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Enphase Energy, Inc. | 2025 Form 10-K | 6 Table of Contents Our Company We are a global energy technology company originally founded in March 2006. We deliver smart, easy-to-use solutions that manage solar generation, storage and communication on one platform.
$66.90
+$2.87 (+4.48%)
Price from 8 days ago
10.69% operating margin is respectable but not wide. ROIC at 5.55%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue up 10.7% YoY with margins expanding 4.9pp. However, free cash flow softened 80%, worth monitoring whether this is timing or structural.
At 66x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 80% versus the prior year, cash generation momentum has weakened.
66.2x earnings, 60.6x FCF. The market is pricing in years of above-average growth. If that thesis breaks, downside from multiple compression alone could be 30%+. This is a stock where you're paying for the future, not the present.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$1.40B
▲ +10.7% YoY
Net Income (TTM)
$135M
▲ +67.7% YoY
Op. Margin
6.86%
▲ +4.9pp YoY
ROIC
4.14%
▲ +2.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$145M
▼ -80.0% YoY
Op. Cash Flow (TTM)
$191M
▼ -73.4% YoY
Net Debt
-$319M
Net Cash Position
Cash & Equiv.
$931M
5Y CAGR: +13.7%
5Y CAGR: -13.3%
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