What are Enphase Energy's profit margins?

Enphase Energy (ENPH) runs a 44.2% gross margin and a 6.9% operating margin, with a 9.6% net margin.

Where do Enphase Energy's ratios come from?

Every ratio is computed from Enphase Energy's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Enphase Energy ENPH Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25	TTM Q2 '25	TTM Q1 '25
Profitability
Gross margin	44.2%-3.7pp	46.6%-0.6pp	48.5%+2.3pp	48.2%+1.7pp	47.9%+1.6pp
Operating margin	6.9%-2.9pp	10.7%+4.9pp	12.6%+10.8pp	11.7%+5.3pp	9.7%-4.5pp
Net margin	9.6%-0.8pp	11.7%+4.0pp	12.9%+8.0pp	11.8%+2.7pp	10.4%-4.7pp
EBITDA margin	12.7%-2.7pp	16.2%+4.2pp	17.9%+9.6pp	17.1%+5.1pp	15.4%-3.0pp
Free cash flow margin	10.4%-22.8pp	6.5%-29.6pp	14.4%-12.5pp	25.2%+4.3pp	33.2%+11.0pp
Returns
Return on equity	14.1%-3.0pp	17.9%+6.6pp	20.3%+14.0pp	19.8%+5.8pp	17.1%-12.0pp
Return on assets	4.6%-0.1pp	5.1%+2.0pp	5.9%+4.1pp	5.5%+1.6pp	4.7%-3.7pp
Return on invested capital	6.3%0.0pp	7.4%+3.9pp	8.2%+7.1pp	7.8%+3.3pp	6.4%-6.6pp
Efficiency
Asset turnover	0.5×0.0×	0.4×0.0×	0.5×+0.1×	0.5×0.0×	0.4×-0.1×
Inventory turnover	3.6×-0.6×	3.5×-0.2×	4.5×+0.4×	4.4×0.0×	4.2×-1.3×
Liquidity
Current ratio	3.8×+1.9×	2.1×-1.5×	2×-2.1×	2×-2.3×	1.9×-2.3×
Quick ratio	3.2×+1.4×	1.8×-1.4×	1.9×-2.0×	1.8×-2.1×	1.8×-2.0×
Cash ratio	1×+0.7×	0.4×-0.3×	0.3×-0.1×	0.3×-0.2×	0.4×-0.1×
Leverage
Debt-to-equity	0.6×-1.0×	1.1×-0.5×	1.2×-0.2×	1.4×-0.1×	1.5×+0.1×
Debt-to-assets	0.2×-0.2×	0.4×-0.1×	0.4×0.0×	0.4×0.0×	0.4×0.0×
Net debt / EBITDA	0.6×-3.1×	3.2×-2.2×	3.1×-7.3×	3.4×-2.8×	3.7×+0.6×
Interest coverage	30.9×+15.1×	34.8×+26.2×	31.9×+29.4×	23.6×+13.4×	15.8×-13.4×
Per Share
Book value per share	$8.39+41.0%	$8.06+35.4%	$7.48+12.4%	$6.51+0.2%	$5.95-12.3%
Valuation
Market capitalization	$4.96B-39.7%	$4.19B-54.8%	$4.63B-69.8%	$5.04B-62.8%	$8.22B-50.0%
Enterprise value	$5.07B-43.9%	$4.96B-51.1%	$5.46B-66.7%	$5.9B-59.6%	$9.04B-48.4%
Price / earnings	36.7×-18.6×	24.4×-66.0×	23.7×-226×	28.8×-75.7×	55.4×-4.2×
Price / sales	3.5×-2.2×	2.8×-4.1×	3.1×-9.2×	3.4×-6.1×	5.8×-3.2×
Price / book	4.5×-5.6×	3.9×-7.3×	4.7×-11.8×	5.7×-9.6×	10.1×-7.7×
EV / EBITDA	28.6×-12.6×	20.8×-43.1×	20.2×-138×	23.2×-62.0×	41.2×-10.7×
EV / sales	3.6×-2.7×	3.4×-4.3×	3.6×-9.5×	4×-6.3×	6.4×-3.2×
Free cash flow yield	2.9%-2.8pp	2.3%-2.9pp	4.7%+2.5pp	7.4%+5.2pp	5.7%+3.3pp
Earnings yield	2.7%+0.9pp	4.1%+3.0pp	4.2%+3.8pp	3.5%+2.5pp	1.8%+0.1pp

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Questions, answered.

What are Enphase Energy's profit margins?: Enphase Energy (ENPH) runs a 44.2% gross margin and a 6.9% operating margin, with a 9.6% net margin.
Where do Enphase Energy's ratios come from?: Every ratio is computed from Enphase Energy's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.