Enphase Energy (ENPH) Financials

$40.22 +0.58 (+1.46%)

Closing price 04:00 PM Eastern

Extended Trading

$40.15 -0.07 (-0.18%)

As of 07:59 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	103	439	397	145	134	161	-12	-45	-67	-22
Consolidated Net Income / (Loss)	103	439	397	145	134	161	-12	-45	-67	-22
Net Income / (Loss) Continuing Operations	103	439	397	145	134	161	-12	-45	-67	-19
Total Pre-Tax Income	120	513	452	121	119	90	-10	-45	-66	-21
Total Operating Income	77	446	448	216	186	103	1.60	-39	-63	-19
Total Gross Profit	629	1,058	975	554	346	221	94	56	58	108
Total Revenue	1,330	2,291	2,331	1,382	774	624	316	286	323	357
Operating Revenue	1,330	2,291	2,331	1,382	774	624	316	286	323	357
Total Cost of Revenue	701	1,232	1,356	828	428	403	222	230	265	249
Operating Cost of Revenue	701	1,232	1,356	828	428	403	222	230	265	249
Total Operating Expenses	552	613	526	339	160	119	93	95	121	128
Selling, General & Admin Expense	131	138	140	104	51	39	29	22	27	31
Marketing Expense	207	232	215	129	53	37	27	23	39	46
Research & Development Expense	201	227	169	106	56	40	33	33	51	51
Restructuring Charge	13	16	2.38	-	0.00	2.60	4.13	17	3.78	0.00
Total Other Income / (Expense), net	43	67	3.79	-95	-67	-13	-12	-5.96	-3.29	-1.39
Interest Expense	8.91	8.84	9.44	45	21	9.69	11	8.21	2.77	0.50
Interest & Investment Income	77	70	14	0.70	2.16	2.51	1.06	0.28	-	-
Other Income / (Expense), net	-26	6.51	-0.43	-50	-48	-5.44	-2.19	1.97	-0.51	-0.89
Income Tax Expense	18	74	55	-25	-15	-71	1.40	-0.15	1.48	1.38
Basic Earnings per Share	$0.76	$3.22	$2.94	$1.09	$1.07	$1.38	($0.12)	($0.54)	($1.34)	($0.49)
Weighted Average Basic Shares Outstanding	135.17M	136.38M	135.35M	134.03M	125.56M	116.71M	99.62M	82.94M	50.52M	44.63M
Diluted Earnings per Share	$0.75	$3.08	$2.77	$1.02	$0.95	$1.23	($0.12)	($0.54)	($1.34)	($0.49)
Weighted Average Diluted Shares Outstanding	140.00M	143.29M	144.39M	142.88M	141.92M	131.64M	99.62M	82.94M	50.52M	44.63M
Weighted Average Basic & Diluted Shares Outstanding	132.47M	135.76M	136.50M	133.94M	129.02M	123.18M	99.62M	82.94M	50.52M	44.63M

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	30	62	46	11	-16	21	114	157	147	154	115
Consolidated Net Income / (Loss)	30	62	46	11	-16	21	114	157	147	154	115
Net Income / (Loss) Continuing Operations	30	62	46	11	-16	21	114	157	147	154	115
Total Pre-Tax Income	47	70	51	11	-11	12	137	185	179	168	134
Total Operating Income	32	55	50	1.80	-29	-10	118	170	168	157	135
Total Gross Profit	168	198	178	137	116	147	262	323	326	311	268
Total Revenue	356	383	381	303	263	303	551	711	726	725	635
Operating Revenue	356	383	381	303	263	303	551	711	726	725	635
Total Cost of Revenue	188	184	203	166	148	156	289	388	400	414	367
Operating Cost of Revenue	188	184	203	166	148	156	289	388	400	414	367
Total Operating Expenses	136	143	128	135	145	157	144	153	159	154	132
Selling, General & Admin Expense	34	32	30	34	35	33	34	34	36	37	32
Marketing Expense	49	52	50	52	53	53	55	58	65	65	55
Research & Development Expense	50	50	48	49	54	55	55	60	57	50	44
Restructuring Charge	3.16	9.40	0.68	1.17	1.91	15	0.00	0.18	0.69	1.79	0.59
Total Other Income / (Expense), net	15	15	0.96	9.42	18	22	19	14	11	11	-1.19
Interest Expense	2.05	2.25	2.24	2.22	2.20	2.27	2.20	2.22	2.16	2.28	2.26
Interest & Investment Income	17	18	20	19	20	20	20	17	13	8.72	3.68
Other Income / (Expense), net	-0.01	-1.27	-17	-7.57	0.09	4.23	1.88	-0.03	0.43	4.78	-2.61
Income Tax Expense	17	7.54	4.98	0.38	4.60	-8.69	23	27	32	14	19
Basic Earnings per Share	$0.23	$0.46	$0.34	$0.08	($0.12)	$0.16	$0.84	$1.15	$1.07	$1.13	$0.85
Weighted Average Basic Shares Outstanding	131.87M	135.17M	135.33M	135.65M	135.89M	136.38M	136.17M	136.61M	136.69M	135.35M	135.63M
Diluted Earnings per Share	$0.22	$0.46	$0.33	$0.08	($0.12)	$0.17	$0.80	$1.09	$1.02	$1.06	$0.80
Weighted Average Diluted Shares Outstanding	136.21M	140.00M	139.91M	136.12M	135.89M	143.29M	143.86M	145.10M	145.99M	144.39M	145.96M
Weighted Average Basic & Diluted Shares Outstanding	131.21M	132.47M	135.11M	135.42M	136.06M	135.76M	136.55M	136.36M	137.04M	136.50M	135.92M

