Enphase Energy (ENPH) Financials

$54.55 +2.66 (+5.13%)

As of 04/14/2025 04:00 PM Eastern

Annual Income Statements for Enphase Energy

This table shows Enphase Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-22	-67	-45	-12	161	134	145	397	439	103
Consolidated Net Income / (Loss)	-22	-67	-45	-12	161	134	145	397	439	103
Net Income / (Loss) Continuing Operations	-19	-67	-45	-12	161	134	145	397	439	103
Total Pre-Tax Income	-21	-66	-45	-10	90	119	121	452	513	120
Total Operating Income	-19	-63	-39	1.60	103	186	216	448	446	77
Total Gross Profit	108	58	56	94	221	346	554	975	1,058	629
Total Revenue	357	323	286	316	624	774	1,382	2,331	2,291	1,330
Operating Revenue	357	323	286	316	624	774	1,382	2,331	2,291	1,330
Total Cost of Revenue	249	265	230	222	403	428	828	1,356	1,232	701
Operating Cost of Revenue	249	265	230	222	403	428	828	1,356	1,232	701
Total Operating Expenses	128	121	95	93	119	160	339	526	613	552
Selling, General & Admin Expense	31	27	22	29	39	51	104	140	138	131
Marketing Expense	46	39	23	27	37	53	129	215	232	207
Research & Development Expense	51	51	33	33	40	56	106	169	227	201
Restructuring Charge	0.00	3.78	17	4.13	2.60	0.00	-	2.38	16	13
Total Other Income / (Expense), net	-1.39	-3.29	-5.96	-12	-13	-67	-95	3.79	67	43
Interest Expense	0.50	2.77	8.21	11	9.69	21	45	9.44	8.84	8.91
Interest & Investment Income	-	-	0.28	1.06	2.51	2.16	0.70	14	70	77
Other Income / (Expense), net	-0.89	-0.51	1.97	-2.19	-5.44	-48	-50	-0.43	6.51	-26
Income Tax Expense	1.38	1.48	-0.15	1.40	-71	-15	-25	55	74	18
Basic Earnings per Share	($0.49)	($1.34)	($0.54)	($0.12)	$1.38	$1.07	$1.09	$2.94	$3.22	$0.76
Weighted Average Basic Shares Outstanding	44.63M	50.52M	82.94M	99.62M	116.71M	125.56M	134.03M	135.35M	136.38M	135.17M
Diluted Earnings per Share	($0.49)	($1.34)	($0.54)	($0.12)	$1.23	$0.95	$1.02	$2.77	$3.08	$0.75
Weighted Average Diluted Shares Outstanding	44.63M	50.52M	82.94M	99.62M	131.64M	141.92M	142.88M	144.39M	143.29M	140.00M
Weighted Average Basic & Diluted Shares Outstanding	44.63M	50.52M	82.94M	99.62M	123.18M	129.02M	133.94M	136.50M	135.76M	132.47M

This table shows Enphase Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	115	154	147	157	114	21	-16	11	46	62
Consolidated Net Income / (Loss)	115	154	147	157	114	21	-16	11	46	62
Net Income / (Loss) Continuing Operations	115	154	147	157	114	21	-16	11	46	62
Total Pre-Tax Income	134	168	179	185	137	12	-11	11	51	70
Total Operating Income	135	157	168	170	118	-10	-29	1.80	50	55
Total Gross Profit	268	311	326	323	262	147	116	137	178	198
Total Revenue	635	725	726	711	551	303	263	303	381	383
Operating Revenue	635	725	726	711	551	303	263	303	381	383
Total Cost of Revenue	367	414	400	388	289	156	148	166	203	184
Operating Cost of Revenue	367	414	400	388	289	156	148	166	203	184
Total Operating Expenses	132	154	159	153	144	157	145	135	128	143
Selling, General & Admin Expense	32	37	36	34	34	33	35	34	30	32
Marketing Expense	55	65	65	58	55	53	53	52	50	52
Research & Development Expense	44	50	57	60	55	55	54	49	48	50
Restructuring Charge	0.59	1.79	0.69	0.18	0.00	15	1.91	1.17	0.68	9.40
Total Other Income / (Expense), net	-1.19	11	11	14	19	22	18	9.42	0.96	15
Interest Expense	2.26	2.28	2.16	2.22	2.20	2.27	2.20	2.22	2.24	2.25
Interest & Investment Income	3.68	8.72	13	17	20	20	20	19	20	18
Other Income / (Expense), net	-2.61	4.78	0.43	-0.03	1.88	4.23	0.09	-7.57	-17	-1.27
Income Tax Expense	19	14	32	27	23	-8.69	4.60	0.38	4.98	7.54
Basic Earnings per Share	$0.85	$1.13	$1.07	$1.15	$0.84	$0.16	($0.12)	$0.08	$0.34	$0.46
Weighted Average Basic Shares Outstanding	135.63M	135.35M	136.69M	136.61M	136.17M	136.38M	135.89M	135.65M	135.33M	135.17M
Diluted Earnings per Share	$0.80	$1.06	$1.02	$1.09	$0.80	$0.17	($0.12)	$0.08	$0.33	$0.46
Weighted Average Diluted Shares Outstanding	145.96M	144.39M	145.99M	145.10M	143.86M	143.29M	135.89M	136.12M	139.91M	140.00M
Weighted Average Basic & Diluted Shares Outstanding	135.92M	136.50M	137.04M	136.36M	136.55M	135.76M	136.06M	135.42M	135.11M	132.47M

