Enphase Energy, Inc. (ENPH)
Enphase Energy makes microinverters and battery systems that convert and store power for residential solar installations.
Information Technology stock comparison
ENPH vs MPWR: which business are you actually underwriting?
Compare Enphase Energy, Inc. with Monolithic Power Systems, Inc. using their business models, SEC classifications, fiscal calendars, current primary filings, and the research questions that matter. This is a thesis framework—not a price target or automatic winner.
- Sector
- Information
- Industry
- Same SIC
- Shared themes
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- Updated
- 2026-02-27
ENPH vs MPWR: quick comparison
| Company fact | ENPH | MPWR |
|---|---|---|
| Company | Enphase Energy, Inc. | Monolithic Power Systems, Inc. |
| Exchange | NASDAQ | NASDAQ |
| SEC industry | Semiconductors & Related Devices | Semiconductors & Related Devices |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-17 | 10-K · 2026-02-27 |
ENPH vs MPWR: audited financials
MPWR reported about 1.9× the revenue of ENPH in the latest audited fiscal year. On profitability, MPWR converted a larger share of revenue into net income (22.3% versus 11.7%). Scale and margin are starting facts for the thesis, not the verdict.
| Metric | ENPH | MPWR |
|---|---|---|
| Revenue | $1.5B | $2.8B |
| Net income | $172M | $621M |
| Operating cash flow | $137M | $838M |
| Diluted EPS | $1.29 | $12.86 |
| Net margin | 11.7% | 22.3% |
ENPH: FY ending 2025-12-31 · MPWR: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
How the businesses differ
Why this pair belongs in the comparison set
ENPH and MPWR share the SEC industry classification “Semiconductors & Related Devices,” giving the comparison a primary-source operating relationship. A shared classification or theme makes the pair useful for a defined research question; it does not mean the companies have identical products, economics, or risks.
Monolithic Power Systems, Inc. (MPWR)
Monolithic Power Systems designs high-efficiency power-management chips for computing, automotive, and consumer electronics.
The useful starting point is not which ticker has performed better. It is whether the two companies convert the same economic forces into revenue and cash flow in the same way. ENPH is classified by the SEC as Semiconductors & Related Devices, while MPWR is classified as Semiconductors & Related Devices. The matching industry code strengthens the peer comparison, although product mix can still differ materially.
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The thesis, the numbers behind it, and what would break it. Full access is $15 a month.
Read the full researchWhich thesis does each company fit?
Use the distinction below to decide which filing deserves deeper work. It is a research routing rule, not a recommendation or prediction.
Study ENPH when…
- The AI capital-expenditure cycle
- Interest rates and the cost of long-duration growth
- Enterprise IT budgets and cloud migration
- Export controls and the US–China chip race
Study MPWR when…
- The AI capital-expenditure cycle
- Interest rates and the cost of long-duration growth
- Enterprise IT budgets and cloud migration
- Export controls and the US–China chip race
Shared research themes
Semiconductors & Related Devices (SEC industry)
SEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable.ENPH's fiscal year ends December 31, while MPWR's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 2matched transaction rows for ENPHand 6 for MPWR. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
ENPH primary filings
MPWR primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
ENPH vs MPWR FAQs
Are ENPH and MPWR direct competitors?
Enphase Energy, Inc. and Monolithic Power Systems, Inc. share the SEC industry classification “Semiconductors & Related Devices.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Which is better, ENPH or MPWR?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this ENPH vs MPWR comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Enphase Energy, Inc. and Monolithic Power Systems, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-09-25. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-09-25. Independent educational research; not investment advice.
A comparison is the setup. The thesis is the call.
ENPH vs MPWR shows how the businesses differ. Membership is the monthly sourced view of who could benefit, what could break, and what evidence matters next. $15/month or $150/year.
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