ENPH Enphase Energy, Inc. - Common Stock

NASDAQ · Semiconductors · View on SEC EDGAR ↗
$38.06
Price · Aug 19, 2026
Fundamentals as of Jul 28, 2026
52W Range
$26–$74
26% of range
Analyst Rating
HOLD
41 analysts
Price Target
$47
+23% upside
P/E (TTM)
29.5
ROE
17.9%
Net Profit Margin
11.7%

About Enphase Energy, Inc. - Common Stock Company overview from Wikipedia

Enphase Energy, Inc. is an American energy technology company headquartered in Fremont, California, that develops and manufactures solar micro-inverters, battery energy storage, and EV charging stations primarily for residential customers. Enphase was established in 2006 and is the first company to successfully commercialize solar micro-inverters, which convert the direct current (DC) power generated by solar panels into grid-compatible alternating current (AC) for use or export. The company has shipped more than 48 million microinverters to 2.5 million solar systems in more than 140 countries.

Read more

Enphase Energy, Inc. is an American energy technology company headquartered in Fremont, California, that develops and manufactures solar micro-inverters, battery energy storage, and EV charging stations primarily for residential customers. Enphase was established in 2006 and is the first company to successfully commercialize solar micro-inverters, which convert the direct current (DC) power generated by solar panels into grid-compatible alternating current (AC) for use or export. The company has shipped more than 48 million microinverters to 2.5 million solar systems in more than 140 countries.

## History

Most solar photovoltaic systems use a central inverter, where the panels are connected together in a series creating a string, which delivers all the direct current (DC) power produced into the inverter for conversion into grid-compatible alternating current (AC). The major drawback to this approach is that, unless DC power optimizers are used, the entire string's output is limited by the output of the lowest-performing panel. Solar micro-inverters address this problem by converting the DC into AC in a small inverter placed behind each individual solar panel.

Enphase founder Martin Fornage discovered this issue when he saw the low performance of the central inverter for the solar array on his ranch. Fornage was looking for a new opportunity after the 2001 Telecoms crash and brought an idea to build micro-inverters to his former Cerent Corporation colleague, Raghu Belur, and they formed PVI Solutions. The two hired Paul Nahi to be CEO at the end of 2006 and the trio formed Enphase Energy, Inc. in early 2007. Enphase raised $6 million in private equity, and in 2008, released its first microinverter, the M175. Their second generation product, 2009's M190, had sales of about 400,000 units in 2009 and early 2010. Enphase grew to 13% marketshare for residential systems by mid-2010.

Enphase went public in March 2012 and began trading on the Nasdaq with the stock symbol ENPH.

In October 2014, Enphase announced it would enter the battery home energy storage market. The first batteries were installed in Australia and New Zealand in mid-2016, but the launch of any Enphase battery system in the North American market was delayed until July 2020. When released in the North American market, the battery system was part of the Ensemble energy management system, and substantially different to the first generation on-grid only battery previously released.

Enphase experienced leadership changes in September 2017 when the president and CEO, Paul Nahi, announced his resignation from the company. Badri Kothandaraman was appointed the company's new president and CEO. Kothandaraman was previously the company's chief operating officer.

As of 2020, Enphase had about a 48% market share for residential installations in the US, which represents 72% of the entire world micro-inverter market. In the global market for inverters for all customers (residential, commercial and industrial), microinverters have a 1.7% share of the inverter market.

In 2021, Enphase completed a series of acquisitions that focused on software-as-a-service and home electrification: Sofdesk's Solargraf, a software platform offering digital tools and services to support the sales process for solar installers; the Solar Design Services business of DIN Engineering Services, a software service provider for solar proposal drawings and permit plan sets; 365 Pronto, a software platform that connects solar installers with operations and maintenance providers; and ClipperCreek, a company that offers electric vehicle (EV) charging solutions for residential and commercial customers in the U.S.

Also in 2021, the company launched its eighth-generation microinverter technology, the IQ8 series, to customers in North America. As of 2022, Enphase has shipped more than 48 million microinverters and deployed more than two million Enphase-based systems in more than 140 countries.

In 2022, Enphase completed the acquisition of SolarLeadFactory LLC, a company that provides leads to solar installers.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

ENPH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$38.06
Market Cap
$4.99B
P/E (TTM)
29.5
EPS (TTM)
$1.29
Revenue (TTM)
$1.47B
Div Yield
—
ROE
17.9%
Debt/Equity
1.1
52W Range
$26 – $74