This table details how cash moves in and out of Enphase Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-14	-11	11	77	190	383	-560	354	-184	175
Net Cash From Operating Activities	-21	-33	-28	16	139	216	352	745	697	514
Net Cash From Continuing Operating Activities	-21	-33	-28	16	137	216	352	745	697	514
Net Income / (Loss) Continuing Operations	-22	-67	-45	-12	161	134	145	397	439	103
Consolidated Net Income / (Loss)	-22	-67	-45	-12	161	134	145	397	439	103
Depreciation Expense	11	11	9.00	9.67	14	18	31	59	75	81
Amortization Expense	0.16	0.15	1.67	2.70	6.08	19	46	5.54	-7.18	0.05
Non-Cash Adjustments To Reconcile Net Income	15	16	7.29	5.22	33	96	173	275	274	249
Changes in Operating Assets and Liabilities, net	-25	7.75	-1.21	10	-78	-51	-43	7.99	-84	81
Net Cash From Investing Activities	-12	-12	-4.12	-19	-15	-26	-1,220	-372	-366	128
Net Cash From Continuing Investing Activities	-12	-12	-4.12	-19	-15	-26	-1,220	-372	-366	128
Purchase of Property, Plant & Equipment	-13	-12	-4.12	-4.15	-15	-21	-52	-46	-110	-34
Acquisitions	-0.24	-0.68	0.00	-15	0.00	0.00	-236	-62	0.00	0.00
Purchase of Investments	-	-	-	0.00	0.00	0.00	-935	-907	-2,081	-1,185
Sale and/or Maturity of Investments	-	-	-	-	0.00	0.00	35	660	1,840	1,347
Other Investing Activities, net	0.30	-	-	-	-	-5.01	-31	-16	-15	0.00
Net Cash From Financing Activities	21	34	43	81	66	192	309	-17	-517	-460
Net Cash From Continuing Financing Activities	21	34	43	81	66	192	309	-17	-517	-460
Repayment of Debt	-29	-17	-10	-9.98	-52	-2.58	-1.69	0.00	0.00	-0.01
Repurchase of Common Equity	-	-	-	-	0.00	0.00	-500	0.00	-410	-394
Issuance of Common Equity	4.01	17	27	23	35	80	228	10	14	13
Other Financing Activities, net	-0.30	-	0.00	0.00	-45	-157	-315	-27	-121	-79
Effect of Exchange Rate Changes	-0.52	-0.32	-	-0.50	-	0.83	-1.96	-1.86	1.85	-6.32
Cash Interest Paid	0.36	2.70	5.82	6.34	2.69	1.88	0.73	0.46	0.46	0.26
Cash Income Taxes Paid	0.59	1.15	0.91	0.78	1.76	3.45	4.82	33	75	33

This table details how cash moves in and out of Enphase Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-158	136	-187	-7.37	11	-1.33	-35	-1.55	4.22	208
Net Cash From Operating Activities	188	254	246	269	146	35	49	127	170	167
Net Cash From Continuing Operating Activities	188	254	246	269	146	35	49	127	170	167
Net Income / (Loss) Continuing Operations	115	154	147	157	114	21	-16	11	46	62
Consolidated Net Income / (Loss)	115	154	147	157	114	21	-16	11	46	62
Depreciation Expense	15	16	17	18	19	21	20	20	20	21
Amortization Expense	1.45	-2.65	-5.51	-8.05	7.21	-0.82	4.96	1.13	-0.73	-5.30
Non-Cash Adjustments To Reconcile Net Income	29	121	73	38	43	120	60	51	74	64
Changes in Operating Assets and Liabilities, net	28	-35	16	64	-38	-125	-20	44	31	26
Net Cash From Investing Activities	-338	-118	-364	-64	-15	76	18	-28	-112	251
Net Cash From Continuing Investing Activities	-338	-118	-364	-64	-15	76	18	-28	-112	251
Purchase of Property, Plant & Equipment	-8.95	-16	-22	-44	-24	-20	-7.37	-9.64	-8.53	-8.06
Purchase of Investments	-512	-335	-695	-578	-471	-338	-472	-300	-319	-93
Sale and/or Maturity of Investments	184	283	354	557	495	434	497	282	215	352
Net Cash From Financing Activities	-3.90	-3.01	-72	-212	-118	-115	-101	-101	-56	-203
Net Cash From Continuing Financing Activities	-3.90	-3.01	-72	-212	-118	-115	-101	-101	-56	-203
Repurchase of Common Equity	-	-	0.00	-200	-110	-100	-42	-100	-50	-202
Issuance of Common Equity	0.69	5.09	0.04	0.56	0.72	13	1.19	6.77	0.01	4.72
Other Financing Activities, net	-4.59	-8.10	-72	-13	-8.47	-28	-60	-7.47	-6.29	-5.01
Effect of Exchange Rate Changes	-4.00	3.09	1.90	-0.33	-1.90	2.18	-1.18	-0.37	2.64	-7.41

This table presents Enphase Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	166	164	169	340	713	1,200	2,079	3,084	3,383	3,250
Total Current Assets	122	118	130	222	500	933	1,462	2,264	2,444	2,327
Cash & Equivalents	28	18	29	106	251	679	119	473	289	369
Restricted Cash	-	-	-	0.00	45	-	-	-	0.00	95
Short-Term Investments	-	-	-	-	-	-	897	1,140	1,406	1,253
Accounts Receivable	46	61	65	79	145	182	334	441	446	224
Inventories, net	41	32	26	16	32	42	74	150	214	165
Prepaid Expenses	6.42	7.12	9.96	21	26	30	38	61	89	221
Plant, Property, & Equipment, net	32	31	26	21	29	43	82	111	168	148
Total Noncurrent Assets	12	14	12	97	185	224	535	709	771	775
Goodwill	3.75	3.66	3.66	25	25	25	181	214	215	212
Intangible Assets	2.22	0.95	0.52	35	31	29	98	100	69	42
Noncurrent Deferred & Refundable Income Taxes	-	-	-	0.00	75	93	122	205	252	316
Other Noncurrent Operating Assets	5.68	9.66	8.04	37	55	78	133	191	236	206
Total Liabilities & Shareholders' Equity	166	164	169	340	713	1,200	2,079	3,084	3,383	3,250
Total Liabilities	124	162	178	332	441	716	1,649	2,259	2,399	2,417
Total Current Liabilities	73	83	92	147	199	534	440	638	532	660
Short-Term Debt	17	13	17	28	2.88	326	86	91	0.00	101
Accounts Payable	26	32	29	49	57	73	114	125	116	90
Accrued Expenses	26	32	30	37	57	88	177	331	298	232
Current Deferred Revenue	3.92	6.41	16	33	82	48	63	91	118	237
Total Noncurrent Liabilities	51	80	87	185	242	182	1,209	1,620	1,867	1,757
Long-Term Debt	0.00	21	32	82	103	4.90	952	1,199	1,294	1,201
Noncurrent Deferred Revenue	25	34	30	77	100	125	187	282	369	342
Other Noncurrent Operating Liabilities	26	25	24	26	39	52	71	139	204	213
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	41	1.30	-9.13	7.78	272	484	430	826	984	833
Total Preferred & Common Equity	41	1.30	-9.13	7.78	272	484	430	826	984	833
Total Common Equity	41	1.30	-9.13	7.78	272	484	430	826	984	833
Common Stock	225	252	287	353	458	535	838	819	939	1,085
Retained Earnings	-183	-251	-296	-346	-185	-51	-406	17	46	-245
Accumulated Other Comprehensive Income / (Loss)	-0.21	-0.29	-0.66	0.74	-0.92	0.43	-2.02	-11	-1.99	-6.35

