Company Valuation: Enphase Energy, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 22,168 24,681 36,014 17,988 9,279 5,281 - -
Change - 11.34% 45.92% -50.05% -48.42% -43.09% - -
Enterprise Value (EV) 1 21,819 24,702 35,692 17,587 8,959 4,686 4,289 3,872
Change - 13.21% 44.49% -50.73% -49.06% -47.69% -8.48% -9.72%
P/E ratio 185x 179x 95.7x 42.9x 91.6x 45x 28.7x 18.7x
PBR 46.8x 56.9x 43.4x 19.2x 11.5x 5.84x 4.2x 3.17x
PEG - 24.29x 1x 3.8x -1.2x 2.4x 0.5x 0.3x
Capitalization / Revenue 28.6x 17.9x 15.5x 7.85x 6.97x 3.61x 3.44x 3.07x
EV / Revenue 28.2x 17.9x 15.3x 7.68x 6.73x 3.2x 2.8x 2.25x
EV / EBITDA 107x 68.1x 49.3x 23.5x 23x 11.5x 9.59x 7.57x
EV / EBIT 117x 114x 79.6x 38.1x 116x 49.3x 20.4x 14.2x
EV / FCF 111x 82.4x 51.1x 30x 18.7x 14.9x 10.4x 10.4x
FCF Yield 0.9% 1.21% 1.96% 3.33% 5.36% 6.73% 9.66% 9.66%
Dividend per Share 2 - - - - - - - 0.5252
Rate of return - - - - - - - 1.3%
EPS 2 0.95 1.02 2.77 3.08 0.75 0.8935 1.405 2.156
Distribution rate - - - - - - - 24.4%
Net sales 1 774.4 1,382 2,331 2,291 1,330 1,462 1,533 1,719
EBITDA 1 203.7 362.6 723.8 749 390.2 408.3 447.4 511.7
EBIT 1 186.4 215.8 448.3 461.4 77.29 95.14 209.8 273.3
Net income 1 134 145.4 397.4 438.9 102.7 126.7 197.7 292.3
Net Debt 1 -348.5 21 -322.5 -401.3 -320.2 -594.7 -992.1 -1,409
Reference price 2 175.47 182.94 264.96 132.14 68.68 40.25 40.25 40.25
Nbr of stocks (in thousands) 1,26,333 1,34,912 1,35,924 1,36,130 1,35,107 1,31,207 - -
Announcement Date 09/02/21 08/02/22 07/02/23 06/02/24 04/02/25 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
45.05x3.2x11.48x-.--% 528.11Cr
11.59x3.5x8.08x-.--% 1.84TCr
-53.34x1.17x19.14x0.02% 1.69TCr
-21.28x1.38x15.72x0.1% 1.24TCr
49.39x6.06x34.38x - 1.08TCr
19.33x2.47x10.9x-.--% 930.31Cr
-83.27x10.01x21.38x-.--% 743.44Cr
-23.1x0.82x9.81x0.13% 743.41Cr
51.9x7.12x27.59x - 561.94Cr
209.94x0.67x6.09x0.58% 514.37Cr
Average 20.62x 3.64x 16.46x 0.1% 986.62Cr
Weighted average by Cap. 5.88x 3.35x 16.39x 0.07%
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  4. Valuation Enphase Energy, Inc.