ENPH Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $1.47B
9-point trend, +414.7%
2017-12-31 → 2025-12-31
EPS $1.29
4-point trend, -53.4%
2022-12-31 → 2025-12-31
Free Cash Flow $96M
9-point trend, +394.5%
2017-12-31 → 2025-12-31
Margins 11.7%
9-point trend, +138.2%
2017-12-31 → 2025-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
ENPH
Peer Median
P/E (TTM)
4-point trend, -74.0%
29.5
60.0
P/S (TTM)
5-point trend, -83.9%
3.4
5.0
P/B
5-point trend, -93.2%
4.6
3.1
EV / EBITDA
5-point trend, -83.4%
19.7
—
Price / FCF
5-point trend, -46.4%
52.0
—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
ENPH
Peer Median
Gross Margin
5-point trend, +16.3%
46.6%
43.9%
Operating Margin
5-point trend, -31.6%
10.7%
—
Net Profit Margin
5-point trend, +11.1%
11.7%
8.8%
ROA
5-point trend, -42.6%
5.1%
4.5%
ROE
5-point trend, -33.6%
17.9%
8.2%
ROIC
5-point trend, -67.3%
5.8%
—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
ENPH
Peer Median
Debt / Equity
5-point trend, -54.1%
1.1
—
Current Ratio
5-point trend, -37.9%
2.1
3.7
Quick Ratio
5-point trend, -55.0%
1.4
—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
ENPH
Peer Median
Revenue YoY
5-point trend, +6.6%
10.7%
—
Revenue CAGR 3Y
5-point trend, +6.6%
-14.2%
—
Revenue CAGR 5Y
5-point trend, +6.6%
13.7%
—
EPS YoY
4-point trend, -53.4%
72.0%
—
Net Income YoY
5-point trend, +18.3%
67.7%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
ENPH
Peer Median
EPS (Diluted)
4-point trend, -53.4%
$1.29
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
ENPH
Peer Median

ENPH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

HOLD 41 analysts
  • Strong Buy 4 9.8%
  • Buy 12 29.3%
  • Hold 22 53.7%
  • Sell 3 7.3%
  • Strong Sell 0 0.0%

12-Month Price Target

27 analysts · 2026-08-17
Median target $45.00 +18.2%
Mean target $46.64 +22.5%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.07%
Period EPS Actual EPS Est Surprise
June 30, 2026 $0.46 $0.47 -0.01%
March 31, 2026 $0.47 $0.42 0.05%
Dec. 31, 2025 $0.71 $0.59 0.12%
Sept. 30, 2025 $0.90 $0.66 0.24%
June 30, 2025 $0.69 $0.63 0.06%
March 31, 2025 $0.68 $0.72 -0.04%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
ENPH $4.20B 24.8 10.7% 11.7% 17.9% 46.6%
ONTO $8.24B 59.7 1.8% 13.6% 6.7% 49.7%
AMKR $9.76B 26.3 6.2% 5.6% 8.7% 14.0%
FORM $4.51B 84.1 2.8% 6.9% 5.4% 39.3%
AXTI $905M -33.4 -11.1% -24.1% -9.1% 12.7%
ACMR — 28.8 15.2% 10.4% 7.9% 44.4%
ACLS $2.47B 21.1 -17.6% 14.3% 11.7% 44.9%
AEHR $3.00B -401.4 -15.2% -14.2% -4.1% 35.3%
UCTT $1.18B -6.5 -2.1% -8.8% -22.9% 15.7%
VECO $1.73B 48.4 -7.4% 5.3% 4.1% 40.0%
COHU $1.17B -14.8 12.7% -16.4% -9.2% —

