Enphase Energy (ENPH) Operating Margin (2011 - 2026)
Enphase Energy's Operating Margin was 2.20% in Q3 2026, down 13.92 percentage points from 16.12% a year earlier and down 15.45 percentage points from the prior quarter.
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Analysis
Enphase Energy (ENPH) Operating Margin (2011 - 2026) Analysis & Trends
On a trailing twelve-month basis, Enphase Energy's Operating Margin was 4.19% through Sep 30, 2026, down 8.36 percentage points year-over-year; for FY2025, it came in at 10.69%, up 4.88 percentage points from FY2024.
- Operating Margin shows a five-year change of -13.38 percentage points (FY2020 to FY2025).
- In earlier years, Operating Margin was 5.81% in FY2024 (-13.65 pp), 19.46% in FY2023 (+0.23 pp), 19.23% in FY2022 (+3.61 pp) and 15.62% in FY2021 (-8.46 pp).
- Quarterly Operating Margin has moved between -11.05% (Q1 2024) and 23.95% (Q2 2023) over five years.
- Compared with a year earlier, Operating Margin was higher in five of the last eight quarters, with an average year-over-year change of +2.09 percentage points.
- The best year-over-year quarter for Operating Margin over five years was Q1 2025 (a gain of 20.01 percentage points); the worst was Q1 2024 (a drop of 34.14 percentage points).
- Per Business Quant data, ENPH's Operating Margin in the three quarters before Q3 2026 was 17.65% (Q2 2026), -10.48% (Q1 2026) and 6.54% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 220.58 Bn | 171.68 Bn | 3.11 Bn | 11.03% |
| 2 | Bloom Energy | 56.91 Bn | 46.81 Bn | 417.10 Mn | 18.24% |
| 3 | First Solar | 20.56 Bn | 11.92 Bn | 713.06 Mn | 44.37% |
| 4 | Nextpower | 15.90 Bn | 11.61 Bn | 345.32 Mn | 18.71% |
| 5 | BWX Technologies | 11.75 Bn | 9.57 Bn | 227.14 Mn | 13.86% |
| 6 | Generac Holdings | 11.11 Bn | 9.84 Bn | 516.04 Mn | 12.40% |
| 7 | EnerSys | 5.54 Bn | 3.73 Bn | 313.36 Mn | 16.18% |
| 8 | Mirion Technologies | 4.72 Bn | 3.08 Bn | 131.50 Mn | 6.19% |
| 9 | Enphase Energy | 3.84 Bn | -474.64 Mn | 127.12 Mn | 2.20% |
| 10 | QuantumScape | 2.84 Bn | -715.25 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 2.20% |
| Jun 30, 2026 | 17.65% |
| Mar 31, 2026 | -10.48% |
| Dec 31, 2025 | 6.54% |
| Sep 30, 2025 | 16.12% |
| Jun 30, 2025 | 10.19% |
| Mar 31, 2025 | 8.96% |
| Dec 31, 2024 | 14.32% |
| Sep 30, 2024 | 13.07% |
| Jun 30, 2024 | 0.59% |
| Mar 31, 2024 | -11.05% |
| Dec 31, 2023 | -3.38% |
| Sep 30, 2023 | 21.41% |
| Jun 30, 2023 | 23.95% |
| Mar 31, 2023 | 23.09% |
| Dec 31, 2022 | 21.66% |
| Sep 30, 2022 | 21.34% |
| Jun 30, 2022 | 17.74% |
| Mar 31, 2022 | 14.01% |
| Dec 31, 2021 | 13.98% |
API Access
Enphase Energy Operating 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=operating-margin&ticker=ENPH&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=ENPH&period=max&api_key=YOUR_API_KEY");
const data = await res.json();