Balance Sheet Enphase Energy, Inc.

Equities

ENPH

US29355A1079

Renewable Energy Equipment & Services

Market Closed - Nasdaq Other stock markets 16:00:00 2025-07-16 EDT			5-day change	1st Jan Change
39.03 ^USD	-3.03%		-8.91%	-43.17%

07-15	Enphase Energy Shares Fall After JPMorgan Downgrade	MT
07-15	Risk On Recharged

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Published financial data: ENPHASE ENERGY, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	774M	1.38B	2.33B	2.29B	1.33B
Total Revenues	774M	1.38B	2.33B	2.29B	1.33B
Cost of Goods Sold, Total	428M	828M	1.36B	1.23B	859M
Gross Profit	346M	554M	975M	1.06B	472M
Selling General & Admin Expenses, Total	104M	228M	353M	370M	337M
R&D Expenses	55.92M	106M	169M	227M	201M
Other Operating Expenses	-	-	-	-	-158M
Other Operating Expenses, Total	160M	334M	521M	597M	381M
Operating Income	186M	221M	453M	461M	90.45M
Interest Expense, Total	-21M	-45.15M	-9.44M	-8.84M	-8.9M
Interest And Investment Income	2.16M	695K	13.76M	69.73M	77.31M
Net Interest Expenses	-18.84M	-44.46M	4.32M	60.89M	68.4M
Currency Exchange Gains (Loss)	-500K	-3.5M	-900K	-2.1M	-5M
Other Non Operating Income (Expenses)	-44.65M	149K	-51K	646K	266K
EBT, Excl. Unusual Items	122M	173M	457M	521M	154M
Restructuring Charges	-	-	-2.38M	-5.98M	-13.15M
Merger & Related Restructuring Charges	-	-4.9M	-2.6M	-	-
Gain (Loss) On Sale Of Investments	-	9.61M	735K	7.96M	-20.8M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-	-	-	-9.7M	-
Other Unusual Items	-3.04M	-56.71M	-315K	-	-
EBT, Incl. Unusual Items	119M	121M	452M	513M	120M
Income Tax Expense	-14.58M	-24.52M	54.69M	74.2M	17.5M
Earnings From Continuing Operations	134M	145M	397M	439M	103M
Net Income to Company	134M	145M	397M	439M	103M
Net Income - (IS)	134M	145M	397M	439M	103M
Net Income to Common Incl Extra Items	134M	145M	397M	439M	103M
Net Income to Common Excl. Extra Items	134M	145M	397M	439M	103M
Per Share Items
Net EPS - Basic	1.07	1.09	2.94	3.22	0.76
Basic EPS - Continuing Operations	1.07	1.09	2.94	3.22	0.76
Basic Weighted Average Shares Outstanding	126M	134M	135M	136M	135M
Net EPS - Diluted	0.95	1.02	2.77	3.08	0.75
Diluted EPS - Continuing Operations	0.95	1.02	2.77	3.08	0.75
Diluted Weighted Average Shares Outstanding	142M	143M	144M	143M	140M
Normalized Basic EPS	0.61	0.81	2.11	2.39	0.71
Normalized Diluted EPS	0.54	0.76	1.98	2.27	0.69
Supplemental Items
EBITDA	202M	249M	504M	526M	163M
EBITA	189M	226M	470M	479M	104M
EBIT	186M	221M	453M	461M	90.45M
EBITDAR	208M	257M	512M	537M	174M
Effective Tax Rate - (Ratio)	-12.21	-20.28	12.1	14.46	14.56
Current Domestic Taxes	636K	488K	44.22M	110M	67.58M
Current Foreign Taxes	1.9M	6.23M	10.6M	11.3M	11.14M
Total Current Taxes	2.53M	6.72M	54.82M	121M	78.71M
Deferred Domestic Taxes	-17.12M	-32.78M	-2.44M	-48.92M	-63.12M
Deferred Foreign Taxes	-	1.54M	2.3M	1.74M	1.91M
Total Deferred Taxes	-17.12M	-31.24M	-137K	-47.19M	-61.21M
Normalized Net Income	76.53M	108M	285M	326M	96.32M
Interest on Long-Term Debt	21M	45.15M	9.44M	8.84M	8.9M
Supplemental Operating Expense Items
