Enphase Energy (ENPH) Gross Margin (2011 - 2026)
Enphase Energy's quarterly Gross Margin came in at 35.49% in Q1 2026, down 1176.0% year-on-year from 3.3% in Q1 2025, and down 19.86% quarter-over-quarter from 44.28% in Q4 2025.
Enphase Energy has reported Gross Margin for 16 years, with the latest figure at 35.49% in Q1 2026.
- For the quarter ending Q1 2026, Gross Margin fell 1176.0% year-over-year to 35.49%; the trailing twelve-month figure through Mar 2026 stood at 44.23% (down 368.0% YoY), and the FY2025 full-year result was 46.64%, down 65.0% from the prior year.
- Gross Margin for Q1 2026 stood at 35.49%, down from 44.28% in the prior quarter.
- The five-year high for Gross Margin was 51.81% in Q4 2024, with the low at 35.49% in Q1 2026.
- Average Gross Margin over 5 years is 44.85%, with a median of 45.2% recorded in 2024.
- Year-over-year, Gross Margin jumped 560 bps in 2023 and tumbled 1176 bps in 2026.
- Tracing ENPH's Gross Margin over 5 years: stood at 42.88% in 2022, then rose by 13 bps to 48.47% in 2023, then gained by 7 bps to 51.81% in 2024, then retreated by 15 bps to 44.28% in 2025, then fell by 20 bps to 35.49% in 2026.
- The last three Gross Margin figures came in at 35.49% (Q1 2026), 44.28% (Q4 2025), and 47.81% (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | First Solar | 26.65 Bn | 24.22 Bn | 486.13 Mn | 46.55% |
| 2 | Nextpower | 17.99 Bn | 16.90 Bn | 297.38 Mn | 33.77% |
| 3 | Canadian Solar | 15.11 Bn | 15.69 Bn | 124.40 Mn | 10.22% |
| 4 | Enphase Energy | 8.19 Bn | 7.26 Bn | 100.39 Mn | 35.49% |
| 5 | Solaredge Technologies | 3.80 Bn | 3.25 Bn | 68.28 Mn | 21.99% |
| 6 | Sunrun | 3.38 Bn | 4.27 Bn | 543.70 Mn | 75.28% |
| 7 | Shoals Technologies | 1.60 Bn | 1.60 Bn | 41.01 Mn | 29.18% |
| 8 | Array Technologies | 1.25 Bn | 1.05 Bn | 63.00 Mn | 28.20% |
| 9 | JinkoSolar Holding | 677.44 Mn | 2.29 Bn | 147.66 Mn | 8.32% |
| 10 | Tigo Energy | 288.14 Mn | 276.56 Mn | 10.79 Mn | 42.84% |
Historic Data
Download Data| Date | Value |
|---|---|
| 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% |
| Jun 30, 2021 | 40.44% |
| Mar 31, 2021 | 40.74% |
| Dec 31, 2020 | 46.04% |
| Sep 30, 2020 | 53.21% |
| Jun 30, 2020 | 38.54% |
| Mar 31, 2020 | 39.25% |
| Dec 31, 2019 | 37.08% |
| Sep 30, 2019 | 35.94% |
| Jun 30, 2019 | 33.80% |
| Mar 31, 2019 | 33.29% |
| Dec 31, 2018 | 30.52% |
| Sep 30, 2018 | 32.39% |
| Jun 30, 2018 | 29.91% |
| Mar 31, 2018 | 26.17% |
| Dec 31, 2017 | 23.83% |
| Sep 30, 2017 | 21.37% |
| Jun 30, 2017 | 18.13% |
| Mar 31, 2017 | 12.87% |
| Dec 31, 2016 | 17.92% |
| Sep 30, 2016 | 17.91% |
| Jun 30, 2016 | 17.85% |
| Mar 31, 2016 | 18.34% |
| Dec 31, 2015 | 23.92% |
| Sep 30, 2015 | 30.59% |
| Jun 30, 2015 | 32.35% |
| Mar 31, 2015 | 32.34% |
| Dec 31, 2014 | 33.30% |
| Sep 30, 2014 | 32.81% |
| Jun 30, 2014 | 32.72% |
| Mar 31, 2014 | 32.40% |
| Dec 31, 2013 | 32.06% |
| Sep 30, 2013 | 28.10% |
| Jun 30, 2013 | 28.00% |
| Mar 31, 2013 | 26.77% |
| Dec 31, 2012 | 27.89% |
| Sep 30, 2012 | 26.84% |
| Jun 30, 2012 | 24.42% |
| Mar 31, 2012 | 21.85% |
| Dec 31, 2011 | 22.88% |
| Sep 30, 2011 | 19.10% |
| Jun 30, 2011 | 16.24% |
| Mar 31, 2011 | 14.65% |