Dilution profile // every instrument, one screen, from SEC filings

Enphase Energy, Inc. (ENPH)

CIK 1463101 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGHS-3ASR on file 2023-07-28
= is there a registration (S-1/S-3 family) on file without a later withdrawal
no structured fee data on the live registrations, so this is a yes/no, not a size
Overhead supply
LOWwarrants = 0% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
LOW-4% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
LOWoperating cash flow positive
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2020-07-282026-04-20

Latest: 131.8M shares as of Apr 20, 2026 (10-Q).

Cash runway

Self-funding

profitable · generates cash

Full breakdown: cash runway tool · source filing →

Warrants

Warrants outstanding: 199,458 underlying shares, as reported Apr 4, 2012 (10-K).

Balance-sheet fair value of warrants: $96.4M as of May 20, 2020.

Rough fully diluted estimate: 132.0M = 131.8M O/S + 199,458 warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

NotePrincipalCarryingConv. priceRateIf converted
Convertible Senior Notes Due 2028$575.0M$575.0M$397.910%~1.4M sh
Convertible Senior Notes Due 2026not tagged$0not tagged0%

If every note above converted at its tagged price: ~1.4M new shares on 131.8M currently outstanding. An estimate from principal ÷ conversion price, with inputs carrying different as-of dates; make-whole adjustments, capped calls and partial repurchases are not modeled.

Notes exactly as the company dimensioned them in its 10-Q filed Jul 28, 2026. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding131.8MApr 20, 2026
+ Warrants (aggregate, as tagged) (if exercised)199,458Apr 4, 2012
+ Convertible Senior Notes Due 2028 (if fully converted)1.4MMar 1, 2021
Fully diluted estimate133.4M+1.2% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Last 12 months: 0 executed · 0 registered.

REGISTEREDJul 28, 2023Automatic shelf registration — effective immediately (large filers)S-3ASR
EXECUTEDMar 15, 2021Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDMar 8, 2021Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDMar 1, 2021Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDDec 15, 2020Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDMar 9, 2020Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDJun 5, 2019Unregistered share sale disclosed (8-K item 3.02)8-K
EFFECTIVEApr 17, 2019SEC declared a registration effective — selling can beginEFFECT
UPDATEApr 9, 2019Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEApr 9, 2019Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVEApr 5, 2019SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEApr 5, 2019SEC declared a registration effective — selling can beginEFFECT

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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