Enphase Energy Inc

ENPH: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Enphase Earnings: Still Searching For Demand to Bottom; Lowering Fair Value to $34

Brett Castelli

Oct 29, 2025

Enphase reported second quarter revenue of $410 million and gross margin of 48%. Fourth quarter revenue guidance of $330 million came in weaker than expected due to seasonality and channel destocking. Shares fell more than 10% at the time of writing.

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Enphase Energy Inc

Enphase Earnings: Still Searching For Demand to Bottom; Lowering Fair Value to $34

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