Enphase Energy, Inc. (ENPH) intrinsic value & 10-year financials
Enphase Energy, Inc. (ENPH) has a Graham intrinsic value of $11.42 per share. At $30.62 on Oct 17, 2026, the stock trades 168% above that value. Over the last 10 fiscal years revenue grew 18.4% a year to $1.5B, with an average return on invested capital of -90.2%.
- Graham intrinsic value
- $11.42
- Share price (Oct 17, 2026)
- $30.62
- Price vs Graham value
- 168% above
- Market cap
- $4.1B
- Revenue (FY2025)
- $1.5B
- Revenue growth (10-yr CAGR)
- 18.4%
- ROIC (10-yr avg)
- -90.2%
- Free cash flow (FY2025)
- $95.9M
ENPH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.5B | $172.1M | $1.29 | $95.9M | 10.7% | 7.3% |
| FY2024 | $1.3B | $102.7M | $0.75 | $480.1M | 5.8% | 3.5% |
| FY2023 | $2.3B | $438.9M | $3.08 | $586.4M | 19.5% | 20.8% |
| FY2022 | $2.3B | $397.4M | $2.77 | $698.4M | 19.2% | 26.1% |
| FY2021 | $1.4B | $145.4M | — | $299.8M | 15.6% | 28.6% |
| FY2020 | $774.4M | $134.0M | — | $195.8M | 24.1% | 130.1% |
| FY2019 | $624.3M | $161.1M | — | $124.3M | 16.5% | 139.6% |
| FY2018 | $316.2M | -$11.6M | — | $12.0M | 0.5% | 14.0% |
| FY2017 | $286.2M | -$45.2M | — | -$32.6M | -13.8% | -417.2% |
| FY2016 | $322.6M | -$67.5M | — | -$45.1M | -19.4% | -854.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Enphase Energy, Inc. is a consistent compounder, expanding top-line revenue at 18.4% annually over the past decade.
Enphase Energy, Inc. has earned high returns on invested capital, averaging 35.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Enphase Energy, Inc. shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Enphase Energy, Inc. is modeled at 0.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $11.42 per share.