ENPH Enphase Energy margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 40

Gross margin

45.8%

Operating margin

4.2%

EBITDA margin

13.8%

Net margin

7.5%

Based on the latest figures, Enphase Energy reports a gross margin of 45.8%, an operating margin of 4.2%, an EBITDA margin of 13.8%, and a net margin of 7.5%. Operating margin had the largest decline, contracting by 8.4 percentage points, while the other available margins also decreased.

ENPH margin history

Gross, operating, EBITDA and net margin trends

Looking back over the last 3 years, Enphase Energy recorded average margins of 46.73% gross, 9.14% operating, 18.51% EBITDA, and 10.83% net. The current gross, operating, EBITDA, and net margins are all below their three-year averages.

ENPH margin expansion

Year-over-year margin changes in percentage points

Year over year, gross, operating, EBITDA, and net margins all declined, with operating margin showing the largest decrease at 8.4 percentage points.

Gross margin expansion

-2.7pp

Operating margin expansion

-8.4pp

EBITDA margin expansion

-7.5pp

Net margin expansion

-5.4pp

ENPH Gross margin

Looking at the last 3 years, Enphase Energy had an average gross margin of 46.73%. Against its three-year average, Enphase Energy's gross margin is currently 45.8%, 0.9 percentage points below its three-year average. Looking back over the last 3 years, Enphase Energy's gross margin reached 48.5% at its highest point in Sep 2025 and 44.2% at its lowest in Mar 2026.

ENPH Operating margin

Over the last 3 years, Enphase Energy's operating margin averaged 9.14%. At present, Enphase Energy's current operating margin is 4.2%, which is 4.9 percentage points below its three-year average. During this period, operating margin reached a high of 19.5% in Dec 2023 and a low of 1% in Sep 2024.

ENPH EBITDA margin

Throughout the last 3 years, Enphase Energy had an average EBITDA margin of 18.51%. Against its three-year average, Enphase Energy's EBITDA margin is currently 13.8%, 4.7 percentage points below its three-year average. Looking back over the last 3 years, Enphase Energy's EBITDA margin reached 26% at its highest point in Dec 2023 and 12.3% at its lowest in Sep 2024.

ENPH Net margin

Looking back over the last 3 years, Enphase Energy recorded an average net margin of 10.83%. Enphase Energy's current net margin is 7.5% and is 3.3 percentage points below its three-year average. The highest net margin for Enphase Energy was 19.2% in Dec 2023, while the lowest was 4.9% in Sep 2024.

ENPH margin group comparison

Margins compared with peer-group, industry and sector averages

Enphase Energy's gross margin of 45.8% is above the industry average but below the Technology sector average. Compared to its Technology sector average of 52.5%, Enphase Energy's gross margin is 13% lower.

ENPH margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Enphase Energy's gross margin?

The current gross margin for ENPH is 45.8% as of Sep 30, 2026.

What is Enphase Energy's operating margin?

For the period ending Sep 30, 2026, ENPH recorded an operating margin of 4.2%.

What is Enphase Energy's EBITDA margin?

For the period ending Sep 30, 2026, ENPH recorded an EBITDA margin of 13.8%.

What is Enphase Energy's net margin?

As of Sep 30, 2026, ENPH has a net margin of 7.5%.

What are the average margins of ENPH?

Enphase Energy's average margins over the last 3 years were 46.7% gross, 9.1% operating, 18.5% EBITDA, and 10.8% net.

What are the highest historical margins of ENPH?

Within the 5-year period, ENPH recorded its highest margins at 48.5% gross in Sep 2025, 22.6% operating in Sep 2023, 27.6% EBITDA in Sep 2023, and 21.1% net in Sep 2023.

What are the lowest historical margins of ENPH?

Over the last 5 years, Enphase Energy's lowest margins were 40% gross in Mar 2022, 1% operating in Sep 2024, 12.3% EBITDA in Sep 2024, and 4.9% net in Sep 2024.