Enphase Energy, Inc.

WBAG:ENPH Stock Report

Market Cap: €9.6b

Enphase Energy Valuation

Is ENPH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ENPH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€165.60
Fair Value
58.6% undervalued intrinsic discount
36
Number of Analysts

Below Fair Value: ENPH (€68.6) is trading below our estimate of fair value (€165.6)

Significantly Below Fair Value: ENPH is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ENPH?

Key metric: As ENPH is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for ENPH. This is calculated by dividing ENPH's market cap by their current revenue.
What is ENPH's PS Ratio?
PS Ratio7.9x
SalesUS$1.25b
Market CapUS$9.93b

Price to Sales Ratio vs Peers

How does ENPH's PS Ratio compare to its peers?

The above table shows the PS ratio for ENPH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average7.2x
ONTO Onto Innovation
10.1x15.6%US$9.6b
MKSI MKS Instruments
2.1x7.7%US$7.6b
688126 National Silicon Industry GroupLtd
15.8x18.8%CN¥51.7b
AMKR Amkor Technology
1x5.6%US$6.6b
ENPH Enphase Energy
7.9x17.9%€9.9b

Price-To-Sales vs Peers: ENPH is expensive based on its Price-To-Sales Ratio (7.9x) compared to the peer average (7.3x).

Price to Sales Ratio vs Industry

How does ENPH's PS Ratio compare vs other companies in the European Semiconductor Industry?

9 CompaniesPrice / SalesEstimated GrowthMarket Cap
ENPH 7.9xIndustry Avg. 1.8xNo. of Companies9PS01.22.43.64.86+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: ENPH is expensive based on its Price-To-Sales Ratio (7.9x) compared to the European Semiconductor industry average (1.8x).

Price to Sales Ratio vs Fair Ratio

What is ENPH's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ENPH PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio7.9x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate ENPH's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ENPH forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€68.60
€92.01
+34.1%
23.9%€140.59€57.21n/a36
Jan ’26€68.36
€92.22
+34.9%
24.3%€139.85€56.91n/a36
Dec ’25€70.27
€91.89
+30.8%
24.8%€137.39€55.90n/a36
Nov ’25€76.16
€98.19
+28.9%
21.1%€142.67€66.70n/a36
Oct ’25€101.38
€114.56
+13.0%
16.1%€152.68€73.64n/a36
Sep ’25€107.62
€114.89
+6.8%
15.8%€152.42€73.52n/a38
Aug ’25€104.62
€118.51
+13.3%
15.0%€156.72€75.60n/a37
Jul ’25€91.97
€120.72
+31.3%
15.7%€154.61€66.13n/a37
Jun ’25€117.14
€118.13
+0.8%
15.4%€152.10€65.45n/a38
May ’25€102.58
€117.79
+14.8%
15.2%€154.24€66.37n/a40
Apr ’25€111.12
€119.00
+7.1%
15.9%€159.80€63.74n/a38
Mar ’25€114.82
€117.48
+2.3%
16.9%€159.51€63.62n/a37
Feb ’25€95.99
€113.41
+18.2%
19.0%€153.63€69.41n/a35
Jan ’25€121.30
€108.29
-10.7%
25.9%€207.81€67.76€68.3636
Dec ’24€95.16
€103.64
+8.9%
28.2%€211.26€59.70€70.2736
Nov ’24€72.20
€110.55
+53.1%
28.9%€217.65€70.97€76.1635
Oct ’24€114.22
€173.52
+51.9%
18.2%€247.38€107.64€101.3833
Sep ’24€120.00
€178.22
+48.5%
16.2%€241.56€110.64€107.6232
Aug ’24€139.08
€181.01
+30.1%
17.8%€275.76€122.46€104.6232
Jul ’24€152.60
€224.50
+47.1%
16.0%€290.50€151.21€91.9734
Jun ’24€164.96
€234.69
+42.3%
17.2%€318.19€153.96€117.1434
May ’24€150.10
€235.66
+57.0%
13.6%€309.46€149.74€102.5834
Apr ’24€194.24
€264.24
+36.0%
14.3%€334.67€165.04€111.1232
Mar ’24€200.25
€272.61
+36.1%
14.7%€342.33€168.82€114.8229
Feb ’24€201.45
€271.90
+35.0%
15.5%€332.26€172.96€95.9926
Jan ’24€248.00
€297.72
+20.0%
15.7%€357.62€179.28€121.3029
Analyst Price Target
Consensus Narrative from 36 Analysts
€88.56
Fair Value
22.5% undervalued intrinsic discount
36
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/08 14:30
End of Day Share Price 2025/01/08 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Enphase Energy, Inc. is covered by 70 analysts. 39 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ishan MajumdarBaptista Research
Christine ChoBarclays
Ameet ThakkarBMO Capital Markets Equity Research