Enphase Energy (ENPH) vs IPG Photonics (IPGP)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
IPG Photonics (IPGP) has outperformed Enphase Energy (ENPH) over the past year, losing 5.0% versus a loss of 7.6%. Over five years, IPGP leads with a -51.0% price change compared with -80.6% for ENPH. Enphase Energy is the larger company by market cap ($4.35 billion vs $3.31 billion), about 1.3 times the size.
On valuation, Enphase Energy trades at a lower forward P/E (15.0x vs 33.7x for IPG Photonics). Enphase Energy converts more of its revenue into profit, with a net margin of 11.7% versus 3.1%.
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 | IPGP |
|---|---|---|
| Share price | $32.91 | $77.74 |
| Market cap | $4.35B | $3.31B |
| 1-day change | -1.76% | -3.89% |
| YTD return | +4.52% | +12.97% |
| 1-year return | -7.64% | -4.97% |
| 5-year return | -80.63% | -51.00% |
| P/E ratio (TTM) | 32.91 | 119.60 |
| Forward P/E | 15.02 | 33.70 |
| EPS (TTM) | $1.00 | $0.65 |
| Dividend yield | 0.00% | 0.00% |
| Annual dividend | $0.00 | $0.00 |
| Revenue (latest FY) | $1.47B | $1.00B |
| Revenue growth (YoY) | +10.72% | +2.73% |
| Net income (latest FY) | $172.13M | $31.10M |
| Gross margin | 46.64% | 38.00% |
| Operating margin | 10.69% | 1.31% |
| Net margin | 11.69% | 3.10% |
| 52-week high | $73.74 | $155.82 |
| 52-week low | $25.78 | $69.41 |
| Distance from 52-week high | -55.37% | -50.11% |
| Analyst consensus | buy | buy |
| Avg. price target upside | +56.06% | +59.69% |
| Average volume | 4.40M | 471.26K |
| Shares outstanding | 132.14M | 42.53M |
| Employees | 2,872 | 4,840 |
| 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
- IPG Photonics trades at a higher earnings multiple (119.6x vs 32.9x trailing P/E).
- Enphase Energy is more profitable, keeping 11.7 cents of every revenue dollar as net income versus 3.1 cents for IPG Photonics.
- Enphase Energy grew revenue faster in its latest fiscal year (+10.72% vs +2.73%).
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 IPG Photonics
IPGP stock →IPG Photonics Corporation develops, manufactures, and sells fiber lasers, fiber amplifiers, diode lasers, and laser-based systems used in materials processing, medical, and advanced applications. The company offers laser products, including hybrid fiber-solid state lasers with green and ultraviolet wavelengths; fiber pigtailed packaged diodes and fiber coupled direct diode laser systems; and high-energy pulsed lasers, multi-wavelength and tunable lasers, and single-polarization and single-frequency lasers, as well as other versions.
Technology · Semiconductors · 4,840 employees
ENPH vs IPGP FAQ
Which is bigger, Enphase Energy or IPG Photonics?
Enphase Energy (ENPH) is larger, with a market capitalization of $4.35B compared with $3.31B for IPG Photonics (IPGP).
Which stock has performed better over the past year, ENPH or IPGP?
IPGP returned -4.97% over the past 12 months, compared with -7.64% for ENPH (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, ENPH or IPGP?
ENPH has the lower trailing P/E at 32.9, versus 119.6 for IPGP. 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 IPG Photonics in the same industry?
Yes. Both are classified in the Semiconductors industry within the Technology sector.