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Held by 488 of 5,944 reporting institutions (97th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $36.02 today, the market must believe free cash flow compounds 2.9%/yr for a decade (off $387M normalized FCF).
The market's 2.9% is more conservative than its 7-yr track record.
2-stage DCF · 0.13B shares · net debt $730M
mean 152.4% · volatility σ 353% · implied rate exceeded in 4/7 yrs
Central path = implied 2.9%/yr growth; shaded band = ±1σ (353%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash conversion lags reported earnings — watch accruals. Lower/negative accruals = higher quality (Sloan).
Comfortably covers interest; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $130M buybacks = $130M returned on $96M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 8%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $474M covers all $25M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2016-09-30 (10-Q).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~0.4% on $1.2B of debt.
Cash of $474M is below short-term debt of $632M — relies on refinancing/operations.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.47B 100.0% | $1.33B 100.0% | $2.29B 100.0% | $2.33B 100.0% | $1.38B 100.0% | $774.4M 100.0% | $624.3M 100.0% | $316.2M 100.0% | $286.2M 100.0% | $322.6M 100.0% |
| Cost of Revenue | $786.0M 53.4% | $701.2M 52.7% | $1.23B 53.8% | $1.36B 58.2% | $827.6M 59.9% | $428.4M 55.3% | $403.1M 64.6% | $221.7M 70.1% | $230.1M 80.4% | $264.6M 82.0% |
| Gross Profit | $687.0M 46.6% | $629.1M 47.3% | $1.06B 46.2% | $974.6M 41.8% | $554.4M 40.1% | $346.0M 44.7% | $221.2M 35.4% | $94.4M 29.9% | $56.0M 19.6% | $58.0M 18.0% |
| Research & Development | $189.1M 12.8% | $201.3M 15.1% | $227.3M 9.9% | $168.8M 7.2% | $105.5M 7.6% | $55.9M 7.2% | $40.4M 6.5% | $32.6M 10.3% | $33.2M 11.6% | $50.7M 15.7% |
| Selling, General & Admin | $135.8M 9.2% | $130.8M 9.8% | $137.8M 6.0% | $140.0M 6.0% | $104.1M 7.5% | $50.7M 6.5% | $38.8M 6.2% | $29.1M 9.2% | $22.2M 7.8% | $27.4M 8.5% |
| Total Operating Expenses | $529.5M 35.9% | $551.8M 41.5% | $612.6M 26.7% | $526.3M 22.6% | $338.6M 24.5% | $159.5M 20.6% | $118.5M 19.0% | $92.8M 29.4% | $95.4M 33.3% | $120.7M 37.4% |
| Operating Income | $157.5M 10.7% | $77.3M 5.8% | $445.7M 19.5% | $448.3M 19.2% | $215.8M 15.6% | $186.4M 24.1% | $102.7M 16.5% | $1.6M 0.5% | -$39.4M -13.8% | -$62.7M -19.4% |
| Interest Expense | $4.5M 0.3% | $8.9M 0.7% | $8.8M 0.4% | $9.4M 0.4% | $45.2M 3.3% | $21.0M 2.7% | $9.7M 1.6% | $10.7M 3.4% | $8.2M 2.9% | $2.8M 0.9% |
| Other Income (Expense), net | $47.3M 3.2% | $42.9M 3.2% | $67.4M 2.9% | $3.8M 0.2% | -$94.9M -6.9% | -$67.0M -8.7% | -$12.6M -2.0% | -$11.8M -3.7% | -$6.0M -2.1% | -$3.3M -1.0% |
| Pretax Income | $204.8M 13.9% | $120.2M 9.0% | $513.1M 22.4% | $452.0M 19.4% | $120.9M 8.7% | $119.4M 15.4% | $90.1M 14.4% | -$10.2M -3.2% | -$45.3M -15.8% | -$66.0M -20.5% |
| Income Tax Expense | $32.7M 2.2% | $17.5M 1.3% | $74.2M 3.2% | $54.7M 2.3% | -$24.5M -1.8% | -$14.6M -1.9% | -$71.0M -11.4% | $1.4M 0.4% | -$149K -0.1% | $1.5M 0.5% |
| Net Income | $172.1M 11.7% | $102.7M 7.7% | $438.9M 19.2% | $397.4M 17.0% | $145.4M 10.5% | $134.0M 17.3% | $161.1M 25.8% | -$11.6M -3.7% | -$45.2M -15.8% | -$67.5M -20.9% |
| Per Share | ||||||||||
| EPS (Basic) | $1.31 | $0.76 | $3.22 | $2.94 | — | — | — | — | — | — |
