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 MU: which business are you actually underwriting?
Micron Technology (MU) is the larger business by reported revenue: $37.4B in its fiscal year ended Aug 2025, about 25× ENPH's $1.5B (fiscal year ended Dec 2025). ENPH's net margin was 11.7% and MU's 22.8%. Both file with the SEC under the same industry code, SIC 3674 (Semiconductors & Related Devices).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Sector
- Information Technology
- SEC industry
- Semiconductors & Related Devices
- Same classification
- Fiscal year ends
- Different
- ENPH December 31 · MU September 3
- Reviewed
- Feb 17, 2026
ENPH vs MU: quick comparison
| Company fact | ENPH | MU |
|---|---|---|
| Company | Enphase Energy, Inc. | Micron Technology, Inc. |
| Exchange | NASDAQ | NASDAQ |
| Headquarters | — | Boise, Idaho |
| Founded | — | 1978 |
| SEC industry | Semiconductors & Related Devices | Semiconductors & Related Devices |
| Fiscal year-end | December 31 | September 3 |
| Latest annual filing | 10-K · 2026-02-17 | 10-K · 2025-10-03 |
ENPH vs MU: audited financials
- Scale: MU's $37.4B of revenue is about 25× ENPH's $1.5B.
- Net margin: MU kept 22.8% of revenue as net income versus 11.7% at ENPH.
- Cash conversion: operating cash flow equalled ENPH 9.3% of revenue, or 0.79× net income; MU 46.9% of revenue, or 2.05× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 4 months apart (2025-12-31 for ENPH, 2025-08-28 for MU), so each figure reflects somewhat different demand and cost conditions.
| Metric | ENPH | MU |
|---|---|---|
| Revenue | $1.5B2025-01-01 to 2025-12-31 · SEC filing | $37.4B2024-08-30 to 2025-08-28 · SEC filing |
| Net income | $172M2025-01-01 to 2025-12-31 · SEC filing | $8.5B2024-08-30 to 2025-08-28 · SEC filing |
| Operating cash flow | $137M2025-01-01 to 2025-12-31 · SEC filing | $17.5B2024-08-30 to 2025-08-28 · SEC filing |
| Diluted EPS | $1.292025-01-01 to 2025-12-31 · SEC filing | $7.592024-08-30 to 2025-08-28 · SEC filing |
| Net margin | 11.7%2025-01-01 to 2025-12-31 · SEC filing | 22.8%2024-08-30 to 2025-08-28 · SEC filing |
ENPH: FY ending 2025-12-31 · MU: FY ending 2025-08-28. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where ENPH and MU overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 3674, Semiconductors & Related Devices.
Differences
- Offset fiscal calendars: ENPH's year ends December 31 and MU's September 3, about 4 months apart.
- Only ENPH maps to Economic trends.
- Only MU maps to Artificial intelligence and Tariffs & trade.
- Scale: MU reported about 25× the annual revenue of ENPH.
- Profitability: net margin of 11.7% for ENPH versus 22.8% for MU.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Micron Technology, Inc. (MU)
Micron is one of the few global producers of DRAM and NAND memory, components essential to computers, phones, and AI servers. Demand for high-bandwidth memory used in AI accelerators has become a major growth driver.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves ENPH
We have not yet published a company-specific driver list for ENPH. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-17.
What moves MU
- DRAM pricing and bit supply, which account for most of Micron's revenue
- High-bandwidth memory (HBM) qualification and share at AI accelerator customers
- NAND pricing and data-center SSD demand
- Capital expenditure and the timing of new fab capacity
The investment question
You now know MU reports about 25× ENPH's revenue, and MU keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about the semiconductors & related devices cycle, including “DRAM pricing and bit supply, which account for most of Micron's revenue” at MU, and which evidence in the next filings would prove that assumption wrong.
Members-only research
Members-only research on ENPH and MU
MU · Dec 18, 2025
The HBM Capacity TradeA December 18, 2025 look at Micron's HBM capacity thesis, with a separate audit of timing, valuation and subsequent results.
Sep 22, 2026
Meta jumped 11%. What must happen next to justify the price?A member research report on Meta’s AI rally: Muse, subscription economics, the cash-flow burden, legal costs and the earnings assumptions behind the new price.
The thesis, the numbers behind it, and what would break it. Full access is $15 a month.
Read the full researchSEC 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 MU's ends September 3. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 2 matched transaction rows for ENPH and 31 matched transaction rows for MU. 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
MU 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 MU FAQs
Are ENPH and MU direct competitors?
Enphase Energy and Micron Technology 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.
Is ENPH or MU the bigger company by revenue?
Micron Technology (MU) is the larger business by reported revenue: $37.4B in its fiscal year ended Aug 2025, about 25× ENPH's $1.5B (fiscal year ended Dec 2025). ENPH's net margin was 11.7% and MU's 22.8%. Both file with the SEC under the same industry code, SIC 3674 (Semiconductors & Related Devices). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, ENPH or MU?
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 MU 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 Micron Technology, 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 2026-09-26. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-09-26. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
ENPH vs MU compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $15/month or $150/year.
Members-only research
MU · Dec 18, 2025
The HBM Capacity TradeSep 22, 2026
Meta jumped 11%. What must happen next to justify the price?Feb 23, 2026
Newmont and the gap between a gold rally and shareholder cash
$15/mo or $150/yr · cancel future renewals anytime · sources included