Enphase Energy, Inc.
ENPH · Semiconductors & Related Devices · 131.8M shares · +2%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $197M (gross $410M, SBC $213M)
Reference price $53.91 · est. market cap ~$7.1B — last insider purchase, 2026-06-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74Profitable microinverter leader with solid margins and FCF, tempered by solar policy/tariff exposure.
Strengths
- Strong profitability and rebound — operating margin 10.7% (67th), net income +67.7% (81st), ROE 15.8% (71st)
- Positive FCF — $95.9M (56th)
Risks
- Subsidy/tariff dependence per FY25 risk factors — per 10-K
- Supplier/customer concentration — per 10-K
- Soft growth — revenue +10.7% (45th)
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $1.5B cash & investments
- Insider buyingInsider buying — 5 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$651,275, last 6mo) Form 4 ↗
- Notable holderHeld by 6 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC +3 more (as of 2026-03-31)
- AccumulatingInstitutional holders rose 14→17 QoQ (2025-12-31→2026-03-31)
- Insider sellingInsider selling — 4 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$6M, last 6mo) Form 4 ↗
- Revenue declineRevenue -17.6% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
46.6%
Operating margin
10.7%
Net margin
11.7%
Return on equity
15.8%
Return on assets
4.9%
ROIC
7.5%
Revenue growth (QoQ)
-17.6%
Net-income growth
67.7%
Debt / equity
0.5×
Net debt / EBITDA
-3.9×
Current ratio
2.1×
Free cash flow
$96M
EBITDA
$238M
Tangible book value
$850M
Cash & investments
$1.5B
Stock comp / revenue
14.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-12 | Trivedi Shanker | Buy | 1.0K | $53.91 |
| 2026-06-11 | Trivedi Shanker | Grant | 4.6K | $54.93 |
| 2026-06-01 | MORA RICHARD | Sell | 700 | $64.20 |
| 2026-05-26 | Kothandaraman Badrinarayanan | Buy | 4.4K | $67.37 |
| 2026-05-26 | Kothandaraman Badrinarayanan | Buy | 600 | $68.39 |
| 2026-05-19 | MORA RICHARD | Sell | 700 | $46.39 |
| 2026-05-13 | Malchow Joseph Ian | Grant | 6.0K | — |
| 2026-05-13 | MORA RICHARD | Grant | 6.0K | — |
| 2026-05-13 | Kortlang Benjamin John | Grant | 6.0K | — |
| 2026-05-13 | Haenggi Jamie Elizabeth | Grant | 6.0K | — |
| 2026-05-13 | GOMO STEVEN J | Grant | 6.4K | — |
| 2026-05-13 | Rodgers Thurman J | Grant | 6.0K | — |
| 2026-03-13 | Rodgers Thurman J | Sell | 137K | $43.61 |
| 2026-03-10 | Yang Mandy | Tax withheld | 1.3K | $43.59 |
| 2026-03-01 | Erginsoy Mary | Tax withheld | 464 | $42.27 |
| 2026-03-01 | Erginsoy Mary | Tax withheld | 989 | $42.27 |
| 2026-03-01 | Erginsoy Mary | Tax withheld | 1.8K | $42.27 |
| 2026-03-01 | Erginsoy Mary | Tax withheld | 5.4K | $42.27 |
| 2026-03-01 | Yang Mandy | Tax withheld | 1.7K | $42.27 |
| 2026-03-01 | Yang Mandy | Tax withheld | 3.0K | $42.27 |
| 2026-03-01 | Yang Mandy | Tax withheld | 3.7K | $42.27 |
| 2026-03-01 | Yang Mandy | Tax withheld | 11K | $42.27 |
| 2026-03-01 | Kothandaraman Badrinarayanan | Tax withheld | 4.9K | $42.27 |
| 2026-03-01 | Kothandaraman Badrinarayanan | Tax withheld | 5.9K | $42.27 |
| 2026-03-01 | Kothandaraman Badrinarayanan | Tax withheld | 7.1K | $42.27 |
| 2026-03-01 | Kothandaraman Badrinarayanan | Tax withheld | 21K | $42.27 |
