Company Valuation: Enphase Energy, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 24,681 36,014 17,988 9,279 4,194 4,806 - -
Change - 45.92% -50.05% -48.42% -54.8% 14.59% - -
Enterprise Value (EV) 1 24,702 35,692 17,587 8,959 3,886 4,187 3,913 3,670
Change - 44.49% -50.73% -49.06% -56.63% 7.77% -6.56% -6.19%
P/E 179x 95.7x 42.9x 91.6x 24.8x 67.9x 42.7x 30.7x
PBR 56.9x 43.4x 19.2x 11.5x 3.86x 3.66x 3.03x 2.47x
PEG - 1x 3.8x -1.2x 0.3x -1.2x 0.7x 0.8x
Capitalization / Revenue 17.9x 15.5x 7.85x 6.97x 2.85x 4.04x 3.8x 3.42x
EV / Revenue 17.9x 15.3x 7.68x 6.73x 2.64x 3.52x 3.09x 2.61x
EV / EBITDA 68.1x 49.3x 23.5x 22.2x 8.15x 13.8x 11.5x 8.92x
EV / EBIT 114x 79.6x 38.1x 116x 24.7x 94.7x 57x 22.5x
EV / FCF 82.4x 51.1x 30x 18.7x 40.5x 11.8x 11x 10.7x
FCF Yield 1.21% 1.96% 3.33% 5.36% 2.47% 8.47% 9.13% 9.33%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 1.02 2.77 3.08 0.75 1.29 0.5356 0.8514 1.184
Distribution rate - - - - - - - -
Net sales 1 1,382 2,331 2,291 1,330 1,473 1,188 1,264 1,406
EBITDA 1 362.6 723.8 749 403.3 476.7 302.5 340.9 411.4
EBIT 1 215.8 448.3 461.4 77.29 157.5 44.23 68.69 163.4
Net income 1 145.4 397.4 438.9 102.7 172.1 73.11 124.4 172.7
Net Debt 1 21 -322.5 -401.3 -320.2 -308.5 -618.8 -893.5 -1,136
Reference price 2 182.94 264.96 132.14 68.68 32.05 36.37 36.37 36.37
Nbr of stocks (in thousands) 134,912 135,924 136,130 135,107 130,860 132,145 - -
Announcement Date 2/8/22 2/7/23 2/6/24 2/4/25 2/3/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
67.91x3.52x13.84x-.--% 4.81B
11.7x3.92x7.53x-.--% 21.97B
18.52x4.28x15.47x3.67% 16.39B
-14.62x1.08x25.27x-.--% 13.25B
22.66x2.68x12.68x-.--% 12.82B
17.22x2.23x10.98x0.14% 8.03B
-7.85x1.36x12.9x-.--% 7.47B
-20.21x0.85x7.89x-.--% 6.21B
-6.42x2.13x24.51x-.--% 5.5B
-21.97x12.34x89.08x-.--% 5.32B
Average 6.69x 3.44x 22.02x 0.38% 10.18B
Weighted average by Cap. 7.72x 3.27x 17.94x 0.6%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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