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 17
Annual Income Statement data for ENPH
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +328.3% $1.47B $1.33B $2.29B $2.33B $1.38B $774M $624M $316M $286M $323M $357M $344M
Cost of Revenue 12-point trend, +240.5% $786M $701M $1.23B $1.36B $828M $428M $403M $222M $230M $265M $249M $231M
Gross Profit 12-point trend, +507.7% $687M $629M $1.06B $975M $554M $346M $221M $94M $56M $58M $108M $113M
R&D Expense 12-point trend, +316.6% $189M $201M $227M $169M $106M $56M $40M $33M $33M $51M $51M $45M
SG&A Expense 12-point trend, +336.8% $136M $131M $138M $140M $104M $51M $39M $29M $22M $27M $31M $31M
Operating Expenses 12-point trend, +350.7% $529M $552M $613M $526M $339M $160M $119M $93M $95M $121M $128M $117M
Operating Income 10-point trend, +351.2% $158M $77M $446M $448M $216M $186M $103M $2M $-39M $-63M · ·
Interest Expense 10-point trend, +374.4% · · $9M $9M $45M $21M $10M $11M $8M $3M $501.0K $2M
Other Non-op 12-point trend, -997.9% $-11M $-26M $7M $-431.0K $6M $-799.0K $-5M $-2M $2M $-514.0K $-893.0K $-994.0K
Pretax Income 12-point trend, +2911.1% $205M $120M $513M $452M $121M $119M $90M $-10M $-45M $-66M $-21M $-7M
Income Tax 12-point trend, +4166.4% $33M $18M $74M $55M $-25M $-15M $-71M $1M $-149.0K $1M $1M $766.0K
Net Income 12-point trend, +2237.8% $172M $103M $439M $397M $145M $134M $161M $-12M $-45M $-67M $-22M $-8M
EPS (Basic) 4-point trend, -55.4% $1.31 $0.76 $3.22 $2.94 · · · · · · · ·
EPS (Diluted) 4-point trend, -53.4% $1.29 $0.75 $3.08 $2.77 · · · · · · · ·
Shares (Basic) 9-point trend, +58.1% 131,162,000 135,167,000 136,376,000 135,349,000 134,025,000 125,561,000 116,713,000 99,619,000 82,939,000 · · ·
Shares (Diluted) 9-point trend, +62.6% 134,886,000 140,004,000 143,290,000 144,390,000 142,878,000 141,918,000 131,644,000 99,619,000 82,939,000 · · ·
EBITDA 12-point trend, +2783.8% $238M $159M $520M $507M $248M $205M $117M $11M $9M $11M $11M $8M
Balance Sheet 28
Annual Balance Sheet data for ENPH
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +1028.5% $474M $369M $289M $473M $119M $679M $251M $106M $29M $18M $28M $42M
Short-term Investments 6-point trend, +1038536000.00 $1.04B $1.25B $1.41B $1.14B $897M $0 · · · · · ·
Receivables 12-point trend, +409.5% $230M $224M $446M $441M $334M $182M $145M $79M $65M $61M $46M $45M
Inventory 12-point trend, +1234.2% $288M $165M $214M $150M $74M $42M $32M $16M $26M $32M $41M $22M
Prepaid Expense 12-point trend, +9259.5% $576M $221M $89M $61M $38M $30M $26M $21M $10M $7M $6M $6M
Current Assets 12-point trend, +2168.9% $2.61B $2.33B $2.44B $2.26B $1.46B $933M $500M $222M $130M $118M $122M $115M
PP&E (Net) 12-point trend, +343.8% $137M $148M $168M $111M $82M $43M $29M $21M $26M $31M $32M $31M
PP&E (Gross) 12-point trend, +578.9% $371M $331M $306M $215M $160M $105M $81M $73M $71M $71M $64M $55M
Accum. Depreciation 12-point trend, +883.6% $234M $183M $137M $104M $77M $62M $52M $52M $44M $40M $32M $24M
Goodwill 12-point trend, +5634.6% $215M $212M $215M $214M $181M $25M $25M $25M $4M $4M $4M $4M
Intangibles 12-point trend, +1130.7% $22M $42M $69M $100M $98M $29M $31M $35M $515.0K $945.0K $2M $2M
Other Non-current Assets 12-point trend, +24209.7% $223M $206M $216M $169M $119M $60M $45M $37M $8M $10M $6M $916.0K
Total Assets 12-point trend, +2206.2% $3.51B $3.25B $3.38B $3.08B $2.08B $1.20B $713M $340M $169M $164M $166M $152M
Accounts Payable 12-point trend, +809.8% $203M $90M $116M $125M $114M $73M $57M $49M $29M $32M $26M $22M
Accrued Liabilities 12-point trend, +734.9% $217M $197M $262M $296M $158M $77M $47M $29M $22M $23M $19M $26M
Current Liabilities 12-point trend, +2050.0% $1.26B $660M $532M $638M $440M $534M $199M $147M $92M $83M $73M $59M
Capital Leases 7-point trend, +226.9% $31M $23M $19M $19M $12M $15M $10M · · · · ·
Other Non-current Liabilities 12-point trend, +1724.9% $65M $55M $51M $44M $17M $17M $12M $3M $2M $2M $3M $4M
