Enphase Energy (ENPH) Gross Margin (2011 - 2026)
Enphase Energy (ENPH) recorded Gross Margin of 59.97% in Q2 2026, up 13.02 percentage points from 46.95% a year earlier and up 24.48 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 46.95% as of Jun 30, 2026, down 1.29 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).
- The Q2 2026 figure is the highest quarterly Gross Margin in data going back to Q1 2011.
- On a year-over-year basis, Gross Margin rose in five of the last eight quarters, with an average year-over-year change of +0.31 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 13.28 percentage points in Q3 2021 at the low end.
- Per Business Quant, the preceding three quarters came in at 35.49% (Q1 2026), 44.28% (Q4 2025) and 47.81% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 256.40 Bn | 217.48 Bn | 2.36 Bn | 21.25% |
| 2 | Bloom Energy | 85.45 Bn | 77.27 Bn | 355.57 Mn | 33.38% |
| 3 | First Solar | 19.01 Bn | 9.97 Bn | 605.00 Mn | 57.28% |
| 4 | BWX Technologies | 12.64 Bn | 10.94 Bn | 202.31 Mn | 22.44% |
| 5 | Generac Holdings | 12.53 Bn | 11.36 Bn | 521.81 Mn | 44.47% |
| 6 | Nextpower | 12.03 Bn | 7.92 Bn | 335.85 Mn | 35.91% |
| 7 | EnerSys | 6.62 Bn | 4.81 Bn | 313.36 Mn | 33.49% |
| 8 | Enphase Energy | 4.21 Bn | -653.40 Mn | 175.01 Mn | 59.97% |
| 9 | Mirion Technologies | 3.51 Bn | 1.39 Bn | 133.10 Mn | 49.89% |
| 10 | Nuscale Power | 3.18 Bn | 3.14 Bn | -152,000.00 | -202.67% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| 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% |
| Sep 30, 2021 | 39.93% |
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();