ENPHASE ENERGY INC (ENPH) Stock Fundamental Analysis
USA - NASDAQ:ENPH - US29355A1079 - Common Stock
36.56 USD
-1 (-2.66%)
36.6 USD
+0.04 (+0.11%)
Overall ENPH gets a fundamental rating of 5 out of 10. We evaluated ENPH against 112 industry peers in the Semiconductors & Semiconductor Equipment industry. ENPH has an average financial health and profitability rating. ENPH is valued quite cheap, while showing a decent growth score. This is a good combination!
1. Profitability
1.1 Basic Checks
ENPH had positive earnings in the past year.
In the past year ENPH had a positive cash flow from operations.
ENPH had positive earnings in each of the past 5 years.
In the past 5 years ENPH always reported a positive cash flow from operatings.
1.2 Ratios
The Return On Assets of ENPH (5.50%) is better than 71.43% of its industry peers.
The Return On Equity of ENPH (19.84%) is better than 85.71% of its industry peers.
ENPH's Return On Invested Capital of 8.14% is fine compared to the rest of the industry. ENPH outperforms 75.89% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for ENPH is in line with the industry average of 10.98%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 5.5% | ||
| ROE | 19.84% | ||
| ROIC | 8.14% |
ROA(3y)9.67%
ROA(5y)9.44%
ROE(3y)35.03%
ROE(5y)33.31%
ROIC(3y)10.89%
ROIC(5y)13.62%
1.3 Margins
ENPH has a Profit Margin of 11.78%. This is in the better half of the industry: ENPH outperforms 71.43% of its industry peers.
ENPH's Profit Margin has declined in the last couple of years.
Looking at the Operating Margin, with a value of 12.94%, ENPH is in the better half of the industry, outperforming 70.54% of the companies in the same industry.
ENPH's Operating Margin has declined in the last couple of years.
The Gross Margin of ENPH (48.35%) is comparable to the rest of the industry.
In the last couple of years the Gross Margin of ENPH has grown nicely.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 12.94% | ||
| PM (TTM) | 11.78% | ||
| GM | 48.35% |
OM growth 3Y-24.77%
OM growth 5Y-16.62%
PM growth 3Y-9.82%
PM growth 5Y-21.45%
GM growth 3Y5.64%
GM growth 5Y5.94%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), ENPH is creating some value.
Compared to 1 year ago, ENPH has less shares outstanding
The number of shares outstanding for ENPH has been increased compared to 5 years ago.
Compared to 1 year ago, ENPH has a worse debt to assets ratio.
2.2 Solvency
ENPH has an Altman-Z score of 2.24. This is not the best score and indicates that ENPH is in the grey zone with still only limited risk for bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 2.24, ENPH is doing worse than 64.29% of the companies in the same industry.
The Debt to FCF ratio of ENPH is 3.22, which is a good value as it means it would take ENPH, 3.22 years of fcf income to pay off all of its debts.
ENPH has a Debt to FCF ratio of 3.22. This is in the better half of the industry: ENPH outperforms 63.39% of its industry peers.
A Debt/Equity ratio of 0.65 indicates that ENPH is somewhat dependend on debt financing.
ENPH has a Debt to Equity ratio of 0.65. This is in the lower half of the industry: ENPH underperforms 75.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.65 | ||
| Debt/FCF | 3.22 | ||
| Altman-Z | 2.24 |
ROIC/WACC0.78
WACC10.45%
2.3 Liquidity
A Current Ratio of 1.97 indicates that ENPH should not have too much problems paying its short term obligations.
ENPH has a worse Current ratio (1.97) than 70.54% of its industry peers.
ENPH has a Quick Ratio of 1.82. This is a normal value and indicates that ENPH is financially healthy and should not expect problems in meeting its short term obligations.
With a Quick ratio value of 1.82, ENPH perfoms like the industry average, outperforming 41.96% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.97 | ||
| Quick Ratio | 1.82 |
3. Growth
3.1 Past
ENPH shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 26.50%, which is quite impressive.
