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Enphase Energy ENPH Return on invested capital

Return on invested capital at other companies

Tesla, Inc. logo
Tesla, Inc.TSLA
5.2%-2.8pp
EnerSys logo
EnerSysENS
13.3%-3.0pp
Quanta Services logo
Quanta ServicesPWR
9.9%-0.2pp
First Solar logo
First SolarFSLR
20.8%+2.4pp
Monolithic Power Systems logo
Monolithic Power SystemsMPWR
25%-3.4pp
Nextpower Inc.
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Nextpower Inc. NXT
52.3%-12.3pp

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.

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 return on invested capital?
Enphase Energy (ENPH) reported return on invested capital of 6.3% in Q1 2026.
How has Enphase Energy's return on invested capital changed year-over-year?
Enphase Energy's return on invested capital decreased by 0.6% year-over-year, from 6.4% to 6.3%.
What is the long-term trend for Enphase Energy's return on invested capital?
Over 5 years (2020 to 2025), Enphase Energy's return on invested capital has grown at a -45.1% compound annual growth rate (CAGR), from 149.4% to 7.4%.
What does return on invested capital mean?
Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.