ARRY vs ENPH: Array Technologies vs Enphase Stock Comparison: AI Score, Valuation, Performance and Upside
Array Technologies serves utility-scale solar with tracking systems, while Enphase serves residential and commercial solar with microinverter systems and batteries. Both are clean energy companies with different customer bases, both benefiting from IRA tax incentives, but with very different demand drivers.
ARRY vs ENPH is utility-scale solar tracker versus residential microinverter and battery system — Array wins if utility-scale solar development accelerates through IRA; Enphase wins if residential solar volumes recover as interest rates normalize and installer inventory destocking completes.
ENPH holds the edge across 3 of 5 key metrics in this comparison. ENPH has delivered stronger 1-year price return (-18.43% vs -60.87%), though ARRY has the better forward P/E setup (5.15x vs 16.17x for ENPH). On fundamentals, ARRY is growing revenue faster (-5.60%), while ENPH maintains the higher operating margin (17.98%) — a classic growth-versus-profitability split. Analyst consensus implies meaningfully more upside for ARRY (+93.08%) than for ENPH (+25.61%).
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- want utility-scale solar exposure through a market-leading tracker manufacturer
- value IRA utility solar tax credits as a structural demand tailwind
- prefer utility solar's scale advantages over residential solar's interest-rate sensitivity
- believe Array's international expansion adds meaningful revenue diversification
- prefer residential solar with microinverter technology leadership and battery storage expansion
- believe Enphase's inventory destocking cycle is complete and residential demand will normalize
- value Europe solar as a geographic diversification vs US residential rate sensitivity
- want residential solar + battery storage technology that is durable across multiple installer relationships
| Metric | ARRY | ENPH |
|---|---|---|
| AI scorei | 23.1 | 51.7 |
| AI ranki | #3667 | #329 |
| Latest closei | $3.43 | $30.62 |
| 1M returni | -18.33% | -13.89% |
| 3M returni | -43.86% | -26.34% |
| 6M returni | -56.19% | -5.73% |
| 1Y returni | -60.87% | -18.43% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | ARRY | ENPH |
|---|---|---|
| 1Y ago | $3.91K (-60.9%) started 2025-10-16 | $8.15K (-18.5%) started 2025-10-16 |
| 5Y ago | $1.77K (-82.3%) started 2021-10-18 | $1.7K (-83.0%) started 2021-10-18 |
| 10Y ago | $941.02 (-90.6%) started 2020-10-15 | $266.26K (+2562.6%) started 2016-10-17 |
Hypothetical — past performance does not guarantee future results.
| Metric | ARRY | ENPH |
|---|---|---|
| Market capi | $710.68M | $4.92B |
| Trailing P/Ei | N/A | 36.88 |
| Forward P/Ei | 5.15 | 16.17 |
| Price/Salesi | N/A | 3.80 |
| EV/Revenuei | 1.40 | 3.46 |
| Analyst targeti | $8.92 | $46.79 |
| Target upsidei | +93.08% | +25.61% |
| Metric | ARRY | ENPH |
|---|---|---|
| Revenue growthi | -5.60% | -19.60% |
| Earnings growthi | -73.20% | -3.50% |
| EPS growthi | -73.20% | -3.50% |
| FCF margini | +11.16% | +5.90% |
| Operating margini | 10.88% | 17.98% |
| Profit margini | -7.25% | 10.09% |
| ROIC proxyi | -25.98% | 13.00% |
| Return on equityi | -25.98% | 13.00% |
| Dividend yieldi | N/A | N/A |
| Payout ratioi | 0.00% | 0.00% |
| Dividend growth streaki | N/A | N/A |
| Betai | 1.77 | 1.65 |
| Debt/equityi | 254.27 | 51.90 |
| Current ratioi | 2.20 | 3.45 |
| Quick ratioi | 1.68 | 2.53 |
Over the past year, ARRY and ENPH have moved moderately in the same direction (correlation of 0.52), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | ARRY | ENPH |
|---|---|---|---|
| 1Y | Growthi | -60.87% | -18.48% |
| CAGRi | -60.89% | -18.50% | |