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-49	208	4.22	-1.55	-35	-1.33	11	-7.37	-187	136	-158
Net Cash From Operating Activities	48	167	170	127	49	35	146	269	246	254	188
Net Cash From Continuing Operating Activities	48	167	170	127	49	35	146	269	246	254	188
Net Income / (Loss) Continuing Operations	30	62	46	11	-16	21	114	157	147	154	115
Consolidated Net Income / (Loss)	30	62	46	11	-16	21	114	157	147	154	115
Depreciation Expense	20	21	20	20	20	21	19	18	17	16	15
Amortization Expense	5.19	-5.30	-0.73	1.13	4.96	-0.82	7.21	-8.05	-5.51	-2.65	1.45
Non-Cash Adjustments To Reconcile Net Income	66	64	74	51	60	120	43	38	73	121	29
Changes in Operating Assets and Liabilities, net	-72	26	31	44	-20	-125	-38	64	16	-35	28
Net Cash From Investing Activities	113	251	-112	-28	18	76	-15	-64	-364	-118	-338
Net Cash From Continuing Investing Activities	113	251	-112	-28	18	76	-15	-64	-364	-118	-338
Purchase of Property, Plant & Equipment	-15	-8.06	-8.53	-9.64	-7.37	-20	-24	-44	-22	-16	-8.95
Purchase of Investments	-201	-93	-319	-300	-472	-338	-471	-578	-695	-335	-512
Sale and/or Maturity of Investments	335	352	215	282	497	434	495	557	354	283	184
Other Investing Activities, net	-6.90	-	-	-	-	-	-	-	-	-15	-
Net Cash From Financing Activities	-214	-203	-56	-101	-101	-115	-118	-212	-72	-3.01	-3.90
Net Cash From Continuing Financing Activities	-214	-203	-56	-101	-101	-115	-118	-212	-72	-3.01	-3.90
Repayment of Debt	-102	-	-0.01	-	-0.00	-	-	-	0.00	-	-
Repurchase of Common Equity	-100	-202	-50	-100	-42	-100	-110	-200	0.00	-	-
Issuance of Common Equity	0.07	4.72	0.01	6.77	1.19	13	0.72	0.56	0.04	5.09	0.69
Other Financing Activities, net	-12	-5.01	-6.29	-7.47	-60	-28	-8.47	-13	-72	-8.10	-4.59
Effect of Exchange Rate Changes	3.68	-7.41	2.64	-0.37	-1.18	2.18	-1.90	-0.33	1.90	3.09	-4.00

