ENPH vs FSLR: Enphase Energy and First Solar compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- First Solar is the larger company, worth $19.0B, about 3.0 times Enphase Energy.
- First Solar grew revenue faster over the last year (-3.7% vs -20.6%).
- First Solar keeps more of each dollar of revenue as operating profit (33.6% vs 6.9%).
- On earnings, First Solar is the cheaper stock (11.4x vs 48.2x).
- Enphase Energy's price assumes faster free cash flow growth: about 21% a year, against 2% for First Solar (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ENPH | FSLR |
|---|---|---|
| Market cap | $6.4B | $19.0B |
| Share price | $32.81 | $177.82 |
| Revenue (last fiscal year) | $1.5B | $5.2B |
| Free cash flow (last fiscal year) | $96M | $1.2B |
| Revenue growth, last year | -20.6% | -3.7% |
| Revenue growth per year, last 5 fiscal years | +1.6% | +15.6% |
| Operating margin | 6.9% | 33.6% |
| Net margin | 9.6% | 32.5% |
| Return on equity | 12.2% | 16.9% |
| P/E (trailing) | 48.2x | 11.4x |
| Price / free cash flow | 66.9x | 16.0x |
| EV / EBITDA | 26.5x | 6.44x |
| FCF growth the price implies | 20.9% | 2.1% |
| Dividend yield | — | — |
| Debt / equity | 1.47x | 0.30x |
| Fundamental grade | D | B |
| Superinvestors holding it | 3 | 3 |
| Insider purchases, last 12 months | 3 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Enphase Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.4B | $300M | 15.6% |
| 2022 | $2.3B | $698M | 19.2% |
| 2023 | $2.3B | $586M | 19.5% |
| 2024 | $1.3B | $480M | 5.8% |
| 2025 | $1.5B | $96M | 10.7% |
First Solar
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.9B | -$303M | 20.1% |
| 2022 | $2.6B | -$30M | -1.0% |
| 2023 | $3.3B | -$785M | 25.8% |
| 2024 | $4.2B | -$308M | 33.2% |
| 2025 | $5.2B | $1.2B | 30.6% |
Where the revenue comes from
Enphase Energy · by regions, 2025
United States$1.2B81%
International$284M19%
First Solar · by segments, 2024
Modules segment$4.2B100%
Other segment$4M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ENPH in InvestinglyQuestions
Which is bigger, Enphase Energy or First Solar?
First Solar (FSLR), at $19.0B against $6.4B.
Is ENPH or FSLR cheaper?
By trailing P/E, First Solar (11.4x) is cheaper than Enphase Energy (48.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, ENPH or FSLR?
First Solar: revenue grew -3.7% over the last year, against -20.6%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.