ENPHEnphase Energy, Inc.
Semiconductors & Related Devices
- Revenue
- $1.5B
- 11% YoY
- Operating margin
- 10.7%
- 84% YoY
- EBITDA
- $238M
- 50% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 0.8×
- $193M net debt
- AI in 10-K
- —
Red flags 2 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashFired79% of net incomeCash flow under 80% of net income
- Dilutive SBCFired15% of revenueOver 10% of revenue
- Payouts exceed cash flowClear95% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear7% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.4B | $2.3B | $2.3B | $1.3B | $1.5B | 11% |
| Operating income | $216M | $448M | $446M | $77M | $158M | 104% |
| Net income | $145M | $397M | $439M | $103M | $172M | 68% |
| Operating cash flow | $352M | $745M | $697M | $514M | $137M | 73% |
| Capex | $52M | $46M | $110M | $34M | $41M | 21% |
| Stock-based comp | $114M | $217M | $213M | $211M | $214M | 1.3% |
| Buybacks | $500M | $0 | $410M | $391M | $130M | 67% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.