Does Enphase Energy, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Enphase Energy, Inc. (ENPH) 46.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 41, returns on capital 58, balance-sheet safety 58, capital discipline 24.

Is ENPH stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $29.13 per share versus a recent price of $41.57 — 43% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has ENPH's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 46.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Enphase Energy, Inc.

ENPH · Technology · $5.4B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power41

Median gross margin 41.0% over 10y, variable.

Returns on capital58

Median ROIC 13.6%, above the 9% hurdle in 60% of years.

Balance-sheet safety58

Net debt/EBITDA 3.1x, interest coverage 35x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

43% above value

Owner earnings (normalized): $212.1M
Est. intrinsic value / share: $29.13
Recent price: $41.57
Discount to value: 43% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

17 years of fundamentals

The business, in plain English

Enphase Energy, Inc. booked $1.5B of revenue in FY2025 in the Technology sector and kept 46.6% of it as gross profit — a solid-margin business by that measure. After every other cost, 11.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $61.7M (FY2010) to $1.5B (FY2025) — about 23.6% a year compounded over 15 years.

It earned 7.3% on invested capital in FY2025, with a median of 13.6% across 10 filed years. The Returns on Capital filter above scores it 58/100.

The balance sheet carried $1.2B of total debt in FY2025 against $212.1M of owner earnings — roughly 5.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 58/100.

The share count rose 7619.7% between FY2011 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Returns on Capital is the strongest of the four filters (58/100) and Capital Discipline the weakest (24/100), which is how ENPH lands at 46/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.5B FY2025

Gross marginRevenue kept after cost of goods46.6% FY2025

Return on invested capitalOperating profit on the capital employed7.3% FY2025

Owner earningsCash an owner could take out$212.1M FY2025

Gaps in a line mean that item isn’t in ENPH’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale46.0 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — ENPH has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#226 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#224BLIN Bridgeline Digital, Inc.46.1 out of 100, Shallow moatShallow moat
#225MAN ManpowerGroup Inc.46.0 out of 100, Shallow moatShallow moat
#227CIEN Ciena Corp45.9 out of 100, Shallow moatShallow moat
#228MCHX MARCHEX INC45.9 out of 100, Shallow moatShallow moat

Compare ENPH with its nearest peers →All Technology companies on the Index →

Common questions about ENPH

Does Enphase Energy, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Enphase Energy, Inc. (ENPH) 46.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 41, returns on capital 58, balance-sheet safety 58, capital discipline 24.
Is ENPH stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $29.13 per share versus a recent price of $41.57 — 43% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has ENPH's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 46.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ENPH. See the disclaimer.