Question 1

What is Enphase Energy's P/B ratio?

Accepted Answer

Enphase Energy (ENPH) P/B ratio is 4.7× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Enphase Energy?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Enphase Energy specifically, the relevant sector benchmark is the current sector median of 2.5×.

Question 5

Is Enphase Energy's P/B ratio high or low?

Accepted Answer

Enphase Energy's P/B ratio of 4.7× is below its own 5-year average of 28.2× and above the sector median of 2.5×. That places the current reading at the 7th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Enphase Energy's historical P/B ratio range?

Accepted Answer

In the available daily series, Enphase Energy (ENPH) P/B ratio has ranged from a low of 0.2× in 2011 to a high of 122.7× in 2018. The 5-year average is 28.2× and the 5-year median is 17.9×.

Question 7

What was Enphase Energy's P/B ratio in 2025?

Accepted Answer

Enphase Energy (ENPH) P/B ratio at the end of 2025 was 3.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Enphase Energy's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$4.2B	$1.09B	3.9×	-7.2×	Dec 31, 2025
2024	$9.19B	$833M	11.0×	-7.2×	Dec 31, 2024
2023	$18B	$984M	18.3×	-25.4×	Dec 31, 2023
2022	$36.1B	$826M	43.7×	-13.7×	Dec 31, 2022
2021	$24.7B	$430M	57.4×	+11.3×	Dec 31, 2021
2020	$22.3B	$484M	46.0×	+34.3×	Dec 31, 2020
2019	$3.2B	$272M	11.8×	-53.1×	Dec 31, 2019
2018	$504M	$7.78M	64.9×	—	Dec 31, 2018
2017	$207M	-$9.13M	—	—	Dec 31, 2017
2016	$62.5M	$1.3M	48.1×	+44.2×	Dec 31, 2016
2015	$159M	$41.4M	3.8×	-9.4×	Dec 31, 2015
2014	$623M	$47M	13.3×	+6.6×	Dec 31, 2014
2013	$266M	$40.2M	6.6×	+4.0×	Dec 31, 2013
2012	$149M	$56.7M	2.6×	-6.1×	Dec 31, 2012
2011	$288M	$33.1M	8.7×	+8.5×	Dec 31, 2011
2010	$8.29M	$38.5M	0.2×	—	Dec 31, 2010


Texas Pacific Land (TPL)	21.0×
Targa Resources (TRGP)	17.2×
New Era Energy & Digital (NUAI)	11.4×
Williams Companies (WMB)	6.9×
Marathon Petroleum (MPC)	4.3×
Baker Hughes (BKR)	3.1×
Valero Energy (VLO)	3.1×
SLB (SLB)	2.9×
Halliburton (HAL)	2.6×
Phillips 66 (PSX)	2.6×
ONEOK (OKE)	2.5×
ConocoPhillips (COP)	2.5×
EOG Resources (EOG)	2.5×
National Fuel Gas (NFG)	2.3×
APA (APA)	2.3×
Chevron (CVX)	2.2×
Devon Energy (DVN)	2.0×
Energy Transfer LP (ET)	1.9×
Enbridge (ENB)	1.8×
Occidental Petroleum (OXY)	1.6×
Diamondback Energy (FANG)	1.5×
Expand Energy (EXE)	1.3×
NACCO Industries (NC)	0.9×

P/B Ratio for Enphase Energy (ENPH) 2010-2026

P/B Ratio daily chart for Enphase Energy (ENPH)

Historical P/B Ratio for Enphase Energy (ENPH) from 2010 to 2025

About P/B Ratio at Enphase Energy (ENPH)

Enphase Energy P/B Ratio by Year

Enphase Energy P/B Ratio 2025: 3.9×

Enphase Energy P/B Ratio 2024: 11.0×

Enphase Energy P/B Ratio 2023: 18.3×

Enphase Energy P/B Ratio 2022: 43.7×

Enphase Energy P/B Ratio 2021: 57.4×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Enphase Energy (ENPH) Key Financials