Enphase Energy, Inc.

ENPHNASDAQEnergy● Active

$56.07

$-12.32(-18.01%)

Market Cap$7.4B

P/E Ratio—

52W High$73.74

52W Low$25.78

Avg Volume7.3M

Open$66.55

Beta1.57

Free Cash Flow Financials Revenue

Enphase Energy, Inc. (ENPH) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

ENPH · free cash flow · updated Jun 8, 2026

Core FCF metrics

ENPH · FCF · TTM · margin & CAGR

Free cash flow was $95.9M for FY2025 (fiscal year ending 2025-12-31), down 80.0% year-over-year The FCF margin was 6.5%. Five-year CAGR stands at -13.3%.

FY2025 Free Cash Flow$95.9M▼ -80.0% YoY

Trailing 12M (TTM)$145.1Mtrailing 4 quarters sum

FCF Margin6.5%$95.9M ÷ revenue

3-Year CAGR-48.4%FY2022 → FY2025

5-Year CAGR-13.3%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

ENPH · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$136.5M(41M)$95.9M▼ 80.0%6.5%

FY2024$513.7M(34M)$480.1M▼ 18.1%36.1%

FY2023$696.8M(110M)$586.4M▼ 16.0%25.6%

FY2022$744.8M(46M)$698.4M▲ +133.2%30.0%

FY2021$352.0M(53M)$299.5M▲ +53.0%21.7%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

ENPH · P/FCF · FCF yield · FCF per share

Enphase Energy, Inc. (ENPH) trades at a FCF yield of 1.96% and a price-to-free-cash-flow ratio of 50.5x. FCF per share stands at $1.11, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

1.96%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.11

TTM FCF ÷ Shares Outstanding

Price / FCF

x50.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x51.5

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

ENPH · cash flow statement · operating / investing / financing

For FY2025, Enphase Energy, Inc. generated $136.5M in operating cash flow and spent 41M in capital expenditures, yielding $95.9M in free cash flow.

Operating Activities

+$136.5M

Cash from core business operations

2025-12-31

Investing Activities

+$106.8M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$241.6M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($136.5M) − |CapEx| (41M) = FCF ($95.9M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Energy)

ENPH vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Enphase Energy, Inc.YOU

ENPH

$95.9M-80.0%6.5%

Exxon Mobil Corporation

Energy · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Enphase Energy, Inc. (ENPH) reported free cash flow of $95.9M for FY2025 (fiscal year ending 2025-12-31), down 80.0% year-over-year. The FCF margin was 6.5%.

Based on available data, Enphase Energy, Inc. has maintained positive free cash flow for at least 9 fiscal year(s). FCF peaked at $698.4M in FY2022. The 5-year CAGR stands at -13.3%.

Enphase Energy, Inc.'s FCF yield is 1.96% and price-to-FCF ratio is 50.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

ENPH free cash flow · 8 questions

Enphase Energy, Inc. free cash flow was $95.9M for FY2025, down 80.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $145.1M.

ENPH free cash flowENPH FCFENPH FCF 2025ENPH free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Enphase Energy, Inc. · Enphase Energy, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026