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

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

36 accounts · 10 years

Total assets $3.2B

Total liabilities $2.4B

Shareholders equity $833.0M

Account	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Assets
Cash and Cash Equivalents	27.7%	12.6%	20.3%	8.6%	87.7%	40.3%	33.6%	10.2%	5.5%	—
Short Term Investments	94.2%	61.4%	48.9%	64.9%	0.0%	—	—	—	—	—
Accounts Receivable	16.8%	19.5%	18.9%	24.1%	23.5%	23.3%	25.0%	22.8%	18.9%	—
Inventory	12.4%	9.3%	6.4%	5.4%	5.4%	5.1%	5.1%	9.1%	9.9%	—
Prepaid Expenses	16.6%	3.9%	2.6%	2.7%	3.8%	4.2%	6.6%	3.5%	2.2%	—
Contract Assets	11.5%	7.2%	5.7%	6.7%	9.0%	9.2%	15.1%	—	—	—
Total Current Assets	174.9%	106.7%	97.1%	105.8%	120.5%	80.0%	70.3%	45.6%	36.5%	—
Property,Plant and Equipment	11.1%	7.3%	4.8%	5.9%	5.6%	4.6%	6.6%	9.3%	9.7%	—
Operating Lease Assets	1.9%	0.9%	0.9%	1.0%	2.3%	1.6%	—	—	—	—
Goodwill	15.9%	9.4%	9.2%	13.1%	3.2%	4.0%	7.8%	1.3%	1.1%	—
Intangible Assets	3.2%	3.0%	4.3%	7.1%	3.7%	4.9%	11.2%	0.2%	0.3%	—
Capitalized Software	1.7%	1.1%	0.8%	0.9%	0.6%	0.1%	0.2%	0.4%	0.6%	—
Other Noncurrent Assets	13.6%	9.4%	7.3%	8.6%	7.7%	7.1%	11.6%	2.8%	3.0%	—
Total Assets	244.3%	147.7%	132.3%	150.4%	155.0%	114.2%	107.5%	59.1%	50.7%	—
Liabilities
Accounts Payable	6.8%	5.1%	5.4%	8.2%	9.4%	9.2%	15.4%	10.0%	9.8%	—
Accrued Liabilities	14.8%	11.4%	12.7%	11.4%	9.9%	7.5%	9.2%	7.8%	7.1%	—
Contract Liabilities	17.8%	5.2%	3.9%	4.5%	6.2%	13.1%	10.5%	5.5%	—	—
Product Warranty	2.6%	1.6%	1.5%	1.4%	1.5%	1.6%	2.6%	2.6%	2.7%	—
Operating Lease Liabilities	0.4%	0.2%	0.2%	0.3%	0.6%	0.5%	—	—	—	—
Current Portion of Long Term Debt	7.6%	0.0%	3.9%	6.2%	42.1%	0.5%	8.9%	6.1%	0.9%	—
Income Taxes Payable	0.3%	0.4%	0.7%	0.0%	0.0%	—	—	—	—	—
Restructuring Reserve	0.2%	0.1%	0.0%	0.0%	—	—	—	—	—	—
Total Current Liabilities	49.6%	23.2%	27.4%	31.8%	69.0%	31.9%	46.5%	32.1%	25.7%	—
Long Term Debt	90.3%	56.5%	51.5%	68.9%	0.6%	16.4%	25.8%	11.3%	6.4%	—
Operating Lease Liabilities Noncurrent	1.7%	0.8%	0.8%	0.9%	2.0%	1.5%	—	—	—	—
Deferred Tax Liabilities	2.5%	1.6%	1.6%	1.9%	2.5%	2.5%	4.3%	0.4%	0.6%	—
Product Warranty Noncurrent	11.9%	6.7%	4.1%	3.9%	4.5%	4.3%	7.3%	7.8%	7.1%	—
Other Noncurrent Liabilities	4.2%	2.2%	1.9%	1.2%	2.2%	1.9%	1.0%	0.7%	0.6%	—
Total Liabilities	181.7%	104.7%	96.9%	119.3%	92.5%	70.6%	105.1%	62.3%	50.3%	—
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—
Additional Paid In Capital	81.5%	41.0%	35.1%	60.6%	69.1%	73.4%	111.8%	100.4%	78.2%	—
Retained Earnings	-18.4%	2.0%	0.7%	-29.4%	-6.6%	-29.7%	-109.5%	-103.3%	-77.7%	—
Accumulated Other Comprehensive Income	-0.5%	-0.1%	-0.5%	-0.1%	0.1%	-0.1%	0.2%	-0.2%	-0.1%	—
Total Stockholders Equity	62.6%	42.9%	35.4%	31.1%	62.5%	43.6%	2.5%	-3.2%	0.4%	—
Total Liabilities and Stockholders Equity	244.3%	147.7%	132.3%	150.4%	155.0%	114.2%	107.5%	59.1%	50.7%	—
Total Liabilitiesand Equity	244.3%	147.7%	132.3%	150.4%	155.0%	114.2%	107.5%	59.1%	50.7%	—

