Price to Earnings (P/E)
since 2012
Calculation
Enphase Energy Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss)1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 9, 2024 | 37.88 | = | 122.47 | ÷ | 3.23 | 3.23 | = | 438,936 | ÷ | 135,759,339 | |
| Feb 13, 2023 | 73.02 | = | 212.57 | ÷ | 2.91 | 2.91 | = | 397,362 | ÷ | 136,497,418 | |
| Feb 11, 2022 | 134.16 | = | 145.69 | ÷ | 1.09 | 1.09 | = | 145,449 | ÷ | 133,935,574 | |
| Feb 16, 2021 | 186.32 | = | 193.50 | ÷ | 1.04 | 1.04 | = | 133,995 | ÷ | 129,021,311 | |
| Feb 21, 2020 | 45.17 | = | 59.09 | ÷ | 1.31 | 1.31 | = | 161,148 | ÷ | 123,179,271 | |
| Mar 15, 2019 | — | = | 9.05 | ÷ | -0.11 | -0.11 | = | -11,627 | ÷ | 108,519,598 | |
| Apr 2, 2018 | — | = | 4.51 | ÷ | -0.47 | -0.47 | = | -45,192 | ÷ | 95,829,245 | |
| Mar 16, 2017 | — | = | 1.37 | ÷ | -0.82 | -0.82 | = | -67,462 | ÷ | 82,525,301 | |
| Mar 1, 2016 | — | = | 2.44 | ÷ | -0.48 | -0.48 | = | -22,082 | ÷ | 46,363,602 | |
| Mar 4, 2015 | — | = | 13.61 | ÷ | -0.18 | -0.18 | = | -8,052 | ÷ | 43,914,728 | |
| Mar 4, 2014 | — | = | 8.48 | ÷ | -0.61 | -0.61 | = | -25,913 | ÷ | 42,236,859 | |
| Mar 5, 2013 | — | = | 4.88 | ÷ | -0.93 | -0.93 | = | -38,218 | ÷ | 41,223,308 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Enphase Energy Inc. Annual Report.
- Share Price Trend
- The share price demonstrated notable volatility throughout the periods observed. Initially, there was a gradual increase from $4.88 in 2013 to $13.61 in 2015, followed by a sharp decline reaching a low point of $1.37 in 2017. Subsequent years saw a significant recovery and growth, with the share price peaking at $212.57 in 2023 before declining to $122.47 in 2024. This pattern indicates substantial market fluctuations, with a pronounced upward trend from 2018 onward until 2023, after which there was a considerable correction.
- Earnings Per Share (EPS) Trend
- EPS values reflected a transition from negative to positive territory over the examined periods. Negative EPS persisted from 2013 through 2017, with the lowest EPS recorded at -$0.93 in 2013 and a slight recovery to -$0.11 in 2019. Starting in 2020, the company reported positive EPS consistently, increasing from $1.31 to $3.23 in 2024. This progression suggests an improvement in profitability, indicating successful operational or financial performance enhancements beginning around 2020.
- Price-to-Earnings (P/E) Ratio Evolution
- P/E ratio data is available from 2020 onward, displaying high valuation multiples relative to earnings. The ratio reached an elevated peak of 186.32 in 2021, followed by a decline to 37.88 in 2024. High P/E ratios in 2020 and 2021 coincide with the initial positive EPS period but suggest market optimism potentially priced in well ahead of stable earnings growth. The decline in the P/E ratio over the last two years indicates a movement toward a more moderate valuation, aligning better with the improving EPS figures.
- Overall Analysis
- The financial data indicates a company undergoing a significant turnaround from 2018 onwards, reflected in the recovery in share price and the shift from losses to profits in EPS. The high P/E ratios in the early profitable periods suggest investor expectations were initially very optimistic. The more recent share price correction and reduction in P/E ratio may represent market recalibration towards more sustainable earnings growth. This trajectory highlights improved financial performance coupled with market revaluation over the analyzed timeframe.