Advertising Expense	-	16.2M	3.8M	3.8M	1.7M
Selling and Marketing Expenses	52.93M	129M	215M	232M	207M
General and Administrative Expenses	50.69M	99.19M	137M	138M	131M
Research And Development Expense From Footnotes	55.92M	109M	177M	237M	210M
Net Rental Expense, Total	5.33M	7.05M	8.22M	10.41M	11.05M
Imputed Operating Lease Interest Expense	3.82M	3.63M	524K	559K	594K
Imputed Operating Lease Depreciation	1.51M	3.42M	7.7M	9.85M	10.45M
Stock-Based Comp., COGS (Total)	3.76M	7.37M	13.1M	13.36M	14.54M
Stock-Based Comp., R&D Exp. (Total)	12.7M	33.93M	69.08M	88.37M	85.5M
Stock-Based Comp., S&M Exp. (Total)	11.55M	37.43M	78.82M	65.7M	65.09M
Stock-Based Comp., G&A Exp. (Total)	14.5M	35.56M	55.8M	45.43M	45.96M
Stock-Based Comp., Other (Total)	-	-	-	-	267K
Total Stock-Based Compensation	42.5M	114M	217M	213M	211M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	679M	119M	473M	289M	369M
Short Term Investments	-	897M	1.14B	1.41B	1.25B
Total Cash And Short Term Investments	679M	1.02B	1.61B	1.7B	1.62B
Accounts Receivable, Total	200M	357M	473M	486M	266M
Other Receivables	-	2.1M	2.2M	7.6M	10.1M
Total Receivables	200M	359M	475M	494M	276M
Inventory	41.76M	74.4M	150M	214M	165M
Prepaid Expenses	11.88M	12.18M	26.49M	41.09M	73.73M
Restricted Cash	-	-	-	-	95.01M
Other Current Assets, Total	-	-	-	-	94.9M
Total Current Assets	933M	1.46B	2.26B	2.44B	2.33B
Gross Property Plant And Equipment	105M	146M	194M	264M	281M
Accumulated Depreciation	-49.5M	-61.85M	-80.64M	-101M	-131M
Net Property Plant And Equipment	55.87M	83.99M	114M	163M	150M
Long-term Investments	5M	41.04M	56.78M	79.86M	64.83M
Goodwill	24.78M	181M	214M	215M	212M
Other Intangibles, Total	33.61M	110M	119M	93.74M	65M
Accounts Receivable Long-Term	51.99M	69.58M	101M	124M	111M
Deferred Tax Assets Long-Term	92.9M	122M	205M	252M	316M
Other Long-Term Assets, Total	2.89M	8.1M	11.52M	11.85M	5.14M
Total Assets	1.2B	2.08B	3.08B	3.38B	3.25B
Liabilities
Accounts Payable, Total	72.61M	114M	125M	116M	90.03M
Accrued Expenses, Total	66.5M	127M	247M	212M	142M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	326M	86.05M	90.89M	-	101M
Current Portion of Leases	4.54M	3.83M	5.37M	5.22M	5.82M
Current Income Taxes Payable	-	-	16.15M	8.53M	3.54M
Unearned Revenue Current, Total	47.66M	62.67M	90.75M	118M	237M
Other Current Liabilities	16.76M	46.36M	62.75M	72.14M	80.66M
Total Current Liabilities	534M	440M	638M	532M	660M
Long-Term Debt	4.9M	952M	1.2B	1.29B	1.2B
Long-Term Leases	15.21M	11.92M	19.08M	18.8M	23.04M
Unearned Revenue Non Current	125M	187M	282M	369M	342M
Other Non Current Liabilities	36.49M	58.59M	120M	185M	190M
Total Liabilities	716M	1.65B	2.26B	2.4B	2.42B
Common Stock, Total	1K	1K	1K	1K	1K
Additional Paid In Capital	535M	838M	819M	939M	1.08B
Retained Earnings	-51.19M	-406M	17.34M	46.27M	-245M
Comprehensive Income and Other	434K	-2.02M	-10.88M	-1.99M	-6.35M
Total Common Equity	484M	430M	826M	984M	833M
Total Equity	484M	430M	826M	984M	833M
Total Liabilities And Equity	1.2B	2.08B	3.08B	3.38B	3.25B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	129M	134M	136M	136M	132M
