We’ve recently updated our valuation analysis.

Enphase Energy Valuation

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

Valuation Score

0/6

Valuation Score 0/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

ENPH key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue21.5x
Enterprise Value/EBITDA107.7x
PEG Ratio5.9x

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.
CompanyPEEstimated GrowthMarket Cap
Peer Average47.8x
16.4x4.1%US$53.9b
LRCX Lam Research
12.7x2.4%US$61.8b
AMAT Applied Materials
14x0.4%US$91.0b
SEDG SolarEdge Technologies
148.2x41.5%US$16.9b
ENPH Enphase Energy
146.6x24.9%US$43.4b

Price-To-Earnings vs Peers: ENPH is expensive based on its Price-To-Earnings Ratio (146.6x) compared to the peer average (47.8x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a13.4%
n/an/an/a

Price-To-Earnings vs Industry: ENPH is expensive based on its Price-To-Earnings Ratio (146.6x) compared to the US Semiconductor industry average (17.6x)


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 Ratio146.6x
Fair PE Ratio37.6x

Price-To-Earnings vs Fair Ratio: ENPH is expensive based on its Price-To-Earnings Ratio (146.6x) compared to the estimated Fair Price-To-Earnings Ratio (37.6x).


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 ($319.42) is trading above our estimate of fair value ($145.82)

Significantly Below Fair Value: ENPH is trading above our estimate of fair value.


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$319.42
US$304.70
-4.6%
14.9%US$363.00US$190.00n/a27
Nov ’23US$299.48
US$303.73
+1.4%
15.2%US$363.00US$190.00n/a26
Oct ’23US$277.47
US$281.73
+1.5%
16.6%US$363.00US$150.00n/a26
Sep ’23US$281.86
US$274.17
-2.7%
15.8%US$363.00US$150.00n/a27
Aug ’23US$280.89
US$257.56
-8.3%
15.5%US$315.00US$150.00n/a26
Jul ’23US$195.72
US$227.10
+16.0%
17.0%US$307.00US$132.00n/a26
Jun ’23US$182.49
US$224.36
+22.9%
17.7%US$307.00US$132.00n/a25
May ’23US$161.40
US$224.36
+39.0%
17.7%US$307.00US$132.00n/a25
Apr ’23US$205.89
US$221.92
+7.8%
18.3%US$290.00US$132.00n/a24
Mar ’23US$170.60
US$221.79
+30.0%
18.3%US$290.00US$132.00n/a24
Feb ’23US$142.67
US$229.71
+61.0%
20.3%US$313.00US$138.00n/a24
Jan ’23US$182.94
US$256.57
+40.2%
18.4%US$313.00US$138.00n/a23
Dec ’22US$236.86
US$260.25
+9.9%
17.9%US$315.00US$146.00n/a24
Nov ’22US$239.53
US$215.91
-9.9%
13.1%US$273.00US$138.00US$299.4822
Oct ’22US$155.36
US$196.68
+26.6%
14.2%US$238.00US$104.00US$277.4722
Sep ’22US$176.43
US$197.80
+12.1%
14.8%US$238.00US$104.00US$281.8620
Aug ’22US$189.60
US$197.80
+4.3%
14.8%US$238.00US$104.00US$280.8920
Jul ’22US$183.11
US$199.26
+8.8%
8.8%US$225.00US$160.00US$195.7219
Jun ’22US$139.44
US$196.24
+40.7%
8.9%US$225.00US$160.00US$182.4917
May ’22US$139.25
US$203.25
+46.0%
10.7%US$248.00US$160.00US$161.4016
Apr ’22US$162.69
US$224.20
+37.8%
13.3%US$264.00US$167.00US$205.8915
Mar ’22US$186.45
US$227.13
+21.8%
13.0%US$264.00US$167.00US$170.6015
Feb ’22US$186.34
US$179.13
-3.9%
30.4%US$254.00US$99.00US$142.6716
Jan ’22US$175.47
US$135.20
-22.9%
26.0%US$220.00US$93.00US$182.9415
Dec ’21US$128.85
US$116.29
-9.8%
11.6%US$142.00US$93.00US$236.8614
Nov ’21US$98.09
US$113.64
+15.9%
9.4%US$130.00US$93.00US$239.5314

Analyst Forecast: Target price is lower than the current share price.


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