Enphase Energy designs and sells residential solar microinverters, the per-panel power converters sold alongside its IQ Battery storage systems and its cloud-based energy management software. Its moat rests on that software and installer network rather than on hardware alone, which has kept gross margin at 30.0% even as revenue contracted. The thesis is a cyclical reset: revenue fell 19.6% and the forward P/E of 14.3 sits far below the trailing 30.8, so the market is pricing a recovery in residential solar demand that has not yet shown up in reported results. Those figures make it a candidate for a deeper look at whether the operating margin of 18.0% holds through the trough, not a conclusion that the trough is over. Its composite score of 42 out of 100 and absence from any index membership mean the screen does not yet support it, so the question for the team is what an 18% operating margin on a shrinking top line is worth.
Plain-English pros, cons, and what to watch. Pro feature.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 21 Oct 2026, 11:06 CEST | Fair value | $31.11 | $41.04 | $32.23 |
| 21 Oct 2026, 11:06 CEST | Rating | Fairly valued | first publication | $32.23 |
| 15 Oct 2026, 00:00 CEST | ACCE price target | $33.60 | $45.00 | $32.03 |
| 11 Oct 2026, 00:00 CEST | Fair value | $41.04 | $29.97 | $32.81 |
| 7 Oct 2026, 00:00 CEST | Fair value | $29.97 | $30.41 | $33.45 |
| 4 Oct 2026, 00:00 CEST | Fair value | $30.41 | $29.33 | $33.47 |
| 30 Sept 2026, 00:00 CEST | Fair value | $29.33 | $30.24 | $30.91 |
| 26 Sept 2026, 00:00 CEST | Fair value | $30.24 | $26.04 | $32.82 |
| 21 Sept 2026, 00:00 CEST | Fair value | $26.04 | $26.46 | $34.64 |
| 19 Sept 2026, 00:00 CEST | Fair value | $26.46 | $30.24 | $36.02 |
Answered from Enphase Energy Inc. Common Stock fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| ENPH Enphase Energy Inc. Common Stock | $31.60 | $31 | 2% above | 32.0x | 13.0% | 63 | 38 |
| 0968.HK Xinyi Solar Holdings Limited | HK$1.82 | - | - | 90.8x | -0.3% | 36 | 30 |
| SEDG SolarEdge Technologies Inc. Common Stock | $32.94 | - | - | - | -58.4% | 26 | 42 |
| S92.DE SMA Solar Technology AG | €50.10 | - | - | - | -13.9% | 36 | 40 |
| RUN Sunrun Inc. Common Stock | $7.70 | - | - | 5.2x | -19.9% | 34 | 47 |
| NXT Nextpower Inc. Class A Common Stock | $77.63 | $96 | 19% below | 20.4x | 27.2% | 81 | 54 |
| SHLS Shoals Technologies Group Inc. Class A Common Stock | $7.73 | $7 | 9% above | 40.7x | 5.3% | 60 | 50 |
Where ENPH ranks against its sector peers on each metric.