This table presents Enphase Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	2,698	3,084	3,381	3,466	3,554	3,383	3,233	3,167	3,264	3,250
Total Current Assets	1,983	2,264	2,513	2,561	2,599	2,444	2,303	2,242	2,361	2,327
Cash & Equivalents	338	473	286	279	290	289	254	252	256	369
Restricted Cash	-	-	-	-	-	0.00	-	-	-	95
Short-Term Investments	1,080	1,140	1,492	1,522	1,494	1,406	1,376	1,394	1,510	1,253
Accounts Receivable	368	441	516	520	560	446	364	277	232	224
Inventories, net	146	150	151	166	174	214	208	176	159	165
Prepaid Expenses	51	61	68	74	80	89	101	142	203	221
Plant, Property, & Equipment, net	92	111	133	152	173	168	158	152	148	148
Total Noncurrent Assets	623	709	735	753	782	771	772	773	755	775
Goodwill	196	214	214	214	213	215	214	213	214	212
Intangible Assets	91	100	93	86	79	69	63	57	51	42
Noncurrent Deferred & Refundable Income Taxes	178	205	223	235	254	252	262	279	276	316
Other Noncurrent Operating Assets	159	191	206	218	236	236	234	224	214	206
Total Liabilities & Shareholders' Equity	2,698	3,084	3,381	3,466	3,554	3,383	3,233	3,167	3,264	3,250
Total Liabilities	2,088	2,259	2,411	2,493	2,539	2,399	2,310	2,282	2,333	2,417
Total Current Liabilities	550	638	729	744	774	532	554	530	567	660
Short-Term Debt	90	91	92	93	95	0.00	97	99	100	101
Accounts Payable	93	125	106	79	90	116	72	80	112	90
Accrued Expenses	288	331	431	462	476	298	265	228	226	232
Current Deferred Revenue	80	91	100	109	114	118	120	124	130	237
Total Noncurrent Liabilities	1,538	1,620	1,681	1,750	1,765	1,867	1,756	1,752	1,765	1,757
Long-Term Debt	1,199	1,199	1,200	1,201	1,197	1,294	1,199	1,199	1,200	1,201
Noncurrent Deferred Revenue	240	282	322	354	366	369	359	353	354	342
Other Noncurrent Operating Liabilities	99	139	159	194	202	204	198	200	211	213
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	610	826	970	973	1,015	984	923	885	931	833
Total Preferred & Common Equity	610	826	970	973	1,015	984	923	885	931	833
Total Common Equity	610	826	970	973	1,015	984	923	885	931	833
Common Stock	762	819	813	858	899	939	941	993	1,033	1,085
Retained Earnings	-136	17	164	190	125	46	-12	-101	-105	-245
Accumulated Other Comprehensive Income / (Loss)	-16	-11	-6.73	-6.85	-9.76	-1.99	-6.77	-7.95	3.26	-6.35

