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Enphase Energy ENPH Invested capital

Discontinued — last reported Q1 '26

Invested capital at other companies

Vornado Realty logo
Vornado RealtyVNO
17%+7.7pp
Lamb Weston logo
Lamb WestonLW
7.2%-1.0pp
Conagra Brands logo
Conagra BrandsCAG
13.6%+4.8pp
SSR Mining logo
SSR MiningSSRM
18.7%
MSA
Mine Safety Appliances CompanyMSA
17.4%-1.9pp
Kulicke & Soffa Industries logo
Kulicke & Soffa IndustriesKLIC
6%+4.4pp

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
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.

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 invested capital?
Enphase Energy (ENPH) reported invested capital of $1.22B in Q1 2026.
How has Enphase Energy's invested capital changed year-over-year?
Enphase Energy's invested capital decreased by 25.4% year-over-year, from $1.63B to $1.22B.
What is the long-term trend for Enphase Energy's invested capital?
Over 5 years (2020 to 2025), Enphase Energy's invested capital has grown at a 64.3% compound annual growth rate (CAGR), from $155.23M to $1.86B.
What does invested capital mean?
Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).