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.
A significant transition in financial performance is observed between 2013 and 2024, characterized by a shift from consistent operational losses to sustained profitability and subsequent valuation normalization.
- Earnings Performance and Profitability
- From 2013 through 2019, earnings per share remained negative, indicating a prolonged period of net losses. A pivotal turnaround occurred in 2020, when earnings per share shifted to a positive value of 1.31. This positive trajectory continued through 2024, with earnings per share reaching 3.23, demonstrating a consistent growth in bottom-line profitability after the initial recovery.
- Share Price Volatility and Appreciation
- The share price exhibited extreme volatility in the early period, reaching a low of 1.37 in 2017. A rapid acceleration in valuation began in 2019, culminating in a peak of 193.50 in 2021. While the price fluctuated in subsequent years, ending at 122.47 in 2024, it maintained a significantly higher baseline than the pre-2020 levels.
- Price-to-Earnings (P/E) Ratio Trends
- The P/E ratio was not applicable for the first seven years of the analyzed period due to negative earnings. Upon achieving profitability in 2020, the P/E ratio appeared at 45.17, before spiking to a peak of 186.32 in 2021. This peak suggests a period of intense market optimism and high growth expectations. Following 2021, a consistent downward trend in the P/E ratio is observed, falling to 134.16 in 2022, 73.02 in 2023, and 37.88 in 2024.
- Valuation Compression Analysis
- The divergence between rising earnings per share and a falling P/E ratio from 2021 to 2024 indicates a valuation compression. While the company increased its actual earnings, the market multiplier applied to those earnings decreased. This suggests that the stock price is becoming more closely aligned with fundamental earnings growth rather than speculative future projections.
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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. | Marvell Technology Inc. | 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 | 7.94 | 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 | 20.02 | 3.40 | 48.05 | — | 18.05 |
| Apr 2, 2018 | — | 282.39 | 44.94 | 16.16 | 63.27 | 22.15 | 15.04 | 15.33 | 372.92 | 9.20 | 36.34 | 31.96 | 27.77 |
| Mar 16, 2017 | — | — | 26.07 | 20.68 | — | 16.72 | 17.18 | 15.81 | — | — | 28.95 | 17.37 | 21.45 |
| Mar 1, 2016 | — | — | 27.06 | 15.88 | 28.48 | 11.85 | 22.54 | 17.37 | 17.70 | 6.25 | 19.88 | 17.18 | 17.66 |
| Mar 4, 2015 | — | — | 27.51 | 27.87 | 98.35 | 13.90 | 20.52 | 18.20 | 24.44 | 11.39 | 22.17 | 16.11 | 21.89 |
| Mar 4, 2014 | — | — | 23.06 | 78.13 | 23.31 | 12.80 | 17.82 | 66.48 | 17.31 | 14.78 | 14.02 | 17.19 | 22.29 |
| Mar 5, 2013 | — | — | 18.56 | 118.67 | 13.97 | 9.48 | 11.45 | 37.82 | 14.87 | — | 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 | 49.31 |
| Feb 13, 2023 | 73.02 | 23.72 |
| Feb 11, 2022 | 134.16 | 25.08 |
| Feb 16, 2021 | 186.32 | 24.71 |
| Feb 21, 2020 | 45.17 | 19.59 |
| Mar 15, 2019 | — | 13.92 |
| Apr 2, 2018 | — | 24.36 |
| Mar 16, 2017 | — | 26.55 |
| Mar 1, 2016 | — | 15.22 |
| Mar 4, 2015 | — | 17.33 |
| Mar 4, 2014 | — | 17.07 |
| Mar 5, 2013 | — | 15.65 |
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 | 36.13 |
| Feb 13, 2023 | 73.02 | 26.99 |
| Feb 11, 2022 | 134.16 | 29.75 |
| Feb 16, 2021 | 186.32 | 30.97 |
| Feb 21, 2020 | 45.17 | 23.40 |
| Mar 15, 2019 | — | 23.17 |
| Apr 2, 2018 | — | 23.55 |
| Mar 16, 2017 | — | 19.69 |
| Mar 1, 2016 | — | 16.54 |
| Mar 4, 2015 | — | 17.14 |
| Mar 4, 2014 | — | 14.15 |
| 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).