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Enphase Energy ENPH Gross margin

Gross margin at other companies

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Tesla, Inc.TSLA
19.1%+1.4pp
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EnerSysENS
29.3%-0.9pp
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Quanta ServicesPWR
15.1%+0.1pp
First Solar logo
First SolarFSLR
41.7%-1.9pp
Monolithic Power Systems logo
Monolithic Power SystemsMPWR
55.2%-0.2pp
Nextpower Inc.
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Nextpower Inc. NXT
32.6%-1.5pp

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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Operating margin6.9%-2.9pp
Net margin9.6%-0.8pp
FCF margin10.4%-22.8pp

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 gross margin?
Enphase Energy (ENPH) reported gross margin of 44.2% in Q1 2026.
How has Enphase Energy's gross margin changed year-over-year?
Enphase Energy's gross margin decreased by 7.7% year-over-year, from 47.9% to 44.2%.
What is the long-term trend for Enphase Energy's gross margin?
Over 5 years (2020 to 2025), Enphase Energy's gross margin has grown at a 0.9% compound annual growth rate (CAGR), from 44.7% to 46.6%.
What does gross margin mean?
Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.