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 · 3 years

Total assets $3.2B

Total liabilities $2.4B

Shareholders equity $833.0M

Account	2024	2023	2022
Assets
Cash and Cash Equivalents	27.7%	12.6%	20.3%
Short Term Investments	94.2%	61.4%	48.9%
Accounts Receivable	16.8%	19.5%	18.9%
Inventory	12.4%	9.3%	6.4%
Prepaid Expenses	16.6%	3.9%	2.6%
Contract Assets	11.5%	7.2%	5.7%
Total Current Assets	174.9%	106.7%	97.1%
Property,Plant and Equipment	11.1%	7.3%	4.8%
Operating Lease Assets	1.9%	0.9%	0.9%
Goodwill	15.9%	9.4%	9.2%
Intangible Assets	3.2%	3.0%	4.3%
Capitalized Software	1.7%	1.1%	0.8%
Other Noncurrent Assets	13.6%	9.4%	7.3%
Total Assets	244.3%	147.7%	132.3%
Liabilities
Accounts Payable	6.8%	5.1%	5.4%
Accrued Liabilities	14.8%	11.4%	12.7%
Contract Liabilities	17.8%	5.2%	3.9%
Product Warranty	2.6%	1.6%	1.5%
Operating Lease Liabilities	0.4%	0.2%	0.2%
Current Portion of Long Term Debt	7.6%	0.0%	3.9%
Income Taxes Payable	0.3%	0.4%	0.7%
Restructuring Reserve	0.2%	0.1%	0.0%
Total Current Liabilities	49.6%	23.2%	27.4%
Long Term Debt	90.3%	56.5%	51.5%
Operating Lease Liabilities Noncurrent	1.7%	0.8%	0.8%
Deferred Tax Liabilities	2.5%	1.6%	1.6%
Product Warranty Noncurrent	11.9%	6.7%	4.1%
Other Noncurrent Liabilities	4.2%	2.2%	1.9%
Total Liabilities	181.7%	104.7%	96.9%
Equity
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	81.5%	41.0%	35.1%
Retained Earnings	-18.4%	2.0%	0.7%
Accumulated Other Comprehensive Income	-0.5%	-0.1%	-0.5%
Total Stockholders Equity	62.6%	42.9%	35.4%
Total Liabilities and Stockholders Equity	244.3%	147.7%	132.3%
Total Liabilitiesand Equity	244.3%	147.7%	132.3%

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	100.0%	100.0%	100.0%
Expenses Cost of Revenue	52.7%	53.8%	58.2%
Expenses Research and Development	15.1%	9.9%	7.2%
Expenses Selling,General and Administrative	25.5%	16.3%	15.4%
Expenses Depreciation and Amortization	1.7%	1.2%	1.1%
Expenses Share Based Compensation	15.9%	9.3%	9.3%
Expenses Restructuring Charges	1.0%	0.7%	0.1%
Expenses Asset Impairment Charges	2.2%	0.5%	0.1%
Other Income Expense Gross Profit	47.3%	46.2%	41.8%
Other Income Expense Operating Income	5.8%	19.5%	19.2%
Other Income Expense Interest Income	5.8%	3.0%	0.6%
Other Income Expense Interest Expense	0.7%	0.4%	0.4%
Other Income Expense Gain/loss On Investments	0.1%	0.0%	0.0%
Other Income Expense Other Income/expense	-1.9%	0.3%	-0.0%
Other Income Expense Income Before Tax	9.0%	22.4%	19.4%
Income Tax Income Tax Expense	1.3%	3.2%	2.3%
net Income net Income	7.7%	19.2%	17.0%
net Income Comprehensive Income	7.4%	19.5%	16.7%
Earnings Per Share Weighted Average Shares Basic	10.2%	6.0%	5.8%
Earnings Per Share Weighted Average Shares Diluted	10.5%	6.3%	6.2%

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	7.7%	19.2%	17.0%
Operating Activities Depreciation and Amortization	1.7%	1.2%	1.1%
Operating Activities Share Based Compensation	15.9%	9.3%	9.3%
Operating Activities Provision For Doubtful Accounts	0.5%	0.1%	0.0%
Operating Activities Deferred Income Taxes	-4.6%	-2.1%	-0.0%
Operating Activities Changes In Operating Assets and Liabilities	-2.0%	11.1%	16.0%
Operating Activities net Cash From Operating Activities	38.6%	30.4%	32.0%
Investing Activities Capital Expenditures	2.5%	4.8%	2.0%
Investing Activities Business Acquisitions	0.0%	0.0%	2.7%
Investing Activities Purchases of Investments	89.0%	90.9%	38.9%
Investing Activities Proceeds From Sale of Investments	101.2%	80.3%	28.3%
Investing Activities net Cash From Investing Activities	9.6%	-16.0%	-16.0%
Financing Activities Proceeds From Stock Issuance	1.0%	0.6%	0.4%
Financing Activities Repurchase of Common Stock	29.4%	17.9%	0.0%
Financing Activities Tax Withholding On Stock Based Compensation	5.9%	5.3%	1.2%
Financing Activities net Cash From Financing Activities	-34.6%	-22.6%	-0.7%
Cash Reconciliation Effect of Exchange Rate Changes	-0.5%	0.1%	-0.1%
Cash Reconciliation net Change In Cash	13.2%	-8.1%	15.2%
Cash Reconciliation Cash At Beginning of Period	27.7%	12.6%	20.3%
Cash Reconciliation Cash At End of Period	27.7%	12.6%	20.3%
Supplemental Disclosures Income Taxes Paid	2.5%	3.3%	1.4%
Supplemental Disclosures Interest Paid	0.0%	0.0%	0.0%
Supplemental Disclosures Capital Expenditures Incurred But Not Yet Paid	0.8%	0.4%	0.7%
Supplemental Disclosures Right of Use Assets Obtained	1.0%	0.2%	0.6%

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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