TTM
6.8%
YoY change
+5.37pp
Trough year (2008)
-881.1%
Peak year (2020)
24.1%
Latest annual
11.2%
Operating Margin history chart for Enphase Energy (ENPH) from 2008 to 2025
Latest: 11.2%
Operating Margin change chart for Enphase Energy (ENPH) from 2008 to 2025
Latest: +5.37pp
Operating Margin history table for Enphase Energy (ENPH) from 2008 to 2025
| 2025 | 11.2% | +5.37pp | ||
| 2024 | 5.8% | -13.65pp | ||
| 2023 | 19.5% | +0.23pp | ||
| 2022 | 19.2% | +3.61pp | ||
| 2021 | 15.6% | -8.46pp | ||
| 2020 | 24.1% | +7.62pp | ||
| 2019 | 16.5% | +15.95pp | ||
| 2018 | 0.5% | +14.27pp | ||
| 2017 | -13.8% | +5.68pp | ||
| 2016 | -19.4% | -14.03pp | ||
| 2015 | -5.4% | -4.12pp | ||
| 2014 | -1.3% | +8.23pp | ||
| 2013 | -9.5% | +4.87pp | ||
| 2012 | -14.4% | +4.82pp | ||
| 2011 | -19.2% | +14.40pp | ||
| 2010 | -33.6% | +49.07pp | ||
| 2009 | -82.7% | +798.45pp | ||
| 2008 | -881.1% | — |
- 202511.2%+5.37pp
- 20245.8%-13.65pp
- 202319.5%+0.23pp
- 202219.2%+3.61pp
- 202115.6%-8.46pp
- 202024.1%+7.62pp
- 201916.5%+15.95pp
- 20180.5%+14.27pp
- 2017-13.8%+5.68pp
- 2016-19.4%-14.03pp
- 2015-5.4%-4.12pp
- 2014-1.3%+8.23pp
- 2013-9.5%+4.87pp
- 2012-14.4%+4.82pp
- 2011-19.2%+14.40pp
- 2010-33.6%+49.07pp
- 2009-82.7%+798.45pp
- 2008-881.1%—
Operating Margin values are taken from Enphase Energy's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About Operating Margin at Enphase Energy (ENPH)
According to Enphase Energy's latest reported financial statements, the company's latest reported operating margin is 6.8%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
In 2025, Enphase Energy (ENPH) operating margin totalled 11.18% – expanded 5.4 percentage points year-over-year.
The record annual operating margin stands at 24.07%, reached in 2020; the historical low of -881.12% was recorded in 2008.
Enphase Energy Operating Margin by Year
Enphase Energy Operating Margin 2025: 11.2%
In 2025, Enphase Energy reported operating margin of 11.18%, expanded 5.4 percentage points from 2024.
Enphase Energy Operating Margin 2024: 5.8%
Enphase Energy operating margin in 2024 was 5.81%, contracted 13.6 percentage points from 2023.
Enphase Energy Operating Margin 2023: 19.5%
2023's operating margin for Enphase Energy came in at 19.46%, expanded 0.2 percentage points from 2022.
Enphase Energy Operating Margin 2022: 19.2%
Enphase Energy posted operating margin of 19.23% in 2022, expanded 3.6 percentage points from 2021.
Enphase Energy Operating Margin 2021: 15.6%
Enphase Energy operating margin in 2021 was 15.62%.
See more financial history for Enphase Energy (ENPH).
Sector peers by Operating Margin
Energy peers of Enphase Energy (ENPH), ranked by their latest operating margin
| 38.8% | |
| 18.3% | |
| 15.8% | |
| 14.4% | |
| 9.0% | |
| 8.4% | |
| 5.0% | |
| 4.6% |
- 18.3%
- 15.8%
- 14.4%
- 8.4%
Frequently asked questions
Enphase Energy (ENPH) Key Financials
Charts, filings, and peer comparison for every metric
Explore more
Deep-dives across the income statement, cash flow, capital return, and valuation