debt against assets-20.8%bottom 13% of its family
  • cash from operations less capital spending against revenue6.5%top 46% of its family
  • gross margin46.6%top 41% of its family
  • research spending against revenue12.8%bottom 36% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
3.4/10

What could actually drive growth from here?

bottom 34% of 93 in its family for growth drivers.

weight 33% of this tense · 34th percentile among 93 sector filers · read for its customers

From the record

Enphase Energy, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -14.2% a year over the last three filed years against 22.7% over all 9, slowing (bottom 7% of its family); the newest year grew 10.7% (top 50%); research spending grew 3.8% a year (bottom 43%); capital spending grew -4.4% a year (bottom 35%) (its annual reports). Enphase Energy, Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

  • three-year growth against the whole span-36.9 points a yearbottom 7% of its family
  • the newest year's revenue growth10.7%top 50% of its family
  • three-year growth of research spending3.8%bottom 43% of its family
  • three-year growth of capital spending-4.4%bottom 35% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
5.1/10

Did its newest year beat what its own record pointed to?

top 49% of 88 in its family for expectations against reality.

weight 34% of this tense · 51st percentile among 88 sector filers · read for its shareholders

From the record

Enphase Energy, Inc.'s newest year against its own record: revenue of $1.5 billion in fiscal 2025 came in 46.5% above the $1.0 billion its prior three years' pace pointed to (top 24% of its family); net income of $172 million against a prior three-year average of $313 million (bottom 35%); a net margin of 11.7% against 14.6% before (bottom 43%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace46.5%top 24% of its family
  • net income against the prior three years' average-45%bottom 35% of its family
  • net margin against its prior average-3.0 pointsbottom 43% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton ENPH · research, not advice