Flagship explainer

What drives Enphase Energy, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity18%Tax burden84%net income ÷ pretax incomeInterest burden130%pretax ÷ operating incomeOperating margin11%operating income ÷ revenueAsset turnover0.44×revenue ÷ average assetsEquity multiplier3.52×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$172MFY2025
Income before tax$205MFY2025
Operating income$158MFY2025
$1.5BFY2025
Ending assets$3.5BFY2025
Beginning assets$3.2BFY2024
$1.1BFY2025
$833MFY2024
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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