What is Enphase Energy, Inc. (ENPH) DCF Fair Value and Intrinsic Value in 2026?

Enphase Energy, Inc. (ENPH) intrinsic value is calculated using conservative multi-stage Discounted Cash Flow (DCF) models, 5-year free cash flow trajectories, Graham Numbers, and owner earnings multiples. LocalAlpha tracks real-time margin of safety against live market prices.

What is Enphase Energy, Inc.'s historical Return on Invested Capital (ROIC) and Moat Rating?

Enphase Energy, Inc. operates in the Technology sector (Solar) with an economic moat rating of NARROW. LocalAlpha tracks 5-year audited quarterly ROIC, operating margin stability, and balance sheet solvency ratios.

What is Enphase Energy, Inc.'s financial health rating and Piotroski F-Score?

Enphase Energy, Inc.'s balance sheet quality is evaluated using the 9-point Piotroski F-Score, Altman Z-Score solvency model, debt-to-equity ratio, and quick/current liquidity coverage to guard against financial distress.

How does LocalAlpha monitor Enphase Energy, Inc. (ENPH) for quarterly SEC filing thesis breaks?

LocalAlpha audits Enphase Energy, Inc.'s 10-K, 10-Q, and 8-K regulatory filings on SEC EDGAR within 15 minutes of release. If reported metrics breach an investor's custom ROIC floor, operating margin boundary, or qualitative risk criteria, an autonomous breach audit is dispatched immediately.

StocksENPH

ENPH

Enphase Energy, Inc.Technology / SolarINTACT

Enphase Energy, Inc., together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter that converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control. It also provides microinverter units and related accessories; IQ Battery and related accessories; IQ PowerPack 1500 and related accessories; IQ Combiner, IQ Gateway, and IQ Energy Router; cloud-based monitoring service; and electric vehicle charging solutions, as well as design, proposal, permitting, installation and solar appointment generation services, and Enphase Care services. The company sells its solutions to solar distributors; and directly to large installers, original equipment manufacturers, strategic partners, and homeowners, as well as through its legacy product upgrade program or online store. Enphase Energy, Inc. was incorporated in 2006 and is headquartered in Fremont, California.

Share Price

$37.23

52W: $25.78 - $73.74

DCF Fair Value

$19.29

-93% Premium

Thesis Hub

P/E (TTM)

36.9x

ROIC

13.5%

Operating Margin

18%

FCF Yield

1.6%

Debt / Equity

0.52x

Piotroski Score

6/9

Altman Z-Score

2.89

Market Cap

$4.9B

Price vs. Intrinsic Value Corridor

Overvalued vs DCF ($19.29)

Historical market price overlaid against conservative DCF Fair Value & Benjamin Graham Margin of Safety bands.

Period Return (1Y)

—()

Period Range

$— - $—

DCF Fair Value

$19.29

MOS Buy Target (-25%)

$14.47

Valuation Overlays: DCF Fair Value ($19.29) 25% MOS Buy Target ($14.47) Revised Graham ($20.37) Graham Number ($14.26)

2-Stage Discounted Cash Flow (DCF) Workbench

Conservative intrinsic value model based on owner cash generation over a 10-year investment horizon. Opens with LocalAlpha's baseline assumptions (matching the fair value shown above) — adjust any input to stress-test.

Current Market Price

$37.23

DCF Fair Value

$19.08

-95.1% Premium

Starting Free Cash Flow ($M)$100M

$100M$78M (Reported)$50,000M

Stage 1 Growth (Years 1-5)9.0%

-5%10% (Target)35%

Stage 2 Growth (Years 6-10)4.5%

0%5%20%

Discount Rate (WACC / Hurdle)9.0%

6%9% (Standard)15% (High Risk)

Terminal Perpetual Growth2.5%

1% (GDP Floor)2.5% (Inflation)4.0%

Net Debt ($M)-$300M (Net Cash)

-$100B CashBalance Sheet+$150B Debt

10-Yr PV of Cash Flows

$0.9B

PV of Terminal Value

$1.3B

Implied Enterprise Value

$2.2B

Implied Equity Value

$2.5B

Year	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6	Yr 7	Yr 8	Yr 9	Yr 10
Projected FCF ($M)	$109	$119	$130	$141	$154	$161	$168	$176	$183	$192
Present Value (PV)	$100	$100	$100	$100	$100	$96	$92	$88	$84	$81

Benjamin Graham & Buffett Value Models

Classical deep value metrics based on asset backing, normalized earnings power, and owner cash yield.

Graham Number-161.3% Premium

$14.25

Calculated as √(22.5 × EPS × BVPS). The maximum theoretical price a defensive investor should pay based purely on asset book value and current earnings.

EPS: $1.01BVPS: $8.94

Revised Graham Formula-82.8% Premium

$20.37

Formula: V = (EPS × (8.5 + 2g) × 4.4) / Y where g is the conservative 7-10 yr growth rate and Y is AAA Bond Yield.

Growth Rate (g%)

Bond Yield (Y%)

Buffett Owner Earnings1.5% Yield

$0.56 / share

True distributable cash flow: Net Income + D&A - Maintenance CapEx. Reflects the cash Buffett would extract without hurting unit volume.

Total: $0.1BYield: 1.5%

Reverse DCF: Market Growth Expectation

HIGH BARRIER

20.9% CAGR (Next 10 Yrs)

At the current price of $37.23, the market is assuming the business will compound Free Cash Flow at 20.9% per year for the next decade with a 9% hurdle rate.

Value Investor Verdict

⚠ High expectations: Leaves minimal margin of safety for operational hiccups.

Autonomous Thesis Underwriting

Surveil ENPH with Mathematical Margin of Safety Rules

Set non-negotiable floor rules for Enphase Energy, Inc.. If a newly filed quarterly 10-Q breaks your ROIC floor, operating margin boundary, or balance sheet leverage rules, receive an autonomous breach audit within 15 minutes.

Buffett Quality

ROIC > 15% • Margin > 15% • D/E < 0.5x

Margin Floor Guard

Current Margin 18% • Floor > 10%

Solvency Guard

Altman-Z > 2.6 • Current Ratio > 1.5x

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Frequently Asked Questions: Enphase Energy, Inc. (ENPH) Intrinsic Valuation

Audited fundamentals, DCF intrinsic value sensitivity, and thesis break detection parameters for Enphase Energy, Inc..

Based on institutional multi-stage Discounted Cash Flow (DCF) modeling on audited SEC cash flows, Enphase Energy, Inc. has an estimated DCF intrinsic fair value of $19.29 per share compared to its current market price of $37.23. This represents an estimated 93.0% premium over fair value. Additionally, its classic Benjamin Graham Number stands at $14.26.