| 2026-02-10 | MORA RICHARD | Sell | 1.1K | $52.05 |
| 2026-02-05 | Kothandaraman Badrinarayanan | Buy | 750 | $51.06 |
| 2026-02-05 | Kothandaraman Badrinarayanan | Buy | 4.2K | $52.14 |
| 2026-01-29 | Erginsoy Mary | Grant | 11K | — |
| 2026-01-29 | Yang Mandy | Grant | 21K | — |
| 2026-01-29 | Kothandaraman Badrinarayanan | Grant | 33K | — |
| 2026-01-22 | Yang Mandy | Grant | 21K | — |
| 2026-01-22 | Erginsoy Mary | Grant | 11K | — |
| 2026-01-22 | Kothandaraman Badrinarayanan | Grant | 40K | — |
| 2025-12-12 | Yang Mandy | Sell | 6.0K | $33.01 |
| 2025-12-10 | Yang Mandy | Tax withheld | 1.3K | $32.79 |
| 2025-12-02 | Rodgers Thurman J | Sell | 150K | $29.13 |
| 2025-11-10 | Kothandaraman Badrinarayanan | Buy | 5.0K | $30.69 |
| 2025-10-31 | Kothandaraman Badrinarayanan | Buy | 10K | $30.93 |
| 2025-09-10 | Yang Mandy | Tax withheld | 1.3K | $37.12 |
| 2025-08-06 | Kothandaraman Badrinarayanan | Buy | 5.0K | $30.82 |
| 2025-06-10 | Yang Mandy | Tax withheld | 1.3K | $45.08 |
| 2025-05-15 | Kortlang Benjamin John | Grant | 5.2K | — |
| 2025-05-14 | GOMO STEVEN J | Grant | 5.6K | — |
| 2025-05-14 | MORA RICHARD | Grant | 5.2K | — |
| 2025-05-14 | Rodgers Thurman J | Grant | 5.2K | — |
| 2025-05-14 | Haenggi Jamie Elizabeth | Grant | 5.2K | — |
| 2025-05-14 | Malchow Joseph Ian | Grant | 5.2K | — |
| 2025-04-25 | Kothandaraman Badrinarayanan | Buy | 4.0K | $46.35 |
| 2025-03-10 | Yang Mandy | Sell | 1.3K | $63.32 |
| 2025-03-07 | Rodgers Thurman J | Sell | 100K | $61.26 |
| 2025-03-01 | Kothandaraman Badrinarayanan | Tax withheld | 4.8K | $57.33 |
| 2025-03-01 | Kothandaraman Badrinarayanan | Tax withheld | 5.9K | $57.33 |
| 2025-03-01 | Kothandaraman Badrinarayanan | Tax withheld | 8.9K | $57.33 |
| 2025-03-01 | Yang Mandy | Tax withheld | 1.6K | $57.33 |
| 2025-03-01 | Yang Mandy | Tax withheld | 3.0K | $57.33 |
| 2025-03-01 | Yang Mandy | Tax withheld | 4.5K | $57.33 |
| 2025-03-01 | Erginsoy Mary | Tax withheld | 463 | $57.33 |
| 2025-03-01 | Erginsoy Mary | Tax withheld | 894 | $57.33 |
| 2025-03-01 | Erginsoy Mary | Tax withheld | 1.4K | $57.33 |
| 2025-01-23 | Kothandaraman Badrinarayanan | Grant | 16K | — |
| 2025-01-23 | Yang Mandy | Grant | 8.6K | — |
| 2025-01-23 | Erginsoy Mary | Grant | 2.6K | — |
| 2025-01-14 | Erginsoy Mary | Grant | 11K | — |
| 2025-01-14 | Yang Mandy | Grant | 21K | — |
| 2025-01-14 | Kothandaraman Badrinarayanan | Grant | 40K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-18 | 2026-06-15 | 0001463101-26-000061 ↗ |
| 8-K | 2026-06-15 | 2026-06-11 | 0001463101-26-000055 ↗ |
| 8-K | 2026-05-15 | 2026-05-13 | 0001463101-26-000049 ↗ |
| 10-Q | 2026-04-28 | 2026-03-31 | 0001463101-26-000047 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0001463101-26-000046 ↗ |
| 8-K | 2026-04-06 | 2026-03-31 | 0001463101-26-000037 ↗ |
| 10-K | 2026-02-17 | 2025-12-31 | 0001463101-26-000013 ↗ |
| 8-K | 2026-02-03 | 2026-02-03 | 0001463101-26-000008 ↗ |
| 8-K | 2026-01-23 | 2026-01-20 | 0001463101-26-000005 ↗ |
| 10-Q | 2025-10-28 | 2025-09-30 | 0001463101-25-000112 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0001463101-25-000111 ↗ |
| 10-Q | 2025-07-22 | 2025-06-30 | 0001463101-25-000101 ↗ |