ENPH Enphase Energy, Inc. - Common Stock
NASDAQ · Semiconductors · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 28, 2026ENPH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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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.
## 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 ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | ENPH | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 33.55Y avg ≈63.7 | ≈63.7 | 64.6 | Undervalued | |
| P/S (TTM) | 3.35Y avg ≈8.3 | ≈8.3 | 6.8 | Undervalued | |
| P/B (MRQ) | 3.75Y avg ≈19.2 | ≈19.2 | 5.5 | Fair value | |
| EV / EBITDA (TTM) | 21.15Y avg ≈44.0 | ≈44.0 | 32.1 | Undervalued | |
| Price / FCF (TTM) | 29.05Y avg ≈36.3 | ≈36.3 | · | · | |
| Price / Cash Flow (TTM) | 21.65Y avg ≈30.7 | ≈30.7 | 25.1 | Overvalued | |
| EV / Revenue (TTM) | 3.15Y avg ≈8.1 | ≈8.1 | · | · | |
| EV / FCF (TTM) | 26.65Y avg ≈35.0 | ≈35.0 | · | · | |
| Price / Tangible Book (MRQ) | 3.85Y avg ≈29.2 | ≈29.2 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | ENPH | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 46.9%5Y avg ≈45.5% | ≈45.5% | 46.0% | Top tier | |
| Operating Margin (TTM) | 8.3%5Y avg ≈13.8% | ≈13.8% | 13.8% | Top tier | |
| EBITDA Margin (TTM) | 14.5%5Y avg ≈18.1% | ≈18.1% | 17.3% | In line | |
| Pretax Margin (TTM) | 12.3%5Y avg ≈16.2% | ≈16.2% | 15.9% | Top tier | |
| Net Profit Margin (TTM) | 10.1%5Y avg ≈13.9% | ≈13.9% | 11.6% | In line | |
| ROA (TTM) | 4.4%5Y avg ≈9.2% | ≈9.2% | 4.8% | In line | |
| ROE (TTM) | 13.0%5Y avg ≈32.2% | ≈32.2% | 7.3% | Top tier | |
| ROIC | 5.8%5Y avg ≈11.1% | ≈11.1% | 5.5% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | ENPH | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.55Y avg ≈1.4 | ≈1.4 | 0.3 | High debt | |
| Current Ratio (MRQ) | 3.55Y avg ≈3.4 | ≈3.4 | 3.8 | Low liquidity | |
| Quick Ratio (MRQ) | 2.15Y avg ≈2.9 | ≈2.9 | 2.1 | In line | |
| Long-Term Debt / Equity (MRQ) | 0.55Y avg ≈1.2 | ≈1.2 | 0.3 | High debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | ENPH | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 10.7%5Y avg ≈8.9% | ≈8.9% | · | · | |
| Revenue CAGR 3Y | -14.2%5Y avg ≈9.4% | ≈9.4% | · | · | |
| Revenue CAGR 5Y | 13.7% | · | · | · | |
| EPS YoY | 72.0%5Y avg ≈2.5% | ≈2.5% | · | · | |
| Net Income YoY | 67.7%5Y avg ≈43.7% | ≈43.7% | · | · | |
| EPS CAGR 3Y | -22.5% | · | · | · | |
| Net Income CAGR 3Y | -24.3%5Y avg ≈4.4% | ≈4.4% | · | · | |
| Net Income CAGR 5Y | 5.1% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | ENPH | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.45Y avg ≈0.6 | ≈0.6 | 0.6 | Weak | |
| Inventory Turnover | 3.55Y avg ≈6.2 | ≈6.2 | 2.7 | Top tier | |
| Receivables Turnover | 6.55Y avg ≈5.4 | ≈5.4 | 5.6 | Top tier | |
| Revenue / Employee | ≈$512.9K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 20, 2026 | $0.46 | $0.47 | -2.3% |
| March 31, 2026 | $0.47 | $0.42 | 12.2% | |
| Dec. 31, 2025 | $0.71 | $0.59 | 19.7% | |
| Sept. 30, 2025 | $0.90 | $0.66 | 36.3% | |
| June 30, 2025 | $0.69 | $0.63 | 8.8% | |
| March 31, 2025 | $0.68 | $0.72 | -5.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.47B | $1.33B | $2.29B | $2.33B | $1.38B | $774M | $624M | $316M | $286M | $323M | $357M | $344M | |
| Cost of Revenue | $786M | $701M | $1.23B | $1.36B | $828M | $428M | $403M | $222M | $230M | $265M | $249M | $231M | |
| Gross Profit | $687M | $629M | $1.06B | $975M | $554M | $346M | $221M | $94M | $56M | $58M | $108M | $113M | |
| R&D Expense | $189M | $201M | $227M | $169M | $106M | $56M | $40M | $33M | $33M | $51M | $51M | $45M | |
| SG&A Expense | $136M | $131M | $138M | $140M | $104M | $51M | $39M | $29M | $22M | $27M | $31M | $31M | |
| Operating Expenses | $529M | $552M | $613M | $526M | $339M | $160M | $119M | $93M | $95M | $121M | $128M | $117M | |
| Operating Income | $158M | $77M | $446M | $448M | $216M | $186M | $103M | $2M | $-39M | $-63M | · | · | |
| Interest Expense | · | · | $9M | $9M | $45M | $21M | $10M | $11M | $8M | $3M | $501.0K | $2M | |
| Other Non-op | $-11M | $-26M | $7M | $-431.0K | $6M | $-799.0K | $-5M | $-2M | $2M | $-514.0K | $-893.0K | $-994.0K | |
| Pretax Income | $205M | $120M | $513M | $452M | $121M | $119M | $90M | $-10M | $-45M | $-66M | $-21M | $-7M | |
| Income Tax | $33M | $18M | $74M | $55M | $-25M | $-15M | $-71M | $1M | $-149.0K | $1M | $1M | $766.0K | |
