Enphase Energy Inc (ENPH) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Enphase Energy Inc stock $27.70, price $28.97, that is 4.4% below the price, quality 61 out of 100. Rating: fairly valued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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The stock costs about what our calculation considers fair.
Quality 61/100
Generates free cash flow
Fair value $27.70 · Fairly valued (−4.4%)
Thin margins · 7.5% net margin (TTM)
Moderate debt
Moderate moat46/100 · thin data
Insiders bought $689,476 (6M) · sold $211,473
Some data
Revenue last quarter 29% below a year ago.
Weak Growth(revenue 3y −14.2 %/yr in USD)
Trails peers(5/14)
Risks from the AI analysis
🚩Price drop: Soft residential demand and lower near-term guidance from high rates and expiring tax credits🚩Expiration of key tax credits weighing on residential demand
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range $24.99 – $336.00 · fair‑value band $14.07 – $36.08 · the $28.97 price screens above the $27.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Enphase Energy, Inc., together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally.
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The company offers semiconductor-based microinverter that converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control.
It also provides microinverter units and related accessories; IQ Battery and related accessories; IQ PowerPack 1500 and related accessories; IQ Combiner, IQ Gateway, and IQ Energy Router; cloud-based monitoring service; and electric vehicle charging solutions, as well as design, proposal, permitting, installation and solar appointment generation services, and Enphase Care services.
The company sells its solutions to solar distributors; and directly to large installers, original equipment manufacturers, strategic partners, and homeowners, as well as through its legacy product upgrade program or online store.
Enphase Energy, Inc. was incorporated in 2006 and is headquartered in Fremont, California.
Stock analysis
Enphase Energy Inc (ENPH) currently trades at $28.97, while our model-based Fair Value estimate is $27.70, so the stock looks roughly fairly valued today (gap 4.6%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $37.85 per share, and 8 of the 24 models we run sit above the $28.97 price.
Bear case: the Economic Profit group reads lowest at $8.11, and 16 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $14.07 (bear) to $36.08 (bull), the price of $28.97 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Enphase Energy Inc reported revenue of $1.5B in FY2025 versus $1.4B in FY2021, a compound +1.6%/yr. Reported net income was $172M in FY2025, compounding +4.3%/yr from FY2021.
Key figures
Market cap $3.8B Mid · P/E ratio 43.2 · P/S ratio 2.90 · EPS (TTM) $0.6700 · Net margin 7.5% · Return on equity 8.1% · Return on assets (EBIT) 9.0% · Revenue (TTM) $1.3B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 60% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at −4%, ENPH screens richer than that median.
Fair Value models
Bear$14.07Fair Value $27.70Bull$36.08
Price $28.97 · Downside -4.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.5709 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 2 officers or directors bought shares worth $689,476, most recently on Nov 3, 2026. Over the same period, one person sold shares worth $211,473. Buying cluster
BuyShanker TrivediDirector2× since Jun 12, 2026: 2,000 shares, avg. $42.25$84,500Nov 3, 2026
BuyBadrinarayanan KothandaramanPresident & CEO, Director4× since Nov 10, 2025: 25,000 shares, avg. $40.73$1.0MNov 2, 2026
SaleRichard MoraDirector5× since Feb 10, 2026: 6,000 shares, avg. $44.79$268,728Aug 14, 2026
SaleThurman J RodgersDirector2× since Dec 2, 2025: 287,250 shares, avg. $36.05$10.4MMar 13, 2026
SaleMandy YangEVP, Chief Financial Officer6,000 shares at $33.01$198,060Dec 12, 202510b5-1 plan
Plus 7 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+10.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−14.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.7%
Start year 2020 (pandemic). Over 10 years: +15.2% a year
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+49.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+6.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.7%
Dividend (yield on the price)0.0%
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.17% → 11%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+25.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−8.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +22.4% a year for the price and −10.9% for the forecasts.
AI conclusion: Moderate moat potential in innovation and margins forms the main strength while thin evidence overall on durability stands as the chief weak point.
Main risk: Continued residential weakness from high interest rates and expired tax credits would constrain recovery across the core business.
Enphase continues to navigate soft residential solar demand driven by high interest rates and the expiration of key tax credits, which weighed on the latest results and prompted lower near-term guidance. At the same time the company demonstrated its IQ solid-state transformer converting medium-voltage AC directly to DC for AI data center power systems. Will progress in this new high-power market outweigh the drag from the core business, or will residential weakness persist and limit overall recovery?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Solar · 96 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score61 · Top 25%
Fair Value upside−4.4% · Above median
Profitability
Return on equity (12 months)8.1% · Above median
Return on assets4.9% · Above median
Net margin (12 months)7.5% · Above median
Operating margin (12 months)0.0% · Below median
Growth and dividend
Revenue growth (quarter YoY)−28.5% · Bottom 25%
Balance sheet
Debt / equity0.53× · Above median
Valuation Multiplesvs Solar median · lower = cheaper
P/E (12 months)43.2× · Priciest 25%
P/B3.54× · Priciest 25%
P/S (12 months)2.90× · Pricier than median
Price / free cash flow (fiscal year)40.1× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Enphase Energy Inc Fair Value". https://www.fairvalue-calculator.com/stock/ENPH
Frequently asked questions
Is Enphase Energy Inc (ENPH) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of $27.70 versus a price of $28.97, about 4% lower (fairly valued).
What is the fair value of ENPH?
