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Price · 180d
$68.36
Thesis
Enphase is the category leader in solar microinverters, with a premium-priced product and a growing attach rate on its IQ Battery storage line. The residential and small commercial focus, paired with US manufacturing, gives it a clean read on rooftop solar economics and IRA domestic-content incentives.
The business is cyclical and the stock reflects it — shares sit far below the 2022 peak as the residential solar cycle works through high rates and policy resets. Competitive pressure from SolarEdge on the legacy side and Hoymiles on the low-cost side is real, but the microinverter franchise and battery attach remain the durable story.
Catalysts
- California NEM 3.0 storage attach rate
- IRA domestic-content bonus on US-made inverters
- European residential solar demand recovery
- IQ Battery 5P traction and gross margin trajectory