Total Liabilities 12-point trend, +2202.1% $2.42B $2.42B $2.40B $2.26B $1.65B $716M $441M $332M $178M $162M $124M $105M
Long-term Debt 12-point trend, +1204377000.00 $1.20B $1.30B $1.29B $1.29B $1.04B $331M $106M $110M $50M $24M $0 $0
Total Debt 10-point trend, +1204377000.00 $1.20B $1.30B $1.29B $1.29B $1.04B $331M $106M · $32M $24M · $0
Common Stock 12-point trend, +1000.00 $1.0K $1.0K $1.0K $1.0K $1.0K $1.0K $1.0K $1.0K $1.0K $1.0K $0 $0
Paid-in Capital 12-point trend, +519.7% $1.29B $1.08B $939M $819M $838M $535M $458M $353M $287M $252M $225M $208M
Retained Earnings 12-point trend, -26.7% $-204M $-245M $46M $17M $-406M $-51M $-185M $-346M $-296M $-251M $-183M $-161M
AOCI 12-point trend, +2320.3% $2M $-6M $-2M $-11M $-2M $434.0K $-923.0K $742.0K $-656.0K $-292.0K $-210.0K $-79.0K
Stockholders' Equity 12-point trend, +2215.2% $1.09B $833M $984M $826M $430M $484M $272M $8M $-9M $1M $41M $47M
Liabilities + Equity 12-point trend, +2206.2% $3.51B $3.25B $3.38B $3.08B $2.08B $1.20B $713M $340M $169M $164M $166M $152M
Shares Outstanding 12-point trend, +199.6% 131,080,000 132,448,000 135,722,000 136,441,000 133,894,000 128,962,000 123,109,000 107,035,000 85,914,000 62,269,000 45,821,000 43,756,000
Cash Flow 19
Annual Cash Flow data for ENPH
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +876.4% $81M $81M $75M $59M $31M $18M $14M $10M $9M $11M $11M $8M
Stock-based Comp 12-point trend, +2098.0% $214M $211M $213M $217M $114M $43M $20M $11M $7M $10M $13M $10M
Deferred Tax 12-point trend, +38685.7% $14M $-61M $-47M $-137.0K $-31M $-17M $-73M $123.0K $-1M $654.0K $642.0K $-35.0K
Amort. of Intangibles 12-point trend, +20084.0% $20M $23M $27M $25M $10M $5M $5M $2M $400.0K $700.0K $500.0K $100.0K
Restructuring 12-point trend, +7131000.00 $7M $13M $16M $2M $0 $0 $3M $4M $17M $4M $0 $0
Other Non-cash 12-point trend, -2508.6% $-344M $179M $17M $72M $91M $39M $17M $7M $2M $13M $-23M $14M
Operating Cash Flow 12-point trend, +463.7% $137M $514M $697M $745M $352M $216M $139M $16M $-28M $-33M $-21M $24M
CapEx 12-point trend, +206.7% $41M $34M $110M $46M $52M $21M $15M $4M $4M $12M $13M $13M
Investing Cash Flow 12-point trend, +745.9% $107M $128M $-366M $-372M $-1.22B $-26M $-15M $-19M $-4M $-12M $-12M $-17M
Debt Issued 6-point trend, +0.00 · · · · · $0 $0 $68M $26M $24M · $0
Net Debt Issued 10-point trend, -1073.3% $-102M · $0 $0 $-2M $-3M $-46M $58M · $0 $0 $-9M
Stock Issued 7-point trend, +0.00 · · · · · $0 $0 $20M $26M $16M $0 $0
Stock Repurchased 7-point trend, +129957000.00 $130M $391M $410M $0 $500M $0 $0 · · · · ·
Net Stock Activity 10-point trend, -905.1% $-130M $-391M $-410M $0 $-500M $0 $0 $20M $26M $16M · ·
Financing Cash Flow 12-point trend, -7129.9% $-242M $-460M $-517M $-17M $309M $192M $66M $81M $43M $34M $21M $-3M
Net Change in Cash 12-point trend, +165.5% $10M $175M $-184M $354M $-560M $383M $190M $77M $11M $-11M $-14M $4M
Taxes Paid $20M · · · · · · · · · · ·
Free Cash Flow 12-point trend, +774.0% $96M $480M $586M $698M $300M $196M $124M $12M $-33M $-45M $-34M $11M
Levered FCF 10-point trend, +6393.3% · · $579M $690M $245M $172M $107M $1M $-40M $-48M $-34M $9M
Profitability 8
Annual Profitability data for ENPH
Metric Trend 202520242023202220212020201920182017201620152014
Gross Margin 12-point trend, +41.9% 46.6% 47.3% 46.2% 41.8% 40.1% 44.7% 35.4% 29.9% 19.6% 18.0% 30.3% 32.9%
Operating Margin 8-point trend, +2038.0% 10.7% 5.8% 19.5% 19.2% 15.6% 24.1% 16.4% 0.50% · · · ·
Net Margin 12-point trend, +599.6% 11.7% 7.7% 19.2% 17.1% 10.5% 17.3% 25.8% -3.7% -15.8% -20.9% -6.2% -2.3%
Pretax Margin 12-point trend, +755.7% 13.9% 9.0% 22.4% 19.4% 8.8% 15.4% 14.4% -3.2% -15.8% -20.5% -5.8% -2.1%
EBITDA Margin 12-point trend, +573.8% 16.2% 11.9% 22.7% 21.8% 18.0% 26.4% 18.7% 3.6% 3.1% 3.3% 2.9% 2.4%
ROA 11-point trend, +185.0% 5.1% 3.1% 13.6% 14.9% 8.9% 14.0% 30.6% · -27.2% -41.0% -13.9% -6.0%
ROE 11-point trend, +197.0% 17.9% 11.6% 43.9% 55.4% 27.0% 29.8% 75.9% · 1154.9% -315.6% -50.0% -18.5%