This table displays calculated financial ratios and metrics derived from Enphase Energy's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.88%	-9.70%	-11.29%	10.48%	97.47%	24.04%	78.46%	68.65%	-1.72%	-41.92%
EBITDA Growth	-386.23%	-451.91%	49.02%	144.05%	897.89%	49.10%	38.26%	111.44%	1.49%	-74.37%
EBIT Growth	-272.52%	-212.91%	40.83%	98.41%	16,479.12%	42.10%	19.62%	170.78%	0.99%	-88.56%
NOPAT Growth	-335.97%	-224.72%	37.20%	104.05%	16,343.52%	13.88%	24.08%	51.79%	-3.24%	-82.68%
Net Income Growth	-174.24%	-205.51%	33.01%	74.27%	1,485.98%	-16.85%	8.55%	173.20%	10.46%	-76.61%
EPS Growth	0.00%	-173.47%	59.70%	77.78%	1,125.00%	-22.76%	7.37%	171.57%	11.19%	-75.65%
Operating Cash Flow Growth	-187.36%	-55.73%	13.69%	156.72%	762.06%	55.56%	62.72%	111.58%	-6.45%	-26.28%
Free Cash Flow Firm Growth	-1,543.98%	18.82%	31.02%	105.91%	8,784.42%	37.04%	-136.10%	709.96%	-11.71%	-23.67%
Invested Capital Growth	509.70%	-41.87%	-34.15%	-1.38%	621.13%	65.93%	233.01%	11.51%	15.75%	-28.25%
Revenue Q/Q Growth	-9.97%	8.39%	-3.68%	4.16%	23.24%	7.62%	11.98%	15.45%	-15.56%	6.41%
EBITDA Q/Q Growth	-248.32%	6.12%	25.74%	135.95%	57.63%	26.65%	-0.40%	20.98%	-23.66%	70.07%
EBIT Q/Q Growth	-417.87%	5.46%	19.96%	90.74%	76.02%	28.51%	-7.69%	28.36%	-27.05%	765.78%
NOPAT Q/Q Growth	-782.90%	7.49%	16.81%	128.80%	201.74%	-28.25%	-6.49%	27.47%	-27.21%	449.89%
Net Income Q/Q Growth	-274.46%	3.70%	18.48%	23.89%	256.59%	-24.58%	-12.30%	34.15%	-23.23%	67.15%
EPS Q/Q Growth	0.00%	11.84%	21.74%	20.00%	261.76%	-26.92%	-15.00%	33.17%	-22.42%	63.04%
Operating Cash Flow Q/Q Growth	-3.58%	-61.23%	7.93%	30.70%	259.62%	-7.72%	3.83%	26.61%	-23.85%	34.53%
Free Cash Flow Firm Q/Q Growth	14.65%	-38.98%	-0.54%	-81.84%	1,391.59%	-32.54%	-150.00%	216.61%	-37.39%	231.77%
Invested Capital Q/Q Growth	-36.82%	-22.75%	5.04%	47,075.00%	53.17%	18.29%	61.14%	4.58%	11.47%	-10.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.29%	17.98%	19.58%	29.87%	35.44%	44.68%	40.12%	41.81%	46.20%	47.29%
EBITDA Margin	-2.66%	-16.25%	-9.34%	3.72%	18.82%	22.62%	17.53%	21.97%	22.69%	10.01%
Operating Margin	-5.40%	-19.44%	-13.76%	0.50%	16.45%	24.07%	15.62%	19.23%	19.46%	5.81%
EBIT Margin	-5.65%	-19.60%	-13.07%	-0.19%	15.58%	17.85%	11.97%	19.21%	19.74%	3.89%
Profit (Net Income) Margin	-6.18%	-20.91%	-15.79%	-3.68%	25.81%	17.30%	10.52%	17.05%	19.16%	7.72%
Tax Burden Percent	106.66%	102.24%	99.67%	113.67%	178.83%	112.21%	120.28%	87.90%	85.54%	85.44%
Interest Burden Percent	102.48%	104.39%	121.22%	1,722.05%	92.62%	86.37%	73.12%	100.94%	113.46%	232.16%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	-78.83%	-12.21%	-20.28%	12.10%	14.46%	14.56%
Return on Invested Capital (ROIC)	-77.42%	-185.06%	-190.65%	9.80%	395.20%	192.71%	88.50%	82.58%	70.26%	13.21%
ROIC Less NNEP Spread (ROIC-NNEP)	-45.39%	-1,191.55%	-286.60%	-95.73%	419.33%	220.62%	158.21%	80.38%	54.33%	4.23%
Return on Net Nonoperating Assets (RNNOA)	27.46%	-130.56%	1,345.57%	1,712.72%	-280.09%	-157.27%	-56.68%	-19.30%	-21.73%	-1.90%
Return on Equity (ROE)	-49.96%	-315.62%	1,154.92%	1,722.52%	115.11%	35.44%	31.82%	63.29%	48.52%	11.30%
Cash Return on Invested Capital (CROIC)	-221.06%	-132.10%	-149.46%	11.19%	243.92%	143.12%	-19.12%	71.70%	55.65%	46.11%
Operating Return on Assets (OROA)	-12.72%	-38.42%	-22.48%	-0.23%	18.48%	14.45%	10.09%	17.35%	13.99%	1.56%
Return on Assets (ROA)	-13.90%	-41.00%	-27.16%	-4.57%	30.60%	14.01%	8.87%	15.39%	13.57%	3.10%
Return on Common Equity (ROCE)	-49.96%	-315.62%	1,154.92%	1,722.52%	115.11%	35.44%	31.82%	63.29%	48.52%	11.30%
Return on Equity Simple (ROE_SIMPLE)	-53.28%	0.00%	495.20%	-149.52%	59.20%	27.69%	33.81%	48.13%	44.62%	12.32%
Net Operating Profit after Tax (NOPAT)	-14	-44	-28	1.12	184	209	260	394	381	66
NOPAT Margin	-3.78%	-13.61%	-9.63%	0.35%	29.42%	27.02%	18.78%	16.91%	16.64%	4.96%
Net Nonoperating Expense Percent (NNEP)	-32.03%	1,006.49%	95.95%	105.53%	-24.12%	-27.91%	-69.70%	2.21%	15.93%	8.97%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	18.62%	16.74%	3.09%
Cost of Revenue to Revenue	69.71%	82.02%	80.42%	70.13%	64.56%	55.32%	59.88%	58.19%	53.80%	52.71%
SG&A Expenses to Revenue	8.63%	8.50%	7.77%	9.20%	6.22%	6.55%	7.53%	6.01%	6.02%	9.83%
R&D to Revenue	14.23%	15.72%	11.59%	10.31%	6.47%	7.22%	7.64%	7.24%	9.92%	15.13%
Operating Expenses to Revenue	35.70%	37.42%	33.34%	29.37%	18.98%	20.60%	24.50%	22.58%	26.74%	41.48%
Earnings before Interest and Taxes (EBIT)	-20	-63	-37	-0.59	97	138	165	448	452	52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-9.50	-52	-27	12	117	175	242	512	520	133
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.84	48.10	0.00	64.68	11.75	45.80	57.38	43.62	18.34	11.14
Price to Tangible Book Value (P/TBV)	4.48	0.00	0.00	0.00	14.75	51.50	163.28	70.28	25.76	16.02
Price to Revenue (P/Rev)	0.45	0.19	0.72	1.59	5.12	28.62	17.86	15.45	7.88	6.97
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	19.84	165.44	169.69	90.63	41.11	90.39
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	5.04%	0.60%	0.59%	1.10%	2.43%	1.11%
Enterprise Value to Invested Capital (EV/IC)	4.92	4.51	19.75	44.73	36.83	161.05	54.75	70.95	30.30	21.22
Enterprise Value to Revenue (EV/Rev)	0.41	0.24	0.79	1.60	4.82	28.17	17.87	15.31	7.70	6.66
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	43.02	25.60	124.55	101.99	69.69	33.94	66.55
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	30.91	157.82	149.36	79.70	39.01	171.26
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	453.35	16.37	104.29	95.15	90.58	46.27	134.23
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	31.40	21.63	100.86	70.17	47.92	25.32	17.26
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	396.86	26.52	140.43	0.00	104.33	58.41	38.44
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.41	26.08	-5.45	14.12	0.39	0.68	2.41	1.56	1.32	1.56
