MARKETS / NASDAQ / ENPH

NASDAQ · SEMICONDUCTORS & RELATED DEVICES · LARGE CAP

Enphase Energy, Inc. ENPH

16 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$1.5B

▲ 10.7% YoY

Net income

$172.1M

▲ 67.7% YoY

Free cash flow

$95.9M

▼ 80.0% YoY

In brief

What this company does

Enphase Energy, Inc. designs, develops, manufactures and sells home energy solutions that manage energy generation, energy storage, and control and communications on one intelligent platform. As of December 31, 2025, it had shipped approximately 86.4 million microinverters, and more than 5.1 million Enphase residential and commercial systems had been deployed in over 160 countries. In November 2025, it commenced Enphase manufacturing at its Arlington, Texas facility, previously operated by Salcomp Manufacturing USA Corp. As of December 31, 2025, it had 2,872 full-time employees, of whom 1,743 were in India, 717 in the United States, 202 in Europe, 133 in New Zealand, 21 in Australia, 21 in China and 35 in other countries. In the years ended December 31, 2025, 2024 and 2023, one customer accounted for approximately 39%, 48% and 40%, respectively, of net revenues. Enphase Energy, Inc. was originally founded in March 2006.

Written from the business description in Enphase Energy, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 17 February 2026. Every sentence was checked against that document before publication.

Growth

USD 1.5B

Revenue, FY2025 · full 16-year series below

Revenue $B Net income $B

FY2025 · Revenue 1.5 · Net income 0.2

Compound annual growth

Revenue

−14.2%

+13.7%

+15.2%

+23.6%

Net income

−24.3%

+5.1%

EPS, diluted

−22.5%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +13.7% a year over five years — but profit grew slower: net income at +5.1%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

12 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 10.7% · Net 11.7%

ROE

FY2025 · ROE 17.9%

Gross margin46.6%

Operating margin10.7%

Net margin11.7%

Return on assets5.1%

EBITDAUSD 238.2M

Each USD of equity produced 18 cents of profit this year.

Cash & shareholders

USD 130.0M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 95.9

Net buybacks $M Dividends $M

FY2025 · Dividends — · Net buybacks 130.0

Dividends paid—

Net buybacksUSD 130.0M

Share of profit75.5%

Consecutive raises—

USD 130.0M in buybacks — 75% of the year's profit went back to shareholders.

Total assetsUSD 3.5B

EquityUSD 1.1B

CashUSD 474.3M

Gross debtUSD 1.2B

Net debtUSD 730.1M

Current ratio2.07×

Net debt stands at 67% of equity.

The 16-year record

16 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Revenue $B	1.5	1.3	2.3	2.3	1.4	0.8	0.6	0.3	0.3	0.3	0.4	0.3	0.2	0.2	0.1	0.1
Operating income $B	0.2	0.1	0.4	0.4	0.2	0.2	0.1	0.0	−0.0	−0.1	−0.0	−0.0	−0.0	−0.0	−0.0	−0.0
EBITDA $B	0.2	0.2	0.5	0.5	0.2	0.2	0.1	0.0	−0.0	−0.1	−0.0	0.0	−0.0	−0.0	−0.0	−0.0
Income tax $B	0.0	0.0	0.1	0.1	−0.0	−0.0	−0.1	0.0	−0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income $B	0.2	0.1	0.4	0.4	0.1	0.1	0.2	−0.0	−0.0	−0.1	−0.0	−0.0	−0.0	−0.0	−0.0	−0.0
Free cash flow $B	0.1	0.5	0.6	0.7	0.3	0.2	0.1	0.0	−0.0	−0.0	−0.0	0.0	−0.0	−0.1	−0.0	−0.0
EPS, diluted $	1.29	0.75	3.08	2.77	·	·	·	·	·	·	·	·	·	·	·	·
Dividend / sh $	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Payout %	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
ROE %	17.9	11.3	48.5	63.3	31.8	35.4	115.1	·	·	−315.6	−50.0	−18.5	−53.5	−108.2	−123.1	−56.6
Shares out B	0.13	0.13	0.14	0.14	0.13	0.13	0.12	0.11	0.09	0.06	0.05	0.04	0.04	0.04	0.00	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 66 reconciliationsAUDITED

Reconciled in 16 of 19 fiscal years. 29 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivitySemiconductors & Related Devices

Listed onNASDAQ

Incorporated inDelaware

Fiscal year endsDecember 31

Data on record since2010