Enphase Energy, Inc.

NasdaqGM:ENPH Stock Report

Market Cap: US$8.6b

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-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings 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.

Below Fair Value: ENPH ($59.52) is trading below our estimate of fair value ($192.86)

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 profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ENPH. This is calculated by dividing ENPH's market cap by their current earnings.
What is ENPH's PE Ratio?
PE Ratio130.9x
EarningsUS$61.42m
Market CapUS$8.59b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for ENPH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average38.6x
ONTO Onto Innovation
42.8x30.7%US$8.1b
AMKR Amkor Technology
17x30.7%US$6.4b
NVMI Nova
30.3x15.3%US$5.5b
ENTG Entegris
64.5x51.1%US$15.3b
ENPH Enphase Energy
130.9x46.1%US$8.6b

Price-To-Earnings vs Peers: ENPH is expensive based on its Price-To-Earnings Ratio (130.9x) compared to the peer average (38.6x).

Price to Earnings Ratio vs Industry

How does ENPH's PE Ratio compare vs other companies in the US Semiconductor Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TOYO TOYO
4.7xn/aUS$160.91m
SQNS Sequans Communications
1.5x-156.5%US$66.23m
No more companies available in this PE range
ENPH 130.9xIndustry Avg. 30.5xNo. of Companies11PE020406080100+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ENPH is expensive based on its Price-To-Earnings Ratio (130.9x) compared to the US Semiconductor industry average (30.5x).

Price to Earnings Ratio vs Fair Ratio

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

ENPH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio130.9x
Fair PE Ratio47.3x

Price-To-Earnings vs Fair Ratio: ENPH is expensive based on its Price-To-Earnings Ratio (130.9x) compared to the estimated Fair Price-To-Earnings Ratio (47.3x).

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
CurrentUS$59.52
US$99.90
+67.8%
22.7%US$145.00US$61.00n/a36
Nov ’25US$83.54
US$105.99
+26.9%
21.1%US$154.00US$72.00n/a36
Oct ’25US$111.20
US$127.56
+14.7%
16.1%US$170.00US$82.00n/a36
Sep ’25US$121.04
US$128.14
+5.9%
15.8%US$170.00US$82.00n/a38
Aug ’25US$109.68
US$128.55
+17.2%
15.0%US$170.00US$82.00n/a37
Jul ’25US$97.26
US$129.61
+33.3%
15.7%US$166.00US$71.00n/a37
Jun ’25US$127.90
US$128.15
+0.2%
15.4%US$165.00US$71.00n/a38
May ’25US$105.16
US$126.00
+19.8%
15.2%US$165.00US$71.00n/a40
Apr ’25US$118.29
US$128.83
+8.9%
15.9%US$173.00US$69.00n/a38
Mar ’25US$129.66
US$127.42
-1.7%
16.9%US$173.00US$69.00n/a37
Feb ’25US$105.44
US$122.54
+16.2%
19.0%US$166.00US$75.00n/a35
Jan ’25US$132.14
US$119.86
-9.3%
25.9%US$230.00US$75.00n/a36
Dec ’24US$106.52
US$112.83
+5.9%
28.2%US$230.00US$65.00n/a36
Nov ’24US$76.73
US$116.83
+52.3%
28.9%US$230.00US$75.00US$83.5435
Oct ’24US$120.15
US$183.78
+53.0%
18.2%US$262.00US$114.00US$111.2033
Sep ’24US$128.73
US$193.30
+50.2%
16.2%US$262.00US$120.00US$121.0432
Aug ’24US$150.32
US$199.55
+32.7%
17.8%US$304.00US$135.00US$109.6832
Jul ’24US$167.48
US$244.98
+46.3%
16.0%US$317.00US$165.00US$97.2634
Jun ’24US$181.47
US$251.51
+38.6%
17.2%US$341.00US$165.00US$127.9034
May ’24US$160.59
US$259.68
+61.7%
13.6%US$341.00US$165.00US$105.1634
Apr ’24US$210.28
US$288.19
+37.0%
14.3%US$365.00US$180.00US$118.2932
Mar ’24US$212.95
US$290.66
+36.5%
14.7%US$365.00US$180.00US$129.6629
Feb ’24US$227.14
US$298.69
+31.5%
15.5%US$365.00US$190.00US$105.4426
Jan ’24US$264.96
US$315.51
+19.1%
15.7%US$379.00US$190.00US$132.1429
Dec ’23US$314.00
US$306.55
-2.4%
15.2%US$363.00US$190.00US$106.5227
Nov ’23US$299.48
US$303.73
+1.4%
15.2%US$363.00US$190.00US$76.7326

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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