| Net Income | $172M | $103M | $439M | $397M | $145M | $134M | $161M | $-12M | $-45M | $-67M | $-22M | $-8M | |
| EPS (Basic) | $1.31 | $0.76 | $3.22 | $2.94 | · | · | · | · | · | · | · | · | |
| EPS (Diluted) | $1.29 | $0.75 | $3.08 | $2.77 | · | · | · | · | · | · | · | · | |
| Shares (Basic) | 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) | 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 | $238M | $159M | $520M | $507M | $248M | $205M | $117M | $11M | $9M | $11M | $11M | $8M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $474M | $369M | $289M | $473M | $119M | $679M | $251M | $106M | $29M | $18M | $28M | $42M | |
| Short-term Investments | $1.04B | $1.25B | $1.41B | $1.14B | $897M | $0 | · | · | · | · | · | · | |
| Receivables | $230M | $224M | $446M | $441M | $334M | $182M | $145M | $79M | $65M | $61M | $46M | $45M | |
| Inventory | $288M | $165M | $214M | $150M | $74M | $42M | $32M | $16M | $26M | $32M | $41M | $22M | |
| Prepaid Expense | $576M | $221M | $89M | $61M | $38M | $30M | $26M | $21M | $10M | $7M | $6M | $6M | |
| Current Assets | $2.61B | $2.33B | $2.44B | $2.26B | $1.46B | $933M | $500M | $222M | $130M | $118M | $122M | $115M | |
| PP&E (Net) | $137M | $148M | $168M | $111M | $82M | $43M | $29M | $21M | $26M | $31M | $32M | $31M | |
| PP&E (Gross) | $371M | $331M | $306M | $215M | $160M | $105M | $81M | $73M | $71M | $71M | $64M | $55M | |
| Accum. Depreciation | $234M | $183M | $137M | $104M | $77M | $62M | $52M | $52M | $44M | $40M | $32M | $24M | |
| Goodwill | $215M | $212M | $215M | $214M | $181M | $25M | $25M | $25M | $4M | $4M | $4M | $4M | |
| Intangibles | $22M | $42M | $69M | $100M | $98M | $29M | $31M | $35M | $515.0K | $945.0K | $2M | $2M | |
| Other Non-current Assets | $223M | $206M | $216M | $169M | $119M | $60M | $45M | $37M | $8M | $10M | $6M | $916.0K | |
| Total Assets | $3.51B | $3.25B | $3.38B | $3.08B | $2.08B | $1.20B | $713M | $340M | $169M | $164M | $166M | $152M | |
| Accounts Payable | $203M | $90M | $116M | $125M | $114M | $73M | $57M | $49M | $29M | $32M | $26M | $22M | |
| Accrued Liabilities | $217M | $197M | $262M | $296M | $158M | $77M | $47M | $29M | $22M | $23M | $19M | $26M | |
| Current Liabilities | $1.26B | $660M | $532M | $638M | $440M | $534M | $199M | $147M | $92M | $83M | $73M | $59M | |
| Capital Leases | $31M | $23M | $19M | $19M | $12M | $15M | $10M | · | · | · | · | · | |
| Other Non-current Liabilities | $65M | $55M | $51M | $44M | $17M | $17M | $12M | $3M | $2M | $2M | $3M | $4M | |
| Total Liabilities | $2.42B | $2.42B | $2.40B | $2.26B | $1.65B | $716M | $441M | $332M | $178M | $162M | $124M | $105M | |
| Long-term Debt | $1.20B | $1.30B | $1.29B | $1.29B | $1.04B | $331M | $106M | $110M | $50M | $24M | $0 | $0 | |
| Total Debt | $1.20B | $1.30B | $1.29B | $1.29B | $1.04B | $331M | $106M | · | $32M | $24M | · | $0 | |
| Common Stock | $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 | $1.29B | $1.08B | $939M | $819M | $838M | $535M | $458M | $353M | $287M | $252M | $225M | $208M | |
| Retained Earnings | $-204M | $-245M | $46M | $17M | $-406M | $-51M | $-185M | $-346M | $-296M | $-251M | $-183M | $-161M | |
| AOCI | $2M | $-6M | $-2M | $-11M | $-2M | $434.0K | $-923.0K | $742.0K | $-656.0K | $-292.0K | $-210.0K | $-79.0K | |
| Stockholders' Equity | $1.09B | $833M | $984M | $826M | $430M | $484M | $272M | $8M | $-9M | $1M | $41M | $47M | |
| Liabilities + Equity | $3.51B | $3.25B | $3.38B | $3.08B | $2.08B | $1.20B | $713M | $340M | $169M | $164M | $166M | $152M | |
| Shares Outstanding | 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $81M | $81M | $75M | $59M | $31M | $18M | $14M | $10M | $9M | $11M | $11M | $8M | |
| Stock-based Comp | $214M | $211M | $213M | $217M | $114M | $43M | $20M | $11M | $7M | $10M | $13M | $10M | |
| Deferred Tax | $14M | $-61M | $-47M | $-137.0K | $-31M | $-17M | $-73M | $123.0K | $-1M | $654.0K | $642.0K | $-35.0K | |
| Amort. of Intangibles | $20M | $23M | $27M | $25M | $10M | $5M | $5M | $2M | $400.0K | $700.0K | $500.0K | $100.0K | |
| Restructuring | $7M | $13M | $16M | $2M | $0 | $0 | $3M | $4M | $17M | $4M | $0 | $0 | |
| Other Non-cash | $-344M | $179M | $17M | $72M | $91M | $39M | $17M | $7M | $2M | $13M | $-23M | $14M | |
| Operating Cash Flow | $137M | $514M | $697M | $745M | $352M | $216M | $139M | $16M | $-28M | $-33M | $-21M | $24M | |
