Enphase Energy Inc (ENPH) is undervalued and Shoals Technologies Group Inc (SHLS) is undervalued.
Against our estimates of intrinsic value, SHLS trades at the wider discount: a margin of safety of +77%, 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 10.4x revenue multiple, adjusted for growth and margin, values the shares at $35.04; the price of $8.15 is 77% below that value.
Leak Score 47/100 on 7 of 12 signals
| Metric | ENPH | SHLS |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $34.42 | $8.15 |
| Intrinsic value | $99.99 | $35.04 |
| Margin of safety | +66% | +77% |
| Leak Score | 68/100 (3/12) | 47/100 (7/12) |
| Market cap | $4.5B | $1.4B |
| Revenue growth, 5 years | 13.7% | 22.1% |
| Operating margin | 25.6% | 10.6% |
| Net margin | 10.1% | 5.4% |
| Return on equity | 13.0% | 5.3% |
| Debt to equity | 0.52 | 0.38 |
| P/E | 34.1x | 43.4x |
| Forward P/E | 15.5x | 14.8x |
| P/B | 3.9x | 2.2x |