Enphase Energy

ENPH

Solar · Energy

Price

$41.57

+0.49 (+1.19%)

Market Cap

$5.48B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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)

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. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level, and combines with its proprietary networking and software technologies to provide energy monitoring and control services. It also offers AC battery storage systems; Envoy communications gat

Winston Score History

Politician Trades

1 trades / 12mo

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

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-20.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-126.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$189M/ year

↓ Declining (-6% vs prior year)

12.8% of revenue

12.8x the sector average (1%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

3.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$498M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Enphase Energy's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

35.5%

Modest — 35.5% gross margin

Operating Margin

-10.5%

Losing money on operations — -10.5%

ROCE

-1.8%

Weak — -1.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-1.6%

Shrinking sales (-1.6% YoY)

EPS YoY

-7.2%

Earnings shrinking (-7.2% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

141%

Turns 141% of profit into real cash

FCF Margin

10.4%

Modest free cash flow (10.4%)

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

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Stability

Debt / Equity

0.52

Conservative — low debt load (0.52)

Interest Cover

30.68x

Comfortably covers interest (30.7x)

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

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Valuation

P/E Ratio (TTM)

40.4x

Pricey — P/E 40.4

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+23.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (40.4 → 16.7)

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Dividends

Not applicable for this business.

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