Long-Term Debt to Equity	0.00	15.98	-3.54	10.50	0.38	0.01	2.21	1.45	1.32	1.44
Financial Leverage	-0.61	0.11	-4.70	-17.89	-0.67	-0.71	-0.36	-0.24	-0.40	-0.45
Leverage Ratio	3.59	7.70	-42.52	-377.10	3.76	2.53	3.59	4.11	3.57	3.65
Compound Leverage Factor	3.68	8.04	-51.54	-6,493.85	3.48	2.19	2.62	4.15	4.06	8.48
Debt to Total Capital	29.09%	96.31%	122.46%	93.39%	27.94%	40.60%	70.69%	60.98%	56.81%	60.99%
Short-Term Debt to Total Capital	29.09%	37.31%	42.90%	23.95%	0.76%	40.00%	5.86%	4.30%	0.00%	4.74%
Long-Term Debt to Total Capital	0.00%	59.00%	79.56%	69.44%	27.18%	0.60%	64.83%	56.69%	56.81%	56.25%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	70.91%	3.69%	-22.46%	6.61%	72.06%	59.40%	29.31%	39.02%	43.19%	39.01%
Debt to EBITDA	-1.79	-0.65	-1.86	9.32	0.90	1.89	4.28	2.52	2.49	9.78
Net Debt to EBITDA	1.21	-0.31	-0.77	0.30	-1.62	-1.99	0.09	-0.63	-0.77	-3.12
Long-Term Debt to EBITDA	0.00	-0.40	-1.21	6.93	0.87	0.03	3.93	2.34	2.49	9.02
Debt to NOPAT	-1.26	-0.77	-1.80	98.27	0.57	1.58	4.00	3.27	3.39	19.72
Net Debt to NOPAT	0.85	-0.37	-0.75	3.17	-1.04	-1.67	0.08	-0.82	-1.05	-6.29
Long-Term Debt to NOPAT	0.00	-0.47	-1.17	73.06	0.56	0.02	3.67	3.04	3.39	18.19
Altman Z-Score	1.33	-0.96	-0.52	0.67	5.82	19.94	10.22	11.44	6.33	3.28
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.67	1.42	1.42	1.51	2.51	1.75	3.33	3.55	4.59	3.53
Quick Ratio	1.02	0.95	1.03	1.26	1.99	1.61	3.07	3.22	4.02	2.80
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-39	-31	-22	1.28	113	155	-56	342	302	231
Operating Cash Flow to CapEx	-168.94%	-270.84%	-690.17%	388.63%	940.40%	1,052.31%	673.63%	1,603.72%	631.14%	1,528.67%
Free Cash Flow to Firm to Interest Expense	-77.03	-11.30	-2.63	0.12	11.70	7.40	-1.24	36.25	34.17	25.89
Operating Cash Flow to Interest Expense	-42.24	-11.88	-3.46	1.51	14.35	10.30	7.80	78.92	78.83	57.69
Operating Cash Flow Less CapEx to Interest Expense	-67.24	-16.27	-3.97	1.12	12.82	9.32	6.64	74.00	66.34	53.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.25	1.96	1.72	1.24	1.19	0.81	0.84	0.90	0.71	0.40
Accounts Receivable Turnover	7.83	6.02	4.53	4.38	5.57	4.73	5.36	6.02	5.17	3.97
Inventory Turnover	7.98	7.27	7.94	10.49	16.68	11.61	14.25	12.10	6.78	3.70
Fixed Asset Turnover	11.35	10.15	9.88	13.32	25.01	21.54	22.09	24.09	16.39	8.43
Accounts Payable Turnover	10.40	9.24	7.61	5.72	7.59	6.59	8.88	11.36	10.22	6.80
Days Sales Outstanding (DSO)	46.60	60.60	80.59	83.29	65.58	77.20	68.11	60.64	70.65	91.87
Days Inventory Outstanding (DIO)	45.72	50.19	45.96	34.79	21.88	31.44	25.62	30.16	53.80	98.53
Days Payable Outstanding (DPO)	35.09	39.50	47.93	63.83	48.11	55.41	41.10	32.14	35.73	53.66
Cash Conversion Cycle (CCC)	57.23	71.29	78.62	54.25	39.35	53.23	52.63	58.66	88.73	136.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	30	17	11	11	82	135	451	503	582	418
Invested Capital Turnover	20.46	13.60	19.79	27.73	13.43	7.13	4.71	4.89	4.22	2.66
Increase / (Decrease) in Invested Capital	25	-13	-5.96	-0.16	70	54	316	52	79	-165
Enterprise Value (EV)	148	79	227	506	3,007	21,819	24,702	35,692	17,643	8,864
Market Capitalization	159	63	206	503	3,198	22,168	24,681	36,014	18,044	9,279
Book Value per Share	$0.91	$0.02	($0.11)	$0.07	$2.22	$3.83	$3.19	$6.07	$7.20	$6.17
Tangible Book Value per Share	$0.78	($0.05)	($0.16)	($0.49)	$1.77	$3.41	$1.12	$3.77	$5.13	$4.29
Total Capital	58	35	41	118	378	815	1,468	2,116	2,277	2,135
Total Debt	17	34	50	110	106	331	1,038	1,290	1,294	1,302
Total Long-Term Debt	0.00	21	32	82	103	4.90	952	1,199	1,294	1,201
Net Debt	-11	16	21	3.55	-191	-349	21	-322	-401	-415
Capital Expenditures (CapEx)	13	12	4.12	4.15	15	21	52	46	110	34
Debt-free, Cash-free Net Working Capital (DFCFNWC)	37	30	27	-2.94	7.12	46	92	104	216	51
Debt-free Net Working Capital (DFNWC)	66	48	56	103	303	725	1,109	1,717	1,911	1,768
Net Working Capital (NWC)	49	35	39	75	300	399	1,023	1,626	1,911	1,667
Net Nonoperating Expense (NNE)	8.57	24	18	13	23	75	114	-3.33	-58	-37
Net Nonoperating Obligations (NNO)	-11	16	21	3.55	-191	-349	21	-322	-401	-415
Total Depreciation and Amortization (D&A)	11	11	11	12	20	37	77	64	68	81
Debt-free, Cash-free Net Working Capital to Revenue	10.49%	9.44%	9.43%	-0.93%	1.14%	5.89%	6.66%	4.47%	9.43%	3.81%
Debt-free Net Working Capital to Revenue	18.45%	14.95%	19.62%	32.67%	48.57%	93.62%	80.22%	73.66%	83.42%	132.92%
Net Working Capital to Revenue	13.69%	10.88%	13.53%	23.77%	48.11%	51.52%	74.00%	69.76%	83.42%	125.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	($0.12)	$1.38	$0.00	$1.09	$2.94	$3.22	$0.76
Adjusted Weighted Average Basic Shares Outstanding	46.40M	82.53M	95.83M	108.52M	116.71M	0.00	134.03M	135.35M	136.38M	135.17M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.12)	$1.23	$0.00	$1.02	$2.77	$3.08	$0.75
Adjusted Weighted Average Diluted Shares Outstanding	46.40M	82.53M	95.83M	108.52M	131.64M	0.00	142.88M	144.39M	143.29M	140.00M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.12)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	44.63M	50.52M	82.94M	99.62M	123.18M	0.00	133.94M	136.50M	135.76M	132.47M
Normalized Net Operating Profit after Tax (NOPAT)	-14	-41	-16	4.01	74	131	151	396	395	77
Normalized NOPAT Margin	-3.78%	-12.79%	-5.49%	1.27%	11.81%	16.85%	10.93%	17.00%	17.23%	5.81%
Pre Tax Income Margin	-5.80%	-20.46%	-15.84%	-3.24%	14.43%	15.42%	8.75%	19.39%	22.40%	9.03%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-40.32	-22.80	-4.55	-0.06	10.04	6.58	3.66	47.45	51.17	5.81
NOPAT to Interest Expense	-26.98	-15.83	-3.36	0.10	18.96	9.96	5.75	41.75	43.14	7.42
EBIT Less CapEx to Interest Expense	-65.32	-27.18	-5.06	-0.44	8.51	5.60	2.51	42.53	38.68	2.04
NOPAT Less CapEx to Interest Expense	-51.98	-20.22	-3.86	-0.28	17.43	8.98	4.59	36.83	30.65	3.64
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	343.76%	0.00%	93.41%	383.93%

