NasdaqGM:ENPH

Stock Analysis Report

Executive Summary

Enphase Energy, Inc., together with its subsidiaries, designs, develops, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally.

Snowflake

Fundamentals

Exceptional growth potential with adequate balance sheet.

Risks

  • Enphase Energy has significant price volatility in the past 3 months.

Similar Companies

Share Price & News

How has Enphase Energy's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

1.4%

NasdaqGM:ENPH

0.4%

US Semiconductor

0.8%

US Market


1 Year Return

492.7%

NasdaqGM:ENPH

10.7%

US Semiconductor

1.9%

US Market

ENPH outperformed the Semiconductor industry which returned 11.3% over the past year.

ENPH outperformed the Market in United States of America which returned 2.1% over the past year.


Share holder returns

ENPHIndustryMarket
7 Day1.4%0.4%0.8%
30 Day-24.9%7.8%3.4%
90 Day36.3%12.6%2.1%
1 Year492.7%492.7%12.7%10.7%4.2%1.9%
3 Year1593.9%1593.9%84.2%73.5%46.7%37.2%
5 Year70.1%70.1%124.2%101.4%62.3%44.5%

Price Volatility Vs. Market

How volatile is Enphase Energy's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Enphase Energy undervalued based on future cash flows and its price relative to the stock market?

28%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Enphase Energy's share price is below the future cash flow value, and at a moderate discount (> 20%).

Enphase Energy's share price is below the future cash flow value, but not at a substantial discount (< 40%).


Price Based on Earnings

Enphase Energy is overvalued based on earnings compared to the US Semiconductor industry average.

Enphase Energy is overvalued based on earnings compared to the United States of America market.


Price Based on Expected Growth

Enphase Energy is poor value based on expected growth next year.


Price Based on Value of Assets

Enphase Energy is overvalued based on assets compared to the US Semiconductor industry average.


Next Steps

Future Growth

How is Enphase Energy expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

33.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Enphase Energy's revenue is expected to grow significantly at over 20% yearly.

Enphase Energy's earnings are expected to grow significantly at over 20% yearly.

Enphase Energy's revenue growth is expected to exceed the United States of America market average.

Enphase Energy's earnings growth is expected to exceed the United States of America market average.

Enphase Energy's earnings growth is expected to exceed the low risk savings rate of 2.7%.


Earnings per Share Growth Estimates


Future Return on Equity

Enphase Energy is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).


Next Steps

Past Performance

How has Enphase Energy performed over the past 5 years?

-1.7%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Enphase Energy's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.

Enphase Energy has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.

Enphase Energy has become profitable in the last year making it difficult to compare the US Semiconductor industry average.


Return on Equity

Enphase Energy has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Enphase Energy used its assets less efficiently than the US Semiconductor industry average last year based on Return on Assets.


Return on Capital Employed

Enphase Energy has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).


Next Steps

Financial Health

How is Enphase Energy's financial position?


Financial Position Analysis

Enphase Energy is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

Enphase Energy's cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

Enphase Energy's level of debt (87.8%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (17.5% vs 87.8% today).

Debt is well covered by operating cash flow (39.4%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 3.7x coverage).


Balance Sheet

Low level of unsold assets.

Debt is covered by short term assets, assets are 3.4x debt.


Next Steps

Dividend

What is Enphase Energy's current dividend yield, its reliability and sustainability?


Dividend Yield and Payments Analysis

Unable to evaluate Enphase Energy's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.

Unable to evaluate Enphase Energy's dividend against the top 25% market benchmark as the company has not reported any payouts.

Unable to perform a dividend volatility check as Enphase Energy has not reported any payouts.

Unable to verify if Enphase Energy's dividend has been increasing as the company has not reported any payouts.


Current Payout to Shareholders

Unable to calculate sustainability of dividends as Enphase Energy has not reported any payouts.


Future Payout to Shareholders

No need to calculate the sustainability of Enphase Energy's dividends in 3 years as they are not expected to pay a notable one for United States of America.


Next Steps

Management

What is the CEO of Enphase Energy's salary, the management and board of directors tenure and is there insider trading?

1.9yrs

Average management tenure


CEO

Badri Kothandaraman (46yo)

2.1yrs

Tenure

US$2,721,724

Compensation

Mr. Badrinarayanan Kothandaraman, also known as Badri, is the President, Chief Executive Officer of Enphase Energy, Inc. since September 3, 2017. He serves as Director at Enphase Energy, Inc since May 2018 ...


CEO Compensation Analysis

Badri's remuneration is lower than average for companies of similar size in United States of America.

Badri's compensation has increased in line with Enphase Energy recently becoming profitable.


Management Age and Tenure

1.9yrs

Average Tenure

54yo

Average Age

The average tenure for the Enphase Energy management team is less than 2 years, this suggests a new team.


Board Age and Tenure

4.1yrs

Average Tenure

54yo

Average Age

The tenure for the Enphase Energy board of directors is about average.


Insider Trading

Enphase Energy individual insiders have only sold shares in the past 3 months.


Recent Insider Transactions

SellUS$1,861,80020 Aug 19
Richard Mora
EntityIndividual
Role
Member of the Board of Directors
Director
Shares60,000
Max PriceUS$31.03
SellUS$20,617,06731 Jul 19
TOTAL S.A.
EntityCompany
Shares1,000,000
Max PriceUS$21.38
SellUS$928,91517 May 19
David Ranhoff
EntityIndividual
Role
Senior Key Executive
VP & Chief Commercial Officer
Shares63,516
Max PriceUS$14.62
SellUS$19,30703 Apr 19
David Ranhoff
EntityIndividual
Role
Senior Key Executive
VP & Chief Commercial Officer
Shares2,110
Max PriceUS$9.15
SellUS$12,33227 Mar 19
Eric Branderiz
EntityIndividual
Role
Chief Financial Officer
CFO & VP
Shares2,210
Max PriceUS$5.58
SellUS$13,22527 Mar 19
Badrinarayanan Kothandaraman
EntityIndividual
Role
Chief Executive Officer
President
Shares2,370
Max PriceUS$5.58
SellUS$548,60405 Mar 19
David Ranhoff
EntityIndividual
Role
Senior Key Executive
VP & Chief Commercial Officer
Shares60,000
Max PriceUS$9.15
BuyUS$100,09805 Mar 19
Eric Branderiz
EntityIndividual
Role
Chief Financial Officer
CFO & VP
Shares11,415
Max PriceUS$8.77
BuyUS$87,39405 Mar 19
Badrinarayanan Kothandaraman
EntityIndividual
Role
Chief Executive Officer
President
Shares10,000
Max PriceUS$8.74
BuyUS$85,27508 Nov 18
Badrinarayanan Kothandaraman
EntityIndividual
Role
Chief Executive Officer
President
Shares15,000
Max PriceUS$5.69

Ownership Breakdown


Management Team

  • Dave Ranhoff (63yo)

    VP & Chief Commercial Officer

    • Tenure: 1.8yrs
    • Compensation: US$577.30k
  • Eric Branderiz (54yo)

    CFO & VP

    • Tenure: 1.3yrs
    • Compensation: US$3.01m
  • Denis Quinlan

    VP & General Counsel

    • Tenure: 0yrs
  • Martin Fornage (55yo)

    Co-Founder & CTO

    • Tenure: 13.5yrs
    • Compensation: US$1.05m
  • Raghu Belur (51yo)

    Co-Founder & Chief Products Officer

    • Tenure: 13.5yrs
    • Compensation: US$758.90k
  • Badri Kothandaraman (46yo)

    President

    • Tenure: 2.1yrs
    • Compensation: US$2.72m
  • Nathan Dunn

    Managing Director of APAC

    • Tenure: 5.4yrs
  • Mandy Yang (43yo)

    VP, CAO

    • Tenure: 0.9yrs
  • Jeff McNeil (57yo)

    VP & COO

    • Tenure: 0.4yrs
  • Christina Carrabino

    Investor Relations

    • Tenure: 0yrs

Board Members

  • Thurman Rodgers (71yo)

    Director

    • Tenure: 2.7yrs
    • Compensation: US$119.00k
  • Steve Gomo (67yo)

    Lead Independent Director

    • Tenure: 0yrs
    • Compensation: US$195.00k
  • Richard Mora (54yo)

    Director

    • Tenure: 5.6yrs
    • Compensation: US$133.00k
  • Ben Kortlang (44yo)

    Director

    • Tenure: 9.3yrs
    • Compensation: US$75.00k
  • Badri Kothandaraman (46yo)

    President

    • Tenure: 2.1yrs
    • Compensation: US$2.72m

Company Information

Enphase Energy, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Enphase Energy, Inc.
  • Ticker: ENPH
  • Exchange: NasdaqGM
  • Founded: 2006
  • Industry: Semiconductor Equipment
  • Sector: Semiconductors
  • Market Cap: US$3.058b
  • Shares outstanding: 121.97m
  • Website: https://www.enphase.com

Number of Employees


Location

  • Enphase Energy, Inc.
  • 47281 Bayside Parkway
  • Fremont
  • California
  • 94538
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ENPHNasdaqGM (Nasdaq Global Market)YesCommon StockUSUSDMar 2012
E0PDB (Deutsche Boerse AG)YesCommon StockDEEURMar 2012
0QYELSE (London Stock Exchange)YesCommon StockGBUSDMar 2012

Biography

Enphase Energy, Inc., together with its subsidiaries, designs, develops, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers sem ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/09/18 00:57
End of Day Share Price2019/09/17 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.