Enphase Energy Inc (ENPH) is undervalued and First Solar Inc (FSLR) is undervalued.
Against our estimates of intrinsic value, FSLR trades at the wider discount: a margin of safety of +69%, against +66% for ENPH.
Values as of the 22 Sept 2026 close.
A 9.7x revenue multiple, adjusted for growth and margin, values the shares at $99.99; the price of $34.42 is 66% below that value.
Leak Score 68/100 on 3 of 12 signals
A 12.5x revenue multiple, adjusted for growth and margin, values the shares at $645.98; the price of $200.78 is 69% below that value.
Leak Score 73/100 on 10 of 12 signals
| Metric | ENPH | FSLR |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $34.42 | $200.78 |
| Intrinsic value | $99.99 | $645.98 |
| Margin of safety | +66% | +69% |
| Leak Score | 68/100 (3/12) | 73/100 (10/12) |
| Market cap | $4.5B | $21.6B |
| Revenue growth, 5 years | 13.7% | 14.0% |
| Operating margin | 25.6% | 35.0% |
| Net margin | 10.1% | 32.5% |
| Return on equity | 13.0% | 18.5% |
| Debt to equity | 0.52 | 0.02 |
| P/E | 34.1x | 12.4x |
| Forward P/E | 15.5x | 8.6x |
| P/B | 3.9x | 2.1x |