This table displays calculated financial ratios and metrics derived from Enphase Energy's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	80.56%	75.58%	64.52%	34.12%	-13.18%	-58.25%	-63.73%	-57.33%	-30.89%	26.49%
EBITDA Growth	152.59%	102.97%	132.02%	62.41%	-1.62%	-91.99%	-102.19%	-91.20%	-64.26%	391.45%
EBIT Growth	247.50%	157.53%	181.64%	81.97%	-9.76%	-103.71%	-117.26%	-103.39%	-72.47%	992.53%
NOPAT Growth	265.53%	139.02%	146.54%	84.75%	-15.48%	-112.20%	-114.80%	-98.80%	-54.13%	379.23%
Net Income Growth	426.44%	192.36%	183.42%	104.21%	-0.75%	-86.39%	-110.96%	-93.11%	-59.84%	197.15%
EPS Growth	433.33%	186.49%	175.68%	101.85%	0.00%	-83.96%	-111.76%	-92.66%	-58.75%	170.59%
Operating Cash Flow Growth	65.86%	161.10%	140.36%	34.19%	-22.42%	-86.03%	-80.02%	-52.81%	16.65%	371.91%
Free Cash Flow Firm Growth	36.27%	135.82%	182.14%	234.68%	166.29%	-205.65%	-161.06%	-140.40%	81.20%	320.58%
Invested Capital Growth	71.81%	11.51%	-12.25%	-4.66%	8.60%	15.75%	21.67%	14.91%	-11.00%	-28.25%
Revenue Q/Q Growth	19.71%	14.17%	0.19%	-2.05%	-22.50%	-45.10%	-12.97%	15.23%	25.51%	0.48%
EBITDA Q/Q Growth	34.34%	17.56%	2.32%	0.50%	-18.62%	-90.43%	-127.95%	504.39%	230.57%	31.55%
EBIT Q/Q Growth	41.94%	21.76%	3.93%	1.31%	-29.61%	-105.00%	-383.69%	80.12%	672.27%	62.21%
NOPAT Q/Q Growth	47.55%	23.89%	-4.12%	5.41%	-32.50%	-117.88%	-16.37%	108.53%	2,484.11%	8.85%
Net Income Q/Q Growth	49.15%	33.92%	-4.47%	7.03%	-27.51%	-81.64%	-176.95%	167.30%	322.43%	35.83%
EPS Q/Q Growth	48.15%	32.50%	-3.77%	6.86%	-26.61%	-78.75%	-170.59%	166.67%	312.50%	39.39%
Operating Cash Flow Q/Q Growth	-6.30%	34.95%	-2.95%	9.35%	-45.83%	-75.70%	38.79%	158.25%	33.90%	-1.67%
Free Cash Flow Firm Q/Q Growth	31.61%	207.43%	124.07%	-18.19%	-66.34%	-271.21%	-29.50%	45.87%	250.98%	108.43%
Invested Capital Q/Q Growth	-1.71%	4.58%	-3.78%	-3.61%	11.97%	11.47%	1.15%	-8.97%	-13.28%	-10.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.21%	42.88%	44.95%	45.47%	47.55%	48.47%	43.86%	45.20%	46.78%	51.81%
EBITDA Margin	23.47%	24.16%	24.68%	25.32%	26.59%	4.63%	-1.49%	5.22%	13.75%	18.00%
Operating Margin	21.34%	21.66%	23.09%	23.95%	21.41%	-3.38%	-11.05%	0.59%	13.07%	14.32%
EBIT Margin	20.93%	22.32%	23.15%	23.95%	21.75%	-1.98%	-11.02%	-1.90%	8.67%	13.99%
Profit (Net Income) Margin	18.09%	21.22%	20.23%	22.10%	20.68%	6.91%	-6.11%	3.57%	12.02%	16.24%
Tax Burden Percent	85.52%	91.42%	82.06%	85.16%	82.97%	171.09%	139.99%	96.59%	90.18%	89.18%
Interest Burden Percent	101.07%	103.98%	106.48%	108.40%	114.58%	-203.85%	39.64%	-194.49%	153.75%	130.20%
Effective Tax Rate	14.48%	8.58%	17.94%	14.85%	17.03%	-71.09%	0.00%	3.41%	9.82%	10.82%
Return on Invested Capital (ROIC)	96.82%	96.74%	95.72%	119.32%	96.05%	-24.42%	-26.35%	1.62%	29.86%	33.98%
ROIC Less NNEP Spread (ROIC-NNEP)	97.23%	89.93%	88.72%	114.12%	90.88%	-35.04%	-27.40%	-0.51%	29.68%	30.72%
Return on Net Nonoperating Assets (RNNOA)	-38.41%	-21.59%	-18.09%	-37.48%	-34.75%	14.02%	11.87%	0.23%	-14.62%	-13.81%
Return on Equity (ROE)	58.42%	75.15%	77.62%	81.84%	61.30%	-10.40%	-14.49%	1.86%	15.24%	20.17%
Cash Return on Invested Capital (CROIC)	28.40%	71.70%	104.90%	118.16%	96.15%	55.65%	20.13%	0.06%	14.08%	46.11%
Operating Return on Assets (OROA)	17.15%	20.15%	21.46%	22.69%	18.88%	-1.40%	-6.09%	-0.81%	3.18%	5.61%
Return on Assets (ROA)	14.82%	19.16%	18.75%	20.94%	17.95%	4.90%	-3.38%	1.53%	4.41%	6.52%
Return on Common Equity (ROCE)	58.42%	75.15%	77.62%	81.84%	61.30%	-10.40%	-14.49%	1.86%	15.24%	20.17%
Return on Equity Simple (ROE_SIMPLE)	48.55%	0.00%	50.76%	58.88%	56.35%	0.00%	29.91%	14.65%	6.59%	0.00%
Net Operating Profit after Tax (NOPAT)	116	143	138	145	98	-18	-20	1.74	45	49
NOPAT Margin	18.25%	19.80%	18.95%	20.40%	17.76%	-5.79%	-7.74%	0.57%	11.79%	12.77%
Net Nonoperating Expense Percent (NNEP)	-0.41%	6.80%	7.00%	5.20%	5.17%	10.62%	1.04%	2.13%	0.18%	3.25%
Return On Investment Capital (ROIC_SIMPLE)	-	6.78%	-	-	-	-0.77%	-	-	-	2.29%
Cost of Revenue to Revenue	57.79%	57.12%	55.05%	54.53%	52.45%	51.53%	56.14%	54.80%	53.22%	48.19%
SG&A Expenses to Revenue	5.11%	5.15%	5.00%	4.84%	6.13%	11.03%	13.36%	11.06%	7.93%	8.34%
R&D to Revenue	6.96%	6.86%	7.87%	8.44%	9.96%	18.27%	20.59%	16.10%	12.56%	13.17%
Operating Expenses to Revenue	20.87%	21.22%	21.86%	21.52%	26.13%	51.85%	54.91%	44.61%	33.71%	37.49%
Earnings before Interest and Taxes (EBIT)	133	162	168	170	120	-6.00	-29	-5.77	33	54
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	149	175	179	180	147	14	-3.92	16	52	69
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	61.61	43.62	29.59	23.60	16.15	18.34	17.90	15.34	16.43	11.14
Price to Tangible Book Value (P/TBV)	116.14	70.28	43.26	34.14	22.68	25.76	25.55	22.08	22.98	16.02
Price to Revenue (P/Rev)	18.62	15.45	10.97	8.21	6.04	7.88	9.04	9.55	12.24	6.97
Price to Earnings (P/E)	126.89	90.63	58.29	40.08	28.65	41.11	59.86	104.68	249.20	90.39
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.79%	1.10%	1.72%	2.49%	3.49%	2.43%	1.67%	0.96%	0.40%	1.11%
Enterprise Value to Invested Capital (EV/IC)	77.87	70.95	58.29	48.11	30.42	30.30	27.48	24.65	31.92	21.22
Enterprise Value to Revenue (EV/Rev)	18.55	15.31	10.79	8.03	5.86	7.70	8.85	9.31	11.87	6.66
Enterprise Value to EBITDA (EV/EBITDA)	88.48	69.69	45.95	32.85	23.34	33.94	48.07	76.64	189.47	66.55
Enterprise Value to EBIT (EV/EBIT)	107.36	79.70	50.73	35.46	25.63	39.01	63.44	167.12	0.00	171.26
Enterprise Value to NOPAT (EV/NOPAT)	121.17	90.58	59.32	41.41	30.34	46.27	76.01	189.24	1,235.69	134.23
Enterprise Value to Operating Cash Flow (EV/OCF)	63.67	47.92	31.75	23.45	17.37	25.32	32.39	36.97	38.86	17.26
Enterprise Value to Free Cash Flow (EV/FCFF)	346.64	104.33	51.94	39.74	32.94	58.41	149.83	44,047.17	213.53	38.44
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.11	1.56	1.33	1.33	1.27	1.32	1.40	1.47	1.40	1.56
Long-Term Debt to Equity	1.96	1.45	1.24	1.24	1.18	1.32	1.30	1.36	1.29	1.44
