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Enphase Energy ENPH Free cash flow margin

Free cash flow margin at other companies

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12.5%+8.6pp
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5.6%-0.2pp
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30.8%
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Other financials

Income statement

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Revenue$282.9M-20.6%
Gross profit$100.4M-40.3%
Operating income-$29.6M-193%
Net income-$7.4M-125%
EPS (diluted)-$0.06-127%

Balance sheet

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Cash & equivalents$497.5M+19.9%
Total debt$612.1M-50.4%
Total equity$1.1B+36.0%
Total assets$2.7B-12.3%

Cash flow

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Operating cash flow$102.9M+112%
CapEx$19.9M+36.2%
Free cash flow$83.0M+145%

Valuation

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Market cap$6.89B-39.7%
Enterprise value$7B-43.9%
P/E51×-25.9×
P/S4.9×-3.1×

Profitability

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Gross margin44.2%-3.7pp
Operating margin6.9%-2.9pp
Net margin9.6%-0.8pp

Returns & leverage

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Return on equity14.1%-3.0pp
Debt / equity0.6×-1.0×
Current ratio3.8×+1.9×

Where this comes from

Calculated from Enphase Energy’s reported figures.

Based on trailing twelve months.

The official record: Enphase Energy’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Enphase Energy's free cash flow margin?
Enphase Energy (ENPH) reported free cash flow margin of 10.4% in Q1 2026.
How has Enphase Energy's free cash flow margin changed year-over-year?
Enphase Energy's free cash flow margin decreased by 68.8% year-over-year, from 33.2% to 10.4%.
What is the long-term trend for Enphase Energy's free cash flow margin?
Over 5 years (2020 to 2025), Enphase Energy's free cash flow margin has grown at a -23.8% compound annual growth rate (CAGR), from 25.3% to 6.5%.
What does free cash flow margin mean?
Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.