ECS Total Common Shares Outstanding	129M	134M	136M	136M	132M
Book Value / Share	3.75	3.21	6.05	7.25	6.29
Tangible Book Value	426M	139M	493M	675M	556M
Tangible Book Value Per Share	3.3	1.03	3.62	4.98	4.2
Total Debt	351M	1.05B	1.31B	1.32B	1.33B
Net Debt	-329M	36.74M	-298M	-377M	-291M
Debt Equivalent Oper. Leases	42.66M	56.39M	65.78M	83.25M	88.38M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	10.14M	25.43M	34.98M	30.85M	38.74M
Inventories - Finished Goods, Total	31.62M	48.97M	115M	183M	126M
Land - (BS)	-	114K	114K	-	-
Buildings, Total	-	12.55M	15.88M	17.06M	19.05M
Machinery, Total	68.92M	104M	125M	197M	218M
Full Time Employees	850	2.26K	2.82K	3.16K	2.78K
Accumulated Allowance for Doubtful Accounts (Supple)	462K	1.59M	979K	2.5M	7.79M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	134M	145M	397M	439M	103M
Depreciation & Amortization - CF	13.01M	23.03M	34.08M	47.51M	58.82M
Amortization of Goodwill and Intangible Assets - (CF)	2.91M	5.73M	16.39M	17.37M	13.79M
Depreciation & Amortization, Total	15.92M	28.76M	50.47M	64.88M	72.61M
Amortization of Deferred Charges, Total - (CF)	2.18M	48.07M	16.47M	18.21M	17.43M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-	-9.61M	-3.37M	-23.64M	-10.57M
Asset Writedown & Restructuring Costs	-	-	1.2M	10.6M	28.84M
Stock-Based Compensation (CF)	42.5M	114M	217M	213M	211M
Provision and Write-off of Bad Debts	425K	477K	119K	1.15M	6.68M
Other Operating Activities, Total	45.96M	9.54M	3.63M	-43.35M	-58.32M
Change In Accounts Receivable	-34.32M	-151M	-108M	-12.48M	212M
Change In Inventories	-9.71M	-29.26M	-75.27M	-63.89M	48.59M
Change In Accounts Payable	35.7M	117M	133M	-22.15M	-85.54M
Change in Unearned Revenues	-10.5M	78.17M	122M	118M	98.85M
Change in Other Net Operating Assets	-5.82M	131K	-10.65M	-2.14M	-131M
Cash from Operations	216M	352M	745M	697M	514M
Capital Expenditure	-20.56M	-52.26M	-46.44M	-110M	-33.6M
Cash Acquisitions	-	-236M	-62.16M	-	-
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-250K	-	-	-
Investment in Marketable and Equity Securities, Total	-5.01M	-931M	-263M	-256M	162M
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-25.57M	-1.22B	-372M	-366M	128M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	312M	1.19B	-	-	-
Total Debt Issued	312M	1.19B	-	-	-
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-43.3M	-292M	-	-	-7K
Total Debt Repaid	-43.3M	-292M	-	-	-7K
Issuance of Common Stock	8.4M	7.48M	10.37M	13.87M	12.69M
Repurchase of Common Stock	-68.33M	-529M	-27.5M	-531M	-470M
Other Financing Activities, Total	-17.5M	-65.44M	-	-	-2.77M
Cash from Financing	192M	309M	-17.13M	-517M	-460M
Foreign Exchange Rate Adjustments	826K	-1.96M	-1.86M	1.85M	-6.32M
Net Change in Cash	383M	-560M	354M	-184M	175M
Supplemental Items
Cash Interest Paid	1.88M	733K	455K	455K	255K
Cash Income Tax Paid (Refund)	3.45M	4.82M	33.17M	74.71M	32.66M
Levered Free Cash Flow	148M	203M	501M	357M	389M
Unlevered Free Cash Flow	161M	186M	499M	354M	385M
Change In Net Working Capital	-4.84M	45.74M	13.58M	112M	-69.75M
Net Debt Issued / Repaid	269M	896M	-	-	-7K