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	3,106	3,250	3,264	3,167	3,233	3,383	3,554	3,466	3,381	3,084	2,698
Total Current Assets	2,197	2,327	2,361	2,242	2,303	2,444	2,599	2,561	2,513	2,264	1,983
Cash & Equivalents	350	369	256	252	254	289	290	279	286	473	338
Restricted Cash	65	95	-	-	-	0.00	-	-	-	-	-
Short-Term Investments	1,117	1,253	1,510	1,394	1,376	1,406	1,494	1,522	1,492	1,140	1,080
Accounts Receivable	226	224	232	277	364	446	560	520	516	441	368
Inventories, net	144	165	159	176	208	214	174	166	151	150	146
Prepaid Expenses	296	221	203	142	101	89	80	74	68	61	51
Plant, Property, & Equipment, net	142	148	148	152	158	168	173	152	133	111	92
Total Noncurrent Assets	767	775	755	773	772	771	782	753	735	709	623
Goodwill	212	212	214	213	214	215	213	214	214	214	196
Intangible Assets	37	42	51	57	63	69	79	86	93	100	91
Noncurrent Deferred & Refundable Income Taxes	305	316	276	279	262	252	254	235	223	205	178
Other Noncurrent Operating Assets	211	206	214	224	234	236	236	218	206	191	159
Total Liabilities & Shareholders' Equity	3,106	3,250	3,264	3,167	3,233	3,383	3,554	3,466	3,381	3,084	2,698
Total Liabilities	2,295	2,417	2,333	2,282	2,310	2,399	2,539	2,493	2,411	2,259	2,088
Total Current Liabilities	1,159	660	567	530	554	532	774	744	729	638	550
Short-Term Debt	631	101	100	99	97	0.00	95	93	92	91	90
Accounts Payable	115	90	112	80	72	116	90	79	106	125	93
Accrued Expenses	245	232	226	228	265	298	476	462	431	331	288
Current Deferred Revenue	168	237	130	124	120	118	114	109	100	91	80
Total Noncurrent Liabilities	1,136	1,757	1,765	1,752	1,756	1,867	1,765	1,750	1,681	1,620	1,538
Long-Term Debt	571	1,201	1,200	1,199	1,199	1,294	1,197	1,201	1,200	1,199	1,199
Noncurrent Deferred Revenue	334	342	354	353	359	369	366	354	322	282	240
Other Noncurrent Operating Liabilities	231	213	211	200	198	204	202	194	159	139	99
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	811	833	931	885	923	984	1,015	973	970	826	610
Total Preferred & Common Equity	811	833	931	885	923	984	1,015	973	970	826	610
Total Common Equity	811	833	931	885	923	984	1,015	973	970	826	610
Common Stock	1,128	1,085	1,033	993	941	939	899	858	813	819	762
Retained Earnings	-316	-245	-105	-101	-12	46	125	190	164	17	-136
Accumulated Other Comprehensive Income / (Loss)	-1.61	-6.35	3.26	-7.95	-6.77	-1.99	-9.76	-6.85	-6.73	-11	-16