| CapEx | $41M | $34M | $110M | $46M | $52M | $21M | $15M | $4M | $4M | $12M | $13M | $13M | |
| Investing Cash Flow | $107M | $128M | $-366M | $-372M | $-1.22B | $-26M | $-15M | $-19M | $-4M | $-12M | $-12M | $-17M | |
| Debt Issued | · | · | · | · | · | $0 | $0 | $68M | $26M | $24M | · | $0 | |
| Net Debt Issued | $-102M | · | $0 | $0 | $-2M | $-3M | $-46M | $58M | · | $0 | $0 | $-9M | |
| Stock Issued | · | · | · | · | · | $0 | $0 | $20M | $26M | $16M | $0 | $0 | |
| Stock Repurchased | $130M | $391M | $410M | $0 | $500M | $0 | $0 | · | · | · | · | · | |
| Net Stock Activity | $-130M | $-391M | $-410M | $0 | $-500M | $0 | $0 | $20M | $26M | $16M | · | · | |
| Financing Cash Flow | $-242M | $-460M | $-517M | $-17M | $309M | $192M | $66M | $81M | $43M | $34M | $21M | $-3M | |
| Net Change in Cash | $10M | $175M | $-184M | $354M | $-560M | $383M | $190M | $77M | $11M | $-11M | $-14M | $4M | |
| Taxes Paid | $20M | · | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $96M | $480M | $586M | $698M | $300M | $196M | $124M | $12M | $-33M | $-45M | $-34M | $11M | |
| Levered FCF | · | · | $579M | $690M | $245M | $172M | $107M | $1M | $-40M | $-48M | $-34M | $9M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 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 | 10.7% | 5.8% | 19.5% | 19.2% | 15.6% | 24.1% | 16.4% | 0.50% | · | · | · | · | |
| Net Margin | 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 | 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 | 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 | 5.1% | 3.1% | 13.6% | 14.9% | 8.9% | 14.0% | 30.6% | · | -27.2% | -41.0% | -13.9% | -6.0% | |
| ROE | 17.9% | 11.6% | 43.9% | 55.4% | 27.0% | 29.8% | 75.9% | · | 1154.9% | -315.6% | -50.0% | -18.5% | |
| ROIC | 5.8% | 3.1% | 16.7% | 18.6% | 17.7% | 25.7% | 48.6% | · | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.1 | 3.5 | 4.6 | 3.5 | 3.3 | 1.7 | 2.5 | · | 1.4 | 1.4 | 1.7 | 2.0 | |
| Quick Ratio | 1.4 | 2.8 | 4.0 | 3.2 | 3.1 | 1.6 | 2.0 | · | 1.0 | 1.0 | 1.0 | 1.5 | |
| Debt / Equity | 1.1 | 1.6 | 1.3 | 1.6 | 2.4 | 0.7 | 0.4 | · | -3.5 | 18.3 | · | 0.0 | |
| LT Debt / Equity | 0.5 | 1.4 | 1.3 | 1.5 | 2.2 | 0.0 | 0.4 | · | -3.5 | 16.0 | · | 0.0 | |
| Interest Coverage | · | · | 50.4 | 47.5 | 4.8 | 8.9 | 10.6 | 0.2 | · | · | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.7 | 0.9 | 0.8 | 0.8 | 1.2 | · | 1.7 | 2.0 | 2.2 | 2.6 | |
| Inventory Turnover | 3.5 | 3.7 | 6.8 | 11.0 | 14.2 | 11.6 | 16.7 | · | 7.9 | 7.3 | 8.0 | 12.1 | |
| Receivables Turnover | 6.5 | 4.0 | 5.2 | 5.8 | 5.4 | 4.7 | 5.6 | · | 4.5 | 6.0 | 7.8 | 8.9 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $8.29 | $6.29 | $7.25 | $6.05 | $3.21 | $3.75 | $2.21 | · | $-0.11 | $0.02 | $0.90 | $1.07 | |
| Revenue / Share | $10.92 | $9.50 | $15.99 | $16.14 | $9.67 | $5.46 | $4.74 | · | · | · | · | · | |
| Cash Flow / Share | $1.01 | $3.67 | $4.86 | $5.16 | $2.46 | $1.52 | $1.06 | · | · | · | · | · | |
| Cash / Share | $3.62 | $2.79 | $2.13 | $3.47 | $0.89 | $5.27 | $2.04 | · | $0.34 | $0.29 | $0.62 | $0.96 | |
| EPS (TTM) | $1.29 | $0.75 | $3.08 | $2.77 | · | · | · | · | · | · | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 10.7% | -41.9% | -1.7% | 68.7% | 78.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -14.2% | -1.3% | 43.5% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 13.7% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 72.0% | -75.6% | 11.2% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -22.5% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 67.7% | -76.6% | 10.5% | 173.2% | 8.6% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -24.3% | -11.0% | 48.5% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 5.1% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.47B | $1.33B | $2.29B | $2.33B | $1.38B | $774M | $624M | $316M | $286M | $323M | $357M | $344M | |
| Net Income TTM | $172M | $103M | $439M | $397M | $145M | $134M | $161M | $-12M | $-45M | $-67M | $-22M | $-8M | |
| Market Cap | $4.20B | $9.10B | $17.93B | $36.15B | $24.49B | $22.63B | $3.22B | · | $207M | $63M | $161M | $625M | |
| Enterprise Value | $3.89B | $8.78B | $17.53B | $35.83B | $24.52B | $22.28B | $3.07B | · | $210M | $69M | · | $583M | |
| P/E | 24.8 | 91.6 | 42.9 | 95.7 | · | · | · | · | · | · | · | · | |
| P/S | 2.9 | 6.8 | 7.8 | 15.5 | 17.7 | 29.2 | 5.2 | · | 0.7 | 0.2 | 0.5 | 1.8 | |