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Comparison to Competitors
Enphase Energy Inc., P/E, long-term trends, comparison to competitors
| Enphase Energy Inc. | Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Broadcom Inc. | Intel Corp. | KLA Corp. | Lam Research Corp. | Micron Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 9, 2024 | 37.88 | 317.27 | 27.14 | 19.63 | 36.78 | 109.27 | 20.04 | 19.26 | — | 131.70 | 17.07 | 22.24 |
| Feb 13, 2023 | 73.02 | 96.16 | 31.21 | 13.55 | 20.70 | 14.54 | 16.89 | 13.77 | 6.62 | 68.08 | 9.75 | 18.88 |
| Feb 11, 2022 | 134.16 | 45.54 | 68.31 | 22.05 | 40.73 | 10.59 | 25.97 | 21.03 | 13.38 | 78.54 | 17.15 | 20.38 |
| Feb 16, 2021 | 186.32 | 41.66 | 41.43 | 22.31 | 66.38 | 11.02 | 25.92 | 24.23 | 21.80 | 67.59 | 28.06 | 27.95 |
| Feb 21, 2020 | 45.17 | 169.62 | 31.04 | 20.25 | 47.09 | 13.91 | 18.44 | 13.64 | 7.98 | 22.77 | 22.03 | 24.47 |
| Mar 15, 2019 | — | 68.76 | 22.17 | 9.75 | 8.14 | 10.41 | 23.02 | 11.70 | 3.40 | 48.05 | — | 18.05 |
| Apr 2, 2018 | — | 282.39 | 44.94 | 16.16 | 63.27 | 22.15 | 15.04 | 15.33 | 9.20 | 36.34 | 31.96 | 27.77 |
| Mar 16, 2017 | — | — | 26.07 | 20.68 | — | 16.72 | 17.19 | 15.81 | — | 28.95 | 17.37 | 21.45 |
| Mar 1, 2016 | — | — | 27.06 | 15.88 | 28.48 | 11.85 | 22.52 | 17.37 | 6.25 | 19.88 | 17.18 | 17.66 |
| Mar 4, 2015 | — | — | 27.51 | 27.87 | 98.35 | 13.90 | 20.53 | 18.20 | 11.39 | 22.17 | 16.11 | 21.89 |
| Mar 4, 2014 | — | — | 23.06 | 78.13 | 23.31 | 12.80 | 17.83 | 66.48 | 14.78 | 14.02 | 17.19 | 22.29 |
| Mar 5, 2013 | — | — | 18.56 | 118.67 | 13.97 | 9.48 | 11.46 | 37.82 | — | 15.69 | 16.21 | 21.47 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Comparison to Sector (Semiconductors & Semiconductor Equipment)
Enphase Energy Inc., P/E, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| Enphase Energy Inc. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Feb 9, 2024 | 37.88 | 48.39 |
| Feb 13, 2023 | 73.02 | 22.88 |
| Feb 11, 2022 | 134.16 | 24.52 |
| Feb 16, 2021 | 186.32 | 25.24 |
| Feb 21, 2020 | 45.17 | 19.28 |
| Mar 15, 2019 | — | 13.87 |
| Apr 2, 2018 | — | 24.12 |
| Mar 16, 2017 | — | 25.31 |
| Mar 1, 2016 | — | 15.18 |
| Mar 4, 2015 | — | 17.26 |
| Mar 4, 2014 | — | 17.06 |
| Mar 5, 2013 | — | 15.68 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Comparison to Industry (Information Technology)
Enphase Energy Inc., P/E, long-term trends, comparison to industry (information technology)
| Enphase Energy Inc. | Information Technology | |
|---|---|---|
| Feb 9, 2024 | 37.88 | 36.08 |
| Feb 13, 2023 | 73.02 | 26.93 |
| Feb 11, 2022 | 134.16 | 29.79 |
| Feb 16, 2021 | 186.32 | 31.22 |
| Feb 21, 2020 | 45.17 | 23.29 |
| Mar 15, 2019 | — | 23.19 |
| Apr 2, 2018 | — | 23.45 |
| Mar 16, 2017 | — | 19.49 |
| Mar 1, 2016 | — | 16.53 |
| Mar 4, 2015 | — | 17.12 |
| Mar 4, 2014 | — | 14.14 |
| Mar 5, 2013 | — | 14.37 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).