Measured over the past years, ENPH shows a very strong growth in Earnings Per Share. The EPS has been growing by 20.06% on average per year.
ENPH shows a small growth in Revenue. In the last year, the Revenue has grown by 4.39%.
Measured over the past years, ENPH shows a quite strong growth in Revenue. The Revenue has been growing by 16.34% on average per year.
EPS 1Y (TTM)26.5%
EPS 3Y-0.69%
EPS 5Y20.06%
EPS Q2Q%60.47%
Revenue 1Y (TTM)4.39%
Revenue growth 3Y-1.26%
Revenue growth 5Y16.34%
Sales Q2Q%19.67%
3.2 Future
Based on estimates for the next years, ENPH will show a quite strong growth in Earnings Per Share. The EPS will grow by 10.53% on average per year.
Based on estimates for the next years, ENPH will show a small growth in Revenue. The Revenue will grow by 5.14% on average per year.
EPS Next Y13.82%
EPS Next 2Y0.18%
EPS Next 3Y4.77%
EPS Next 5Y10.53%
Revenue Next Year11%
Revenue Next 2Y1.54%
Revenue Next 3Y2.85%
Revenue Next 5Y5.14%
3.3 Evolution
The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 12.35, the valuation of ENPH can be described as correct.
Compared to the rest of the industry, the Price/Earnings ratio of ENPH indicates a rather cheap valuation: ENPH is cheaper than 97.32% of the companies listed in the same industry.
The average S&P500 Price/Earnings ratio is at 27.40. ENPH is valued rather cheaply when compared to this.
Based on the Price/Forward Earnings ratio of 15.37, the valuation of ENPH can be described as correct.
Compared to the rest of the industry, the Price/Forward Earnings ratio of ENPH indicates a rather cheap valuation: ENPH is cheaper than 91.96% of the companies listed in the same industry.
ENPH's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 22.94.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.35 | ||
| Fwd PE | 15.37 |
4.2 Price Multiples
87.50% of the companies in the same industry are more expensive than ENPH, based on the Enterprise Value to EBITDA ratio.
Based on the Price/Free Cash Flow ratio, ENPH is valued cheaper than 95.54% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 12.82 | ||
| EV/EBITDA | 12.56 |
4.3 Compensation for Growth
ENPH's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
The decent profitability rating of ENPH may justify a higher PE ratio.
PEG (NY)0.89
PEG (5Y)0.62
EPS Next 2Y0.18%
EPS Next 3Y4.77%
5. Dividend
5.1 Amount
No dividends for ENPH!.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | N/A |
36.56
-1 (-2.66%)
Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)
Earnings (Next)
Inst Owners96.21%
Inst Owner Change-0.92%
Ins Owners3.13%
Ins Owner Change0.18%
Market Cap4.78B
Analysts63.72
Price Target42.94 (17.45%)
Short Float %20.07%
Short Ratio2.83
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | N/A |
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)1.88%
Min EPS beat(2)-5.07%