Our model-based fair value for Enphase Energy Inc is $27.70 (as of Nov 5, 2026), built from audited fundamentals. The current price: $28.97.
What is the quality score of ENPH?
Enphase Energy Inc has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Enphase Energy Inc (ENPH)?
Our model-based price target is the fair value of $27.70 (as of Nov 5, 2026) from 24 valuation models. Cautious scenario $14.07, optimistic scenario $36.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Enphase Energy Inc stock forecast for 2026?
Our models put fair value at $27.70, about 4% lower versus a price of $28.97 (fairly valued). Cautious scenario $14.07, optimistic scenario $36.08. The calculation is refreshed regularly with new filings.
What is the revenue of Enphase Energy Inc (ENPH)?
Enphase Energy Inc reported trailing-twelve-month revenue of about $1.3B (latest available figure, as of Nov 5, 2026).
What growth is priced into Enphase Energy Inc (ENPH)?
For today's price to be fair in a discounted-cash-flow model, Enphase Energy Inc would have to grow free cash flow by +25.3 % per year for five years (discount rate 11.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.7 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of ENPH use?
Our models discount Enphase Energy Inc at 11.3 %: a base by market capitalisation (mid), damped by beta 1.63, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Enphase Energy Inc that is +25.3 % per year a year over ten years, using the same discount rate (11.3 %) and the same formula as our fair value.
How much growth has Enphase Energy Inc (ENPH) delivered so far?
Over the past 5 years revenue at Enphase Energy Inc grew +13.7 % a year. The price currently implies +25.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Enphase Energy Inc (ENPH) growing?
The median revenue growth in the sector is +11.4 % a year. That is the yardstick for the growth priced into Enphase Energy Inc (+25.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Enphase Energy Inc (ENPH)?
The free-cash-flow yield on the price is 2.49 %: that much free cash flow Enphase Energy Inc produces per unit of market value. When it exceeds the discount rate of our models (11.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Enphase Energy Inc (ENPH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Enphase Energy Inc it is $27.70 per share (as of Nov 5, 2026), against a price of $28.97. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Enphase Energy Inc stock overvalued or undervalued in 2026?
As of Nov 5, 2026, ENPH trades above its calculated fair value: price $28.97, fair value $27.70, a gap of about −4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ENPH?
No. The price is what the market pays today ($28.97); the fair value is what the company's own numbers justify ($27.70). For Enphase Energy Inc the two are $1.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is Enphase Energy Inc worth?
The market values Enphase Energy Inc at about $3.8B (market capitalisation, as of Nov 5, 2026). Per share that is $28.97; our models calculate a fair value of $27.70 per share.
What do the bullish and bearish scenarios say about ENPH?
Our models span a range for Enphase Energy Inc: cautious scenario $14.07, base $27.70, optimistic $36.08 per share (as of Nov 5, 2026, price $28.97). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ENPH?
Enphase Energy Inc trades at a price-to-earnings ratio of 43.2 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $27.70 is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2019 to 2025), reported earnings, FY2023, FY2024, FY2025 ex one-offs: 75.0. Other multiples: PEG 0.7, P/B 3.5, P/S 2.9, EV/EBITDA 20.6.
What is the PEG ratio of ENPH?
The PEG ratio of Enphase Energy Inc is 0.75 (P/E divided by earnings growth, as of Nov 5, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Enphase Energy Inc (ENPH)?
Balance-sheet figures for Enphase Energy Inc (as of Nov 5, 2026): return on equity 8.1%, debt of 0.53 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is ENPH from its 52-week high?
Enphase Energy Inc trades at $28.97, about 60% below its 52-week high of $72.33 and 16% above the low of $24.99 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $27.70 is for.
Which stocks are comparable to Enphase Energy Inc?
From the same area (Technology) we also value First Solar, Inc, Nextpower Inc, Tongwei Co, Waaree Energies Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Enphase Energy Inc stock attractive at the current price?
The data as of Nov 5, 2026: price $28.97, calculated fair value $27.70 (−4%), Quality Score 61/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ENPH calculated?
We run Enphase Energy Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $27.70, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Enphase Energy Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Enphase Energy Inc (ENPH)?
The closing price on Nov 5, 2026 was $28.97. Our model-based fair value is $27.70, about 4% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Enphase Energy Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($14.07 to $36.08) leaves room in how you read the outcome.
Key figures of Enphase Energy Inc
How large is the market capitalisation of Enphase Energy Inc (ENPH)?
The market capitalisation of Enphase Energy Inc is $3.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Enphase Energy Inc (ENPH)?
The price-to-sales ratio of Enphase Energy Inc is 2.90 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Enphase Energy Inc (ENPH)?
Earnings per share at Enphase Energy Inc are $0.6700 (price ÷ EPS = P/E 43.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Enphase Energy Inc (ENPH)?
The net margin of Enphase Energy Inc is 7.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Enphase Energy Inc (ENPH)?
The return on equity (ROE) of Enphase Energy Inc is 8.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Enphase Energy Inc (ENPH)?
On an EBIT basis the return on assets of Enphase Energy Inc is 9.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How fast is revenue growing at Enphase Energy Inc (ENPH)?
Revenue at Enphase Energy Inc is growing −28.5% versus a year earlier (3y avg −14.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Enphase Energy Inc (ENPH)?
Earnings per share at Enphase Energy Inc are growing −65.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Enphase Energy Inc (ENPH) carry?
The net debt of Enphase Energy Inc is $769M (fiscal year 2025, ≈ 8.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 5, 2026