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Enphase Energy

ENPH
51
Solar · Energy
Also trades as: 0QYE.L GBP 0.32 (+2.10%)
Price
$31.60
+0.25 (+0.80%)
Market Cap
$4.18B
Exchange
NASDAQ
Winston Score
51
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
16/30
Growth
Weak
3/20
Cash Flow
Strong
8/10
Stability
Exceptional
9/10
Valuation
Good
6/10
Ownership
Mixed
6/15
Dividends
Not counted
n/a

48 of 95 counted points = Winston Score 51. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count falling — buybacks

−5.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 142.9M (2021) → 134.9M (2025)

§Winston Score History

The full picture

Enphase Energy makes small devices called microinverters that attach to individual solar panels on homes and businesses. These microinverters convert the electricity solar panels produce into a form that homes can actually use. Enphase also sells home batteries for storing solar energy and software to monitor and manage the whole system, making it one of the leading residential solar equipment companies in the United States.

Enphase earns money by selling its hardware — microinverters, batteries, and accessories — mostly to solar installers who then sell and install the systems for homeowners. The company operates primarily in the U.S. but also has meaningful sales in Europe and Australia. Its competitive edge comes from its proprietary technology and a large installed base that creates recurring software and service revenue. The main risk is that high interest rates have slowed demand for home solar installations, and a sustained slowdown in residential solar spending could continue to pressure revenue growth.

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on ENPH in the last 12 months.

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Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
60.0%
Premium pricing power — 60.0% gross margin
Profit after running costs
Operating Margin
17.7%
Healthy — 17.7% operating margin
Return on the money invested
ROCE
6.1%
Weak — 6.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-10.4%
Shrinking sales (-10.4% YoY)
Profit growth
EPS YoY
-22.1%
Earnings shrinking (-22.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
153%
Turns 153% of profit into real cash
Spare cash per sale
FCF Margin
11.5%
Modest free cash flow (11.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.52
Conservative — low debt load (0.52)
Covers its interest
Interest Cover
157.13x
Comfortably covers interest (157.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
31.0x
Pricey — P/E 31.0

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+18.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (31.0 → 12.7)

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Dividends

Not applicable for this business.
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