ENPH Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	4.32B EUR	6.51B EUR	4.98B EUR	4.2B EUR
Enterprise Value	4.02B EUR	6.56B EUR	5.07B EUR	4.94B EUR
Valuation Multiples
Trailing P/E	32.81x	48.54x	36.91x	29.5x
Forward P/E	15.01x	--	--	--
Price to Sales	3.26x	4.9x	3.56x	3.76x
Price to Book	3.67x	5.51x	4.52x	3.86x
EV/Revenue	3.03x	4.94x	3.62x	4.42x
EV/EBITDA	20.98x	25.88x	21.42x	21.94x
Price to FCF (P/FCF)	55.21x	42.63x	34.35x	67.66x
EV/FCF	51.38x	42.97x	34.92x	79.55x
FCF Yield	1.81%	2.35%	2.91%	1.48%