ENPH Enphase Energy, Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q1 2026: $100M, Q3 2025: $50M, Q2 2025: $100M, Q1 2025: $42M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $100M vs trailing avg $64M (+56%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-122M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 0 shares = 0.0% of 131,080,000 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

5 open-market purchases by 1 insiders

• Kothandaraman Badrinarayanan (President & CEO) bought 750 shares at $51.06 on 2026-02-05
• Kothandaraman Badrinarayanan (President & CEO) bought 4,250 shares at $52.14 on 2026-02-05
• Kothandaraman Badrinarayanan (President & CEO) bought 5,000 shares at $30.69 on 2025-11-10
• Kothandaraman Badrinarayanan (President & CEO) bought 10,000 shares at $30.93 on 2025-10-31
• Kothandaraman Badrinarayanan (President & CEO) bought 5,000 shares at $30.82 on 2025-08-06

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 4 quarters and 5 insider purchases by 1 insiders (no calendar overlap, but both independently active)

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $6M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 12.1x more than bought. 1 C-suite officers among sellers

• Yang Mandy (EVP, Chief Financial Officer) sold 6,000 shares on 2025-12-12