Enphase EnergyENPH -1.28%76 Net Current Asset Value is $1.58 as of Mar. 2026, which is 99% below its 10-year median of 108.15. GuruFocus rates ENPH with a GF Score™ of 76/100 and a GF Value™ of $62.55 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 721 Semiconductors companies, Enphase Energy ranks worse than 80.86% on this metric.
In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
Enphase Energy's net current asset value per share for the quarter that ended in Mar. 2026 was $1.58.
The historical rank and industry rank for Enphase Energy's Net Current Asset Value or its related term are showing as below:
ENPH'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 22.89 Med: 108.15 Max: 6624
Current: 29.88
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Enphase Energy was 6624.00. The lowest was 22.89. And the median was 108.15.
ENPH's Price-to-Net-Current-Asset-Value is ranked worse than 80.86% of 721
companies
in the Semiconductors industry
Industry Median: 9.74
vs ENPH: 29.88
Enphase Energy (NAS:ENPH) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Grahams strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
Enphase Energy Net Current Asset Value Related Terms
Enphase Energy Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for Enphase Energy's Net Current Asset Value can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ENPH vs SEDG, RUN, SHLS: Net Current Asset Value Comparison
For the Solar subindustry, Enphase Energy's Price-to-Net-Current-Asset-Value, along with its competitors' market caps and Price-to-Net-Current-Asset-Value data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Enphase Energy Price-to-Net-Current-Asset-Value vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Enphase Energy's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Enphase Energy's Price-to-Net-Current-Asset-Value falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Net Current Asset Value of $1.58 mean?
Enphase Energy (ENPH) has a Net Current Asset Value of $1.58 as of Mar. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Enphase Energy and its competitors. This is 99% below median its historical median of 108.15. Over the past decade, Enphase Energy's Net Current Asset Value has ranged from 22.89 to 6,624.00. According to the industry distribution chart, Enphase Energy ranks #583 out of 721 companies in the Semiconductors industry, placing it in the top 80.9%.
Is Enphase Energy's Net Current Asset Value too high?
Enphase Energy's current Net Current Asset Value of $1.58 is 99% below median its 10-year median of 108.15. Over the past 10 years, this metric has ranged from a low of 22.89 to a high of 6,624.00. The Semiconductors industry median Net Current Asset Value is 9.74. Enphase Energy's value of $1.58 is 83.8% below this industry median. Based on the distribution chart, Enphase Energy ranks #583 out of 721 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, Enphase Energy has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Enphase Energy's Net Current Asset Value compare to SEDG and RUN?
According to the Semiconductors industry distribution chart, Enphase Energy ranks #583 out of 721 companies for Net Current Asset Value. This places Enphase Energy in the lower half of its industry. The industry median Net Current Asset Value is 9.74. Enphase Energy's value of $1.58 is 83.8% below this benchmark. Historically, Enphase Energy's own Net Current Asset Value has ranged from 22.89 to 6,624.00 over the past decade. While the company's 10-year median is 108.15 vs. the industry median of 9.74, Enphase Energy has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Current Asset Value for a Semiconductors company?
The median Net Current Asset Value among Semiconductors companies is 9.74, based on 721 companies in the industry. Companies in the top quartile (top 25%) have a Net Current Asset Value significantly above this median, while those in the bottom quartile fall well below. However, Net Current Asset Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Enphase Energy's current Net Current Asset Value of $1.58 is 83.8% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Current Asset Value mean?
A high Net Current Asset Value can signal that a stock is expensive relative to its fundamentals. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Enphase Energy and its competitors. For the Semiconductors industry, the median Net Current Asset Value is 9.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Enphase Energy's current Net Current Asset Value is $1.58, which is 99% below median its own 10-year median of 108.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Enphase Energy stock overvalued right now?
Based on GuruFocus' analysis, Enphase Energy (ENPH) is currently considered Modestly Undervalued. The stock's GF Value™ is $62.55, compared to a current price of $47.21 — trading 24.5% below its estimated fair value. The current Net Current Asset Value is $1.58, which is 99% below median its 10-year median of 108.15 and 83.8% below the Semiconductors industry median of 9.74. Enphase Energy's overall GF Score™ is 76/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Current Asset Value calculated?
Net Current Asset Value is calculated from a company's financial statements. For Enphase Energy (ENPH), the current Net Current Asset Value is $1.58 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Enphase Energy (ENPH) Overvalued in 2026?
Based on GuruFocus' analysis, Enphase Energy stock appears to be undervalued.
The current stock price of $47.21 is trading 24.5% below its estimated GF Value™ of $62.55.
GuruFocus considers Enphase Energy to be Modestly Undervalued.
Key valuation signals for ENPH:
Net Current Asset Value: $1.58 (99% below median its 10-year median of 108.15)
GF Value™: $62.55 vs. price of $47.21 (24.5% below fair value)
Industry Position: 83.8% below the Semiconductors median (#583 of 721)
No single metric tells the full story. See the ENPH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Enphase Energy is a global energy technology company. It delivers smart, easy-to-use solutions that manage solar generation, storage, and communication on one platform. The company's microinverter technology primarily serves the rooftop solar market and produces a fully integrated solar-plus-storage solution. Enphase derives a majority of revenue from the United States.
76GF Score
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