| P/B | 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 | 4.9 | 15.7 | 25.6 | 70.5 | 162.0 | 52.6 | · | · | · | · | · | · | |
| P / Cash Flow | 30.8 | 17.7 | 25.7 | 48.5 | 69.6 | 104.6 | 23.1 | · | -7.3 | -1.9 | -7.6 | 25.8 | |
| P / FCF | 43.8 | 18.9 | 30.6 | 51.8 | 81.7 | 115.6 | 25.9 | · | -6.4 | -1.4 | -4.8 | 57.0 | |
| EV / EBITDA | 16.3 | 55.3 | 33.7 | 70.7 | 98.7 | 108.9 | 26.3 | · | 23.3 | 6.5 | · | 70.6 | |
| EV / FCF | 40.6 | 18.3 | 29.9 | 51.3 | 81.8 | 113.8 | 24.7 | · | -6.5 | -1.5 | · | 53.2 | |
| EV / Revenue | 2.6 | 6.6 | 7.7 | 15.4 | 17.7 | 28.8 | 4.9 | · | 0.7 | 0.2 | · | 1.7 | |
| Earnings Yield | 4.0% | 1.1% | 2.3% | 1.1% | · | · | · | · | · | · | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $292M | $283M | $343M | $410M | $363M | $356M | $383M | $381M | $303M | $263M | $303M | $551M | $711M | $726M | $725M | $635M | |
| Cost of Revenue | $117M | $183M | $191M | $214M | $193M | $188M | $184M | $203M | $166M | $148M | $156M | $289M | $388M | $400M | $414M | $367M | |
| Gross Profit | $175M | $100M | $152M | $196M | $170M | $168M | $198M | $178M | $137M | $116M | $147M | $262M | $323M | $326M | $311M | $268M | |
| R&D Expense | $46M | $45M | $46M | $47M | $45M | $50M | $50M | $48M | $49M | $54M | $55M | $55M | $60M | $57M | $50M | $44M | |
| SG&A Expense | $31M | $33M | $35M | $33M | $34M | $34M | $32M | $30M | $34M | $35M | $33M | $34M | $34M | $36M | $37M | $32M | |
| Operating Expenses | $123M | $130M | $130M | $130M | $133M | $136M | $143M | $128M | $135M | $145M | $157M | $144M | $153M | $159M | $154M | $132M | |
| Operating Income | $52M | $-30M | $22M | $66M | $37M | $32M | $55M | $50M | $2M | $-29M | $-10M | $118M | $170M | $168M | $157M | $135M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $2M | · | $2M | $2M | $2M | · | $2M | |
| Other Non-op | $-1M | $4M | $2M | $-4M | $-9M | $-14.0K | $-1M | $-17M | $-8M | $87.0K | $4M | $2M | $-33.0K | $426.0K | $5M | $-3M | |
| Pretax Income | $62M | $-14M | $39M | $77M | $42M | $47M | $70M | $51M | $11M | $-11M | $12M | $137M | $185M | $179M | $168M | $134M | |
| Income Tax | $26M | $-6M | $-16.0K | $10M | $5M | $17M | $8M | $5M | $383.0K | $5M | $-9M | $23M | $27M | $32M | $14M | $19M | |
| Net Income | $36M | $-7M | $39M | $67M | $37M | $30M | $62M | $46M | $11M | $-16M | $21M | $114M | $157M | $147M | $154M | $115M | |
| EPS (Basic) | $0.27 | $-0.06 | $0.29 | $0.51 | $0.28 | $0.23 | $0.46 | $0.34 | $0.08 | $-0.12 | $0.16 | $0.84 | $1.15 | $1.07 | · | · | |
| EPS (Diluted) | $0.27 | $-0.06 | $0.29 | $0.50 | $0.28 | $0.22 | $0.46 | $0.33 | $0.08 | $-0.12 | $0.17 | $0.80 | $1.09 | $1.02 | · | · | |
| Shares (Basic) | 131,963,000 | 131,337,000 | · | 130,797,000 | 131,031,000 | 131,869,000 | · | 135,329,000 | 135,646,000 | 135,891,000 | · | 136,165,000 | 136,607,000 | 136,689,000 | · | 135,633,000 | |
| Shares (Diluted) | 135,122,000 | 131,337,000 | · | 132,995,000 | 135,219,000 | 136,208,000 | · | 139,914,000 | 136,123,000 | 135,891,000 | · | 143,863,000 | 145,098,000 | 145,986,000 | · | 145,962,000 | |
| EBITDA | $52M | $-9M | · | $66M | $37M | $52M | · | $50M | $2M | $-9M | · | $118M | $170M | $184M | · | $135M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $529M | $498M | $474M | $402M | $371M | $350M | $369M | $256M | $252M | $254M | $289M | $290M | $279M | $286M | $473M | $338M | |
| Short-term Investments | $408M | $433M | $1.04B | $1.08B | $1.16B | $1.12B | $1.25B | $1.51B | $1.39B | $1.38B | · | $1.49B | $1.52B | $1.49B | · | $1.08B | |
| Receivables | $274M | $197M | $230M | $266M | $223M | $226M | $224M | $232M | $277M | $364M | · | $560M | $520M | $516M | · | $368M | |
| Inventory | $285M | $291M | $288M | $189M | $173M | $144M | $165M | $159M | $176M | $208M | · | $174M | $166M | $151M | · | $146M | |
| Prepaid Expense | $454M | $412M | $576M | $460M | $363M | $296M | $221M | $203M | $142M | $101M | · | $80M | $74M | $68M | · | $51M | |
| Current Assets | $1.95B | $1.83B | $2.61B | $2.39B | $2.29B | $2.20B | $2.33B | $2.36B | $2.24B | $2.30B | · | $2.60B | $2.56B | $2.51B | · | $1.98B | |
| PP&E (Net) | $136M | $139M | $137M | $131M | $137M | $142M | $148M | $148M | $152M | $158M | · | $173M | $152M | $133M | · | $92M | |
