Enphase Energy, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Enphase Energy, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	323	286	316	624	774	1,382	2,331	2,291	1,330	1,473
Cost of revenue	265	230	222	403	428	828	1,356	1,232	701	786
Gross profit	58	56	94.4	221	346	554	975	1,058	629	687
Research and development	50.7	33.2	32.6	40.4	55.9	106	169	227	201	189
Selling and marketing	38.8	23.1	27	36.7	52.9	129	215	232	207	198
General and administrative	27.4	22.2	29.1	38.8	50.7	104	140	138	131	136
Operating expenses	121	95.4	92.8	119	160	339	526	613	552	529
Operating income	-62.7	-39.4	1.6	103	186	216	448	446	77.3	158
Interest expense	2.77	8.21	10.7	9.69	21	45.2	9.44	8.84	8.91	4.52
Other non-operating income	-3.29	-5.96	-11.8	-12.6	-67	-94.9	3.79	67.4	42.9	47.3
Pre-tax income	-66	-45.3	-10.2	90.1	119	121	452	513	120	205
Income tax	1.48	-0.15	1.4	-71	-14.6	-24.5	54.7	74.2	17.5	32.7
Income from continuing operations	-62.7	-39.4
Net income	-67.5	-45.2	-11.6	161	134	145	397	439	103	172
EBITDA	-52.1	-30.4	11.3	117	205	247	507	520	159	238
EPS, basic							2.94	3.22	0.76	1.31
EPS, diluted							2.77	3.08	0.75	1.29
Shares, basic (weighted)	50.5	82.9	99.6	117	126	134	135	136	135	131
Shares, diluted (weighted)	50.5	82.9	99.6	132	142	143	144	143	140	135

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	17.8	29.1	106	251	679	119	473	289	369	474
Short-term investments					0	897	1,140	1,406	1,253	1,039
Receivables	61	65.3	78.9	145	182	334	441	446	224	230
Inventory	32	26	16.3	32.1	41.8	74.4	150	214	165	288
Other current assets	7.12	9.96	20.9	26.1	29.8	37.8	60.8	88.9	221	576
Total current assets	118	130	222	500	933	1,462	2,264	2,444	2,327	2,607
Property, plant and equipment	31.4	26.5	21	28.9	43	82.2	111	168	148	137
Lease right-of-use assets				10.1	17.7	14.4	21.4	19.9	24.6	34.6
Goodwill	3.66	3.66	24.8	24.8	24.8	181	214	215	212	215
Intangible assets	0.95	0.52	35.3	30.6	28.8	97.8	99.5	68.5	42.4	22.3
Other non-current assets	9.66	8.04	36.5	44.6	59.9	119	169	216	206	223
Total assets	164	169	340	713	1,200	2,079	3,084	3,383	3,250	3,510
Accounts payable	31.7	28.7	48.8	57.5	72.6	114	125	116	90	203
Accrued liabilities	22.9	22.4	29	47.1	76.5	158	296	262	197	217
Deferred revenue	6.41	15.7	33.1	81.8	47.7	62.7	90.7	118	237	181
Short-term debt	3.03	17.4	28.2	2.88	326	86.1	90.9	0	101	632
Total current liabilities	82.8	91.7	147	199	534	440	638	532	660	1,262
Long-term debt	20.8	32.3	81.6	103	4.9	952	1,199	1,294	1,201	572
Lease liabilities				9.54	15.2	11.9	19.1	18.8	23	31.2
Other non-current liabilities	2.03	1.88	3.25	11.8	17	16.5	43.5	51	55.3	65.5
Total liabilities	162	178	332	441	716	1,649	2,259	2,399	2,417	2,423
Total debt	23.8	49.8	110	106	331	1,038	1,290	1,294	1,302	1,204
Paid-in capital	252	287	353	458	535	838	819	939	1,085	1,289
Retained earnings	-251	-296	-346	-185	-51.2	-406	17.3	46.3	-245	-204
Other comprehensive income	-0.29	-0.66	0.74	-0.92	0.43	-2.02	-10.9	-1.99	-6.35	1.75
Shareholders' equity	1.3	-9.13	7.78	272	484	430	826	984	833	1,087
Total equity	1.3	-9.13	7.78	272	484	430	826	984	833	1,087
Total liabilities and equity	164	169	340	713	1,200	2,079	3,084	3,383	3,250	3,510
Shares outstanding	62.3	85.9	107	123	129	134	136	136	132	131

