What is Enphase Energy, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Enphase Energy, Inc.'s reported free cash flow gives $19.93 per share. The share price was $27.64 on November 10, 2026, 39% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 8.5% | 10.0% | $11.78 | -57% |
| Base | 13.5% | 9.0% | $19.93 | -28% |
| Bull | 18.5% | 8.0% | $36.16 | +31% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $26.20 | $28.14 | $30.52 | $33.50 | $37.32 |
| 8.0% | $21.50 | $22.76 | $24.25 | $26.04 | $28.23 |
| 9.0% | $18.07 | $18.94 | $19.93 | $21.09 | $22.47 |
| 10.0% | $15.47 | $16.09 | $16.78 | $17.58 | $18.50 |
| 11.0% | $13.44 | $13.89 | $14.39 | $14.96 | $15.60 |
Where the presets come from
Base: years 1 to 5 grow at Enphase Energy, Inc.'s revenue growth rate over the last 5 fiscal years (13.7% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions