ENPHASE ENERGY, INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 111.9 USD | +3.80% |
|
+5.12% | -15.29% |
| Apr. 26 | Barclays Upgrades Enphase Energy to Overweight From Equalweight, Adjusts PT to $134 From $115 | MT |
| Apr. 25 | DZ Bank Adjusts Price Target on Enphase Energy to $110 From $116 | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 3,198 | 22,168 | 24,681 | 36,014 | 17,988 | 15,230 | - | - |
| Enterprise Value (EV) 1 | 3,052 | 21,819 | 24,702 | 35,692 | 17,587 | 14,405 | 13,992 | 13,127 |
| P/E ratio | 21.2 x | 185 x | 179 x | 95.7 x | 42.9 x | 85.9 x | 30.9 x | 24.1 x |
| Yield | - | - | - | - | - | - | - | - |
| Capitalization / Revenue | 5.12 x | 28.6 x | 17.9 x | 15.5 x | 7.85 x | 10.2 x | 6.93 x | 5.74 x |
| EV / Revenue | 4.89 x | 28.2 x | 17.9 x | 15.3 x | 7.68 x | 9.63 x | 6.37 x | 4.94 x |
| EV / EBITDA | 26.1 x | 107 x | 68.1 x | 49.3 x | 23.5 x | 30.6 x | 16.5 x | 13 x |
| EV / FCF | 24.6 x | 111 x | 82.4 x | 51.1 x | 30 x | 37.7 x | 19.3 x | 14.6 x |
| FCF Yield | 4.07% | 0.9% | 1.21% | 1.96% | 3.33% | 2.66% | 5.19% | 6.83% |
| Price to Book | 11.8 x | 46.8 x | 56.9 x | 43.4 x | 19.2 x | 12.7 x | 8.59 x | 6.19 x |
| Nbr of stocks (in thousands) | 122,386 | 126,333 | 134,912 | 135,924 | 136,130 | 136,063 | - | - |
| Reference price 2 | 26.13 | 175.5 | 182.9 | 265.0 | 132.1 | 111.9 | 111.9 | 111.9 |
| Announcement Date | 2/18/20 | 2/9/21 | 2/8/22 | 2/7/23 | 2/6/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 624.3 | 774.4 | 1,382 | 2,331 | 2,291 | 1,496 | 2,197 | 2,655 |
| EBITDA 1 | 116.8 | 203.7 | 362.6 | 723.8 | 749 | 470.1 | 849 | 1,013 |
| EBIT 1 | 102.7 | 186.4 | 215.8 | 448.3 | 461.4 | 148.4 | 524.1 | 738.6 |
| Operating Margin | 16.45% | 24.07% | 15.62% | 19.23% | 20.14% | 9.92% | 23.85% | 27.82% |
| Earnings before Tax (EBT) 1 | 90.11 | 119.4 | 120.9 | 452 | 513.1 | 209.8 | 600.5 | 800.6 |
| Net income 1 | 161.1 | 134 | 145.4 | 397.4 | 438.9 | 175.6 | 493 | 657 |
| Net margin | 25.81% | 17.3% | 10.52% | 17.05% | 19.16% | 11.74% | 22.44% | 24.74% |
| EPS 2 | 1.230 | 0.9500 | 1.020 | 2.770 | 3.080 | 1.302 | 3.626 | 4.641 |
| Free Cash Flow 1 | 124.3 | 195.8 | 299.8 | 698.4 | 586.4 | 382.5 | 725.6 | 896.9 |
| FCF margin | 19.91% | 25.28% | 21.69% | 29.96% | 25.6% | 25.57% | 33.02% | 33.78% |
| FCF Conversion (EBITDA) | 106.36% | 96.13% | 82.68% | 96.48% | 78.29% | 81.38% | 85.46% | 88.57% |
| FCF Conversion (Net income) | 77.12% | 146.11% | 206.1% | 175.75% | 133.59% | 217.87% | 147.16% | 136.5% |
| Dividend per Share 2 | - | - | - | - | - | - | - | - |
| Announcement Date | 2/18/20 | 2/9/21 | 2/8/22 | 2/7/23 | 2/6/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 412.7 | 441.3 | 530.2 | 634.7 | 724.7 | 726 | 711.1 | 551.1 | 302.6 | 263.3 | 316.9 | 429.2 | 483.8 | 465.5 | 518.1 |
| EBITDA 1 | 105.8 | 125.2 | 162.3 | 202.4 | 236.6 | 243.9 | 242.3 | 181.3 | 80.65 | 53.78 | 79.94 | 148.5 | 177.4 | 163.4 | 190.8 |
| EBIT 1 | 57.7 | 61.82 | 94.04 | 135.4 | 157 | 167.7 | 170.3 | 118 | 4.583 | -29.1 | 0.8341 | 62.7 | 97.85 | 80.35 | 108 |
| Operating Margin | 13.98% | 14.01% | 17.74% | 21.34% | 21.66% | 23.09% | 23.95% | 21.41% | 1.51% | -11.05% | 0.26% | 14.61% | 20.22% | 17.26% | 20.85% |
| Earnings before Tax (EBT) 1 | 50.54 | 57.41 | 92.21 | 134.3 | 168.2 | 179 | 184.6 | 137.3 | 12.23 | -11.5 | 18.39 | 81.39 | 114.9 | 104 | 130.3 |
| Net income 1 | 52.59 | 51.82 | 76.98 | 114.8 | 153.8 | 146.9 | 157.2 | 114 | 20.92 | -16.1 | 16.3 | 68.25 | 96.53 | 83.33 | 105.5 |
| Net margin | 12.74% | 11.74% | 14.52% | 18.09% | 21.22% | 20.23% | 22.1% | 20.68% | 6.91% | -6.11% | 5.14% | 15.9% | 19.95% | 17.9% | 20.37% |
| EPS 2 | 0.3700 | 0.3700 | 0.5400 | 0.8000 | 1.060 | 1.020 | 1.090 | 0.8000 | 0.1500 | -0.1200 | 0.1153 | 0.5050 | 0.6971 | 0.6294 | 0.7946 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 2/8/22 | 4/26/22 | 7/26/22 | 10/25/22 | 2/7/23 | 4/25/23 | 7/27/23 | 10/26/23 | 2/6/24 | 4/23/24 | - | - | - | - | - |
1USD in Million2USD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | 21 | - | - | - | - | - |
| Net Cash position 1 | 146 | 349 | - | 322 | 401 | 825 | 1,238 | 2,102 |
| Leverage (Debt/EBITDA) | - | - | 0.0579 x | - | - | - | - | - |
| Free Cash Flow 1 | 124 | 196 | 300 | 698 | 586 | 383 | 726 | 897 |
| ROE (net income / shareholders' equity) | 88.7% | 35.4% | 9.76% | 63.3% | 67.8% | 24% | 36.4% | 32.5% |
| ROA (Net income/ Total Assets) | 23.6% | 14% | 8.87% | 15.4% | 19% | 6.39% | 14.8% | 14.7% |
| Assets 1 | 683.2 | 956.7 | 1,640 | 2,582 | 2,315 | 2,747 | 3,322 | 4,482 |
| Book Value Per Share 2 | 2.210 | 3.750 | 3.210 | 6.100 | 6.860 | 8.780 | 13.00 | 18.10 |
| Cash Flow per Share 2 | 1.060 | 1.520 | 2.460 | 5.160 | 4.860 | 3.860 | 5.770 | 6.660 |
| Capex 1 | 14.8 | 20.6 | 52.3 | 46.4 | 110 | 62.6 | 72.7 | 89.4 |
| Capex / Sales | 2.37% | 2.65% | 3.78% | 1.99% | 4.82% | 4.19% | 3.31% | 3.37% |
| Announcement Date | 2/18/20 | 2/9/21 | 2/8/22 | 2/7/23 | 2/6/24 | - | - | - |
1USD in Million2USD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
42
Last Close Price
111.9
USD
Average target price
126
USD
Spread / Average Target
+12.57%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -15.29% | 15.23B | |
| -18.69% | 19.47B | |
| +3.74% | 19.13B | |
| -13.38% | 13.47B | |
| -13.32% | 10.6B | |
| +37.48% | 7.64B | |
| -16.81% | 7.26B | |
| -30.07% | 6.63B | |
| +16.23% | 6.03B | |
| -6.60% | 5.98B |
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- Financials Enphase Energy, Inc.