| PP&E (Gross) | · | · | $371M | · | · | · | $331M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $234M | · | · | · | $183M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $213M | $214M | $215M | $214M | $215M | $212M | $212M | $214M | $213M | $214M | $215M | $213M | $214M | $214M | $214M | $196M | |
| Intangibles | $13M | $18M | $22M | $27M | $32M | $37M | $42M | $51M | $57M | $63M | · | $79M | $86M | $93M | · | $91M | |
| Other Non-current Assets | $316M | $212M | $223M | $235M | $193M | $211M | $206M | $185M | $204M | $214M | · | $215M | $195M | $184M | · | $140M | |
| Total Assets | $2.92B | $2.72B | $3.51B | $3.32B | $3.18B | $3.11B | $3.25B | $3.26B | $3.17B | $3.23B | · | $3.55B | $3.47B | $3.38B | · | $2.70B | |
| Accounts Payable | $125M | $113M | $203M | $189M | $163M | $115M | $90M | $112M | $80M | $72M | · | $90M | $79M | $106M | · | $93M | |
| Accrued Liabilities | $189M | $196M | $217M | $208M | $207M | $212M | $197M | $190M | $198M | $234M | · | $435M | $425M | $397M | · | $256M | |
| Current Liabilities | $565M | $482M | $1.26B | $1.17B | $1.16B | $1.16B | $660M | $567M | $530M | $554M | · | $774M | $744M | $729M | · | $550M | |
| Capital Leases | $31M | $31M | $31M | $24M | $26M | $27M | $23M | $26M | $18M | $19M | · | $20M | $20M | $19M | · | $17M | |
| Other Non-current Liabilities | $66M | $65M | $65M | $58M | $60M | $61M | $55M | $62M | $53M | $52M | · | $54M | $50M | $47M | · | $25M | |
| Total Liabilities | $1.74B | $1.62B | $2.42B | $2.33B | $2.30B | $2.30B | $2.42B | $2.33B | $2.28B | $2.31B | · | $2.54B | $2.49B | $2.41B | · | $2.09B | |
| Long-term Debt | $573M | $573M | $1.20B | $1.20B | $1.20B | $1.20B | $1.30B | $1.30B | $1.30B | $1.30B | · | $1.29B | $1.29B | $1.29B | · | $1.29B | |
| Total Debt | $573M | $573M | · | $1.20B | $1.20B | $1.20B | · | $1.30B | $1.30B | $1.30B | · | $1.29B | $1.29B | $1.29B | · | $1.29B | |
| Common Stock | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | · | $1.0K | $1.0K | $1.0K | · | $1.0K | |
| Paid-in Capital | $1.36B | $1.32B | $1.29B | $1.23B | $1.18B | $1.13B | $1.08B | $1.03B | $993M | $941M | · | $899M | $858M | $813M | · | $762M | |
| Retained Earnings | $-175M | $-211M | $-204M | $-243M | $-309M | $-316M | $-245M | $-105M | $-101M | $-12M | · | $125M | $190M | $164M | · | $-136M | |
| Treasury Stock | · | · | · | · | · | · | · | · | · | · | · | $0 | $68M | · | · | · | |
| AOCI | $-8M | $-6M | $2M | $3M | $5M | $-2M | $-6M | $3M | $-8M | $-7M | · | $-10M | $-7M | $-7M | · | $-16M | |
| Stockholders' Equity | $1.18B | $1.10B | $1.09B | $995M | $881M | $811M | $833M | $931M | $885M | $923M | $984M | $1.01B | $973M | $970M | $826M | $610M | |
| Liabilities + Equity | $2.92B | $2.72B | $3.51B | $3.32B | $3.18B | $3.11B | $3.25B | $3.26B | $3.17B | $3.23B | · | $3.55B | $3.47B | $3.38B | · | $2.70B | |
| Shares Outstanding | 132,131,000 | 131,784,000 | 131,080,000 | 130,849,000 | 130,736,000 | 131,186,000 | 132,448,000 | 135,084,000 | 135,396,000 | 135,989,000 | 135,722,000 | 136,512,000 | 136,006,000 | 137,002,000 | 136,441,000 | 135,857,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $20M | $21M | $20M | $20M | $20M | $20M | $21M | $20M | $20M | $20M | $21M | $19M | $18M | $17M | $16M | $12M | |
| Stock-based Comp | $44M | $49M | $53M | $51M | $54M | $56M | $52M | $46M | $53M | $61M | $55M | $44M | $54M | $60M | $64M | $52M | |
| Amort. of Intangibles | $4M | $5M | $5M | $5M | $5M | $5M | $5M | $6M | $6M | $6M | · | $7M | $7M | $7M | · | $6M | |
| Restructuring | · | · | · | · | · | · | $9M | $677.0K | $1M | · | $15M | $0 | $177.0K | $693.0K | · | $594.0K | |
| Other Non-cash | · | $40M | · | · | · | $-57M | · | · | · | $-16M | · | · | · | $23M | · | · | |
| Operating Cash Flow | $40M | $103M | $48M | $14M | $27M | $48M | $167M | $170M | $127M | $49M | $35M | $146M | $269M | $246M | $254M | $188M | |
| CapEx | $14M | $20M | $10M | $8M | $8M | $15M | $8M | $9M | $10M | $7M | $20M | $24M | $44M | $22M | $16M | $9M | |
| Investing Cash Flow | $-10M | $576M | $24M | $21M | $-51M | $113M | $251M | $-112M | $-28M | $18M | $76M | $-15M | $-64M | $-364M | $-118M | $-338M | |
| Net Debt Issued | · | $0 | · | · | · | $-102M | · | · | · | · | · | · | · | · | · | · | |
| Stock Repurchased | $0 | $0 | $0 | $0 | $30M | $100M | $200M | $50M | $100M | $42M | $100M | $110M | $200M | $0 | $0 | $0 | |
| Net Stock Activity | · | $0 | · | · | · | $-100M | · | · | · | $-42M | · | · | · | · | · | · | |