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	35.22%	26.49%	-30.89%	-57.33%	-63.73%	-58.25%	-13.18%	34.12%	64.52%	75.58%	80.56%
EBITDA Growth	1,555.18%	391.45%	-64.26%	-91.20%	-102.19%	-91.99%	-1.62%	62.41%	132.02%	102.97%	152.59%
EBIT Growth	209.98%	992.53%	-72.47%	-103.39%	-117.26%	-103.71%	-9.76%	81.97%	181.64%	157.53%	247.50%
NOPAT Growth	199.36%	379.23%	-54.13%	-98.80%	-114.80%	-112.20%	-15.48%	84.75%	146.54%	139.02%	265.53%
Net Income Growth	284.69%	197.15%	-59.84%	-93.11%	-110.96%	-86.39%	-0.75%	104.21%	183.42%	192.36%	426.44%
EPS Growth	283.33%	170.59%	-58.75%	-92.66%	-111.76%	-83.96%	0.00%	101.85%	175.68%	186.49%	433.33%
Operating Cash Flow Growth	-1.60%	371.91%	16.65%	-52.81%	-80.02%	-86.03%	-22.42%	34.19%	140.36%	161.10%	65.86%
Free Cash Flow Firm Growth	202.58%	320.58%	81.20%	-140.40%	-161.06%	-205.65%	166.29%	234.68%	182.14%	135.82%	36.27%
Invested Capital Growth	-18.38%	-28.25%	-11.00%	14.91%	21.67%	15.75%	8.60%	-4.66%	-12.25%	11.51%	71.81%
Revenue Q/Q Growth	-6.96%	0.48%	25.51%	15.23%	-12.97%	-45.10%	-22.50%	-2.05%	0.19%	14.17%	19.71%
EBITDA Q/Q Growth	-17.25%	31.55%	230.57%	504.39%	-127.95%	-90.43%	-18.62%	0.50%	2.32%	17.56%	34.34%
EBIT Q/Q Growth	-40.40%	62.21%	672.27%	80.12%	-383.69%	-105.00%	-29.61%	1.31%	3.93%	21.76%	41.94%
NOPAT Q/Q Growth	-58.59%	8.85%	2,484.11%	108.53%	-16.37%	-117.88%	-32.50%	5.41%	-4.12%	23.89%	47.55%
Net Income Q/Q Growth	-52.17%	35.83%	322.43%	167.30%	-176.95%	-81.64%	-27.51%	7.03%	-4.47%	33.92%	49.15%
EPS Q/Q Growth	-52.17%	39.39%	312.50%	166.67%	-170.59%	-78.75%	-26.61%	6.86%	-3.77%	32.50%	48.15%
Operating Cash Flow Q/Q Growth	-71.06%	-1.67%	33.90%	158.25%	38.79%	-75.70%	-45.83%	9.35%	-2.95%	34.95%	-6.30%
Free Cash Flow Firm Q/Q Growth	-39.78%	108.43%	250.98%	45.87%	-29.50%	-271.21%	-66.34%	-18.19%	124.07%	207.43%	31.61%
Invested Capital Q/Q Growth	15.06%	-10.14%	-13.28%	-8.97%	1.15%	11.47%	11.97%	-3.61%	-3.78%	4.58%	-1.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.25%	51.81%	46.78%	45.20%	43.86%	48.47%	47.55%	45.47%	44.95%	42.88%	42.21%
EBITDA Margin	16.01%	18.00%	13.75%	5.22%	-1.49%	4.63%	26.59%	25.32%	24.68%	24.16%	23.47%
Operating Margin	8.96%	14.32%	13.07%	0.59%	-11.05%	-3.38%	21.41%	23.95%	23.09%	21.66%	21.34%
EBIT Margin	8.96%	13.99%	8.67%	-1.90%	-11.02%	-1.98%	21.75%	23.95%	23.15%	22.32%	20.93%
Profit (Net Income) Margin	8.35%	16.24%	12.02%	3.57%	-6.11%	6.91%	20.68%	22.10%	20.23%	21.22%	18.09%
Tax Burden Percent	63.40%	89.18%	90.18%	96.59%	139.99%	171.09%	82.97%	85.16%	82.06%	91.42%	85.52%
Interest Burden Percent	146.96%	130.20%	153.75%	-194.49%	39.64%	-203.85%	114.58%	108.40%	106.48%	103.98%	101.07%
Effective Tax Rate	36.60%	10.82%	9.82%	3.41%	0.00%	-71.09%	17.03%	14.85%	17.94%	8.58%	14.48%
Return on Invested Capital (ROIC)	15.12%	33.98%	29.86%	1.62%	-26.35%	-24.42%	96.05%	119.32%	95.72%	96.74%	96.82%
ROIC Less NNEP Spread (ROIC-NNEP)	12.26%	30.72%	29.68%	-0.51%	-27.40%	-35.04%	90.88%	114.12%	88.72%	89.93%	97.23%
Return on Net Nonoperating Assets (RNNOA)	-4.70%	-13.81%	-14.62%	0.23%	11.87%	14.02%	-34.75%	-37.48%	-18.09%	-21.59%	-38.41%
Return on Equity (ROE)	10.43%	20.17%	15.24%	1.86%	-14.49%	-10.40%	61.30%	81.84%	77.62%	75.15%	58.42%
