What is Enphase Energy's net debt?

Enphase Energy (ENPH) reported net debt of $114.58M in Q1 2026.

How has Enphase Energy's net debt changed year-over-year?

Enphase Energy's net debt decreased by 86.0% year-over-year, from $819.52M to $114.58M.

What is the long-term trend for Enphase Energy's net debt?

Over 5 years (2020 to 2025), Enphase Energy's net debt has grown at a 18.5% compound annual growth rate (CAGR), from -$328.76M to $769.47M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Enphase Energy ENPH Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

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40×—

Armstrong World IndustriesAWI

0.9×-0.1×

LAD

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0.4×0.0×

Albertsons CompaniesACI

4.1×+0.4×

Karman Holdings Inc.KRMN

5.9×+2.7×

Pilgrim's Pride CorporationPPC

1.5×+0.9×

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

See full

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.

$612.1Mtotal debt−$497.5Mcash and equivalents=$114.58M

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 net debt?: Enphase Energy (ENPH) reported net debt of $114.58M in Q1 2026.
How has Enphase Energy's net debt changed year-over-year?: Enphase Energy's net debt decreased by 86.0% year-over-year, from $819.52M to $114.58M.
What is the long-term trend for Enphase Energy's net debt?: Over 5 years (2020 to 2025), Enphase Energy's net debt has grown at a 18.5% compound annual growth rate (CAGR), from -$328.76M to $769.47M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.