| Financing Cash Flow | $2M | $-651M | $2M | $-2M | $-28M | $-214M | $-203M | $-56M | $-101M | $-101M | $-115M | $-118M | $-212M | $-72M | $-3M | $-4M | |
| Net Change in Cash | $32M | $23M | $72M | $31M | $-45M | $-49M | $208M | $4M | $-2M | $-35M | $-1M | $11M | $-7M | $-187M | $136M | $-158M | |
| Free Cash Flow | · | $83M | · | · | · | $34M | · | · | · | $42M | · | · | · | $224M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $39M | · | · | · | $222M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.0% | 35.5% | · | 47.8% | 46.9% | 47.2% | · | 46.8% | 45.2% | 43.9% | · | 47.5% | 45.5% | 45.0% | · | 42.2% | |
| Operating Margin | 17.6% | -10.5% | · | 16.1% | 10.2% | 9.0% | · | 13.1% | 0.59% | -11.1% | · | 21.4% | 23.9% | 23.1% | · | 21.3% | |
| Net Margin | 12.4% | -2.6% | · | 16.2% | 10.2% | 8.3% | · | 12.0% | 3.6% | -6.1% | · | 20.7% | 22.1% | 20.2% | · | 18.1% | |
| Pretax Margin | 21.2% | -4.9% | · | 18.8% | 11.6% | 13.2% | · | 13.3% | 3.7% | -4.4% | · | 24.9% | 26.0% | 24.6% | · | 21.1% | |
| EBITDA Margin | 17.6% | -3.1% | · | 16.1% | 10.2% | 14.6% | · | 13.1% | 0.59% | -3.4% | · | 21.4% | 23.9% | 25.4% | · | 21.3% | |
| ROA | 1.2% | -0.25% | · | 2.0% | 1.2% | 0.94% | · | 1.3% | 0.33% | -0.49% | · | 3.6% | 5.3% | 5.3% | · | 4.7% | |
| ROE | 3.5% | -0.77% | · | 6.9% | 4.2% | 3.4% | · | 4.7% | 1.2% | -1.7% | · | 14.0% | 22.1% | 17.2% | · | 18.3% | |
| ROIC | 1.7% | -0.95% | · | 2.6% | 1.6% | 1.0% | · | 2.0% | 0.08% | -1.8% | · | 4.2% | 6.4% | 6.1% | · | 6.1% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.5 | 3.8 | · | 2.0 | 2.0 | 1.9 | · | 4.2 | 4.2 | 4.2 | · | 3.4 | 3.4 | 3.4 | · | 3.6 | |
| Quick Ratio | 2.1 | 2.3 | · | 1.5 | 1.5 | 1.5 | · | 3.5 | 3.6 | 3.6 | · | 3.0 | 3.1 | 3.1 | · | 3.2 | |
| Debt / Equity | 0.5 | 0.5 | · | 1.2 | 1.4 | 1.5 | · | 1.4 | 1.5 | 1.4 | · | 1.3 | 1.3 | 1.3 | · | 2.1 | |
| LT Debt / Equity | 0.5 | 0.5 | · | 0.6 | 0.6 | 0.7 | · | 1.3 | 1.4 | 1.3 | · | 1.2 | 1.2 | 1.2 | · | 2.0 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -13.3 | · | 53.7 | 76.8 | 77.8 | · | 60.1 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | 0.2 | 0.3 | · | 0.3 | |
| Inventory Turnover | 0.5 | 0.8 | · | 1.2 | 1.1 | 1.1 | · | 1.2 | 1.0 | 0.8 | · | 1.8 | 2.6 | 4.3 | · | 3.5 | |
| Receivables Turnover | 1.2 | 1.3 | · | 1.6 | 1.5 | 1.2 | · | 1.0 | 0.8 | 0.6 | · | 1.2 | 1.7 | 1.9 | · | 2.0 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $8.94 | $8.36 | · | $7.60 | $6.74 | $6.18 | · | $6.89 | $6.53 | $6.79 | · | $7.43 | $7.15 | $7.08 | · | $4.49 | |
| Revenue / Share | $2.16 | $2.15 | · | $3.09 | $2.69 | $2.61 | · | $2.72 | $2.23 | $1.94 | · | $3.83 | $4.90 | $4.97 | · | $4.35 | |
| Cash Flow / Share | · | $0.78 | · | · | · | $0.36 | · | · | · | $0.36 | · | · | · | $1.69 | · | · | |
| Cash / Share | $4.01 | $3.78 | · | $3.07 | $2.83 | $2.67 | · | $1.90 | $1.86 | $1.87 | · | $2.12 | $2.05 | $2.09 | · | $2.48 | |
| EPS (TTM) | $1.00 | $1.01 | · | $1.46 | $1.29 | $1.09 | · | $0.46 | $0.93 | $1.94 | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.33B | $1.40B | · | $1.51B | $1.48B | $1.42B | · | $1.25B | $1.42B | $1.83B | · | $2.71B | $2.80B | $2.62B | · | $2.02B | |
| Net Income TTM | $134M | $135M | · | $196M | $175M | $148M | · | $61M | $130M | $276M | · | $572M | $573M | $492M | · | $296M | |
| Market Cap | $6.51B | $4.98B | · | $4.63B | $5.18B | $8.14B | · | $15.27B | $13.50B | $16.45B | · | $16.40B | $22.78B | $28.81B | · | $37.70B | |
| Enterprise Value | $6.14B | $4.62B | · | $4.36B | $4.86B | $7.88B | · | $14.80B | $13.15B | $16.12B | · | $15.91B | $22.27B | $28.32B | · | $37.57B | |
| P/E | 49.2 | 37.4 | · | 24.2 | 30.7 | 56.9 | · | 245.7 | 107.2 | 62.4 | · | · | · | · | · | · | |
| P/S | 4.9 | 3.6 | · | 3.1 | 3.5 | 5.7 | · | 12.2 | 9.5 | 9.0 | · | 6.0 | 8.1 | 11.0 | · | 18.7 | |
| P/B | 5.5 | 4.5 | · | 4.7 | 5.9 | 10.0 | · | 16.4 | 15.3 | 17.8 | · | 16.2 | 23.4 | 29.7 | · | 61.8 | |
| P / Tangible Book | 6.8 | 5.7 | · | 6.1 | 8.2 | 14.5 | · | 22.9 | 22.0 | 25.4 | · | 22.7 | 33.9 | 43.4 | · | 116.5 | |
| P / Cash Flow | · | 48.4 | · | · | · | 168.1 | · | · | · | 334.4 | · | · | · | 117.0 | · | · | |
| EV / Revenue | 4.6 | 3.3 | · | 2.9 | 3.3 | 5.5 | · | 11.8 | 9.3 | 8.8 | · | 5.9 | 8.0 | 10.8 | · | 18.6 | |
| Earnings Yield | 2.0% | 2.7% | · | 4.1% | 3.2% | 1.8% | · | 0.41% | 0.93% | 1.6% | · | · | · | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-03-31 |
|---|---|---|---|---|---|
