Financials Enphase Energy, Inc.

Equities

ENPH

US29355A1079

Renewable Energy Equipment & Services

Market Closed - Nasdaq Other stock markets 16:00:00 2026-02-13 EST			5-day change	1st Jan Change
43.49 ^USD	-1.47%		-12.67%	+35.69%

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Projected Income Statement: Enphase Energy, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	774.4	1,382	2,331	2,291	1,330	1,473	1,255	1,385
Change	-	78.46%	68.65%	-1.72%	-41.92%	10.72%	-14.8%	10.38%
EBITDA ¹	203.7	362.6	723.8	749	403.3	476.7	334.9	407.5
Change	-	78.02%	99.65%	3.47%	-46.15%	18.19%	-29.74%	21.67%
EBIT ¹	186.4	215.8	448.3	461.4	77.29	157.5	60.87	140.5
Change	-	15.77%	107.69%	2.94%	-83.25%	103.81%	-61.36%	130.81%
Interest Paid ¹	-18.84	-44.46	-9.438	-8.839	-8.905	-4.521	-1.288	-1.488
Earnings before Tax (EBT) ¹	119.4	120.9	452	513.1	120.2	204.8	109.6	216
Change	-	1.27%	273.82%	13.51%	-76.58%	70.45%	-46.46%	97.02%
Net income ¹	134	145.4	397.4	438.9	102.7	172.1	89.23	173.6
Change	-	8.55%	173.2%	10.46%	-76.61%	67.68%	-48.16%	94.59%
Announcement Date	2/9/21	2/8/22	2/7/23	2/6/24	2/4/25	2/3/26	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	264.8	301.8	316.1	351.5	412.7	441.3	530.2	634.7	724.7	726	711.1	551.1	302.6	263.3	303.5	380.9	382.7	356.1	363.2	410.4	343.3	280.3	297.2	325.1	326.4	288	317	349.1
Change	-	13.94%	4.74%	11.22%	17.41%	6.92%	20.15%	19.71%	14.17%	0.19%	-2.05%	-22.5%	-45.1%	-12.97%	15.23%	25.51%	0.48%	-6.96%	1.99%	13.02%	-16.35%	-18.36%	6.03%	9.41%	0.4%	-11.78%	10.07%	10.13%
EBITDA ¹	83.59	81.79	82.31	92.62	105.8	125.2	162.3	202.4	236.6	243.9	242.3	181.3	80.65	59.13	81.56	121.5	141.1	114.6	118.7	143.6	99.8	66.21	74.24	93.55	90.81	78.61	95.38	111.1
Change	-	-2.15%	0.64%	12.53%	14.28%	18.27%	29.69%	24.67%	16.9%	3.08%	-0.65%	-25.2%	-55.51%	-26.68%	37.94%	48.98%	16.12%	-18.81%	3.62%	21%	-30.51%	-33.65%	12.12%	26%	-2.92%	-13.43%	21.32%	16.44%
EBIT ¹	79.11	61.39	59.4	37.35	57.7	61.82	94.04	135.4	157	167.7	170.3	118	4.583	-29.1	1.799	49.79	54.8	31.92	37.01	66.16	22.44	-15.68	2.781	26.74	30.23	2.294	17.93	35.75
Change	-	-22.41%	-3.24%	-37.12%	54.47%	7.16%	52.1%	44.03%	15.89%	6.82%	1.58%	-30.73%	-96.12%	-734.93%	106.18%	2,667.54%	10.07%	-41.75%	15.93%	78.77%	-66.08%	-169.88%	117.74%	861.66%	13.02%	-92.41%	681.59%	99.38%
Charge d'intérêts ¹	-5.228	-7.256	-12.41	-12.52	-12.28	-2.736	-2.168	-2.255	-2.279	-2.156	-2.219	-2.196	-2.268	-2.196	-2.22	-2.237	-2.252	-2.047	-0.815	-0.83	-0.829	-0.394	-0.394	-0.394	-0.394	-	-	-
Earnings before Tax (EBT) ¹	71.35	-1.666	46.35	25.71	50.54	57.41	92.21	134.3	168.2	179	184.6	137.3	12.23	-11.5	11.22	50.74	69.7	46.89	42.2	77.02	38.7	-2.83	13.31	36.62	39.58	18.03	33.57	51.06
Change	-	-102.33%	2,881.87%	-44.53%	96.6%	13.59%	60.62%	45.6%	25.27%	6.42%	3.14%	-25.6%	-91.1%	-194.05%	197.54%	352.42%	37.36%	-32.72%	-10%	82.49%	-49.76%	-107.31%	570.4%	175.11%	8.06%	-54.46%	86.22%	52.11%
