Company profile
SEC EDGAR ↗- Industry
- Semiconductors & Related Devices
- Listed
- Nasdaq: ENPH
- Incorporated
- DE
- Headquarters
- Fremont, CA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $1.47B
- Net income
- $172.1M
- Total assets
- $3.51B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $1.47B | $172.1M | $3.51B |
| FY2024 | $1.33B | $102.7M | $3.25B |
| FY2023 | $2.29B | $438.9M | $3.38B |
| FY2022 | $2.33B | $397.4M | $3.08B |
| FY2021 | $1.38B | $145.4M | $2.08B |
| FY2020 | $774.4M | $134.0M | $1.20B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
One verified Decision Record on Enphase, and the casebook each one belongs to.
| Fork date | Decision type | What Enphase chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2023 | The Fall | Pivot to solar-plus-storage | NEM 3.0 installs made up 66% of California installs with a 45% IQ Battery attach rate (2024) | Read the story → | The Fall Casebook → |
Run one of these yourself
The decisions Enphase faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Decision ForksThe CannibalizationShould you launch the thing that takes revenue from your best business?See the pack →Moat & CompetitionThe Moat AnatomyWhat would it actually cost a challenger to take your customer?See the pack →Decision ForksThe ResidualHow much of your decline can the agreed explanation actually account for?See the pack →
The analyses
The Cannibalization Choice · Growth & Portfolio
Enphase Is Betting the House on the House. The House Just Shrank 42%.
Enphase wants to be your home's energy brain - batteries, AI software, bidirectional EV charging. It's a real pivot away from a commoditizing microinverter. But in 2024 batteries grew 48% while total revenue fell 42%, and the second engine still isn't carrying the plane.
8 min
The Moat Anatomy · Moat & Competition
Enphase's Moat Is Installer Habit — and U.S. Residential Share Slid From 55% to 47%
Enphase is sold as the company that owns the inverter. Its real moat is narrower: a U.S.-residential installer habit, not a patent wall. And its full-year U.S. residential share fell from 55% in 2023 to 47% in 2024 — dipping below 40% in Q4 alone — proof the wall was never as high as the legend.
8 min
The Fall · Crisis & Reinvention
Everyone Blamed Interest Rates for Enphase's Collapse. The Real Story Was Sitting in a Warehouse.
Enphase revenue fell 42% to $1.33B and its stock dropped ~90% from a $340 peak. The popular tale is 'high rates killed solar.' Enphase's own filings tell a more complicated story: the unit drop was driven by a glut of unsold inverters and a California policy that erased the math on solar-only homes — with rates listed as one factor among several, not the headline cause.
8 min