Is ENPH or FSLR cheaper?

On trailing earnings, FSLR is cheaper: ENPH trades at a 46.74 P/E and FSLR at 16.06.

Which has grown faster, ENPH or FSLR?

Over the past five years, FSLR grew revenue faster — ENPH at a 9.96% CAGR versus FSLR at 12.69%.

Is ENPH or FSLR more profitable?

FSLR runs the higher net margin — ENPH at 9.64% versus FSLR at 30.73%.

Which has been the better investment, ENPH or FSLR?

Over the past 10-year, ENPH delivered the higher annualized total return — ENPH at 36.64% versus FSLR at 18.37%. Past performance doesn't predict future results.

Enphase Energy, Inc. (ENPH) vs First Solar, Inc. (FSLR)

FSLR leads on 13 of 16 compared metrics.

A side-by-side comparison of Enphase Energy, Inc. and First Solar, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of June 26, 2026. The ● marks the stronger figure on each row (cheaper multiple, higher margin/return).

Total return — ENPH vs FSLR

growth of $100 · last 14y

ENPH +543.2%FSLR +892.6%FSLR compounded faster

ENPH FSLR

ENPH vs FSLR: by the numbers

•FSLR is the larger company ($26.72B vs $6.22B market cap).
•FSLR trades at the lower earnings multiple (16.06 vs 46.74 P/E).
•FSLR converts more revenue to profit (30.73% vs 9.64% net margin).
•FSLR grew revenue faster over the past five years (12.69% vs 9.96% CAGR).

Which is better, ENPH or FSLR?

Metric tally: ENPH 3 · FSLR 13

It depends on what you're optimizing for:

ValueFSLR(lower P/E)

GrowthFSLR(faster 5Y revenue CAGR)

QualityFSLR(higher ROIC)

Metrics side by side

Valuation

Metric	ENPH	FSLR
P/E ratio	46.74	16.06●
Forward P/E	20.26	10.33●
P/S ratio	4.43●	4.94
P/B ratio	5.62	2.71●
PEG ratio	0.34●	1.01
EV / EBITDA	27.77	10.74●
FCF yield	2.34%	6.23%●

Profitability

Metric	ENPH	FSLR
Gross margin	44.23%●	41.73%
Operating margin	6.81%	33.17%●
Net margin	9.64%	30.73%●
ROE	12.25%	16.86%●
ROIC	4.79%	14.42%●

Growth (annualized)

Metric	ENPH	FSLR
Revenue CAGR (5Y)	9.96%	12.69%●
EPS CAGR (5Y)	4.13%	30.54%●
FCF CAGR (5Y)	-8.47%	55.54%●
Total return CAGR (5Y)	-23.09%	23.13%●

Frequently asked

Which is better, ENPH or FSLR?: It depends on your goal. value: FSLR (lower P/E); growth: FSLR (faster 5Y revenue CAGR); quality: FSLR (higher ROIC). Across all compared metrics, FSLR leads 13 to 3.
Is ENPH or FSLR cheaper?: On trailing earnings, FSLR is cheaper: ENPH trades at a 46.74 P/E and FSLR at 16.06.
Which has grown faster, ENPH or FSLR?: Over the past five years, FSLR grew revenue faster — ENPH at a 9.96% CAGR versus FSLR at 12.69%.
Is ENPH or FSLR more profitable?: FSLR runs the higher net margin — ENPH at 9.64% versus FSLR at 30.73%.
Which has been the better investment, ENPH or FSLR?: Over the past 10-year, ENPH delivered the higher annualized total return — ENPH at 36.64% versus FSLR at 18.37%. Past performance doesn't predict future results.

Go deeper

Full ENPH analysis Full FSLR analysis Interactive comparison tool

Dig into the metrics

Enphase Energy P/E ratio First Solar P/E ratio Enphase Energy dividend yield First Solar dividend yield Enphase Energy ROE First Solar ROE Enphase Energy operating margin First Solar operating margin Enphase Energy revenue growth First Solar revenue growth Enphase Energy free cash flow First Solar free cash flow

Enphase Energy & First Solar appear in these rankings

Highest Operating Margin Stocks Highest FCF Yield Stocks Best 10-Year Total Return Stocks

Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified June 26, 2026.