Income Statement

Revenue, expense, and profitability

20 accounts · 10 years

Revenue $1.3B

Operating income $77.3M

Net income $102.7M

Account	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	—
Expenses Cost of Revenue	52.7%	53.8%	58.2%	59.9%	55.3%	64.6%	70.1%	80.4%	82.0%	—
Expenses Research and Development	15.1%	9.9%	7.2%	7.6%	7.2%	6.5%	10.3%	11.6%	15.7%	—
Expenses Selling,General and Administrative	25.5%	16.3%	15.4%	18.0%	13.5%	12.2%	17.8%	15.8%	20.5%	—
Expenses Depreciation and Amortization	1.7%	1.2%	1.1%	0.7%	0.7%	0.8%	0.5%	0.1%	0.2%	—
Expenses Share Based Compensation	15.9%	9.3%	9.3%	8.3%	5.5%	3.2%	3.6%	2.4%	3.2%	—
Expenses Restructuring Charges	1.0%	0.7%	0.1%	0.0%	0.0%	0.4%	1.3%	5.9%	1.2%	—
Expenses Asset Impairment Charges	2.2%	0.5%	0.1%	0.0%	0.0%	0.2%	0.5%	0.3%	1.0%	—
Other Income Expense Gross Profit	47.3%	46.2%	41.8%	40.1%	44.7%	35.4%	29.9%	19.6%	18.0%	—
Other Income Expense Operating Income	5.8%	19.5%	19.2%	15.6%	24.1%	16.5%	0.5%	-13.8%	-19.4%	—
Other Income Expense Interest Income	5.8%	3.0%	0.6%	0.1%	0.3%	0.4%	0.3%	0.1%	—	—
Other Income Expense Interest Expense	0.7%	0.4%	0.4%	3.3%	2.7%	1.6%	3.4%	2.9%	0.9%	—
Other Income Expense Gain/loss On Investments	0.1%	0.0%	0.0%	0.5%	0.0%	0.0%	—	—	—	—
Other Income Expense Other Income/expense	-1.9%	0.3%	-0.0%	0.4%	-0.1%	-0.9%	-0.7%	0.7%	-0.2%	—
Other Income Expense Income Before Tax	9.0%	22.4%	19.4%	8.7%	15.4%	14.4%	-3.2%	-15.8%	-20.5%	—
Income Tax Income Tax Expense	1.3%	3.2%	2.3%	-1.8%	-1.9%	-11.4%	0.4%	-0.1%	0.5%	—
net Income net Income	7.7%	19.2%	17.0%	10.5%	17.3%	25.8%	-3.7%	-15.8%	-20.9%	—
net Income Comprehensive Income	7.4%	19.5%	16.7%	10.3%	17.5%	25.5%	-3.2%	-15.9%	-20.9%	—
Earnings Per Share Weighted Average Shares Basic	10.2%	6.0%	5.8%	9.7%	16.2%	18.7%	31.5%	29.0%	15.7%	—
Earnings Per Share Weighted Average Shares Diluted	10.5%	6.3%	6.2%	10.3%	18.3%	21.1%	31.5%	29.0%	—	—