Financial Leverage	-0.40	-0.24	-0.20	-0.33	-0.38	-0.40	-0.43	-0.46	-0.49	-0.45
Leverage Ratio	3.92	4.11	4.34	4.15	3.85	3.57	3.49	3.57	3.50	3.65
Compound Leverage Factor	3.96	4.28	4.62	4.49	4.41	-7.29	1.38	-6.95	5.39	4.75
Debt to Total Capital	67.86%	60.98%	57.12%	57.10%	56.00%	56.81%	58.41%	59.47%	58.26%	60.99%
Short-Term Debt to Total Capital	4.72%	4.30%	4.07%	4.12%	4.10%	0.00%	4.38%	4.52%	4.48%	4.74%
Long-Term Debt to Total Capital	63.14%	56.69%	53.05%	52.98%	51.90%	56.81%	54.03%	54.96%	53.79%	56.25%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	32.14%	39.02%	42.88%	42.90%	44.00%	43.19%	41.59%	40.53%	41.74%	39.01%
Debt to EBITDA	3.04	2.52	2.10	1.89	1.90	2.49	3.85	7.53	16.60	9.78
Net Debt to EBITDA	-0.30	-0.63	-0.79	-0.74	-0.72	-0.77	-0.99	-2.02	-5.96	-3.12
Long-Term Debt to EBITDA	2.83	2.34	1.95	1.76	1.76	2.49	3.56	6.95	15.33	9.02
Debt to NOPAT	4.17	3.27	2.72	2.39	2.47	3.39	6.09	18.58	108.27	19.72
Net Debt to NOPAT	-0.42	-0.82	-1.02	-0.93	-0.94	-1.05	-1.57	-4.99	-38.84	-6.29
Long-Term Debt to NOPAT	3.88	3.04	2.52	2.22	2.29	3.39	5.63	17.17	99.95	18.19
Altman Z-Score	12.28	11.14	8.78	7.20	5.41	5.88	5.47	4.61	4.97	3.28
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.60	3.55	3.45	3.44	3.36	4.59	4.16	4.23	4.16	3.53
Quick Ratio	3.24	3.22	3.15	3.12	3.03	4.02	3.60	3.63	3.52	2.80
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-85	92	205	168	57	-97	-125	-68	102	213
Operating Cash Flow to CapEx	2,101.14%	1,544.31%	1,095.53%	611.89%	611.60%	176.59%	667.49%	1,318.62%	1,993.88%	2,074.55%
Free Cash Flow to Firm to Interest Expense	-37.80	40.18	95.17	75.65	25.73	-42.66	-57.05	-30.55	45.77	94.76
Operating Cash Flow to Interest Expense	83.37	111.33	114.21	121.34	66.42	15.63	22.40	57.24	76.06	74.29
Operating Cash Flow Less CapEx to Interest Expense	79.41	104.12	103.78	101.51	55.56	6.78	19.05	52.89	72.24	70.71
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.82	0.90	0.93	0.95	0.87	0.71	0.55	0.43	0.37	0.40
Accounts Receivable Turnover	6.30	6.02	5.98	6.72	5.85	5.17	4.15	3.56	3.16	3.97
Inventory Turnover	11.25	12.10	12.08	10.58	9.30	6.78	5.47	4.44	4.04	3.70
Fixed Asset Turnover	24.44	24.09	23.96	23.46	20.49	16.39	12.54	9.35	7.78	8.43
Accounts Payable Turnover	12.88	11.36	14.15	18.51	16.29	10.22	11.02	9.57	6.64	6.80
Days Sales Outstanding (DSO)	57.91	60.64	61.01	54.35	62.42	70.65	87.90	102.50	115.68	91.87
Days Inventory Outstanding (DIO)	32.44	30.16	30.22	34.49	39.25	53.80	66.71	82.27	90.32	98.53
Days Payable Outstanding (DPO)	28.34	32.14	25.80	19.72	22.40	35.73	33.11	38.16	54.94	53.66
Cash Conversion Cycle (CCC)	62.02	58.66	65.43	69.11	79.28	88.73	121.50	146.61	151.06	136.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	481	503	484	467	522	582	589	536	465	418
Invested Capital Turnover	5.31	4.89	5.05	5.85	5.41	4.22	3.41	2.83	2.53	2.66
Increase / (Decrease) in Invested Capital	201	52	-68	-23	41	79	105	70	-57	-165
Enterprise Value (EV)	37,456	35,692	28,217	22,446	15,891	17,643	16,186	13,218	14,839	8,864
Market Capitalization	37,585	36,014	28,703	22,952	16,383	18,044	16,520	13,567	15,305	9,279
Book Value per Share	$4.50	$6.07	$7.11	$7.10	$7.44	$7.20	$6.79	$6.50	$6.88	$6.17
Tangible Book Value per Share	$2.39	$3.77	$4.86	$4.91	$5.30	$5.13	$4.76	$4.52	$4.92	$4.29
Total Capital	1,898	2,116	2,262	2,267	2,306	2,277	2,219	2,183	2,232	2,135
Total Debt	1,288	1,290	1,292	1,294	1,292	1,294	1,296	1,298	1,300	1,302
Total Long-Term Debt	1,199	1,199	1,200	1,201	1,197	1,294	1,199	1,199	1,200	1,201
Net Debt	-129	-322	-486	-506	-492	-401	-334	-348	-466	-415
Capital Expenditures (CapEx)	8.95	16	22	44	24	20	7.37	9.64	8.53	8.06
Debt-free, Cash-free Net Working Capital (DFCFNWC)	105	104	97	110	135	216	216	164	127	51
Debt-free Net Working Capital (DFNWC)	1,522	1,717	1,875	1,911	1,919	1,911	1,846	1,811	1,893	1,768
Net Working Capital (NWC)	1,432	1,626	1,783	1,817	1,824	1,911	1,748	1,712	1,793	1,667
Net Nonoperating Expense (NNE)	1.01	-10	-9.28	-12	-16	-38	-4.27	-9.10	-0.86	-13
Net Nonoperating Obligations (NNO)	-129	-322	-486	-506	-492	-401	-334	-348	-466	-415
Total Depreciation and Amortization (D&A)	16	13	11	9.78	27	20	25	22	19	15
Debt-free, Cash-free Net Working Capital to Revenue	5.19%	4.47%	3.71%	3.94%	4.98%	9.43%	11.82%	11.56%	10.13%	3.81%
Debt-free Net Working Capital to Revenue	75.39%	73.66%	71.70%	68.32%	70.73%	83.42%	100.96%	127.47%	151.44%	132.92%
Net Working Capital to Revenue	70.95%	69.76%	68.18%	64.98%	67.24%	83.42%	95.64%	120.53%	143.44%	125.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.85	$1.13	$1.07	$1.15	$0.84	$0.16	($0.12)	$0.08	$0.34	$0.46
Adjusted Weighted Average Basic Shares Outstanding	135.63M	135.35M	136.69M	136.61M	136.17M	136.38M	135.89M	135.65M	135.33M	135.17M
Adjusted Diluted Earnings per Share	$0.80	$1.06	$1.02	$1.09	$0.80	$0.17	($0.12)	$0.08	$0.33	$0.46
Adjusted Weighted Average Diluted Shares Outstanding	145.96M	144.39M	145.99M	145.10M	143.86M	143.29M	135.89M	136.12M	139.91M	140.00M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	135.92M	136.50M	137.04M	136.36M	136.55M	135.76M	136.06M	135.42M	135.11M	132.47M
Normalized Net Operating Profit after Tax (NOPAT)	116	145	138	145	98	3.21	-19	2.87	46	57
Normalized NOPAT Margin	18.33%	20.03%	19.03%	20.42%	17.76%	1.06%	-7.23%	0.95%	11.95%	14.96%
Pre Tax Income Margin	21.15%	23.21%	24.65%	25.96%	24.92%	4.04%	-4.37%	3.70%	13.32%	18.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	58.90	70.97	77.96	76.74	54.59	-2.64	-13.21	-2.60	14.75	23.77
NOPAT to Interest Expense	51.36	62.97	63.82	65.36	44.58	-7.72	-9.28	0.78	20.07	21.70
EBIT Less CapEx to Interest Expense	54.94	63.76	67.54	56.91	43.73	-11.50	-16.57	-6.94	10.94	20.19
NOPAT Less CapEx to Interest Expense	47.40	55.76	53.39	45.53	33.72	-16.57	-12.63	-3.56	16.26	18.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	101.28%	0.00%	0.00%	34.93%	54.22%	93.41%	163.79%	271.51%	474.94%	383.93%