ROIC 7-point trend, -88.1% 5.8% 3.1% 16.7% 18.6% 17.7% 25.7% 48.6% · · · · ·
Liquidity & Solvency 5
Annual Liquidity & Solvency data for ENPH
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 11-point trend, +5.5% 2.1 3.5 4.6 3.5 3.3 1.7 2.5 · 1.4 1.4 1.7 2.0
Quick Ratio 11-point trend, -7.0% 1.4 2.8 4.0 3.2 3.1 1.6 2.0 · 1.0 1.0 1.0 1.5
Debt / Equity 10-point trend, +1.11 1.1 1.6 1.3 1.6 2.4 0.7 0.4 · -3.5 18.3 · 0.0
LT Debt / Equity 10-point trend, +0.53 0.5 1.4 1.3 1.5 2.2 0.0 0.4 · -3.5 16.0 · 0.0
Interest Coverage 6-point trend, +30352.2% · · 50.4 47.5 4.8 8.9 10.6 0.2 · · · ·
Efficiency 3
Annual Efficiency data for ENPH
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 11-point trend, -83.0% 0.4 0.4 0.7 0.9 0.8 0.8 1.2 · 1.7 2.0 2.2 2.6
Inventory Turnover 11-point trend, -71.3% 3.5 3.7 6.8 11.0 14.2 11.6 16.7 · 7.9 7.3 8.0 12.1
Receivables Turnover 11-point trend, -27.1% 6.5 4.0 5.2 5.8 5.4 4.7 5.6 · 4.5 6.0 7.8 8.9
Per Share 5
Annual Per Share data for ENPH
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 11-point trend, +672.9% $8.29 $6.29 $7.25 $6.05 $3.21 $3.75 $2.21 · $-0.11 $0.02 $0.90 $1.07
Revenue / Share 7-point trend, +130.3% $10.92 $9.50 $15.99 $16.14 $9.67 $5.46 $4.74 · · · · ·
Cash Flow / Share 7-point trend, -4.2% $1.01 $3.67 $4.86 $5.16 $2.46 $1.52 $1.06 · · · · ·
Cash / Share 11-point trend, +276.7% $3.62 $2.79 $2.13 $3.47 $0.89 $5.27 $2.04 · $0.34 $0.29 $0.62 $0.96
EPS (TTM) 4-point trend, -53.4% $1.29 $0.75 $3.08 $2.77 · · · · · · · ·
Growth Rates 8
Annual Growth Rates data for ENPH
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -86.3% 10.7% -41.9% -1.7% 68.7% 78.5% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -132.6% -14.2% -1.3% 43.5% · · · · · · · · ·
Revenue CAGR 5Y 13.7% · · · · · · · · · · ·
EPS YoY 3-point trend, +543.4% 72.0% -75.6% 11.2% · · · · · · · · ·
EPS CAGR 3Y -22.5% · · · · · · · · · · ·
Net Income YoY 5-point trend, +691.6% 67.7% -76.6% 10.5% 173.2% 8.6% · · · · · · ·
Net Income CAGR 3Y 3-point trend, -150.2% -24.3% -11.0% 48.5% · · · · · · · · ·
Net Income CAGR 5Y 5.1% · · · · · · · · · · ·
Valuation (TTM) 14
Annual Valuation (TTM) data for ENPH
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +328.3% $1.47B $1.33B $2.29B $2.33B $1.38B $774M $624M $316M $286M $323M $357M $344M
Net Income TTM 12-point trend, +2237.8% $172M $103M $439M $397M $145M $134M $161M $-12M $-45M $-67M $-22M $-8M
Market Cap 11-point trend, +571.9% $4.20B $9.10B $17.93B $36.15B $24.49B $22.63B $3.22B · $207M $63M $161M $625M
Enterprise Value 10-point trend, +567.4% $3.89B $8.78B $17.53B $35.83B $24.52B $22.28B $3.07B · $210M $69M · $583M
P/E 4-point trend, -74.0% 24.8 91.6 42.9 95.7 · · · · · · · ·
P/S 11-point trend, +56.9% 2.9 6.8 7.8 15.5 17.7 29.2 5.2 · 0.7 0.2 0.5 1.8
P/B 11-point trend, -71.0% 3.9 10.9 18.2 43.8 56.9 46.8 11.8 · -22.7 48.4 3.9 13.3
P / Tangible Book 6-point trend, -90.6% 4.9 15.7 25.6 70.5 162.0 52.6 · · · · · ·
P / Cash Flow 11-point trend, +19.2% 30.8 17.7 25.7 48.5 69.6 104.6 23.1 · -7.3 -1.9 -7.6 25.8
P / FCF 11-point trend, -23.1% 43.8 18.9 30.6 51.8 81.7 115.6 25.9 · -6.4 -1.4 -4.8 57.0
EV / EBITDA 10-point trend, -76.9% 16.3 55.3 33.7 70.7 98.7 108.9 26.3 · 23.3 6.5 · 70.6
EV / FCF 10-point trend, -23.6% 40.6 18.3 29.9 51.3 81.8 113.8 24.7 · -6.5 -1.5 · 53.2
EV / Revenue 10-point trend, +55.8% 2.6 6.6 7.7 15.4 17.7 28.8 4.9 · 0.7 0.2 · 1.7
Earnings Yield 4-point trend, +282.9% 4.0% 1.1% 2.3% 1.1% · · · · · · · ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312022-03-31
Revenue $1.47B$1.33B$2.29B$2.33B—
Gross Margin % 46.6%47.3%46.2%41.8%—
Operating Margin % 10.7%5.8%19.5%19.2%—
Net Income $172M$103M$439M$397M—
Diluted EPS $1.29$0.75$3.08$2.77—
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312022-03-31
Debt / Equity 1.11.61.31.6—
Current Ratio 2.13.54.63.5—
Quick Ratio 1.42.84.03.2—
Cash Flow
2025-12-312024-12-312023-12-312022-12-312022-03-31
Free Cash Flow $96M$480M$586M$698M—

