Enphase Energy, Inc. (ENPH)

Semiconductors & Related Devices

Latest Price

$32.99

TTM P/E

32.66

Normalized P/E

21.19

Div Yield

Book Value

8.39

P/B Ratio

3.93

Valuation metrics

EPS: $1.29

Book value / share: $8.29

Formula: √(22.5 × EPS × BVPS)

Graham Number

$15.51

53% downside

Norm. op. income: $186M (median of 7yr)

Tax rate: 15%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$14.51

56% downside

Base FCF: $480M (median of recent 5yr)

Growth: 5%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$64.81

+96% upside

EPS: $1.29

Target P/E: 21×

Formula: EPS × P/E

P/E Fair Value

$27.09

18% downside

100.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	23.45M	$1.15B	17.80%	+1.25M	2026-06-30
Vanguard Portfolio Management LLC	9.07M	$446.0M	6.88%	-592.2K	2026-06-30
Jane Street Group, LLC	7.56M	$372.0M	5.74%	+3.77M	2026-06-30
Vanguard Capital Management LLC	5.73M	$282.0M	4.35%	+63.7K	2026-06-30
Two Sigma Investments, LP	4.84M	$238.0M	3.67%	--	2026-06-30
State Street Corp	4.75M	$233.0M	3.60%	+148.9K	2026-06-30
Citadel Advisors LLC	4.29M	$211.0M	3.26%	-38.4K	2026-06-30
Invesco Ltd.	3.66M	$180.0M	2.78%	-20.9K	2026-06-30
Gilder Gagnon Howe & Co LLC	3.48M	$171.0M	2.64%	+1.33M	2026-06-30
UBS Group AG	2.97M	$146.0M	2.25%	-353.9K	2026-06-30