Question 1

What is Enphase Energy's P/S ratio?

Accepted Answer

Enphase Energy (ENPH) P/S ratio is 5.3× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

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

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For Enphase Energy specifically, the relevant sector benchmark is the current sector median of 2.2×.

Question 5

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

Accepted Answer

Enphase Energy's P/S ratio of 5.3× is below its own 5-year average of 10.8× and above the sector median of 2.2×. That places the current reading at the 24th 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/S ratio range?

Accepted Answer

In the available daily series, Enphase Energy (ENPH) P/S ratio has ranged from a low of 0.1× in 2011 to a high of 31.8× in 2021. The 5-year average is 10.8× and the 5-year median is 9.0×.

Question 7

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

Accepted Answer

Enphase Energy (ENPH) P/S ratio at the end of 2025 was 2.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$4.20B	$1.47B	2.8×	-4.1×	Dec 31, 2025
2024	$9.19B	$1.33B	6.9×	-0.9×	Dec 31, 2024
2023	$17.98B	$2.29B	7.9×	-7.6×	Dec 31, 2023
2022	$36.08B	$2.33B	15.5×	-2.4×	Dec 31, 2022
2021	$24.68B	$1.38B	17.9×	-10.9×	Dec 31, 2021
2020	$22.28B	$774.42M	28.8×	+23.6×	Dec 31, 2020
2019	$3.20B	$624.33M	5.1×	+3.5×	Dec 31, 2019
2018	$504.40M	$316.16M	1.6×	+0.9×	Dec 31, 2018
2017	$206.51M	$286.17M	0.7×	+0.5×	Dec 31, 2017
2016	$62.50M	$322.59M	0.2×	-0.3×	Dec 31, 2016
2015	$158.80M	$357.25M	0.4×	-1.4×	Dec 31, 2015
2014	$623.22M	$343.90M	1.8×	+0.7×	Dec 31, 2014
2013	$266.48M	$232.85M	1.1×	+0.5×	Dec 31, 2013
2012	$148.99M	$216.68M	0.7×	-1.2×	Dec 31, 2012
2011	$288.39M	$149.52M	1.9×	+1.8×	Dec 31, 2011
2010	$8.29M	$61.66M	0.1×	—	Dec 31, 2010


Kinder Morgan (KMI)	4.3×
EQT (EQT)	4.0×
First Solar (FSLR)	3.9×
Diamondback Energy (FANG)	3.7×
National Fuel Gas (NFG)	3.6×
Targa Resources (TRGP)	3.3×
EOG Resources (EOG)	3.3×
ConocoPhillips (COP)	2.8×
Occidental Petroleum (OXY)	2.7×
Chevron (CVX)	2.2×
Exxon Mobil (XOM)	2.2×
Baker Hughes (BKR)	2.2×
SLB (SLB)	2.1×
Enbridge (ENB)	2.1×
Devon Energy (DVN)	1.9×
Expand Energy (EXE)	1.9×
APA (APA)	1.7×
ONEOK (OKE)	1.6×
Halliburton (HAL)	1.5×
NACCO Industries (NC)	1.4×
Sunrun (RUN)	1.0×
Energy Transfer LP (ET)	0.7×
Valero Energy (VLO)	0.6×
Phillips 66 (PSX)	0.5×
Marathon Petroleum (MPC)	0.5×

P/S Ratio for Enphase Energy (ENPH)

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

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

About P/S Ratio at Enphase Energy (ENPH)

Enphase Energy P/S Ratio by Year

Enphase Energy P/S Ratio 2025: 2.8×

Enphase Energy P/S Ratio 2024: 6.9×

Enphase Energy P/S Ratio 2023: 7.9×

Enphase Energy P/S Ratio 2022: 15.5×

Enphase Energy P/S Ratio 2021: 17.9×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

Enphase Energy (ENPH) Key Financials

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

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

About P/S Ratio at Enphase Energy (ENPH)

Enphase Energy P/S Ratio by Year

Enphase Energy P/S Ratio 2025: 2.8×

Enphase Energy P/S Ratio 2024: 6.9×

Enphase Energy P/S Ratio 2023: 7.9×

Enphase Energy P/S Ratio 2022: 15.5×

Enphase Energy P/S Ratio 2021: 17.9×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

+What is Enphase Energy's P/S ratio?

+How is the P/S ratio calculated?

+What is the P/S ratio?

+What is a good P/S ratio for Enphase Energy?

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

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

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

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

Enphase Energy (ENPH) Key Financials