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

Year-over-year change per cell; first column has no prior.

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	+27.8%	-39.0%	+296.6%	-82.4%	+170.2%	+136.6%	+264.5%	+64.1%	-37.6%	—
Short Term Investments	-10.9%	+23.4%	+27.0%	—	—	—	—	—	—	—
Accounts Receivable	-49.8%	+1.1%	+32.2%	+83.1%	+25.3%	+84.2%	+20.8%	+7.1%	+32.4%	—
Inventory	-22.7%	+42.7%	+101.2%	+78.1%	+30.3%	+97.1%	-37.4%	-18.7%	-21.7%	—
Prepaid Expenses	+148.2%	+46.2%	+61.0%	+27.0%	+14.1%	+25.0%	+109.5%	+39.8%	+11.0%	—
Contract Assets	-7.0%	+23.5%	+43.0%	+33.2%	+22.3%	+19.9%	—	—	—	—
Total Current Assets	-4.8%	+7.9%	+54.8%	+56.7%	+86.7%	+124.8%	+70.4%	+10.7%	-3.2%	—
Property,Plant and Equipment	-12.3%	+51.1%	+35.5%	+91.2%	+48.6%	+37.8%	-20.7%	-15.8%	-2.1%	—
Operating Lease Assets	+23.8%	-7.0%	+48.3%	-18.5%	+74.8%	—	—	—	—	—
Goodwill	-1.4%	+0.5%	+17.8%	+631.4%	+0.0%	+0.0%	+576.4%	+0.0%	-2.2%	—
Intangible Assets	-38.1%	-31.1%	+1.8%	+239.3%	-5.8%	-13.4%	+6755.5%	-45.5%	-57.4%	—
Capitalized Software	-10.3%	+31.2%	+52.4%	+162.5%	+500.0%	+14.3%	-36.4%	-42.1%	-42.4%	—
Other Noncurrent Assets	-16.2%	+27.5%	+42.6%	+98.3%	+34.2%	+22.1%	+354.6%	-16.8%	+70.2%	—
Total Assets	-3.9%	+9.7%	+48.3%	+73.3%	+68.3%	+109.8%	+101.0%	+3.4%	-1.2%	—
Liabilities
Accounts Payable	-22.5%	-7.1%	+9.9%	+56.7%	+26.3%	+17.8%	+69.7%	-9.3%	+24.0%	—
Accrued Liabilities	-24.8%	-11.5%	+87.4%	+106.3%	+62.5%	+62.3%	+29.2%	-2.1%	+18.9%	—
Contract Liabilities	+100.5%	+30.4%	+44.8%	+31.5%	-41.7%	+146.9%	+111.1%	—	—	—
Product Warranty	-3.9%	+1.4%	+83.3%	+72.2%	+11.7%	+24.7%	+8.8%	-13.6%	+21.5%	—
Operating Lease Liabilities	+11.4%	-2.8%	+40.2%	-15.7%	+43.3%	—	—	—	—	—
Current Portion of Long Term Debt	—	-100.0%	+5.6%	-73.6%	+11202.6%	-89.8%	+61.5%	+474.8%	—	—
Income Taxes Payable	-58.5%	-47.2%	+4648.8%	-11.5%	—	—	—	—	—	—
Restructuring Reserve	+5.1%	+334.7%	—	—	—	—	—	—	—	—
Total Current Liabilities	+24.0%	-16.6%	+45.1%	-17.6%	+167.9%	+35.4%	+60.4%	+10.8%	+13.6%	—
Long Term Debt	-7.2%	+7.9%	+26.0%	+19328.2%	-95.2%	+25.8%	+152.5%	+55.6%	—	—
Operating Lease Liabilities Noncurrent	+22.6%	-1.4%	+60.0%	-21.6%	+59.4%	—	—	—	—	—
Deferred Tax Liabilities	-6.7%	-1.1%	+39.6%	+34.6%	+22.4%	+14.6%	+1271.4%	-52.1%	+202.2%	—
Product Warranty Noncurrent	+3.4%	+59.6%	+77.6%	+55.8%	+28.2%	+16.4%	+3.7%	-1.9%	-2.8%	—
Other Noncurrent Liabilities	+8.3%	+17.2%	+163.3%	-3.0%	+44.2%	+263.6%	+72.9%	-7.2%	-23.3%	—
Total Liabilities	+0.7%	+6.2%	+37.0%	+130.3%	+62.4%	+32.8%	+86.3%	+9.9%	+30.8%	—
Equity
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—	—
Additional Paid In Capital	+15.5%	+14.7%	-2.2%	+56.7%	+16.7%	+29.7%	+23.0%	+13.9%	+12.2%	—
Retained Earnings	-629.9%	+166.9%	+104.3%	-692.7%	+72.4%	+46.5%	-17.1%	-18.0%	-36.8%	—
Accumulated Other Comprehensive Income	-219.5%	+81.7%	-438.7%	-565.4%	+147.0%	-224.4%	+213.1%	-124.7%	-39.0%	—
Total Stockholders Equity	-15.3%	+19.1%	+91.9%	-11.1%	+77.8%	+3400.7%	+185.2%	-802.0%	-96.9%	—
Total Liabilities and Stockholders Equity	-3.9%	+9.7%	+48.3%	+73.3%	+68.3%	+109.8%	+101.0%	+3.4%	-1.2%	—
Total Liabilitiesand Equity	-3.9%	+9.7%	+48.3%	+73.3%	+68.3%	+109.8%	+101.0%	+3.4%	-1.2%	—

