The aim of the present study is the analytical and numerical determination of the effective stress-strain behavior of solid foams made from hyperelastic materials in the finite strain regime. For the homogenization of the microstructure, a strain energy-based concept is proposed which assumes macroscopic mechanical equivalence of a representative volume element for the given microstructure with a similar homogeneous volume element if the strain energy of both volume elements is equivalent, provided that the volume average of the deformation gradient is equal for both volume elements. The concept is applied to an analysis of hyperelastic solid foams using a two-dimensional model. The effective stress-strain behavior is analyzed under uniaxial and biaxial loading conditions in the tensile and in the compressive range as well as under simple shear deformation. It is observed that the effective mechanical behavior of cellular solids at infinitesimal and finite deformation is essentially different on both, the quantitative and the qualitative level.