Max EPS beat(2)8.83%
EPS beat(4)2
Avg EPS beat(4)3.56%
Min EPS beat(4)-16.87%
Max EPS beat(4)27.34%
EPS beat(8)2
Avg EPS beat(8)-1.74%
EPS beat(12)6
Avg EPS beat(12)3.72%
EPS beat(16)10
Avg EPS beat(16)8.23%
Revenue beat(2)0
Avg Revenue beat(2)-2.14%
Min Revenue beat(2)-3.27%
Max Revenue beat(2)-1.01%
Revenue beat(4)0
Avg Revenue beat(4)-2.42%
Min Revenue beat(4)-4.77%
Max Revenue beat(4)-0.64%
Revenue beat(8)0
Avg Revenue beat(8)-4.44%
Revenue beat(12)2
Avg Revenue beat(12)-3.34%
Revenue beat(16)6
Avg Revenue beat(16)-2.16%
PT rev (1m)0.27%
PT rev (3m)-19.3%
EPS NQ rev (1m)0.56%
EPS NQ rev (3m)7.17%
EPS NY rev (1m)0.42%
EPS NY rev (3m)7.8%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-1.32%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.33%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.35 | ||
| Fwd PE | 15.37 | ||
| P/S | 3.22 | ||
| P/FCF | 12.82 | ||
| P/OCF | 11.59 | ||
| P/B | 5.43 | ||
| P/tB | 7.55 | ||
| EV/EBITDA | 12.56 |
EPS(TTM)2.96
EY8.1%
EPS(NY)2.38
Fwd EY6.51%
FCF(TTM)2.85
FCFY7.8%
OCF(TTM)3.15
OCFY8.63%
SpS11.34
BVpS6.74
TBVpS4.84
PEG (NY)0.89
PEG (5Y)0.62
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 5.5% | ||
| ROE | 19.84% | ||
| ROCE | 9.52% | ||
| ROIC | 8.14% | ||
| ROICexc | 33.75% | ||
| ROICexgc | 68.71% | ||
| OM | 12.94% | ||
| PM (TTM) | 11.78% | ||
| GM | 48.35% | ||
| FCFM | 25.16% |
ROA(3y)9.67%
ROA(5y)9.44%
ROE(3y)35.03%
ROE(5y)33.31%
ROIC(3y)10.89%
ROIC(5y)13.62%
ROICexc(3y)29.55%
ROICexc(5y)N/A
ROICexgc(3y)43.52%
ROICexgc(5y)N/A
ROCE(3y)12.74%
ROCE(5y)15.93%
ROICexcg growth 3Y-41.75%
ROICexcg growth 5Y-24.25%
ROICexc growth 3Y-35.85%
ROICexc growth 5Y-25.26%
OM growth 3Y-24.77%
OM growth 5Y-16.62%
PM growth 3Y-9.82%
PM growth 5Y-21.45%
GM growth 3Y5.64%
GM growth 5Y5.94%
F-Score8
Asset Turnover0.47
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.65 | ||
| Debt/FCF | 3.22 | ||
| Debt/EBITDA | 2.1 | ||
| Cap/Depr | 48.86% | ||
| Cap/Sales | 2.66% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 151.28% | ||
| Profit Quality | 213.51% | ||
| Current Ratio | 1.97 | ||
| Quick Ratio | 1.82 | ||
| Altman-Z | 2.24 |
F-Score8
WACC10.45%
ROIC/WACC0.78
Cap/Depr(3y)89.33%
Cap/Depr(5y)108.77%
Cap/Sales(3y)3.11%
Cap/Sales(5y)3.16%
Profit Quality(3y)259%
Profit Quality(5y)225.8%
High Growth Momentum
Growth
EPS 1Y (TTM)26.5%
EPS 3Y-0.69%
EPS 5Y20.06%
EPS Q2Q%60.47%
EPS Next Y13.82%
EPS Next 2Y0.18%
EPS Next 3Y4.77%
EPS Next 5Y10.53%
Revenue 1Y (TTM)4.39%
Revenue growth 3Y-1.26%
Revenue growth 5Y16.34%
Sales Q2Q%19.67%
Revenue Next Year11%
Revenue Next 2Y1.54%
Revenue Next 3Y2.85%
Revenue Next 5Y5.14%
EBIT growth 1Y95.08%
EBIT growth 3Y-25.72%
EBIT growth 5Y-3%
EBIT Next Year52.77%
EBIT Next 3Y13.38%
EBIT Next 5Y16.15%
FCF growth 1Y-56.9%
FCF growth 3Y17.03%
FCF growth 5Y31.03%
OCF growth 1Y-56.91%
OCF growth 3Y13.43%
OCF growth 5Y29.86%