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	-41.9%	-1.7%	+68.7%	+78.5%	+24.0%	+97.5%	+10.5%	-11.3%	—	—
Expenses Cost of Revenue	-43.1%	-9.1%	+63.9%	+93.2%	+6.3%	+81.8%	-3.7%	-13.0%	+6.2%	—
Expenses Research and Development	-11.4%	+34.6%	+60.0%	+88.7%	+38.5%	+23.9%	-1.7%	-34.6%	-0.2%	—
Expenses Selling,General and Administrative	-9.2%	+4.0%	+44.0%	+138.7%	+37.2%	+35.6%	+23.8%	-31.5%	-13.7%	—
Expenses Depreciation and Amortization	-17.0%	+10.1%	+160.0%	+86.6%	+7.7%	+181.4%	+320.0%	-42.9%	+40.0%	—
Expenses Share Based Compensation	-0.7%	-1.8%	+89.7%	+168.9%	+110.7%	+76.5%	+69.9%	-34.9%	-18.7%	—
Expenses Restructuring Charges	-16.1%	+553.5%	—	—	-100.0%	-37.1%	-75.6%	+347.9%	—	—
Expenses Asset Impairment Charges	+172.0%	+783.6%	—	—	-100.0%	-31.2%	+100.0%	-74.9%	+538.0%	—
Other Income Expense Gross Profit	-40.6%	+8.6%	+75.8%	+60.2%	+56.4%	+134.3%	+68.5%	-3.4%	-46.4%	—
Other Income Expense Operating Income	-82.7%	-0.6%	+107.7%	+15.8%	+81.5%	+6336.7%	+104.1%	+37.2%	—	—
Other Income Expense Interest Income	+10.9%	+410.6%	+1864.9%	-67.8%	-14.2%	+137.5%	+283.3%	—	—	—
Other Income Expense Interest Expense	-2.1%	-6.3%	-79.1%	+115.0%	+116.7%	-9.4%	+30.2%	+196.1%	+453.5%	—
Other Income Expense Gain/loss On Investments	—	—	-100.0%	—	—	—	—	—	—	—
Other Income Expense Other Income/expense	-492.3%	+1610.2%	-107.1%	+857.2%	+85.3%	-148.3%	-211.0%	+483.9%	+42.4%	—
Other Income Expense Income Before Tax	-76.6%	+13.5%	+273.8%	+1.3%	+32.5%	+981.0%	+77.4%	+31.3%	-218.7%	—
Income Tax Income Tax Expense	-76.4%	+35.7%	+323.0%	-68.1%	+79.5%	-5181.1%	+1038.3%	-110.1%	+7.0%	—
net Income net Income	-76.6%	+10.5%	+173.2%	+8.5%	-16.8%	+1486.0%	+74.3%	+33.0%	-205.5%	—
net Income Comprehensive Income	-78.1%	+15.3%	+171.7%	+5.6%	-15.1%	+1659.1%	+77.5%	+32.6%	-204.1%	—
Earnings Per Share Weighted Average Shares Basic	-0.9%	+0.8%	+1.0%	+6.7%	+7.6%	+17.2%	+20.1%	+64.2%	+13.2%	—
Earnings Per Share Weighted Average Shares Diluted	-2.3%	-0.8%	+1.1%	+0.7%	+7.8%	+32.1%	+20.1%	—	—	—

