Stock Analysis on Net

Enphase Energy Inc. (NASDAQ:ENPH)

This company has been moved to the archive! The financial data has not been updated since February 9, 2024.

Common Stock Valuation Ratios (Price Multiples)

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Current Valuation Ratios

Enphase Energy Inc., current price multiples

Microsoft Excel
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. ON Semiconductor Corp. Qualcomm Inc. Texas Instruments Inc. Semiconductors & Semiconductor Equipment Information Technology
Selected Financial Data
Current share price (P) $122.47
No. shares of common stock outstanding 135,759,339
Growth rate (g) 44.49%
 
Earnings per share (EPS) $3.23
Next year expected EPS $4.67
Operating profit per share $3.28
Sales per share $16.87
Book value per share (BVPS) $7.25
Valuation Ratios (Price Multiples)
Price to earnings (P/E) 37.88 339.79 28.92 25.21 43.40 109.57 27.82 28.07 75.81 14.80 26.10 24.15 88.34 45.75
Price to next year expected earnings 26.21 294.19 27.85 18.66 42.98 104.54 19.26 19.90 56.99 12.28 18.59 19.42 77.60 36.35
Price-earnings-growth (PEG) 0.85 21.92 7.48 0.72 44.72 22.78 0.63 0.68 2.29 0.72 0.65 0.99 6.38 1.77
Price to operating profit (P/OP) 37.30 723.64 25.08 22.58 37.71 1,989.89 23.59 24.46 68.43 12.73 24.24 21.44 81.19 38.47
Price to sales (P/S) 7.26 12.79 7.79 6.52 17.06 3.41 8.98 7.26 8.50 37.04 3.91 5.27 8.97 15.31 10.13
Price to book value (P/BV) 16.90 5.19 2.70 10.57 25.48 1.75 32.28 15.42 2.99 52.50 4.15 8.75 9.30 12.03 14.61

Based on: 10-K (reporting date: 2023-12-31).

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.


Historical Valuation Ratios (Summary)

Enphase Energy Inc., historical price multiples

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Price to earnings (P/E) 37.88 73.02 134.16 186.32 45.17
Price to operating profit (P/OP) 37.30 64.73 90.41 133.91 70.85
Price to sales (P/S) 7.26 12.45 14.12 32.24 11.66
Price to book value (P/BV) 16.90 35.15 45.36 51.58 26.74

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).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Enphase Energy Inc. P/E ratio decreased from 2021 to 2022 and from 2022 to 2023.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Enphase Energy Inc. P/OP ratio decreased from 2021 to 2022 and from 2022 to 2023.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Enphase Energy Inc. P/S ratio decreased from 2021 to 2022 and from 2022 to 2023.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Enphase Energy Inc. P/BV ratio decreased from 2021 to 2022 and from 2022 to 2023.

Price to Earnings (P/E)

Enphase Energy Inc., historical P/E calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 135,759,339 136,497,418 133,935,574 129,021,311 123,179,271
Selected Financial Data (US$)
Net income (in thousands) 438,936 397,362 145,449 133,995 161,148
Earnings per share (EPS)2 3.23 2.91 1.09 1.04 1.31
Share price1, 3 122.47 212.57 145.69 193.50 59.09
Valuation Ratio
P/E ratio4 37.88 73.02 134.16 186.32 45.17
Benchmarks
P/E Ratio, Competitors5
Advanced Micro Devices Inc. 317.27 96.16 45.54 41.66 169.62
Analog Devices Inc. 27.14 31.21 68.31 41.43 31.04
Applied Materials Inc. 19.63 13.55 22.05 22.31 20.25
Broadcom Inc. 36.78 20.70 40.73 66.37 47.09
Intel Corp. 109.27 14.54 9.85 11.02 13.91
KLA Corp. 20.04 16.89 25.97 25.92 18.44
Lam Research Corp. 19.27 13.77 21.03 24.22 13.64
Micron Technology Inc. 6.62 13.38 21.80 7.98
NVIDIA Corp. 131.68 68.09 78.52 67.57 22.79
ON Semiconductor Corp. 15.18 18.26 25.13 73.60 40.58
Qualcomm Inc. 17.07 9.75 17.15 28.06 22.03
Texas Instruments Inc. 22.24 18.88 20.38 27.95 24.47
P/E Ratio, Sector
Semiconductors & Semiconductor Equipment 46.92 22.77 24.31 25.46 19.37
P/E Ratio, Industry
Information Technology 35.25 26.57 28.96 30.85 22.48

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).

1 Data adjusted for splits and stock dividends.

2 2023 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= 438,936,000 ÷ 135,759,339 = 3.23

3 Closing price as at the filing date of Enphase Energy Inc. Annual Report.

4 2023 Calculation
P/E ratio = Share price ÷ EPS
= 122.47 ÷ 3.23 = 37.88

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Enphase Energy Inc. P/E ratio decreased from 2021 to 2022 and from 2022 to 2023.