| 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 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-03-31 |
|---|---|---|---|---|---|
| Debt / Equity | 1.1 | 1.6 | 1.3 | 1.6 | · |
| Current Ratio | 2.1 | 3.5 | 4.6 | 3.5 | · |
| Quick Ratio | 1.4 | 2.8 | 4.0 | 3.2 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-03-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $96M | $480M | $586M | $698M | · |
Institutional owners (13F) 639 filers · $7.9B total · As of Sept. 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 140 (+36 vs prior Q) | 78 (+18 vs prior Q) | 165 (-7 vs prior Q) | 215 (+23 vs prior Q) | +7.9M |
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 |
|---|---|---|---|---|
| BlackRock, Inc. | $1,154,775,626 | 23,451,983 | 14.56% | Shares |
| VANGUARD GROUP INC | $523,365,186 | 16,329,647 | 6.60% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $446,443,077 | 9,066,675 | 5.63% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $282,186,118 | 5,730,831 | 3.56% | Shares |
| STATE STREET CORP | $233,723,224 | 4,746,613 | 2.95% | Shares |
| TWO SIGMA INVESTMENTS, LP | $229,246,274 | 4,655,692 | 2.89% | Shares |
| JANE STREET GROUP, LLC | $193,823,412 | 3,936,300 | 2.44% | Put option |
| Invesco Ltd. | $180,289,253 | 3,661,439 | 2.27% | Shares |
| JANE STREET GROUP, LLC | $176,914,396 | 3,592,900 | 2.23% | Call option |
| GILDER GAGNON HOWE & CO LLC | $171,304,040 | 3,478,961 | 2.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $161,093,584 | 3,271,600 | 2.03% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $139,285,188 | 2,828,700 | 1.76% | Put option |
| Slate Path Capital LP | $127,392,251 | 2,587,170 | 1.61% | Shares |
| MORGAN STANLEY | $118,597,647 | 2,408,561 | 1.50% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $117,622,563 | 2,388,154 | 1.48% | Shares |
| JPMORGAN CHASE & CO | $117,097,001 | 2,416,246 | 1.48% | Shares |
| FIRST TRUST ADVISORS LP | $112,404,333 | 2,282,785 | 1.42% | Shares |
| Robeco Schweiz AG | $101,520,323 | 2,061,745 | 1.28% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $96,059,612 | 1,950,258 | 1.21% | Shares |
| CITADEL ADVISORS LLC | $91,561,780 | 1,859,500 | 1.15% | Call option |
| CITADEL ADVISORS LLC | $84,988,240 | 1,726,000 | 1.07% | Put option |
| TWO SIGMA ADVISERS, LP | $84,327,043 | 2,631,109 | 1.06% | Shares |
| GOLDMAN SACHS GROUP INC | $82,309,240 | 1,671,593 | 1.04% | Shares |
| FMR LLC | $82,237,917 | 1,670,145 | 1.04% | Shares |
| Amundi | $81,086,610 | 1,646,878 | 1.02% | Shares |
| COATUE MANAGEMENT LLC | $76,663,775 | 1,556,941 | 0.97% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $75,014,973 | 1,523,456 | 0.95% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $72,993,819 | 1,482,409 | 0.92% | Shares |
| NORGES BANK | $71,871,393 | 1,459,614 | 0.91% | Shares |
| MILLENNIUM MANAGEMENT LLC | $71,069,175 | 1,443,322 | 0.90% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $69,948,030 | 1,420,553 | 0.88% | Shares |
| FEDERATED HERMES, INC. | $68,946,636 | 1,400,216 | 0.87% | Shares |
| NOMURA HOLDINGS INC | $61,825,744 | 1,255,600 | 0.78% | Call option |
| UBS Group AG | $59,120,252 | 1,200,655 | 0.75% | Shares |
| Driehaus Capital Management LLC | $52,190,904 | 1,059,929 | 0.66% | Shares |
| NORTHERN TRUST CORP | $49,821,229 | 1,011,804 | 0.63% | Shares |
| PeakShares LLC | $49,240,000 | 1,000 | 0.62% | Shares |
| UBS Group AG | $46,585,964 | 946,100 | 0.59% | Put option |
| Bank of New York Mellon Corp | $43,920,906 | 891,976 | 0.55% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $40,768,209 | 827,949 | 0.51% | Shares |
| UBS Group AG | $40,598,725 | 824,507 | 0.51% | Call option |
| Legal & General Group Plc | $39,127,531 | 794,629 | 0.49% | Shares |
| NOMURA HOLDINGS INC | $38,186,703 | 775,522 | 0.48% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $36,355,568 | 738,334 | 0.46% | Shares |
| CITADEL ADVISORS LLC | $34,710,409 | 704,923 | 0.44% | Shares |
| Arosa Capital Management LP | $32,744,600 | 665,000 | 0.41% | Call option |
| Palo Duro Investment Partners, LP | $32,665,274 | 663,389 | 0.41% | Shares |
| D. E. Shaw & Co., Inc. | $32,550,496 | 661,058 | 0.41% | Shares |
| D. E. Shaw & Co., Inc. | $28,889,108 | 586,700 | 0.36% | Call option |
| Capital World Investors | $27,700,307 | 562,557 | 0.35% | Shares |
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.