Cash Return on Invested Capital (CROIC)	41.75%	46.11%	14.08%	0.06%	20.13%	55.65%	96.15%	118.16%	104.90%	71.70%	28.40%
Operating Return on Assets (OROA)	4.02%	5.61%	3.18%	-0.81%	-6.09%	-1.40%	18.88%	22.69%	21.46%	20.15%	17.15%
Return on Assets (ROA)	3.75%	6.52%	4.41%	1.53%	-3.38%	4.90%	17.95%	20.94%	18.75%	19.16%	14.82%
Return on Common Equity (ROCE)	10.43%	20.17%	15.24%	1.86%	-14.49%	-10.40%	61.30%	81.84%	77.62%	75.15%	58.42%
Return on Equity Simple (ROE_SIMPLE)	18.32%	0.00%	6.59%	14.65%	29.91%	0.00%	56.35%	58.88%	50.76%	0.00%	48.55%
Net Operating Profit after Tax (NOPAT)	20	49	45	1.74	-20	-18	98	145	138	143	116
NOPAT Margin	5.68%	12.77%	11.79%	0.57%	-7.74%	-5.79%	17.76%	20.40%	18.95%	19.80%	18.25%
Net Nonoperating Expense Percent (NNEP)	2.86%	3.25%	0.18%	2.13%	1.04%	10.62%	5.17%	5.20%	7.00%	6.80%	-0.41%
Return On Investment Capital (ROIC_SIMPLE)	1.01%	2.29%	-	-	-	-0.77%	-	-	-	6.78%	-
Cost of Revenue to Revenue	52.75%	48.19%	53.22%	54.80%	56.14%	51.53%	52.45%	54.53%	55.05%	57.12%	57.79%
SG&A Expenses to Revenue	9.56%	8.34%	7.93%	11.06%	13.36%	11.03%	6.13%	4.84%	5.00%	5.15%	5.11%
R&D to Revenue	14.09%	13.17%	12.56%	16.10%	20.59%	18.27%	9.96%	8.44%	7.87%	6.86%	6.96%
Operating Expenses to Revenue	38.28%	37.49%	33.71%	44.61%	54.91%	51.85%	26.13%	21.52%	21.86%	21.22%	20.87%
Earnings before Interest and Taxes (EBIT)	32	54	33	-5.77	-29	-6.00	120	170	168	162	133
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	57	69	52	16	-3.92	14	147	180	179	175	149
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.14	11.14	16.43	15.34	17.90	18.34	16.15	23.60	29.59	43.62	61.61
Price to Tangible Book Value (P/TBV)	14.65	16.02	22.98	22.08	25.55	25.76	22.68	34.14	43.26	70.28	116.14
Price to Revenue (P/Rev)	5.78	6.97	12.24	9.55	9.04	7.88	6.04	8.21	10.97	15.45	18.62
Price to Earnings (P/E)	55.36	90.39	249.20	104.68	59.86	41.11	28.65	40.08	58.29	90.63	126.89
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.81%	1.11%	0.40%	0.96%	1.67%	2.43%	3.49%	2.49%	1.72%	1.10%	0.79%
Enterprise Value to Invested Capital (EV/IC)	16.41	21.22	31.92	24.65	27.48	30.30	30.42	48.11	58.29	70.95	77.87
Enterprise Value to Revenue (EV/Rev)	5.54	6.66	11.87	9.31	8.85	7.70	5.86	8.03	10.79	15.31	18.55
Enterprise Value to EBITDA (EV/EBITDA)	40.64	66.55	189.47	76.64	48.07	33.94	23.34	32.85	45.95	69.69	88.48
Enterprise Value to EBIT (EV/EBIT)	70.02	171.26	0.00	167.12	63.44	39.01	25.63	35.46	50.73	79.70	107.36
Enterprise Value to NOPAT (EV/NOPAT)	68.59	134.23	1,235.69	189.24	76.01	46.27	30.34	41.41	59.32	90.58	121.17
Enterprise Value to Operating Cash Flow (EV/OCF)	15.38	17.26	38.86	36.97	32.39	25.32	17.37	23.45	31.75	47.92	63.67
Enterprise Value to Free Cash Flow (EV/FCFF)	35.33	38.44	213.53	44,047.17	149.83	58.41	32.94	39.74	51.94	104.33	346.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.48	1.56	1.40	1.47	1.40	1.32	1.27	1.33	1.33	1.56	2.11
Long-Term Debt to Equity	0.70	1.44	1.29	1.36	1.30	1.32	1.18	1.24	1.24	1.45	1.96
Financial Leverage	-0.38	-0.45	-0.49	-0.46	-0.43	-0.40	-0.38	-0.33	-0.20	-0.24	-0.40
Leverage Ratio	3.66	3.65	3.50	3.57	3.49	3.57	3.85	4.15	4.34	4.11	3.92
Compound Leverage Factor	5.37	4.75	5.39	-6.95	1.38	-7.29	4.41	4.49	4.62	4.28	3.96
Debt to Total Capital	59.72%	60.99%	58.26%	59.47%	58.41%	56.81%	56.00%	57.10%	57.12%	60.98%	67.86%