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	-76.6%	+10.5%	+173.2%	+8.5%	-16.8%	+1486.0%	+74.3%	+33.0%	-205.5%	—
Operating Activities Depreciation and Amortization	-17.0%	+10.1%	+160.0%	+86.6%	+7.7%	+181.4%	+320.0%	-42.9%	+40.0%	—
Operating Activities Share Based Compensation	-0.7%	-1.8%	+89.7%	+168.9%	+110.7%	+76.5%	+69.9%	-34.9%	-18.7%	—
Operating Activities Provision For Doubtful Accounts	+479.1%	+868.9%	-75.1%	+12.2%	+95.9%	-69.5%	+49.4%	-84.6%	+106.2%	—
Operating Activities Deferred Income Taxes	-29.7%	-34343.8%	+99.6%	-82.5%	+76.5%	-59408.9%	+108.8%	-313.1%	+1.9%	—
Operating Activities Changes In Operating Assets and Liabilities	-110.6%	-32.0%	+30.8%	+492.7%	-71.8%	+21555.1%	-92.6%	-70.6%	-0.4%	—
Operating Activities net Cash From Operating Activities	-26.3%	-6.4%	+111.6%	+62.7%	+55.6%	+762.1%	+156.7%	+13.7%	-55.7%	—
Investing Activities Capital Expenditures	-69.6%	+137.7%	-11.1%	+154.2%	+39.0%	+256.3%	+0.7%	-66.1%	-2.9%	—
Investing Activities Business Acquisitions	—	-100.0%	-73.6%	—	—	-100.0%	—	—	—	—
Investing Activities Purchases of Investments	-43.1%	+129.4%	-2.9%	—	—	—	—	—	—	—
Investing Activities Proceeds From Sale of Investments	-26.8%	+178.8%	+1786.1%	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	+135.0%	+1.5%	+69.5%	-4669.8%	-72.9%	+22.8%	-364.7%	+65.1%	+5.4%	—
Financing Activities Proceeds From Stock Issuance	-8.5%	+33.8%	+38.6%	—	—	-100.0%	-25.2%	+63.7%	—	—
Financing Activities Repurchase of Common Stock	-4.5%	—	-100.0%	—	—	—	—	—	—	—
Financing Activities Tax Withholding On Stock Based Compensation	-34.7%	+338.8%	-5.6%	-57.4%	+733.5%	—	—	—	—	—
Financing Activities net Cash From Financing Activities	+10.9%	-2917.5%	-105.5%	+61.4%	+191.1%	-18.3%	+86.2%	+26.0%	+67.2%	—
Cash Reconciliation Effect of Exchange Rate Changes	-441.2%	+199.8%	+5.0%	-336.7%	+421.4%	+48.8%	-177.7%	+305.1%	+39.7%	—
Cash Reconciliation net Change In Cash	+195.1%	-152.1%	+163.2%	-246.1%	+101.9%	+146.3%	+577.4%	—	—	—
Cash Reconciliation Cash At Beginning of Period	+27.8%	-39.0%	+296.6%	-82.4%	+170.2%	+136.6%	+264.5%	+64.1%	-37.6%	—
Cash Reconciliation Cash At End of Period	+27.8%	-39.0%	+296.6%	-82.4%	+170.2%	+136.6%	+264.5%	+64.1%	-37.6%	—
Supplemental Disclosures Income Taxes Paid	-56.3%	+125.2%	+587.7%	+39.7%	+96.7%	+126.5%	-14.7%	-20.7%	+92.9%	—
Supplemental Disclosures Interest Paid	-44.0%	+0.0%	-37.9%	-60.9%	-30.3%	-57.6%	+9.1%	+115.1%	—	—
Supplemental Disclosures Capital Expenditures Incurred But Not Yet Paid	+10.3%	-41.7%	+132.0%	+106.6%	+440.2%	-24.9%	+62.4%	-21.3%	-59.3%	—
Supplemental Disclosures Right of Use Assets Obtained	+153.5%	-62.4%	+1779.7%	-93.3%	+119.8%	—	—	—	—	—

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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