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ENPH

Enphase EnergyNasdaqGM:ENPH Stock Report

Last Price

US$134.69

Market Cap

US$18.2b

7D

-6.1%

1Y

-36.5%

Updated

21 Jan, 2022

Data

Company Financials +
ENPH fundamental analysis
Snowflake Score
Valuation0/6
Future Growth6/6
Past Performance1/6
Financial Health6/6
Dividends0/6

ENPH Stock Overview

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

Enphase Energy Competitors

SolarEdge Technologies

NasdaqGS:SEDG

US$12.1b

Tesla

NasdaqGS:TSLA

US$1.0t

Schneider Electric

ENXTPA:SU

€89.5b

ABB

SWX:ABBN

CHF68.5b

Price History & Performance

Summary of all time highs, changes and price drops for Enphase Energy
Historical stock prices
Current Share PriceUS$134.69
52 Week HighUS$282.46
52 Week LowUS$108.88
Beta1.18
1 Month Change-28.74%
3 Month Change-23.78%
1 Year Change-36.49%
3 Year Change1,922.37%
5 Year Change8,112.81%
Change since IPO1,735.01%

Recent News & Updates

Jan 12
There's Been No Shortage Of Growth Recently For Enphase Energy's (NASDAQ:ENPH) Returns On Capital

There's Been No Shortage Of Growth Recently For Enphase Energy's (NASDAQ:ENPH) Returns On Capital

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'll want to see a proven...

Dec 31

Enphase Energy: There Are Growth Drivers, But Expectations Are Priced In

ENPH is currently the market leader in solar inverter technology, with a 15.57% market share in the US in Q3 2021. The market potential is still huge. The IQ8 solar microinverters will be of immense value to the company's business in the future as the device is unparalleled in the industry. The company has a lot of drivers for profitability growth. We expect significant growth in margins and recovery in asset turnover in the coming years. However, the company is trading at a fair price. Expectations are priced in.

Shareholder Returns

ENPHUS SemiconductorUS Market
7D-6.1%-8.4%-4.0%
1Y-36.5%15.7%6.6%

Return vs Industry: ENPH underperformed the US Semiconductor industry which returned 22.2% over the past year.

Return vs Market: ENPH underperformed the US Market which returned 7.7% over the past year.

Price Volatility

Is ENPH's price volatile compared to industry and market?
ENPH volatility
ENPH Average Weekly Movement10.6%
Semiconductor Industry Average Movement7.7%
Market Average Movement6.6%
10% most volatile stocks in US Market15.7%
10% least volatile stocks in US Market2.4%

Stable Share Price: ENPH is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 11% a week.

Volatility Over Time: ENPH's weekly volatility (11%) has been stable over the past year, but is still higher than 75% of US stocks.

About the Company

FoundedEmployeesCEOWebsite
2006850Badri Kothandaramanhttps://www.enphase.com

Enphase Energy, Inc., together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level, and combines with its proprietary networking and software technologies to provide energy monitoring and control services. It also offers AC battery storage systems; Envoy communications gateway; and Enlighten cloud-based monitoring service, as well as other accessories.

Enphase Energy Fundamentals Summary

How do Enphase Energy's earnings and revenue compare to its market cap?
ENPH fundamental statistics
Market CapUS$18.17b
Earnings (TTM)US$165.85m
Revenue (TTM)US$1.23b

109.6x

P/E Ratio

14.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
ENPH income statement (TTM)
RevenueUS$1.23b
Cost of RevenueUS$721.12m
Gross ProfitUS$513.05m
ExpensesUS$347.20m
EarningsUS$165.85m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)1.23
Gross Margin41.57%
Net Profit Margin13.44%
Debt/Equity Ratio158.4%

How did ENPH perform over the long term?

See historical performance and comparison

Valuation

Is Enphase Energy undervalued compared to its fair value and its price relative to the market?

109.57x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ENPH ($134.69) is trading above our estimate of fair value ($107.41)

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


Price To Earnings Ratio

PE vs Industry: ENPH is poor value based on its PE Ratio (109.6x) compared to the US Semiconductor industry average (28.7x).

PE vs Market: ENPH is poor value based on its PE Ratio (109.6x) compared to the US market (16.9x).


Price to Earnings Growth Ratio

PEG Ratio: ENPH is poor value based on its PEG Ratio (3.3x)


Price to Book Ratio

PB vs Industry: ENPH is overvalued based on its PB Ratio (28.1x) compared to the US Semiconductor industry average (4.2x).


Future Growth

How is Enphase Energy forecast to perform in the next 1 to 3 years based on estimates from 26 analysts?

32.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ENPH's forecast earnings growth (32.9% per year) is above the savings rate (2%).

Earnings vs Market: ENPH's earnings (32.9% per year) are forecast to grow faster than the US market (13.1% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: ENPH's revenue (21.9% per year) is forecast to grow faster than the US market (9.3% per year).

High Growth Revenue: ENPH's revenue (21.9% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ENPH's Return on Equity is forecast to be high in 3 years time (27%)


Past Performance

How has Enphase Energy performed over the past 5 years?

69.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ENPH has a large one-off loss of $60.3M impacting its September 30 2021 financial results.

Growing Profit Margin: ENPH's current net profit margins (13.4%) are lower than last year (24.7%).


Past Earnings Growth Analysis

Earnings Trend: ENPH has become profitable over the past 5 years, growing earnings by 69% per year.

Accelerating Growth: ENPH's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: ENPH had negative earnings growth (-6.7%) over the past year, making it difficult to compare to the Semiconductor industry average (80.5%).


Return on Equity

High ROE: Whilst ENPH's Return on Equity (25.6%) is high, this metric is skewed due to their high level of debt.


Financial Health

How is Enphase Energy's financial position?


Financial Position Analysis

Short Term Liabilities: ENPH's short term assets ($1.8B) exceed its short term liabilities ($393.5M).

Long Term Liabilities: ENPH's short term assets ($1.8B) exceed its long term liabilities ($1.2B).


Debt to Equity History and Analysis

Debt Level: ENPH has more cash than its total debt.

Reducing Debt: ENPH's debt to equity ratio has reduced from 359.5% to 158.4% over the past 5 years.

Debt Coverage: ENPH's debt is well covered by operating cash flow (33%).

Interest Coverage: ENPH's interest payments on its debt are well covered by EBIT (6.4x coverage).


Balance Sheet


Dividend

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


Dividend Yield vs Market

Notable Dividend: Unable to evaluate ENPH's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate ENPH's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if ENPH's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if ENPH's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of ENPH's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.1yrs

Average management tenure


CEO

Badri Kothandaraman (48 yo)

4.33yrs

Tenure

US$5,238,605

Compensation

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


CEO Compensation Analysis

Compensation vs Market: Badri's total compensation ($USD5.24M) is below average for companies of similar size in the US market ($USD11.31M).

Compensation vs Earnings: Badri's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

Experienced Management: ENPH's management team is considered experienced (4.1 years average tenure).


Board Members

Experienced Board: ENPH's board of directors are considered experienced (5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: ENPH insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 6.8%.


Top Shareholders

Company Information

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


Key Information

  • Name: Enphase Energy, Inc.
  • Ticker: ENPH
  • Exchange: NasdaqGM
  • Founded: 2006
  • Industry: Semiconductor Equipment
  • Sector: Semiconductors
  • Implied Market Cap: US$18.171b
  • Shares outstanding: 134.91m
  • Website: https://www.enphase.com

Number of Employees


Location

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

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/21 00:08
End of Day Share Price2022/01/20 00:00
Earnings2021/09/30
Annual Earnings2020/12/31


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.