Short-Term Debt to Total Capital	31.34%	4.74%	4.48%	4.52%	4.38%	0.00%	4.10%	4.12%	4.07%	4.30%	4.72%
Long-Term Debt to Total Capital	28.38%	56.25%	53.79%	54.96%	54.03%	56.81%	51.90%	52.98%	53.05%	56.69%	63.14%
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%	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%	0.00%
Common Equity to Total Capital	40.28%	39.01%	41.74%	40.53%	41.59%	43.19%	44.00%	42.90%	42.88%	39.02%	32.14%
Debt to EBITDA	6.19	9.78	16.60	7.53	3.85	2.49	1.90	1.89	2.10	2.52	3.04
Net Debt to EBITDA	-1.70	-3.12	-5.96	-2.02	-0.99	-0.77	-0.72	-0.74	-0.79	-0.63	-0.30
Long-Term Debt to EBITDA	2.94	9.02	15.33	6.95	3.56	2.49	1.76	1.76	1.95	2.34	2.83
Debt to NOPAT	10.45	19.72	108.27	18.58	6.09	3.39	2.47	2.39	2.72	3.27	4.17
Net Debt to NOPAT	-2.87	-6.29	-38.84	-4.99	-1.57	-1.05	-0.94	-0.93	-1.02	-0.82	-0.42
Long-Term Debt to NOPAT	4.97	18.19	99.95	17.17	5.63	3.39	2.29	2.22	2.52	3.04	3.88
Altman Z-Score	2.90	3.28	4.97	4.61	5.47	5.88	5.41	7.20	8.78	11.14	12.28
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.90	3.53	4.16	4.23	4.16	4.59	3.36	3.44	3.45	3.55	3.60
Quick Ratio	1.46	2.80	3.52	3.63	3.60	4.02	3.03	3.12	3.15	3.22	3.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	129	213	102	-68	-125	-97	57	168	205	92	-85
Operating Cash Flow to CapEx	331.42%	2,074.55%	1,993.88%	1,318.62%	667.49%	176.59%	611.60%	611.89%	1,095.53%	1,544.31%	2,101.14%
Free Cash Flow to Firm to Interest Expense	62.78	94.76	45.77	-30.55	-57.05	-42.66	25.73	75.65	95.17	40.18	-37.80
Operating Cash Flow to Interest Expense	23.65	74.29	76.06	57.24	22.40	15.63	66.42	121.34	114.21	111.33	83.37
Operating Cash Flow Less CapEx to Interest Expense	16.51	70.71	72.24	52.89	19.05	6.78	55.56	101.51	103.78	104.12	79.41
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.45	0.40	0.37	0.43	0.55	0.71	0.87	0.95	0.93	0.90	0.82
Accounts Receivable Turnover	4.82	3.97	3.16	3.56	4.15	5.17	5.85	6.72	5.98	6.02	6.30
Inventory Turnover	4.21	3.70	4.04	4.44	5.47	6.78	9.30	10.58	12.08	12.10	11.25
Fixed Asset Turnover	9.47	8.43	7.78	9.35	12.54	16.39	20.49	23.46	23.96	24.09	24.44
Accounts Payable Turnover	7.92	6.80	6.64	9.57	11.02	10.22	16.29	18.51	14.15	11.36	12.88
Days Sales Outstanding (DSO)	75.66	91.87	115.68	102.50	87.90	70.65	62.42	54.35	61.01	60.64	57.91
Days Inventory Outstanding (DIO)	86.64	98.53	90.32	82.27	66.71	53.80	39.25	34.49	30.22	30.16	32.44
Days Payable Outstanding (DPO)	46.07	53.66	54.94	38.16	33.11	35.73	22.40	19.72	25.80	32.14	28.34
Cash Conversion Cycle (CCC)	116.23	136.74	151.06	146.61	121.50	88.73	79.28	69.11	65.43	58.66	62.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	481	418	465	536	589	582	522	467	484	503	481
Invested Capital Turnover	2.66	2.66	2.53	2.83	3.41	4.22	5.41	5.85	5.05	4.89	5.31
Increase / (Decrease) in Invested Capital	-108	-165	-57	70	105	79	41	-23	-68	52	201
Enterprise Value (EV)	7,890	8,864	14,839	13,218	16,186	17,643	15,891	22,446	28,217	35,692	37,456
Market Capitalization	8,220	9,279	15,305	13,567	16,520	18,044	16,383	22,952	28,703	36,014	37,585
Book Value per Share	$6.12	$6.17	$6.88	$6.50	$6.79	$7.20	$7.44	$7.10	$7.11	$6.07	$4.50
Tangible Book Value per Share	$4.23	$4.29	$4.92	$4.52	$4.76	$5.13	$5.30	$4.91	$4.86	$3.77	$2.39