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Institutional owners (13F) 643 filers · $5.0B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
143 (+47 vs prior Q) 77 (+19 vs prior Q) 149 (-22 vs prior Q) 212 (+25 vs prior Q) +18.0M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD PORTFOLIO MANAGEMENT LLC $446,443,077 9,066,675 9.01% Shares
VANGUARD CAPITAL MANAGEMENT LLC $282,186,118 5,730,831 5.69% Shares
STATE STREET CORP $233,723,224 4,746,613 4.72% Shares
TWO SIGMA INVESTMENTS, LP $229,246,274 4,655,692 4.63% Shares
JANE STREET GROUP, LLC $193,823,412 3,936,300 3.91% Put option
JANE STREET GROUP, LLC $176,914,396 3,592,900 3.57% Call option
GILDER GAGNON HOWE & CO LLC $171,304,040 3,478,961 3.46% Shares
Slate Path Capital LP $127,392,251 2,587,170 2.57% Shares
FIRST TRUST ADVISORS LP $112,404,333 2,282,785 2.27% Shares
Robeco Schweiz AG $101,520,323 2,061,745 2.05% Shares
GEODE CAPITAL MANAGEMENT, LLC $100,056,341 2,031,407 2.02% Shares
CITADEL ADVISORS LLC $91,561,780 1,859,500 1.85% Call option
DIMENSIONAL FUND ADVISORS LP $90,146,425 1,830,756 1.82% Shares
CITADEL ADVISORS LLC $84,988,240 1,726,000 1.71% Put option
TWO SIGMA ADVISERS, LP $84,327,043 2,631,109 1.70% Shares
COATUE MANAGEMENT LLC $76,663,775 1,556,941 1.55% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $75,014,973 1,523,456 1.51% Shares
NORGES BANK $71,871,393 1,459,614 1.45% Shares
MILLENNIUM MANAGEMENT LLC $71,069,175 1,443,322 1.43% Shares
GOLDMAN SACHS GROUP INC $69,445,782 1,410,353 1.40% Shares
FMR LLC $67,030,904 1,361,310 1.35% Shares
SCHRODER INVESTMENT MANAGEMENT GROUP $66,606,702 1,352,695 1.34% Shares
Amundi $62,502,154 1,269,337 1.26% Shares
NOMURA HOLDINGS INC $60,565,200 1,230,000 1.22% Call option
Driehaus Capital Management LLC $52,190,904 1,059,929 1.05% Shares
PeakShares LLC $49,240,000 1,000 0.99% Shares
UBS Group AG $46,585,964 946,100 0.94% Put option
VANGUARD FIDUCIARY TRUST CO $40,768,209 827,949 0.82% Shares
UBS Group AG $40,598,725 824,507 0.82% Call option
NOMURA HOLDINGS INC $38,186,703 775,522 0.77% Shares
Arosa Capital Management LP $32,744,600 665,000 0.66% Call option
Palo Duro Investment Partners, LP $32,665,274 663,389 0.66% Shares
D. E. Shaw & Co., Inc. $31,660,975 642,993 0.64% Shares
CITADEL ADVISORS LLC $30,121,093 611,720 0.61% Shares
D. E. Shaw & Co., Inc. $28,889,108 586,700 0.58% Call option
Capital World Investors $27,700,307 562,557 0.56% Shares
VANGUARD GROUP INC $26,016,395 811,744 0.52% Shares
Point72 Asset Management, L.P. $25,742,672 522,800 0.52% Call option
Zurich Insurance Group Ltd/FI $24,415,752 495,852 0.49% Shares
GOLDMAN SACHS GROUP INC $24,216,232 491,800 0.49% Put option
WOLVERINE TRADING, LLC $22,467,016 622,700 0.45% Call option
Public Sector Pension Investment Board $22,298,334 452,850 0.45% Shares
ROYAL LONDON ASSET MANAGEMENT LTD $19,739,380 400,881 0.40% Shares
Walleye Trading LLC $18,903,236 383,900 0.38% Put option
BOURGEON CAPITAL MANAGEMENT LLC $18,559,984 376,929 0.37% Shares
Swedbank AB $17,134,584 347,981 0.35% Shares
Pembroke Management, LTD $17,030,639 345,870 0.34% Shares
HITE Hedge Asset Management LLC $16,568,423 336,483 0.33% Shares
