ENPHASE ENERGY, INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 112.4 USD | -2.23% |
|
+3.31% | -14.97% |
| May. 06 | Enphase Energy Expands IQ8 Commercial Microinverter Deployments in North America | CI |
| May. 06 | Seaport Global Adjusts Price Target on Enphase Energy to $144 From $147, Keeps Buy Rating | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 3,198 | 22,168 | 24,681 | 36,014 | 17,988 | 15,637 | - | - |
| Enterprise Value (EV) 1 | 3,052 | 21,819 | 24,702 | 35,692 | 17,587 | 14,960 | 14,506 | 13,697 |
| P/E ratio | 21.2 x | 185 x | 179 x | 95.7 x | 42.9 x | 89.5 x | 31.7 x | 24.6 x |
| Yield | - | - | - | - | - | - | - | - |
| Capitalization / Revenue | 5.12 x | 28.6 x | 17.9 x | 15.5 x | 7.85 x | 10.5 x | 7.16 x | 5.88 x |
| EV / Revenue | 4.89 x | 28.2 x | 17.9 x | 15.3 x | 7.68 x | 10.1 x | 6.64 x | 5.15 x |
| EV / EBITDA | 26.1 x | 107 x | 68.1 x | 49.3 x | 23.5 x | 31.9 x | 17.2 x | 13.4 x |
| EV / FCF | 24.6 x | 111 x | 82.4 x | 51.1 x | 30 x | 39.7 x | 19.9 x | 14.8 x |
| FCF Yield | 4.07% | 0.9% | 1.21% | 1.96% | 3.33% | 2.52% | 5.02% | 6.74% |
| Price to Book | 11.8 x | 46.8 x | 56.9 x | 43.4 x | 19.2 x | 13.6 x | 9.04 x | 6.36 x |
| Nbr of stocks (in thousands) | 122,386 | 126,333 | 134,912 | 135,924 | 136,130 | 136,063 | - | - |
| Reference price 2 | 26.13 | 175.5 | 182.9 | 265.0 | 132.1 | 114.9 | 114.9 | 114.9 |
| Announcement Date | 2/18/20 | 2/9/21 | 2/8/22 | 2/7/23 | 2/6/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 624.3 | 774.4 | 1,382 | 2,331 | 2,291 | 1,488 | 2,184 | 2,660 |
| EBITDA 1 | 116.8 | 203.7 | 362.6 | 723.8 | 749 | 469 | 844 | 1,023 |
| EBIT 1 | 102.7 | 186.4 | 215.8 | 448.3 | 461.4 | 146.1 | 519.7 | 744.3 |
| Operating Margin | 16.45% | 24.07% | 15.62% | 19.23% | 20.14% | 9.82% | 23.79% | 27.98% |
| Earnings before Tax (EBT) 1 | 90.11 | 119.4 | 120.9 | 452 | 513.1 | 209.4 | 598.6 | 801.1 |
| Net income 1 | 161.1 | 134 | 145.4 | 397.4 | 438.9 | 172.9 | 492.4 | 659.6 |
| Net margin | 25.81% | 17.3% | 10.52% | 17.05% | 19.16% | 11.62% | 22.55% | 24.8% |
| EPS 2 | 1.230 | 0.9500 | 1.020 | 2.770 | 3.080 | 1.284 | 3.630 | 4.681 |
| Free Cash Flow 1 | 124.3 | 195.8 | 299.8 | 698.4 | 586.4 | 376.4 | 728.5 | 922.9 |
| FCF margin | 19.91% | 25.28% | 21.69% | 29.96% | 25.6% | 25.29% | 33.36% | 34.69% |
| FCF Conversion (EBITDA) | 106.36% | 96.13% | 82.68% | 96.48% | 78.29% | 80.25% | 86.32% | 90.25% |
| FCF Conversion (Net income) | 77.12% | 146.11% | 206.1% | 175.75% | 133.59% | 217.69% | 147.94% | 139.9% |
| Dividend per Share 2 | - | - | - | - | - | - | - | - |
| Announcement Date | 2/18/20 | 2/9/21 | 2/8/22 | 2/7/23 | 2/6/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 412.7 | 441.3 | 530.2 | 634.7 | 724.7 | 726 | 711.1 | 551.1 | 302.6 | 263.3 | 315.2 | 426 | 480.6 | 460.5 | 509.6 |
