Enphase Energy

Information Technology Semiconductor Materials & Equipment Fremont, California Last filing Feb 10, 2025 · FY2024

                    Revenue
                    FY2024
                
$1.3B
                    3y CAGR -1.3%
                    
                    P22
                    
                    -41.9%
                    
                    Net income
                    FY2024
                
$102.7M
                    Net margin +7.7%
                    
                    P22
                    
                    -76.6%
                    
                    Total assets
                    FY2024
                
$3.2B
                    ROA +3.2%
                    
                    P11
                    
                    -3.9%
                    
                    Operating cash flow
                    FY2024
                
$513.7M
                    FCF margin +36.1%
                    
                    P88
                    
                    -26.3%

14 yrs · FY2010–FY2024 1 gap (2011) 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

36 accounts · 3 years

Total assets $3.2B

Total liabilities $2.4B

Shareholders equity $833.0M

Account	2024	2023	2022
Assets
Cash and Cash Equivalents	-11.7%	-39.0%	—
Short Term Investments	+4.9%	+23.4%	—
Accounts Receivable	-28.8%	+1.1%	—
Inventory	+5.0%	+42.7%	—
Prepaid Expenses	+90.5%	+46.2%	—
Contract Assets	+7.2%	+23.5%	—
Total Current Assets	+1.4%	+7.9%	—
Property,Plant and Equipment	+15.1%	+51.1%	—
Operating Lease Assets	+7.3%	-7.0%	—
Goodwill	-0.5%	+0.5%	—
Intangible Assets	-34.7%	-31.1%	—
Capitalized Software	+8.5%	+31.2%	—
Other Noncurrent Assets	+3.4%	+27.5%	—
Total Assets	+2.6%	+9.7%	—
Liabilities
Accounts Payable	-15.2%	-7.1%	—
Accrued Liabilities	-18.4%	-11.5%	—
Contract Liabilities	+61.7%	+30.4%	—
Product Warranty	-1.3%	+1.4%	—
Operating Lease Liabilities	+4.1%	-2.8%	—
Current Portion of Long Term Debt	+5.6%	—	—
Income Taxes Payable	-53.2%	-47.2%	—
Restructuring Reserve	+113.7%	+334.7%	—
Total Current Liabilities	+1.7%	-16.6%	—
Long Term Debt	+0.1%	+7.9%	—
Operating Lease Liabilities Noncurrent	+9.9%	-1.4%	—
Deferred Tax Liabilities	-3.9%	-1.1%	—
Product Warranty Noncurrent	+28.5%	+59.6%	—
Other Noncurrent Liabilities	+12.7%	+17.2%	—
Total Liabilities	+3.4%	+6.2%	—
Equity
Common Stock	+0.0%	+0.0%	—
Additional Paid In Capital	+15.1%	+14.7%	—
Retained Earnings	—	+166.9%	—
Accumulated Other Comprehensive Income	—	—	—
Total Stockholders Equity	+0.4%	+19.1%	—
Total Liabilities and Stockholders Equity	+2.6%	+9.7%	—
Total Liabilitiesand Equity	+2.6%	+9.7%	—

Income Statement

Revenue, expense, and profitability

20 accounts · 3 years

Revenue $1.3B

Operating income $77.3M

Net income $102.7M

Account	2024	2023	2022
IncomeStatement
Revenues Total Revenue	-24.5%	-1.7%	—
Expenses Cost of Revenue	-28.1%	-9.1%	—
Expenses Research and Development	+9.2%	+34.6%	—
Expenses Selling,General and Administrative	-2.8%	+4.0%	—
Expenses Depreciation and Amortization	-4.4%	+10.1%	—
Expenses Share Based Compensation	-1.3%	-1.8%	—
Expenses Restructuring Charges	+134.1%	+553.5%	—
Expenses Asset Impairment Charges	+390.3%	+783.6%	—
Other Income Expense Gross Profit	-19.7%	+8.6%	—
Other Income Expense Operating Income	-58.5%	-0.6%	—
Other Income Expense Interest Income	+137.9%	+410.6%	—
Other Income Expense Interest Expense	-4.3%	-6.3%	—
Other Income Expense Gain/loss On Investments	—	—	—
Other Income Expense Other Income/expense	—	—	—
Other Income Expense Income Before Tax	-48.4%	+13.5%	—
Income Tax Income Tax Expense	-43.4%	+35.7%	—
net Income net Income	-49.2%	+10.5%	—
net Income Comprehensive Income	-49.7%	+15.3%	—
Earnings Per Share Weighted Average Shares Basic	-0.1%	+0.8%	—
Earnings Per Share Weighted Average Shares Diluted	-1.5%	-0.8%	—

Cash Flow Statement

Operating, investing, and financing flows

24 accounts · 3 years

Operating cash flow $513.7M

Investing cash flow $128.3M

Financing cash flow $-460.3M

Account	2024	2023	2022
CashFlow
Operating Activities net Income	-49.2%	+10.5%	—
Operating Activities Depreciation and Amortization	-4.4%	+10.1%	—
Operating Activities Share Based Compensation	-1.3%	-1.8%	—
Operating Activities Provision For Doubtful Accounts	+649.1%	+868.9%	—
Operating Activities Deferred Income Taxes	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	—	-32.0%	—
Operating Activities net Cash From Operating Activities	-17.0%	-6.4%	—
Investing Activities Capital Expenditures	-14.9%	+137.7%	—
Investing Activities Business Acquisitions	—	—	—
Investing Activities Purchases of Investments	+14.3%	+129.4%	—
Investing Activities Proceeds From Sale of Investments	+42.8%	+178.8%	—
Investing Activities net Cash From Investing Activities	—	—	—
Financing Activities Proceeds From Stock Issuance	+10.6%	+33.8%	—
Financing Activities Repurchase of Common Stock	—	—	—
Financing Activities Tax Withholding On Stock Based Compensation	+69.3%	+338.8%	—
Financing Activities net Cash From Financing Activities	—	—	—
Cash Reconciliation Effect of Exchange Rate Changes	—	—	—
Cash Reconciliation net Change In Cash	-29.6%	—	—
Cash Reconciliation Cash At Beginning of Period	-11.7%	-39.0%	—
Cash Reconciliation Cash At End of Period	-11.7%	-39.0%	—
Supplemental Disclosures Income Taxes Paid	-0.8%	+125.2%	—
Supplemental Disclosures Interest Paid	-25.1%	+0.0%	—
Supplemental Disclosures Capital Expenditures Incurred But Not Yet Paid	-19.8%	-41.7%	—
Supplemental Disclosures Right of Use Assets Obtained	-2.4%	-62.4%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2024	2023	2022
Profitability
Gross margin	+47.3%	+46.2%	+41.8%
Operating margin	+5.8%	+19.5%	+19.2%
Net margin	+7.7%	+19.2%	+17.0%
FCF margin	+36.1%	+25.6%	+30.0%
Growth
Revenue CAGR (3y)	-1.3%	+43.5%	+55.1%
Returns
ROE	+12.3%	+44.6%	+48.1%
ROA	+3.2%	+13.0%	+12.9%
ROIC	+3.7%	+19.2%	+24.0%
Liquidity
Current ratio	3.53x	4.59x	3.55x
Quick ratio	0.90x	1.38x	1.43x
Leverage
D/E	2.90x	2.44x	2.74x
Interest coverage	8.94x	50.43x	47.50x
Efficiency
Asset turnover	0.41x	0.68x	0.76x
Cash conversion cycle	+100d	+100d	+76d

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Enphase Energy

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