Freestone Grove Partners LP $16,476,689 334,620 0.33% Shares
DNB Asset Management AS $16,195,725 328,914 0.33% Shares
Squarepoint Ops LLC $15,448,804 313,745 0.31% Shares
TUDOR INVESTMENT CORP ET AL $15,141,300 307,500 0.31% Put option
Alyeska Investment Group, L.P. $15,128,153 307,233 0.31% Shares
Qube Research & Technologies Ltd $15,057,592 305,800 0.30% Call option
RENAISSANCE TECHNOLOGIES LLC $14,594,736 296,400 0.29% Shares
WOLVERINE ASSET MANAGEMENT LLC $14,058,020 285,500 0.28% Put option
Trexquant Investment LP $13,854,905 281,375 0.28% Shares
Walleye Trading LLC $13,777,352 279,800 0.28% Call option
WESTERLY CAPITAL MANAGEMENT, LLC $13,541,000 275,000 0.27% Shares
IMC-Chicago, LLC $13,393,723 272,009 0.27% Shares
FIDEURAM - INTESA SANPAOLO PRIVATE BANKING S.P.A. $13,281,057 269,721 0.27% Shares
CHOREO, LLC $13,260,563 269,305 0.27% Shares
RHUMBLINE ADVISERS $12,934,365 262,681 0.26% Shares
Swiss National Bank $12,694,072 257,800 0.26% Shares
AGF MANAGEMENT LTD $12,681,270 257,540 0.26% Shares
AMERIPRISE FINANCIAL INC $12,616,765 256,230 0.25% Shares
BANK OF AMERICA CORP /DE/ $12,573,187 255,345 0.25% Shares
NOMURA HOLDINGS INC $12,447,872 252,800 0.25% Put option
DEUTSCHE BANK AG\ $11,919,970 242,079 0.24% Shares
WELLS FARGO & COMPANY/MN $11,714,196 237,900 0.24% Call option
Lombard Odier Asset Management (Europe) Ltd $11,511,721 233,788 0.23% Shares
CAPITAL FUND MANAGEMENT S.A. $10,994,307 223,280 0.22% Shares
SIR Capital Management, L.P. $10,857,814 220,508 0.22% Shares
ARDSLEY ADVISORY PARTNERS LP $10,782,200 220,000 0.22% Shares
BNP PARIBAS FINANCIAL MARKETS $10,735,354 218,021 0.22% Shares
WELLS FARGO & COMPANY/MN $10,576,752 214,800 0.21% Put option
Parallax Volatility Advisers, L.P. $10,517,664 213,600 0.21% Call option
Caption Management, LLC $10,379,792 210,800 0.21% Put option
Cubist Systematic Strategies, LLC $10,202,019 288,274 0.21% Shares
Kimelman & Baird, LLC $10,086,224 204,838 0.20% Shares
BlackRock, Inc. $10,035,210 203,802 0.20% Shares
WOLVERINE TRADING, LLC $10,015,808 277,600 0.20% Put option
Legal & General Group Plc $9,986,955 202,822 0.20% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $9,873,757 199,301 0.20% Shares
LPL Financial LLC $9,805,980 199,147 0.20% Shares
Graham Capital Management, L.P. $9,799,646 199,018 0.20% Shares
Point72 Asset Management, L.P. $9,409,764 191,100 0.19% Put option
MILLENNIUM MANAGEMENT LLC $9,065,084 184,100 0.18% Call option
WORLDQUANT MILLENNIUM ADVISORS LLC $9,022,048 183,226 0.18% Shares
TUDOR INVESTMENT CORP ET AL $8,889,593 180,536 0.18% Shares
Mediolanum International Funds Ltd $8,855,598 183,194 0.18% Shares
PEAK6 LLC $8,804,112 178,800 0.18% Call option
Engineers Gate Manager LP $8,670,179 176,080 0.17% Shares
Parallax Volatility Advisers, L.P. $8,474,204 172,100 0.17% Put option
WELLINGTON MANAGEMENT GROUP LLP $8,186,396 166,255 0.17% Shares
MARSHALL WACE, LLP $7,765,886 157,715 0.16% Shares
WOLVERINE ASSET MANAGEMENT LLC $7,699,610 156,369 0.16% Shares
ALPS ADVISORS INC $7,629,443 154,944 0.15% Shares
California Public Employees Retirement System $7,369,160 149,658 0.15% Shares
Clear Harbor Asset Management, LLC $7,301,110 148,276 0.15% Shares

