← BackEnphase Energy, Inc. · SemiconductorsENPH
Low riskNext report: Around Feb 2, 2027 (est.)
The short versionA profitable company with shrinking sales.
Going well
- Profitable
- Sales up 11% last year
- Brings in more cash than it spends
Watch out for
- Sales down 29% in the latest quarter vs a year ago
Money moves
- No insider buying or selling in the last 30 days
- Institutions cut 0.6% from their holdings in the quarter ending June 2026 (271 bought, 269 sold)
- Held by Philippe Laffont (Coatue), Ray Dalio (Bridgewater)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$30.38-3.9% that day
- Company value
- $4.0B
- Share price times all shares
- Price vs profit (P/E)
- 46.0x
- You pay about $46 for each $1 of yearly profit
- Price vs sales
- 3.3x
- Company value is 3.3 times a year of sales
- Cash vs value
- 9%
- Cash as a share of company value
- Debt vs value
- 30%
- Debt as a share of company value
From ENPH's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Sales, Sep '26$293.3M-29% vs a year earlier
Dec '23Tap a barSep '26
Last 12 months: $1.2B, down 20% from the 12 months before. Over 5 years, sales grew about 14% a year.
Business quality
The checklist Warren Buffett-style investors use. Annual numbers for 2025.- PassReturn on equity 15%+Earns a lot on the money owners have in the business.17.9%
- MissDebt under half of equityNot relying on borrowed money.1.11x equity
- PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.11.7%
- MissProfitable every yearSteady profits, not one good year.7 of 10 years
- PassFree cash flow positiveBrings in more cash than it spends to run and grow.$95.9M
- PassShare count not growingNot diluting owners. Falling means buybacks.-6.6% in 3 years
- PassGross margin 40%+Pricing power: sells for well above what it costs to make.46.6%
- Revenue
- $1.5B
- +10.7% vs prior year
- 5-year growth
- +13.7%/yr
- revenue, per year
- Total debt
- $1.2B
- 1.11x equity
- Current ratio
- 2.07x
- short-term assets / bills due
From annual reports filed with the SEC. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Sep 30, 2026Reported Oct 27After close4:07 pm ET - Revenue
- $293.3M
- -28.5% YoY
- EPS
- $0.17
- vs $0.50
- Op. margin
- 2.2%
- -13.9 pts
- Gross margin
- 43.3%
- -4.5 pts
- Free cash flow
- -$11.4M
- Share count
- +1.7%
- vs a year ago
Insider rating
Last 90 days
No open-market insider buys or sells in the last 90 days.
Weekly insider trendNo trades to chart yet.
Filing buzz
Last 7 days vs normal
0/ 100
- This week
- 2
- Normal week
- 0.7
- vs normal
- 2.9x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
■Steady-0.6%Institutions cut 0.6% from their holdings. 271 bought, 269 sold. 2 quarters of net selling in a row.
Shares held by institutions124.5M
Sep '24Jun '26
Share count growthYearly rate, last 3 years
-1.0%Cash runwayAt last year's cash burn
Cash flow positiveDebt to equityLatest balance sheet: debt compared with what owners have
0.5x · $573.2M debtShares outstandingLatest reported
132MNext reportAround Feb 2, 2027 (est.)Estimated from the same quarter last year
- Results filedOct 27
- Results filedJul 28
- Results filedApr 28
- Results filedApr 6
- Results filedFeb 3
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days
No offerings, red flags or new big holders. Clean record.
Insider trades
Open-market buys and sells, last 90 days
No open-market buys or sells in 90 days. Grants and option exercises are left out.
"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.