ENPH vs NXT: Enphase Energy and Nextracker compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Nextracker is the larger company, worth $12.8B, about 2.0 times Enphase Energy.
- Nextracker grew revenue faster over the last year (+8.2% vs -20.6%).
- Nextracker keeps more of each dollar of revenue as operating profit (19.3% vs 6.9%).
- On earnings, Nextracker is the cheaper stock (22.1x vs 48.2x).
- Enphase Energy's price assumes faster free cash flow growth: about 21% a year, against 8% for Nextracker (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 | NXT |
|---|---|---|
| Market cap | $6.4B | $12.8B |
| Share price | $32.81 | $86.11 |
| Revenue (last fiscal year) | $1.5B | $3.6B |
| Free cash flow (last fiscal year) | $96M | $514M |
| Revenue growth, last year | -20.6% | +8.2% |
| Revenue growth per year, last 5 fiscal years | +1.6% | +25.0% |
| Operating margin | 6.9% | 19.3% |
| Net margin | 9.6% | 16.4% |
| Return on equity | 12.2% | 23.2% |
| P/E (trailing) | 48.2x | 22.1x |
| Price / free cash flow | 66.9x | 25.0x |
| EV / EBITDA | 26.5x | 16.2x |
| FCF growth the price implies | 20.9% | 7.8% |
| Dividend yield | — | — |
| Debt / equity | 1.47x | 0.67x |
| Fundamental grade | D | C |
| Superinvestors holding it | 3 | 2 |
| 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% |
Nextracker
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $1.5B | -$153M | 4.5% |
| 2023 | $1.9B | $104M | 8.9% |
| 2024 | $2.5B | $423M | 23.5% |
| 2025 | $3.0B | $622M | 21.6% |
| 2026 | $3.6B | $514M | 19.6% |
Where the revenue comes from
Enphase Energy · by regions, 2025
United States$1.2B81%
International$284M19%
Nextracker
No segment breakdown reported.
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 Nextracker?
Nextracker (NXT), at $12.8B against $6.4B.
Is ENPH or NXT cheaper?
By trailing P/E, Nextracker (22.1x) is cheaper than Enphase Energy (48.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, ENPH or NXT?
Nextracker: revenue grew +8.2% 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.