Company insiders 25 insiders · 11 officers · 12 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Paul B Nahi President and CEO Nov. 16, 2016 S 523,007 0 0 $0
Humberto Garcia VP and CFO Nov. 16, 2016 S 66,125 0 0 $0
Kris Sennesael VP and CFO March 29, 2016 A 314,924 0 0 $0
Jeff Loebbaka VP, Worldwide Sales June 17, 2015 A 98,062 0 0 $0
Raghuveer R Belur VP, Products and Strat. Init Nov. 20, 2012 P 9,420 0 0 $0
Ciaran Fox VP, Quality & Reliability Nov. 16, 2012 P 3,000 0 0 $0
Bill Rossi Chief Marketing Officer Nov. 16, 2012 P 3,494 0 0 $0
Stephen A Lapointe VP, Global Human Resources Sept. 19, 2012 A — 0 0 $0
Greg Steele Sr. VP, Operations June 15, 2012 A 7,000 0 0 $0
Dennis Hollenbeck Vice President of Engineering May 11, 2012 A — 0 0 $0
Martin Fornage Chief Technology Officer May 11, 2012 A 1,619 0 0 $0
Shanker Trivedi Director June 12, 2026 P 1,000 1 0 $53,910
Steven J Gomo Director May 13, 2026 A 14,359 0 0 $0
Thurman J. Rodgers Director May 13, 2026 A 8,542 0 2 $-10,354,972
Benjamin John Kortlang Director Sept. 23, 2016 P 852,614 0 0 $0
John Howard Weber Director April 28, 2016 A — 0 0 $0
Neal Dempsey Director April 28, 2016 A 16,486 0 0 $0
Jameson J Mcjunkin Director April 30, 2015 A 4,338,287 0 0 $0
Robert S Schwartz Director Aug. 19, 2014 S 43,463 0 0 $0
Stoddard Moran Wilson Director Feb. 21, 2014 S 4,171,132 0 0 $0
Chong Sup Park Director May 2, 2013 A — 0 0 $0
Madrone Partners, L.P. 10% owner Aug. 19, 2014 S 4,338,287 0 0 $0
RockPort Capital Partners II, LP 10% owner Feb. 21, 2014 S 4,171,132 0 0 $0
Richard Mora — Aug. 14, 2026 S 10,422 0 3 $-179,000
Jamie Elizabeth Haenggi — May 13, 2026 A 20,898 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 4 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
SunPower Corporation, SunPower Equity Holdings, LLC ×4 filings March 12, 2020 — Initial filing — SEC
KPCB Green Growth Fund, LLC (“KPCB GGF”), KPCB GGF Associates, LLC ×3 filings Feb. 14, 2018 — Initial filing — SEC
Third Point LLC, Daniel S. Loeb, Third Point Advisors II L.L.C. ×5 filings May 15, 2017 — Initial filing — SEC
Madrone Partners, L.P., Madrone Capital Partners, L.L.C., Jameson McJunkin ×3 filings Aug. 21, 2014 — Initial filing — SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 94 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
TAN · Invesco Exchange-Traded Fund Trust … 6.79% 2,184,400 SH Aug. 8, 2026 Daily
ACES · ALPS ETF Trust 6.53% 138,759 NS May 31, 2026 N-PORT
CTEX · ProShares Trust 5.51% 5,946 NS May 31, 2026 N-PORT
CTEC · Global X Funds 5.47% 27,080 NS May 31, 2026 N-PORT
ICLN · iShares Trust 4.71% 2,465,674 SH Aug. 8, 2026 Daily
ETEC · iShares Trust 3.07% 3,357 SH Aug. 8, 2026 Daily
VCLN · Virtus ETF Trust II 3.03% 5,870 NS April 30, 2026 N-PORT
SCOW · Pacer Funds Trust 2.38% 1,113 NS April 30, 2026 N-PORT
PSCT · Invesco Exchange-Traded Fund Trust … 2.34% 288,131 SH Aug. 8, 2026 Daily
PBW · Invesco Exchange-Traded Fund Trust 1.37% 149,832 SH Aug. 8, 2026 Daily
IBAT · iShares Trust 1.11% 20,270 SH Aug. 8, 2026 Daily
PBD · Invesco Exchange-Traded Fund Trust … 0.94% 43,148 SH Aug. 8, 2026 Daily
POW · Tidal Trust III 0.93% 9,224 NS May 31, 2026 N-PORT
ERTH · Invesco Exchange-Traded Fund Trust 0.77% 25,305 SH Aug. 8, 2026 Daily
FXN · First Trust Exchange-Traded AlphaDE… 0.73% 266,539 NS April 30, 2026 N-PORT
VIOV · VANGUARD ADMIRAL FUNDS 0.70% 279,666 SH Aug. 8, 2026 Daily
POWR · iShares, Inc. 0.68% 77,584 SH Aug. 8, 2026 Daily
IJS · iShares Trust 0.56% 1,174,823 SH Aug. 8, 2026 Daily
FWD · AB Active ETFs, Inc. 0.47% 198,234 NS May 31, 2026 N-PORT
QVMS · Invesco Exchange-Traded Fund Trust … 0.46% 28,280 SH Aug. 8, 2026 Daily
TMFX · RBB Fund, Inc. 0.45% 2,132 NS May 31, 2026 N-PORT
CCNR · Financial Investors Trust 0.43% 51,960 NS April 30, 2026 N-PORT
SAA · ProShares Trust 0.40% 1,567 NS May 31, 2026 N-PORT
CCSO · Tidal Trust II 0.35% 4,972 NS April 30, 2026 N-PORT
NUSC · Nushares ETF Trust 0.35% 136,784 NS April 30, 2026 N-PORT
VIOO · VANGUARD ADMIRAL FUNDS 0.35% 460,802 SH Aug. 8, 2026 Daily
XJR · iShares Trust 0.33% 15,626 SH Aug. 8, 2026 Daily
IJR · iShares Trust 0.29% 8,035,132 SH Aug. 8, 2026 Daily
FLCC · Federated Hermes ETF Trust 0.28% 5,051 NS May 31, 2026 N-PORT
JSMD · Janus Detroit Street Trust 0.26% 77,351 NS April 30, 2026 N-PORT
FNDA · SCHWAB STRATEGIC TRUST 0.25% 323,333 NS May 31, 2026 N-PORT
MADE · iShares Trust 0.23% 3,761 SH Aug. 8, 2026 Daily
IYE · iShares Trust 0.23% 98,219 SH Aug. 8, 2026 Daily
EQAL · Invesco Exchange-Traded Fund Trust … 0.19% 38,308 SH Aug. 8, 2026 Daily
SCHA · SCHWAB STRATEGIC TRUST 0.19% 628,492 NS May 31, 2026 N-PORT
BKSE · BNY Mellon ETF Trust 0.19% 4,594 NS April 30, 2026 N-PORT
ESSC · Strategy Shares 0.16% 1,246 NS April 30, 2026 N-PORT
SMMV · iShares Trust 0.13% 9,590 SH Aug. 8, 2026 Daily
VBR · VANGUARD INDEX FUNDS 0.13% 1,823,017 SH Aug. 8, 2026 Daily
VFMO · VANGUARD WELLINGTON FUND 0.10% 41,363 SH Aug. 8, 2026 Daily
ISCV · iShares Trust 0.10% 17,502 SH Aug. 8, 2026 Daily
ESML · iShares Trust 0.09% 65,815 SH Aug. 8, 2026 Daily
BBMC · J.P. Morgan Exchange-Traded Fund Tr… 0.09% 53,222 NS April 30, 2026 N-PORT
ISCB · iShares Trust 0.08% 5,825 SH Aug. 8, 2026 Daily
RWJ · Invesco Exchange-Traded Fund Trust … 0.07% 35,588 SH Aug. 8, 2026 Daily
FTEC · FIDELITY COVINGTON TRUST 0.07% 384,252 NS April 30, 2026 N-PORT
DFAS · Dimensional ETF Trust 0.07% 299,068 NS April 30, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS 0.07% 1,512,649 SH Aug. 8, 2026 Daily
VB · VANGUARD INDEX FUNDS 0.07% 2,871,987 SH Aug. 8, 2026 Daily
VGT · VANGUARD WORLD FUND 0.07% 2,496,887 SH Aug. 8, 2026 Daily