Price to Operating Profit (P/OP)

Enphase Energy Inc., historical P/OP calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 135,759,339 136,497,418 133,935,574 129,021,311 123,179,271
Selected Financial Data (US$)
Income from operations (in thousands) 445,741 448,261 215,832 186,439 102,729
Operating profit per share2 3.28 3.28 1.61 1.45 0.83
Share price1, 3 122.47 212.57 145.69 193.50 59.09
Valuation Ratio
P/OP ratio4 37.30 64.73 90.41 133.91 70.85
Benchmarks
P/OP Ratio, Competitors5
Advanced Micro Devices Inc. 675.69 100.42 39.48 75.77 91.66
Analog Devices Inc. 23.53 26.16 56.12 33.76 24.74
Applied Materials Inc. 17.58 11.35 18.85 18.50 16.36
Broadcom Inc. 31.96 16.33 30.77 44.03 36.85
Intel Corp. 1,984.43 49.91 10.06 9.72 13.29
KLA Corp. 16.99 15.36 21.69 20.99 15.60
Lam Research Corp. 16.79 11.79 18.34 20.40 12.12
Micron Technology Inc. 5.93 12.48 19.51 6.83
NVIDIA Corp. 136.17 66.13 75.05 66.39 24.81
ON Semiconductor Corp. 13.06 14.72 19.70 49.43 19.86
Qualcomm Inc. 15.85 7.95 15.84 23.32 12.60
Texas Instruments Inc. 19.75 16.29 17.67 26.53 21.46
P/OP Ratio, Sector
Semiconductors & Semiconductor Equipment 43.12 21.12 22.05 22.54 16.64
P/OP Ratio, Industry
Information Technology 29.65 22.44 25.70 26.39 19.60

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).

1 Data adjusted for splits and stock dividends.

2 2023 Calculation
Operating profit per share = Income from operations ÷ No. shares of common stock outstanding
= 445,741,000 ÷ 135,759,339 = 3.28

3 Closing price as at the filing date of Enphase Energy Inc. Annual Report.

4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 122.47 ÷ 3.28 = 37.30

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Enphase Energy Inc. P/OP ratio decreased from 2021 to 2022 and from 2022 to 2023.

Price to Sales (P/S)

Enphase Energy Inc., historical P/S calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 135,759,339 136,497,418 133,935,574 129,021,311 123,179,271
Selected Financial Data (US$)
Net revenues (in thousands) 2,290,786 2,330,853 1,382,049 774,425 624,333
Sales per share2 16.87 17.08 10.32 6.00 5.07
Share price1, 3 122.47 212.57 145.69 193.50 59.09
Valuation Ratio
P/S ratio4 7.26 12.45 14.12 32.24 11.66
Benchmarks
P/S Ratio, Competitors5
Advanced Micro Devices Inc. 11.95 5.38 8.76 10.63 8.59
Analog Devices Inc. 7.31 7.14 12.98 9.03 7.06
Applied Materials Inc. 5.08 3.43 5.63 4.69 3.75
Broadcom Inc. 14.46 7.00 9.55 7.40 5.62
Intel Corp. 3.40 1.85 2.48 2.96 4.07
KLA Corp. 6.47 6.09 7.80 5.43 4.74
Lam Research Corp. 4.99 3.68 5.62 5.43 3.10
Micron Technology Inc. 4.94 1.87 2.83 2.73 2.15
NVIDIA Corp. 21.32 24.67 20.40 17.31 8.06
ON Semiconductor Corp. 4.02 4.17 3.76 3.28 1.56
Qualcomm Inc. 3.45 2.85 4.62 6.20 3.98
Texas Instruments Inc. 8.26 8.25 8.63 10.81 8.54
P/S Ratio, Sector
Semiconductors & Semiconductor Equipment 8.13 5.78 6.19 5.74 4.64
P/S Ratio, Industry
Information Technology 7.80 6.39 7.39 6.58 4.98

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).

1 Data adjusted for splits and stock dividends.

2 2023 Calculation
Sales per share = Net revenues ÷ No. shares of common stock outstanding
= 2,290,786,000 ÷ 135,759,339 = 16.87

3 Closing price as at the filing date of Enphase Energy Inc. Annual Report.

4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 122.47 ÷ 16.87 = 7.26

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Enphase Energy Inc. P/S ratio decreased from 2021 to 2022 and from 2022 to 2023.

Price to Book Value (P/BV)

Enphase Energy Inc., historical P/BV calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 135,759,339 136,497,418 133,935,574 129,021,311 123,179,271
Selected Financial Data (US$)
Stockholders’ equity (in thousands) 983,624 825,573 430,168 483,993 272,212
Book value per share (BVPS)2 7.25 6.05 3.21 3.75 2.21
Share price1, 3 122.47 212.57 145.69 193.50 59.09
Valuation Ratio
P/BV ratio4 16.90 35.15 45.36 51.58 26.74
Benchmarks
P/BV Ratio, Competitors5
Advanced Micro Devices Inc. 4.85 2.32 19.21 17.77 20.46
Analog Devices Inc. 2.53 2.35 2.50 4.22 3.61
Applied Materials Inc. 8.23 7.25 10.60 7.63 6.67
Broadcom Inc. 21.59 10.23 10.50 7.40 5.09
Intel Corp. 1.75 1.15 2.05 2.84 3.78
KLA Corp. 23.25 40.05 15.98 11.83 8.15
Lam Research Corp. 10.59 10.10 13.64 10.55 6.39
Micron Technology Inc. 1.74 1.15 1.79 1.50 1.40
NVIDIA Corp. 26.02 24.95 20.13 15.48 10.10
ON Semiconductor Corp. 4.26 5.61 5.53 4.87 2.60
Qualcomm Inc. 5.72 7.00 15.59 24.00 19.69
Texas Instruments Inc. 8.57 11.33 11.87 17.02 13.79
P/BV Ratio, Sector
Semiconductors & Semiconductor Equipment 6.39 5.18 6.23 6.13 5.13
P/BV Ratio, Industry
Information Technology 11.26 10.27 12.31 10.87 8.24

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).

1 Data adjusted for splits and stock dividends.

2 2023 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 983,624,000 ÷ 135,759,339 = 7.25

3 Closing price as at the filing date of Enphase Energy Inc. Annual Report.

4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 122.47 ÷ 7.25 = 16.90

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Enphase Energy Inc. P/BV ratio decreased from 2021 to 2022 and from 2022 to 2023.