| EBITDA 1 | 105.8 | 125.2 | 162.3 | 202.4 | 236.6 | 243.9 | 242.3 | 181.3 | 80.65 | 53.78 | 79.98 | 149 | 178.5 | 161.9 | 188.4 |
| EBIT 1 | 57.7 | 61.82 | 94.04 | 135.4 | 157 | 167.7 | 170.3 | 118 | 4.583 | -29.1 | 1.072 | 63.72 | 99.1 | 83.95 | 111.1 |
| Operating Margin | 13.98% | 14.01% | 17.74% | 21.34% | 21.66% | 23.09% | 23.95% | 21.41% | 1.51% | -11.05% | 0.34% | 14.96% | 20.62% | 18.23% | 21.8% |
| Earnings before Tax (EBT) 1 | 50.54 | 57.41 | 92.21 | 134.3 | 168.2 | 179 | 184.6 | 137.3 | 12.23 | -11.5 | 17.93 | 81.66 | 114.6 | 106.8 | 132.5 |
| Net income 1 | 52.59 | 51.82 | 76.98 | 114.8 | 153.8 | 146.9 | 157.2 | 114 | 20.92 | -16.1 | 15.98 | 68.55 | 96.46 | 85.78 | 107.3 |
| Net margin | 12.74% | 11.74% | 14.52% | 18.09% | 21.22% | 20.23% | 22.1% | 20.68% | 6.91% | -6.11% | 5.07% | 16.09% | 20.07% | 18.63% | 21.05% |
| EPS 2 | 0.3700 | 0.3700 | 0.5400 | 0.8000 | 1.060 | 1.020 | 1.090 | 0.8000 | 0.1500 | -0.1200 | 0.1131 | 0.5078 | 0.6977 | 0.6458 | 0.8060 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 2/8/22 | 4/26/22 | 7/26/22 | 10/25/22 | 2/7/23 | 4/25/23 | 7/27/23 | 10/26/23 | 2/6/24 | 4/23/24 | - | - | - | - | - |
1USD in Million2USD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | 21 | - | - | - | - | - |
| Net Cash position 1 | 146 | 349 | - | 322 | 401 | 677 | 1,131 | 1,941 |
| Leverage (Debt/EBITDA) | - | - | 0.0579 x | - | - | - | - | - |
| Free Cash Flow 1 | 124 | 196 | 300 | 698 | 586 | 376 | 729 | 923 |
| ROE (net income / shareholders' equity) | 88.7% | 35.4% | 9.76% | 63.3% | 67.8% | 24% | 38.2% | 32.5% |
| ROA (Net income/ Total Assets) | 23.6% | 14% | 8.87% | 15.4% | 19% | 6.38% | 15.2% | 14.7% |
| Assets 1 | 683.2 | 956.7 | 1,640 | 2,582 | 2,315 | 2,712 | 3,235 | 4,500 |
| Book Value Per Share 2 | 2.210 | 3.750 | 3.210 | 6.100 | 6.860 | 8.430 | 12.70 | 18.10 |
| Cash Flow per Share 2 | 1.060 | 1.520 | 2.460 | 5.160 | 4.860 | 3.810 | 5.810 | 6.660 |
| Capex 1 | 14.8 | 20.6 | 52.3 | 46.4 | 110 | 61.7 | 72.5 | 88.7 |
| Capex / Sales | 2.37% | 2.65% | 3.78% | 1.99% | 4.82% | 4.15% | 3.32% | 3.33% |
| Announcement Date | 2/18/20 | 2/9/21 | 2/8/22 | 2/7/23 | 2/6/24 | - | - | - |
1USD in Million2USD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
41
Last Close Price
112.4
USD
Average target price
125.8
USD
Spread / Average Target
+11.93%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -14.97% | 15.64B | |
| +10.70% | 20.84B | |
| -19.17% | 19.71B | |
| -10.91% | 13.96B | |
| -14.00% | 10.88B | |
| +36.42% | 8.2B | |
| -16.17% | 7.48B | |
| -31.27% | 6.66B | |
| +21.49% | 6.65B | |
| -6.66% | 6.28B |
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