Company insiders 32 insiders · 17 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Badrinarayanan Kothandaraman | President & CEO | May 26, 2026 P | 1,645,632 | 6 | 0 | $1,060,102 |
| Paul B Nahi | President and CEO | May 30, 2017 A | 1,367,880 | 0 | 0 | $0 |
| Mandy Yang | EVP, Chief Financial Officer | March 10, 2026 F | 90,335 | 0 | 1 | $-198,060 |
| Eric Branderiz | EVP & Chief Financial Officer | Feb. 14, 2022 F | 69,834 | 0 | 0 | $0 |
| Humberto Garcia | VP and CFO | May 15, 2018 F | 539,721 | 0 | 0 | $0 |
| Kris Sennesael | VP and CFO | March 29, 2016 A | 314,924 | 0 | 0 | $0 |
| Jeff Mcneil | EVP & Chief Operating Officer | March 1, 2023 F | 36,648 | 0 | 0 | $0 |
| Mary Erginsoy | VP, Chief Accounting Officer | March 1, 2026 F | 30,537 | 0 | 0 | $0 |
| David A Ranhoff | EVP & Chief Commercial Officer | June 17, 2024 S | 107,943 | 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 |
| Richard Mora | Director | Aug. 14, 2026 S | 10,422 | 0 | 5 | $-268,728 |
| Shanker Trivedi | Director | June 12, 2026 P | 1,000 | 1 | 0 | $53,910 |
| Joseph Ian Malchow | Director | May 13, 2026 A | 69,912 | 0 | 0 | $0 |
| Benjamin John Kortlang | Director | May 13, 2026 A | 14,059 | 0 | 0 | $0 |
| 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 |
| John Howard Weber | Director | March 6, 2018 M | 0 | 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 |
| 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
ETF ownership Held by 68 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 … | 7.14% | 1,948,630 SH | Oct. 1, 2026 | Daily |
| ICLN · iShares Trust | 4.48% | 2,602,496 SH | Sept. 11, 2026 | Daily |
| VCLN · Virtus ETF Trust II | 4.33% | 6,326 NS | July 31, 2026 | N-PORT |
| ETEC · iShares Trust | 3.07% | 3,357 SH | Sept. 11, 2026 | Daily |
| SCOW · Pacer Funds Trust | 2.45% | 1,116 NS | July 31, 2026 | N-PORT |
| PSCT · Invesco Exchange-Traded Fund Trust … | 1.82% | 292,219 SH | Oct. 1, 2026 | Daily |
| PBW · Invesco Exchange-Traded Fund Trust | 1.47% | 149,846 SH | Oct. 1, 2026 | Daily |
| IBAT · iShares Trust | 1.01% | 18,920 SH | Sept. 11, 2026 | Daily |
| PBD · Invesco Exchange-Traded Fund Trust … | 0.81% | 28,280 SH | Oct. 1, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.70% | 279,666 SH | Aug. 19, 2026 | Daily |
| ERTH · Invesco Exchange-Traded Fund Trust | 0.67% | 25,107 SH | Oct. 1, 2026 | Daily |
| POWR · iShares, Inc. | 0.65% | 80,720 SH | Sept. 11, 2026 | Daily |
| FXN · First Trust Exchange-Traded AlphaDE… | 0.58% | 58,696 NS | July 31, 2026 | N-PORT |
| CCSO · Tidal Trust II | 0.46% | 5,613 NS | July 31, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.36% | 124,139 NS | July 31, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.35% | 460,802 SH | Aug. 19, 2026 | Daily |
| CCNR · Financial Investors Trust | 0.31% | 35,008 NS | July 31, 2026 | N-PORT |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.28% | 19,750 SH | Oct. 1, 2026 | Daily |
| MADE · iShares Trust | 0.23% | 3,761 SH | Sept. 11, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.21% | 50,667 SH | Oct. 1, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.21% | 4,799 NS | July 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 35,764 NS | July 31, 2026 | N-PORT |
| IYE · iShares Trust | 0.19% | 98,041 SH | Sept. 11, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.13% | 1,823,017 SH | Aug. 19, 2026 | Daily |
| ESSC · Strategy Shares | 0.13% | 1,233 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.10% | 413,084 NS | July 31, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.10% | 41,363 SH | Aug. 19, 2026 | Daily |
| ESML · iShares Trust | 0.09% | 66,330 SH | Sept. 11, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.08% | 45,815 SH | Oct. 1, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.07% | 1,512,649 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.07% | 2,871,987 SH | Aug. 19, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.07% | 2,496,887 SH | Aug. 19, 2026 | Daily |
| SMMD · iShares Trust | 0.07% | 67,935 SH | Sept. 11, 2026 | Daily |
| ISCG · iShares Trust | 0.06% | 16,733 SH | Sept. 11, 2026 | Daily |
| FTEC · FIDELITY COVINGTON TRUST | 0.06% | 330,834 NS | July 31, 2026 | N-PORT |
| XT · iShares Trust | 0.05% | 57,557 SH | Sept. 11, 2026 | Daily |
| IWS · iShares Trust | 0.05% | 190,216 SH | Sept. 11, 2026 | Daily |
| WSML · iShares Trust | 0.05% | 8,146 SH | Sept. 11, 2026 | Daily |
| IWR · iShares Trust | 0.03% | 526,960 SH | Sept. 11, 2026 | Daily |
| IGM · iShares Trust | 0.02% | 61,946 SH | Sept. 11, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 77,410 SH | Aug. 19, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.02% | 2,503 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.02% | 197,255 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.01% | 8,410 NS | July 31, 2026 | N-PORT |
| VEGN · ETF Series Solutions | 0.01% | 657 NS | July 31, 2026 | N-PORT |
| IWD · iShares Trust | 0.01% | 284,217 SH | Sept. 11, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.01% | 35,049 SH | Oct. 1, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 3,974,368 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 104,326 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.01% | 21,317 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 10,796 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.01% | 28,963 SH | Aug. 19, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.01% | 8,508 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 5,346 NS | July 31, 2026 | N-PORT |
| IYY · iShares Trust | 0.01% | 5,863 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.01% | 91,571 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.01% | 36,957 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.01% | 172,315 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.01% | 36,572 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 15,661 NS | July 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.00% | 155 NS | July 31, 2026 | N-PORT |
| FBCG · FIDELITY COVINGTON TRUST | 0.00% | 88 NS | July 31, 2026 | N-PORT |
| IJR · iShares Trust | · | 8,043,188 SH | Sept. 10, 2026 | Daily |
| IJS · iShares Trust | · | 1,174,543 SH | Sept. 8, 2026 | Daily |
| XJR · iShares Trust | · | 18,230 SH | Aug. 31, 2026 | Daily |
| ISCB · iShares Trust | · | 5,898 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 17,693 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 65,136 SH | Sept. 11, 2026 | Daily |
ENPH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
27 analysts · 2026-09-28Mean target $51.71 +54.5%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| 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% |
| 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% |
| ACMR | · | 28.8 | 15.2% | 10.4% | 7.9% | 44.4% |
| AXTI | $905M | -33.4 | -11.1% | -24.1% | -9.1% | 12.7% |
| ACLS | $2.47B | 21.1 | -17.6% | 14.3% | 11.7% | 44.9% |
| VECO | $1.73B | 48.4 | -7.4% | 5.3% | 4.1% | 40.0% |
| COHU | $1.17B | -14.8 | 12.7% | -16.4% | -9.2% | · |
| 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% |
| ICHR | $653M | -12.3 | 11.6% | -5.6% | -7.8% | 9.3% |
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