| EPS (Diluted) | $1.29 | $0.75 | $3.08 | $2.77 | — | — | — | — | — | — |
| Weighted Avg Shares (Basic) | 131.2M | 135.2M | 136.4M | 135.3M | 134.0M | 125.6M | 116.7M | 99.6M | 82.9M | — |
| Weighted Avg Shares (Diluted) | 134.9M | 140.0M | 143.3M | 144.4M | 142.9M | 141.9M | 131.6M | 99.6M | 82.9M | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 238 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| XOM | $682.3B | 24.4× | — | 2.0× | -5.0% | — | 8.7% | 11.1% | 10.7% | — | 4,568 |
| SHEL | $545.2B | — | — | — | — | — | — | — | — | — | 1,521 |
| CVX | $391.2B | 31.9× | — | 2.1× | -6.8% | 42.8% | 6.5% | 6.6% | 6.6% | — | 4,121 |
| TTE | $202.1B | — | — | — | — | — | — | — | — | — | 951 |
| COP | $166.8B | 21.0× | — | 2.8× | 7.7% | 62.1% | 13.6% | 12.4% | 12.2% | — | 2,450 |
| PBR | $155.8B | — | — | — | — | — | — | — | — | — | 524 |
| MPC | $128.7B | 31.9× | 11.0× | 1.0× | -4.4% | 10.0% | 3.0% | 23.4% | 20.6% | 0.2× | 1,802 |
| VLO | $127.5B | 54.5× | 24.1× | 1.0× | -5.5% | 4.4% | 1.9% | 9.9% | 7.1% | 1.7× | 1,781 |
| BP | $117.0B | — | — | — | — | — | — | — | — | — | 1,220 |
| PSX | $111.3B | 25.4× | — | 0.8× | -7.5% | 12.3% | 3.3% | 15.1% | 14.6% | — | 2,041 |
| EQNR | $110.8B | — | — | — | — | — | — | — | — | — | 398 |
| WMB | $87.7B | 33.6× | 17.8× | 7.3× | 13.8% | — | 21.9% | 20.4% | 6.3% | 4.4× | 1,736 |
| EPD | $84.1B | — | 12.6× | 1.6× | -6.4% | 26.7% | 11.0% | — | — | 3.7× | 1,573 |
| EOG | $79.0B | 15.9× | 7.7× | 3.5× | -4.5% | — | 22.0% | 16.7% | 13.2% | 0.7× | 1,525 |
| SLB | $77.9B | 22.2× | — | 2.2× | -1.6% | — | 9.4% | 12.9% | 9.4% | — | 1,624 |
| ET | $72.5B | — | 9.8× | 0.8× | 3.5% | 25.8% | 5.2% | 9.0% | 3.8% | 4.8× | 1,244 |
| KMI | $69.7B | 22.9× | 14.2× | 4.1× | 12.2% | — | 18.0% | 9.8% | 4.8% | 4.5× | 1,745 |
| TRGP | $61.2B | 33.6× | 16.2× | 3.6× | 3.9% | 38.3% | 11.3% | 62.7% | 9.4% | 3.6× | 979 |
| TS | $60.6B | — | — | — | — | — | — | — | — | — | 248 |
| MPLX | $59.4B | — | — | 4.6× | 8.9% | — | 38.1% | — | — | — | 622 |
| LNG | $59.3B | 11.2× | 7.8× | 3.0× | 27.2% | — | 26.7% | 67.3% | 17.3% | 2.2× | 1,303 |
| OKE | $58.7B | 17.2× | 12.4× | 1.8× | 55.0% | 30.5% | 10.1% | 15.1% | 6.3% | 4.4× | 1,622 |
| OXY | $58.5B | 36.8× | — | 2.7× | -1.9% | — | 11.0% | 6.6% | 4.2% | — | 1,250 |
| BKR | $56.2B | — | — | 2.0× | -0.3% | — | 9.3% | 13.7% | 13.3% | — | 1,095 |
| FANG | $56.0B | 34.4× | 11.2× | 3.7× | 35.8% | — | 11.1% | 4.5% | 3.2% | 2.3× | 1,141 |
| ENPH | $4.7B | 27.9× | 22.9× | 3.2× | 10.7% | 46.6% | 11.7% | 15.8% | 7.5% | 5.1× | 488 |
Peers = companies sharing ENPH's sector (Energy) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-09-17
Where each multiple sits in its own 14-yr range · 29th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 9.7× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 70.1 | 64.6 | 55.3 | 59.9 | 58.2 | 53.8 | 52.7 | 53.4 |
| Gross Profit | 29.9 | 35.4 | 44.7 | 40.1 | 41.8 | 46.2 | 47.3 | 46.6 |
| R&D | 10.3 | 6.5 | 7.2 | 7.6 | 7.2 | 9.9 | 15.1 | 12.8 |
| SG&A | 9.2 | 6.2 | 6.5 | 7.5 | 6.0 | 6.0 | 9.8 | 9.2 |
| Operating Income | 0.5 | 16.5 | 24.1 | 15.6 | 19.2 | 19.5 | 5.8 | 10.7 |
| Income Tax | 0.4 | -11.4 | -1.9 | -1.8 | 2.3 | 3.2 | 1.3 | 2.2 |
| Net Income | -3.7 | 25.8 | 17.3 | 10.5 | 17.0 | 19.2 | 7.7 | 11.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ENPH: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.