Total Capital	2,013	2,135	2,232	2,183	2,219	2,277	2,306	2,267	2,262	2,116	1,898
Total Debt	1,202	1,302	1,300	1,298	1,296	1,294	1,292	1,294	1,292	1,290	1,288
Total Long-Term Debt	571	1,201	1,200	1,199	1,199	1,294	1,197	1,201	1,200	1,199	1,199
Net Debt	-330	-415	-466	-348	-334	-401	-492	-506	-486	-322	-129
Capital Expenditures (CapEx)	15	8.06	8.53	9.64	7.37	20	24	44	22	16	8.95
Debt-free, Cash-free Net Working Capital (DFCFNWC)	137	51	127	164	216	216	135	110	97	104	105
Debt-free Net Working Capital (DFNWC)	1,669	1,768	1,893	1,811	1,846	1,911	1,919	1,911	1,875	1,717	1,522
Net Working Capital (NWC)	1,038	1,667	1,793	1,712	1,748	1,911	1,824	1,817	1,783	1,626	1,432
Net Nonoperating Expense (NNE)	-9.49	-13	-0.86	-9.10	-4.27	-38	-16	-12	-9.28	-10	1.01
Net Nonoperating Obligations (NNO)	-330	-415	-466	-348	-334	-401	-492	-506	-486	-322	-129
Total Depreciation and Amortization (D&A)	25	15	19	22	25	20	27	9.78	11	13	16
Debt-free, Cash-free Net Working Capital to Revenue	9.61%	3.81%	10.13%	11.56%	11.82%	9.43%	4.98%	3.94%	3.71%	4.47%	5.19%
Debt-free Net Working Capital to Revenue	117.25%	132.92%	151.44%	127.47%	100.96%	83.42%	70.73%	68.32%	71.70%	73.66%	75.39%
Net Working Capital to Revenue	72.93%	125.30%	143.44%	120.53%	95.64%	83.42%	67.24%	64.98%	68.18%	69.76%	70.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.23	$0.46	$0.34	$0.08	($0.12)	$0.16	$0.84	$1.15	$1.07	$1.13	$0.85
Adjusted Weighted Average Basic Shares Outstanding	131.87M	135.17M	135.33M	135.65M	135.89M	136.38M	136.17M	136.61M	136.69M	135.35M	135.63M
Adjusted Diluted Earnings per Share	$0.22	$0.46	$0.33	$0.08	($0.12)	$0.17	$0.80	$1.09	$1.02	$1.06	$0.80
Adjusted Weighted Average Diluted Shares Outstanding	136.21M	140.00M	139.91M	136.12M	135.89M	143.29M	143.86M	145.10M	145.99M	144.39M	145.96M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	131.21M	132.47M	135.11M	135.42M	136.06M	135.76M	136.55M	136.36M	137.04M	136.50M	135.92M
Normalized Net Operating Profit after Tax (NOPAT)	22	57	46	2.87	-19	3.21	98	145	138	145	116
Normalized NOPAT Margin	6.25%	14.96%	11.95%	0.95%	-7.23%	1.06%	17.76%	20.42%	19.03%	20.03%	18.33%
Pre Tax Income Margin	13.17%	18.21%	13.32%	3.70%	-4.37%	4.04%	24.92%	25.96%	24.65%	23.21%	21.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.59	23.77	14.75	-2.60	-13.21	-2.64	54.59	76.74	77.96	70.97	58.90
NOPAT to Interest Expense	9.89	21.70	20.07	0.78	-9.28	-7.72	44.58	65.36	63.82	62.97	51.36
EBIT Less CapEx to Interest Expense	8.45	20.19	10.94	-6.94	-16.57	-11.50	43.73	56.91	67.54	63.76	54.94
NOPAT Less CapEx to Interest Expense	2.75	18.12	16.26	-3.56	-12.63	-16.57	33.72	45.53	53.39	55.76	47.40
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%	0.00%
Augmented Payout Ratio	304.48%	383.93%	474.94%	271.51%	163.79%	93.41%	54.22%	34.93%	0.00%	0.00%	101.28%

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. Check out Enphase Energy's forecast to explore projected trends and price targets.

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 5/27/2025 by MarketBeat.com Staff

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Enphase Energy (ENPH) Financials

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