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-67.5	-45.2	-11.6	161	134	145	397	439	103	172
Depreciation and amortization	10.6	9	9.67	14.1	18.1	30.8	58.8	74.7	81.4	80.6
Stock-based compensation	10.3	6.73	11.4	20.2	42.5	114	217	213	211	214
Deferred income tax	0.65	-1.39	0.12	-73	-17.1	-31.2	-0.14	-47.2	-61.2	13.5
Change in receivables	-18	-4.8	-13.5	-68.7	-34.3	-151	-108	-12.5	212	3.84
Change in inventory	8.84	5.96	9.73	-15.8	-9.71	-29.3	-75.3	-63.9	48.6	-123
Change in payables	8.9	-5.08	23.1	22.2	35.7	117	133	-22.1	-85.5	139
Cash from operations	-33	-28.4	16.1	139	216	352	745	697	514	137
Capital expenditures	-12.2	-4.12	-4.15	-14.8	-20.6	-52.3	-46.4	-110	-33.6	-40.6
Acquisitions	0	0	-15	0	0	-236	-62.2	0	0
Purchases of investments			0	0	-5.01	-935	-907	-15	0	-6.3
Sales and maturities of investments						35	660	1,840	1,347	962
Cash from investing	-11.8	-4.12	-19.2	-14.8	-25.6	-1,220	-372	-366	128	107
Debt issued	24	26.4	68	0	0
Debt repaid	0	0	-9.98	-45.9	-2.58	-1.69	0	0	-0.01	-102
Stock issued	16.1	26.4	19.8	0	0
Share buybacks				0	0	-500	0	-410	-391	-130
Cash from financing	34.4	43.3	80.6	65.9	192	309	-17.1	-517	-460	-242
Exchange rate effect	-0.32	0.65	-0.5	-0.26	0.83	-1.96	-1.86	1.85	-6.32	8.49
Net change in cash	-10.7	11.4	77.1	190	383	-560	354	-184	175	10.2
Free cash flow	-45.1	-32.6	12	124	196	300	698	586	480	95.9
Interest paid	2.7	5.82	6.34	2.69	1.88	0.73	0.46	0.46	0.26	0.13
Income taxes paid	1.15	0.91	0.78	1.76	3.45	4.82	33.2	74.7	32.7	20.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $32.40 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.2%	Gross profit / revenue.
Operating margin	6.9%	Operating income / revenue.
EBITDA margin	12.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.3%	Pre-tax income / revenue.
Net margin	9.6%	Net income / revenue.
FCF margin	10.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.6%	Cash from operations / revenue.
Effective tax rate	6.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.0%	Net income / average total assets.
Return on invested capital (ROIC)	7.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	13.1%	Research and development expense / revenue.
Stock-based pay / revenue	14.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.3%	Capital expenditures / revenue.
D&A / revenue	5.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-14.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-11.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	103.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-29.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-3.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	50.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-22.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	67.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-24.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	72.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-22.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-73.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-43.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-8.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-80.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-48.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-13.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	30.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	23.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.80x	Current assets / current liabilities.
Quick ratio	2.34x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.93x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.52x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.0%	Total debt / total assets.
Liabilities / assets	59.5%	Total liabilities / total assets.
Net debt	-$358.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.02x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	30.9x	Operating income / interest expense.
Working capital	$1.35B	Current assets - current liabilities.
Goodwill and intangibles / assets	8.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$871.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.51x	Revenue / average total assets.
Fixed asset turnover	10.1x	Revenue / average property, plant and equipment.
Inventory turnover	2.69x	Cost of revenue / average inventory.
Days inventory	136 days	365 x average inventory / cost of revenue.
Receivables turnover	7.12x	Revenue / average receivables.
Days sales outstanding	51 days	365 x average receivables / revenue.
Days payables	53 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	134 days	Days inventory + days sales outstanding - days payables.
FCF conversion	107.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.03	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$10.66	Revenue / diluted weighted shares.
FCF per share	$1.10	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.45	Cash from operations / diluted weighted shares.
Book value per share	$8.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.61	Tangible book value / shares outstanding.
Cash per share	$7.06	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	20.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.28B	Share price x shares outstanding.
Enterprise value	$3.92B	Market cap + total debt - cash - short-term investments.
P/E	31.7x	Market cap / net income. Only when net income is positive.
P/S	3.06x	Market cap / revenue.
P/B	3.88x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.92x	Market cap / tangible book value, when positive.
P/FCF	29.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	22.4x	Market cap / cash from operations, when positive.
EV/Sales	2.80x	Enterprise value / revenue.
EV/EBIT	40.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	22.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	27.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.4%	Free cash flow / market cap.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.7%	(Dividends paid + share buybacks) / market cap.

What was Enphase Energy, Inc.'s revenue in fiscal 2025?

Enphase Energy, Inc. reported revenue of $1.47B for fiscal 2025, 10.7% higher than the year before.

Was Enphase Energy, Inc. profitable in fiscal 2025?

Yes. Net income was $172.1M, a net margin of 11.7%.

How much free cash flow did Enphase Energy, Inc. generate in fiscal 2025?

Cash from operations of $136.5M minus capital expenditures of $40.6M left free cash flow of $95.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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