| Volatilityi | 74.24% | 82.43% | |
| Sharpe ratioi | -0.93 | 0.09 | |
| Sortino ratioi | -1.19 | 0.15 | |
| Max drawdowni | 71.74% | 59.42% | |
| Current drawdowni | 71.32% | 57.67% | |
| Avg drawdowni | 32.44% | 26.75% | |
| Ulcer Indexi | 39.27% | 31.87% | |
| Max daily dropi | 33.82% | 18.01% | |
| Max wkly dropi | 33.55% | 26.73% | |
| 5Y | Growthi | -82.33% | -82.99% |
| CAGRi | -29.32% | -29.85% | |
| Volatilityi | 81.69% | 70.94% | |
| Sharpe ratioi | -0.07 | -0.21 | |
| Sortino ratioi | -0.11 | -0.31 | |
| Max drawdowni | 87.52% | 92.23% | |
| Current drawdowni | 87.34% | 90.89% | |
| Avg drawdowni | 54.07% | 60.48% | |
| Ulcer Indexi | 58.58% | 66.50% | |
| Max daily dropi | 33.82% | 25.73% | |
| Max wkly dropi | 33.55% | 33.19% | |
| 10Y | Growthi | -90.59% | +2562.61% |
| CAGRi | -32.55% | +38.86% | |
| Volatilityi | 81.06% | 77.77% | |
| Sharpe ratioi | -0.13 | 0.75 | |
| Sortino ratioi | -0.18 | 1.17 | |
| Max drawdowni | 93.38% | 92.23% | |
| Current drawdowni | 93.28% | 90.89% | |
| Avg drawdowni | 70.10% | 40.34% | |
| Ulcer Indexi | 72.80% | 50.46% | |
| Max daily dropi | 46.05% | 26.00% | |
| Max wkly dropi | 45.90% | 42.51% |
| Category | ARRY | ENPH |
|---|---|---|
| Company | Array Technologies, Inc. | Enphase Energy, Inc. |
| Sector | Technology | Technology |
| Industry | Solar | Solar |
| Core business | Manufacturer of solar tracking systems for utility-scale solar farms. Array's DuraTrack system moves solar panels to follow the sun, increasing energy output by 20-30% vs fixed-tilt installations. Array serves large solar project developers across the US and internationally. | Manufacturer of microinverter systems and energy management technology for residential and commercial solar. Enphase's IQ microinverters convert DC solar power to AC at each panel, improving system-level reliability. Enphase also sells batteries (IQ Battery) and EV chargers. |
| Investor focus | Utility-scale solar project bookings, revenue backlog, gross margin recovery, international expansion, and utility solar IRA incentive flow-through. | Residential solar installation volumes in the US and Europe, microinverter market share vs SolarEdge, IQ Battery attach rate, and inventory normalization. |
- Utility-scale solar tracker market leader with a significant installed base and recurring service revenue from O&M contracts
- IRA investment tax credits for utility solar provide a strong demand tailwind for new solar farm development
- Array's OmniTrack and DuraTrack systems are designed for durability and ease of installation, reducing total project cost
- Microinverter architecture provides panel-level monitoring and better production even when individual panels are shaded — a genuine technical advantage
- IQ Battery integration with solar creates a full-home energy system that is difficult for installers to replace piecemeal
- Europe solar expansion provides geographic diversification as US residential solar faces incentive uncertainty
- Array's margins have been pressured by commodity cost volatility (steel) and project execution challenges
- Competition from NEXTracker (Flex), Arctech, and other tracker manufacturers creates pricing pressure
- Utility solar project timelines are lumpy — interconnection delays and permitting slow project completion regardless of demand
- Enphase severely over-shipped in 2022-2023, leading to massive installer inventory destocking that suppressed revenue through 2024
- Residential solar demand is highly sensitive to interest rates — high financing costs reduce solar adoption significantly
- SolarEdge competes directly with Enphase microinverters and has been gaining price share in some installer networks
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