Frequently Asked Questions About Enphase Energy's Financials

When does Enphase Energy's fiscal year end?

According to the most recent income statement we have on file, Enphase Energy's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Enphase Energy's net income changed over the last 9 years?

Enphase Energy's net income appears to be on an upward trend, with a most recent value of $102.66 million in 2024, falling from -$22.08 million in 2015. The previous period was $438.94 million in 2023.

What is Enphase Energy's operating income?

Enphase Energy's total operating income in 2024 was $77.29 million, based on the following breakdown:

Total Gross Profit: $629.14 million
Total Operating Expenses: $551.85 million

How has Enphase Energy revenue changed over the last 9 years?

Over the last 9 years, Enphase Energy's total revenue changed from $357.25 million in 2015 to $1.33 billion in 2024, a change of 272.4%.

How much debt does Enphase Energy have?

Enphase Energy's total liabilities were at $2.42 billion at the end of 2024, a 0.7% increase from 2023, and a 1,847.7% increase since 2015.

How much cash does Enphase Energy have?

In the past 9 years, Enphase Energy's cash and equivalents has ranged from $17.76 million in 2016 to $679.38 million in 2020, and is currently $369.11 million as of their latest financial filing in 2024.

How has Enphase Energy's book value per share changed over the last 9 years?

Over the last 9 years, Enphase Energy's book value per share changed from 0.91 in 2015 to 6.17 in 2024, a change of 574.4%.

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This page (NASDAQ:ENPH) was last updated on 4/15/2025 by MarketBeat.com Staff

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Enphase Energy (ENPH) Financials

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Enphase Energy (ENPH) Financials

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