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Semiconductors · Technology · Fiscal year ends Dec 31
Enphase Energy reported revenue of $1.5B in the fiscal year ended Dec 2025, up 10.7% from the year before. Operating income was $158M, an operating margin of 10.7%, and net income was $172M. Operating cash flow of $137M less capital expenditure of $41M left free cash flow of $96M. Net debt was $730M.
Ranks among the 51 semiconductors companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,382 | 2,331 | 2,291 | 1,330 | 1,473 |
| Cost of revenue | 828 | 1,356 | 1,232 | 701 | 786 |
| Gross profit | 554 | 975 | 1,058 | 629 | 687 |
| Research & development | 106 | 169 | 227 | 201 | 189 |
| Selling, general & admin | 233 | 355 | 370 | 337 | 333 |
| Operating incomederived: pre-tax income + interest | 216 | 448 | 446 | 77.3 | 158 |
| Interest expense | 45.2 | 9.4 | 8.8 | 8.9 | 4.5 |
| Pre-tax income | 121 | 452 | 513 | 120 | 205 |
| Income tax | −24.5 | 54.7 | 74.2 | 17.5 | 32.7 |
| Net income | 145 | 397 | 439 | 103 | 172 |
| Diluted EPS | – | 2.77 | 3.08 | 0.75 | 1.29 |
| Diluted shares | 143 | 144 | 143 | 140 | 135 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 119 | 473 | 289 | 369 | 474 |
| Receivables | 334 | 441 | 446 | 224 | 230 |
| Inventory | 74.4 | 150 | 214 | 165 | 288 |
| Current assets | 1,462 | 2,264 | 2,444 | 2,327 | 2,607 |
| Net PP&E | 82.2 | 111 | 168 | 148 | 137 |
| Goodwill | 181 | 214 | 215 | 212 | 215 |
| Total assets | 2,079 | 3,084 | 3,383 | 3,250 | 3,510 |
| Payables | 114 | 125 | 116 | 90.0 | 203 |
| Deferred revenue | 62.7 | 90.7 | 118 | 237 | 181 |
| Current liabilities | 440 | 638 | 532 | 660 | 1,262 |
| Short-term debt | 86.1 | 90.9 | 0.0 | 101 | 632 |
| Long-term debt | 952 | 1,199 | 1,294 | 1,201 | 572 |
| Total liabilities | 1,649 | 2,259 | 2,399 | 2,417 | 2,423 |
| Shareholders' equity | 430 | 826 | 984 | 833 | 1,087 |
| Backlog (remaining obligations) | 250 | 372 | 487 | 579 | 518 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 352 | 745 | 697 | 514 | 137 |
| Capital expenditure | 52.3 | 46.4 | 110 | 33.6 | 40.6 |
| Free cash flow | 300 | 698 | 586 | 480 | 95.9 |
| Depreciation & amortisation | 30.8 | 58.8 | 74.7 | 81.4 | 80.6 |
| Stock-based compensation | 114 | 217 | 213 | 211 | 214 |
| Acquisitions | 236 | 62.2 | 0.0 | 0.0 | – |
| Share buybacks | 500 | 0.0 | 410 | 391 | 130 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 68.7% | −1.7% | −41.9% | 10.7% |
| Operating income growth (YoY) | – | 107.7% | −0.6% | −82.7% | 103.8% |
| EPS growth (YoY) | – | – | 11.2% | −75.6% | 72.0% |
| Gross margin | 40.1% | 41.8% | 46.2% | 47.3% | 46.6% |
| Operating margin | 15.6% | 19.2% | 19.5% | 5.8% | 10.7% |
| Net margin | 10.5% | 17.0% | 19.2% | 7.7% | 11.7% |
| Return on equityBlank when equity is negative | 33.8% | 48.1% | 44.6% | 12.3% | 15.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.2% | 18.3% | 15.6% | 3.0% | 7.0% |
| Free cash flow margin | 21.7% | 30.0% | 25.6% | 36.1% | 6.5% |
| Cash conversion (CFO ÷ net income) | 2.42x | 1.87x | 1.59x | 5.00x | 0.79x |
| Receivable days | 88 | 69 | 71 | 61 | 57 |
| Inventory days | 33 | 40 | 63 | 86 | 134 |
| Payable days | 50 | 34 | 34 | 47 | 94 |
| Interest cover | 4.78x | 47.5x | 50.4x | 8.68x | 34.8x |
| Debt ÷ equity | 2.41x | 1.56x | 1.32x | 1.56x | 1.11x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 918 | 817 | 1,005 | 933 | 730 |
| Current ratio | 3.33x | 3.55x | 4.59x | 3.53x | 2.07x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.