Cash Flow Statement

Operating, investing, and financing flows

24 accounts · 10 years

Operating cash flow $513.7M

Investing cash flow $128.3M

Financing cash flow $-460.3M

Account	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CashFlow
Operating Activities net Income	7.7%	19.2%	17.0%	10.5%	17.3%	25.8%	-3.7%	-15.8%	-20.9%	—
Operating Activities Depreciation and Amortization	1.7%	1.2%	1.1%	0.7%	0.7%	0.8%	0.5%	0.1%	0.2%	—
Operating Activities Share Based Compensation	15.9%	9.3%	9.3%	8.3%	5.5%	3.2%	3.6%	2.4%	3.2%	—
Operating Activities Provision For Doubtful Accounts	0.5%	0.1%	0.0%	0.0%	0.1%	0.0%	0.2%	0.2%	1.0%	—
Operating Activities Deferred Income Taxes	-4.6%	-2.1%	-0.0%	-2.3%	-2.2%	-11.7%	0.0%	-0.5%	0.2%	—
Operating Activities Changes In Operating Assets and Liabilities	-2.0%	11.1%	16.0%	20.7%	6.2%	27.4%	0.2%	3.7%	11.3%	—
Operating Activities net Cash From Operating Activities	38.6%	30.4%	32.0%	25.5%	27.9%	22.3%	5.1%	-9.9%	-10.2%	—
Investing Activities Capital Expenditures	2.5%	4.8%	2.0%	3.8%	2.7%	2.4%	1.3%	1.4%	3.8%	—
Investing Activities Business Acquisitions	0.0%	0.0%	2.7%	17.1%	0.0%	0.0%	4.7%	0.0%	0.0%	—
Investing Activities Purchases of Investments	89.0%	90.9%	38.9%	67.6%	0.0%	0.0%	—	—	—	—
Investing Activities Proceeds From Sale of Investments	101.2%	80.3%	28.3%	2.5%	0.0%	0.0%	—	—	—	—
Investing Activities net Cash From Investing Activities	9.6%	-16.0%	-16.0%	-88.2%	-3.3%	-2.4%	-6.1%	-1.4%	-3.7%	—
Financing Activities Proceeds From Stock Issuance	1.0%	0.6%	0.4%	0.5%	0.0%	0.0%	6.3%	9.2%	5.0%	—
Financing Activities Repurchase of Common Stock	29.4%	17.9%	0.0%	36.2%	0.0%	0.0%	—	—	—	—
Financing Activities Tax Withholding On Stock Based Compensation	5.9%	5.3%	1.2%	2.1%	8.8%	1.3%	0.0%	0.0%	—	—
Financing Activities net Cash From Financing Activities	-34.6%	-22.6%	-0.7%	22.4%	24.8%	10.5%	25.5%	15.1%	10.7%	—
Cash Reconciliation Effect of Exchange Rate Changes	-0.5%	0.1%	-0.1%	-0.1%	0.1%	-0.0%	-0.2%	0.2%	-0.1%	—
Cash Reconciliation net Change In Cash	13.2%	-8.1%	15.2%	-40.5%	49.5%	30.4%	24.4%	4.0%	—	—
Cash Reconciliation Cash At Beginning of Period	27.7%	12.6%	20.3%	8.6%	87.7%	40.3%	33.6%	10.2%	5.5%	—
Cash Reconciliation Cash At End of Period	27.7%	12.6%	20.3%	8.6%	87.7%	40.3%	33.6%	10.2%	5.5%	—
Supplemental Disclosures Income Taxes Paid	2.5%	3.3%	1.4%	0.3%	0.4%	0.3%	0.2%	0.3%	0.4%	—
Supplemental Disclosures Interest Paid	0.0%	0.0%	0.0%	0.1%	0.2%	0.4%	2.0%	2.0%	0.8%	—
Supplemental Disclosures Capital Expenditures Incurred But Not Yet Paid	0.8%	0.4%	0.7%	0.5%	0.5%	0.1%	0.3%	0.2%	0.2%	—
Supplemental Disclosures Right of Use Assets Obtained	1.0%	0.2%	0.6%	0.1%	1.4%	0.8%	—	—	—	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Profitability
Gross margin	+47.3%	+46.2%	+41.8%	+40.1%	+44.7%	+35.4%	+29.9%	+19.6%	+18.0%	—
Operating margin	+5.8%	+19.5%	+19.2%	+15.6%	+24.1%	+16.5%	+0.5%	-13.8%	-19.4%	—
Net margin	+7.7%	+19.2%	+17.0%	+10.5%	+17.3%	+25.8%	-3.7%	-15.8%	-20.9%	—
FCF margin	+36.1%	+25.6%	+30.0%	+21.7%	+25.3%	+19.9%	+3.8%	-11.4%	-14.0%	—
Growth
Revenue CAGR (3y)	-1.3%	+43.5%	+55.1%	+63.5%	+39.4%	+24.6%	—	—	—	—
Returns
ROE	+12.3%	+44.6%	+48.1%	+33.8%	+27.7%	+59.2%	-149.5%	+495.2%	-5189.4%	-53.3%
ROA	+3.2%	+13.0%	+12.9%	+7.0%	+11.2%	+22.6%	-3.4%	-26.7%	-41.2%	-13.3%
ROIC	+3.7%	+19.2%	+24.0%	+16.0%	+137.6%	+81.3%	+14.1%	-343.0%	-854.7%	—
Liquidity
Current ratio	3.53x	4.59x	3.55x	3.33x	1.75x	2.51x	1.51x	1.42x	1.42x	1.67x
Quick ratio	0.90x	1.38x	1.43x	1.03x	1.61x	1.99x	1.26x	1.03x	0.95x	1.02x
Leverage
D/E	2.90x	2.44x	2.74x	3.83x	1.48x	1.62x	42.72x	-19.53x	124.83x	2.99x
Interest coverage	8.94x	50.43x	47.50x	4.78x	8.88x	10.60x	0.15x	-4.80x	-22.61x	—
Efficiency
Asset turnover	0.41x	0.68x	0.76x	0.66x	0.65x	0.88x	0.93x	1.69x	1.97x	—
Cash conversion cycle	+100d	+100d	+76d	+71d	+60d	+62d	+38d	+79d	+69d	—

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Enphase Energy

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