Enphase Energy (ENPH) Gross Margin (2011 - 2026)
Enphase Energy (ENPH) recorded Gross Margin of 43.34% in Q3 2026, down 4.48 percentage points from 47.81% a year earlier and down 16.63 percentage points from the prior quarter.
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Analysis
Enphase Energy (ENPH) Gross Margin (2011 - 2026) Analysis & Trends
On a TTM basis, Enphase Energy's Gross Margin came in at 45.78% as of Sep 30, 2026, down 2.71 percentage points year-over-year; for FY2025, it came in at 46.64%, down 0.65 percentage points from FY2024.
- Annual Gross Margin has a five-year change of +1.96 percentage points (FY2020 to FY2025).
- Across earlier years, Gross Margin came in at 47.29% in FY2024 (+1.09 pp), 46.20% in FY2023 (+4.39 pp), 41.81% in FY2022 (+1.70 pp) and 40.12% in FY2021 (-4.56 pp).
- Quarterly Gross Margin has ranged from 35.49% in Q1 2026 to 59.97% in Q2 2026 over the past five years.
- On a year-over-year basis, Gross Margin rose in five of the last eight quarters, with an average year-over-year change of -0.16 percentage points.
- Peak year-over-year performance for Gross Margin in the last five years was a gain of 13.02 percentage points in Q2 2026, against a drop of 11.76 percentage points in Q1 2026 at the low end.
- Per Business Quant, the preceding three quarters came in at 59.97% (Q2 2026), 35.49% (Q1 2026) and 44.28% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 220.58 Bn | 171.68 Bn | 3.11 Bn | 24.58% |
| 2 | Bloom Energy | 56.91 Bn | 46.81 Bn | 417.10 Mn | 33.75% |
| 3 | First Solar | 20.56 Bn | 11.92 Bn | 713.06 Mn | 57.93% |
| 4 | Nextpower | 15.90 Bn | 11.61 Bn | 345.32 Mn | 31.13% |
| 5 | BWX Technologies | 11.75 Bn | 9.57 Bn | 227.14 Mn | 23.84% |
| 6 | Generac Holdings | 11.11 Bn | 9.84 Bn | 516.04 Mn | 39.86% |
| 7 | EnerSys | 5.54 Bn | 3.73 Bn | 313.36 Mn | 33.49% |
| 8 | Mirion Technologies | 4.72 Bn | 3.08 Bn | 131.50 Mn | 47.34% |
| 9 | Enphase Energy | 3.84 Bn | -474.64 Mn | 127.12 Mn | 43.34% |
| 10 | QuantumScape | 2.84 Bn | -715.25 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 43.34% |
| Jun 30, 2026 | 59.97% |
| Mar 31, 2026 | 35.49% |
| Dec 31, 2025 | 44.28% |
| Sep 30, 2025 | 47.81% |
| Jun 30, 2025 | 46.95% |
| Mar 31, 2025 | 47.25% |
| Dec 31, 2024 | 51.81% |
| Sep 30, 2024 | 46.78% |
| Jun 30, 2024 | 45.20% |
| Mar 31, 2024 | 43.86% |
| Dec 31, 2023 | 48.47% |
| Sep 30, 2023 | 47.55% |
| Jun 30, 2023 | 45.47% |
| Mar 31, 2023 | 44.95% |
| Dec 31, 2022 | 42.88% |
| Sep 30, 2022 | 42.21% |
| Jun 30, 2022 | 41.31% |
| Mar 31, 2022 | 40.10% |
| Dec 31, 2021 | 39.57% |
API Access
Enphase Energy Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=ENPH&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "ENPH", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=ENPH&period=max&api_key=YOUR_API_KEY");
const data = await res.json();