Enphase Energy (ENPH) vs First Solar (FSLR)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 10, 2026.
Summary
Enphase Energy (ENPH) has outperformed First Solar (FSLR) over the past year, losing 10.6% versus a loss of 24.1%. Over five years, FSLR leads with a +69.2% price change compared with -81.0% for ENPH. First Solar is the larger company by market cap ($19.11 billion vs $4.34 billion), about 4.4 times the size.
On valuation, First Solar trades at a lower forward P/E (7.7x vs 15.0x for Enphase Energy). First Solar converts more of its revenue into profit, with a net margin of 29.3% versus 11.7%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | ENPH | FSLR |
|---|---|---|
| Share price | $32.81 | $177.82 |
| Market cap | $4.34B | $19.11B |
| 1-day change | -0.30% | -0.58% |
| YTD return | +2.37% | -31.93% |
| 1-year return | -10.62% | -24.11% |
| 5-year return | -81.03% | +69.18% |
| P/E ratio (TTM) | 32.81 | 10.96 |
| Forward P/E | 15.01 | 7.67 |
| EPS (TTM) | $1.00 | $16.22 |
| Dividend yield | 0.00% | 0.00% |
| Annual dividend | $0.00 | $0.00 |
| Revenue (latest FY) | $1.47B | $5.22B |
| Revenue growth (YoY) | +10.72% | +24.09% |
| Net income (latest FY) | $172.13M | $1.53B |
| Gross margin | 46.64% | 40.62% |
| Operating margin | 10.69% | 30.59% |
| Net margin | 11.69% | 29.28% |
| 52-week high | $73.74 | $320.95 |
| 52-week low | $25.78 | $168.60 |
| Distance from 52-week high | -55.51% | -44.60% |
| Analyst consensus | buy | buy |
| Avg. price target upside | +55.84% | +54.35% |
| Average volume | 4.43M | 2.28M |
| Shares outstanding | 132.14M | 107.47M |
| Employees | 2,872 | 7,900 |
| Sector | Technology | Technology |
| Industry | Semiconductors | Semiconductors |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- First Solar is about 4.4 times larger than Enphase Energy by market value ($19.11B vs $4.34B).
- ENPH has outperformed FSLR by 13.5 percentage points over the past year.
- Enphase Energy trades at a higher earnings multiple (32.8x vs 11.0x trailing P/E).
- First Solar is more profitable, keeping 29.3 cents of every revenue dollar as net income versus 11.7 cents for Enphase Energy.
- First Solar grew revenue faster in its latest fiscal year (+24.09% vs +10.72%).
About Enphase Energy
ENPH stock →Enphase Energy, Inc., together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter that converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control.
Technology · Semiconductors · 2,872 employees
About First Solar
FSLR stock →First Solar, Inc., a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, India, Chile, and internationally. The company manufactures and sells PV solar modules with thin film semiconductor technology that provides conventional crystalline silicon PV solar modules.
Technology · Semiconductors · 7,900 employees
ENPH vs FSLR FAQ
Which is bigger, Enphase Energy or First Solar?
First Solar (FSLR) is larger, with a market capitalization of $19.11B compared with $4.34B for Enphase Energy (ENPH).
Which stock has performed better over the past year, ENPH or FSLR?
ENPH returned -10.62% over the past 12 months, compared with -24.11% for FSLR (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, ENPH or FSLR?
FSLR has the lower trailing P/E at 11.0, versus 32.8 for ENPH. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Are Enphase Energy and First Solar in the same industry?
Yes. Both are classified in the Semiconductors industry within the Technology sector.