Net income ¹	72.99	31.7	39.35	21.81	52.59	51.82	76.98	114.8	153.8	146.9	157.2	114	20.92	-16.1	10.83	45.76	62.16	29.73	37.05	66.64	38.71	-3.564	12.53	29.91	36.94	14.46	26.98	41.1
Change	-	-56.57%	24.14%	-44.58%	141.14%	-1.46%	48.54%	49.15%	33.92%	-4.47%	7.03%	-27.51%	-81.64%	-176.95%	167.3%	322.43%	35.83%	-52.17%	24.63%	79.85%	-41.91%	-109.21%	451.73%	138.62%	23.5%	-60.85%	86.62%	52.32%
Announcement Date	2/9/21	4/27/21	7/27/21	10/26/21	2/8/22	4/26/22	7/26/22	10/25/22	2/7/23	4/25/23	7/27/23	10/26/23	2/6/24	4/23/24	7/23/24	10/22/24	2/4/25	4/22/25	7/22/25	10/28/25	2/3/26	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Enphase Energy, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-349	21	-322	-401	-320	-308	-527	-791
Change	-	106.02%	-1,633.33%	-24.53%	20.2%	3.75%	-11.18%	-50.09%
Announcement Date	2/9/21	2/8/22	2/7/23	2/6/24	2/4/25	2/3/26	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Enphase Energy, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	20.56	52.26	46.44	110.4	33.6	40.64	50.34	53.01
Change	-	154.2%	-11.13%	137.71%	-69.56%	20.94%	17.31%	5.31%
Free Cash Flow (FCF) ¹	195.8	299.8	698.4	586.4	480.1	95.9	347	351.9
Change	-	53.12%	132.97%	-16.04%	-18.13%	-80.02%	116.03%	1.4%
Announcement Date	2/9/21	2/8/22	2/7/23	2/6/24	2/4/25	2/3/26	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Enphase Energy, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	26.3%	26.23%	31.05%	32.7%	30.32%	32.36%	26.69%	29.41%
EBIT Margin (%)	24.07%	15.62%	19.23%	20.14%	5.81%	10.69%	4.85%	10.14%
EBT Margin (%)	15.42%	8.75%	19.39%	22.4%	9.03%	13.9%	8.74%	15.59%
Net margin (%)	17.3%	10.52%	17.05%	19.16%	7.72%	11.69%	7.11%	12.53%
FCF margin (%)	25.28%	21.69%	29.96%	25.6%	36.09%	6.51%	27.65%	25.4%
FCF / Net Income (%)	146.11%	206.1%	175.75%	133.59%	467.66%	55.71%	388.89%	202.63%
Profitability
ROA	14.01%	8.87%	15.39%	18.96%	3.1%	5.09%	4.23%	6.36%
ROE	35.44%	9.76%	63.29%	67.79%	11.3%	17.93%	10.3%	16.48%
Financial Health
Leverage (Debt/EBITDA)	-	0.06x	-	-	-	-	-	-
Debt / Free cash flow	-	0.07x	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.65%	3.78%	1.99%	4.82%	2.53%	2.76%	4.01%	3.83%
CAPEX / EBITDA (%)	10.09%	14.41%	6.42%	14.74%	8.33%	8.53%	15.03%	13.01%
CAPEX / FCF (%)	10.5%	17.43%	6.65%	18.83%	7%	42.38%	14.51%	15.07%
Items per share
Cash flow per share ¹	1.524	2.464	5.158	4.863	3.669	1.012	3.022	2.819
Change	-	61.63%	109.37%	-5.73%	-24.55%	-72.41%	-9.41%	-6.7%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	3.753	3.213	6.1	6.865	5.95	7.972	10.2	12.57
Change	-	-14.39%	89.85%	12.54%	-13.32%	33.98%	28.01%	23.2%
EPS ¹	0.95	1.02	2.77	3.08	0.75	1.29	0.67	1.259
Change	-	7.37%	171.57%	11.19%	-75.65%	72%	-40.69%	87.84%
Nbr of stocks (in thousands)	126,333	134,912	135,924	136,130	135,107	130,860	130,860	130,860
Announcement Date	2/9/21	2/8/22	2/7/23	2/6/24	2/4/25	2/3/26	-	-