Question 1

What is Enphase Energy's P/E ratio?

Accepted Answer

Enphase Energy (ENPH) P/E ratio is 38.5× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

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

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Enphase Energy specifically, the relevant sector benchmark is the current sector median of 17.8×.

Question 5

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

Accepted Answer

Enphase Energy's P/E ratio of 38.5× is below its own 5-year average of 89.8× and above the sector median of 17.8×. That places the current reading at the 32th 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/E ratio range?

Accepted Answer

In the available daily series, Enphase Energy (ENPH) P/E ratio has ranged from a low of 17.5× in 2020 to a high of 269.7× in 2021. The 5-year average is 89.8× and the 5-year median is 73.9×.

Question 7

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

Accepted Answer

Enphase Energy (ENPH) P/E ratio at the end of 2025 was 24.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$172M	24.4×	-65.1×	Dec 31, 2025
2024	$9.19B	$103M	89.5×	+48.6×	Dec 31, 2024
2023	$18B	$439M	41.0×	-49.8×	Dec 31, 2023
2022	$36.1B	$397M	90.8×	-78.9×	Dec 31, 2022
2021	$24.7B	$145M	169.7×	+3.4×	Dec 31, 2021
2020	$22.3B	$134M	166.3×	+146.4×	Dec 31, 2020
2019	$3.2B	$161M	19.9×	—	Dec 31, 2019
2018	$504M	-$11.6M	—	—	Dec 31, 2018
2017	$207M	-$45.2M	—	—	Dec 31, 2017
2016	$62.5M	-$67.5M	—	—	Dec 31, 2016
2015	$159M	-$22.1M	—	—	Dec 31, 2015
2014	$623M	-$8.05M	—	—	Dec 31, 2014
2013	$266M	-$25.9M	—	—	Dec 31, 2013
2012	$149M	-$38.2M	—	—	Dec 31, 2012
2011	$288M	-$32.3M	—	—	Dec 31, 2011
2010	$8.29M	-$21.8M	—	—	Dec 31, 2010


Diamondback Energy (FANG)	138.8×
Texas Pacific Land (TPL)	65.0×
Chevron (CVX)	37.2×
Williams Companies (WMB)	31.4×
Targa Resources (TRGP)	25.4×
SLB (SLB)	23.3×
ConocoPhillips (COP)	22.1×
Enbridge (ENB)	21.6×
Baker Hughes (BKR)	19.4×
NACCO Industries (NC)	18.1×
Phillips 66 (PSX)	17.8×
Halliburton (HAL)	17.7×
Valero Energy (VLO)	17.5×
ONEOK (OKE)	16.1×
Marathon Petroleum (MPC)	15.6×
EOG Resources (EOG)	14.0×
Devon Energy (DVN)	13.8×
Energy Transfer LP (ET)	13.7×
Occidental Petroleum (OXY)	13.5×
National Fuel Gas (NFG)	13.0×
APA (APA)	9.8×
Expand Energy (EXE)	8.2×

P/E Ratio for Enphase Energy (ENPH) 2019-2026

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

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

About P/E Ratio at Enphase Energy (ENPH)

Enphase Energy P/E Ratio by Year

Enphase Energy P/E Ratio 2025: 24.4×

Enphase Energy P/E Ratio 2024: 89.5×

Enphase Energy P/E Ratio 2023: 41.0×

Enphase Energy P/E Ratio 2022: 90.8×

Enphase Energy P/E Ratio 2021: 169.7×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Enphase Energy (ENPH) Key Financials