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	12.18	8.41	10.97	8.92	1.7
Return on Total Capital	19.02	11.9	15.63	12.99	2.53
Return On Equity %	35.44	31.82	63.29	48.52	11.3
Return on Common Equity	35.44	31.82	63.29	48.52	11.3
Margin Analysis
Gross Profit Margin %	44.68	40.12	41.81	46.2	35.45
SG&A Margin	13.38	16.51	15.12	16.14	25.36
EBITDA Margin %	26.13	18.05	21.61	22.97	12.26
EBITA Margin %	24.45	16.39	20.15	20.9	7.84
EBIT Margin %	24.07	15.97	19.45	20.14	6.8
Income From Continuing Operations Margin %	17.3	10.52	17.05	19.16	7.72
Net Income Margin %	17.3	10.52	17.05	19.16	7.72
Net Avail. For Common Margin %	17.3	10.52	17.05	19.16	7.72
Normalized Net Income Margin	9.88	7.82	12.24	14.21	7.24
Levered Free Cash Flow Margin	19.15	14.66	21.5	15.57	29.2
Unlevered Free Cash Flow Margin	20.84	13.49	21.4	15.44	28.97
Asset Turnover
Asset Turnover	0.81	0.84	0.9	0.71	0.4
Fixed Assets Turnover	16.46	19.76	23.6	16.57	8.52
Receivables Turnover (Average Receivables)	4.3	4.96	5.62	4.78	3.54
Inventory Turnover (Average Inventory)	11.61	14.25	12.1	6.78	4.54
Short Term Liquidity
Current Ratio	1.75	3.33	3.55	4.59	3.53
Quick Ratio	1.65	3.13	3.27	4.11	2.88
Operating Cash Flow to Current Liabilities	0.41	0.8	1.17	1.31	0.78
Days Sales Outstanding (Average Receivables)	85.19	73.58	65	76.42	103.43
Days Outstanding Inventory (Average Inventory)	31.53	25.61	30.16	53.8	80.68
Average Days Payable Outstanding	54.33	39.54	30.45	33.96	46.58
Cash Conversion Cycle (Average Days)	62.39	59.65	64.71	96.25	137.54
Long Term Solvency
Total Debt/Equity	72.44	244.88	159.26	133.97	159.81
Total Debt / Total Capital	42.01	71	61.43	57.26	61.51
LT Debt/Equity	4.15	223.99	147.6	133.44	146.95
Long-Term Debt / Total Capital	2.41	64.95	56.93	57.03	56.56
Total Liabilities / Total Assets	59.67	79.31	73.23	70.92	74.37
EBIT / Interest Expense	8.88	4.89	48.02	52.2	10.16
EBITDA / Interest Expense	9.89	5.68	54.24	60.72	19.55
(EBITDA - Capex) / Interest Expense	8.91	4.52	49.32	48.23	15.78
Total Debt / EBITDA	1.69	4.11	2.57	2.46	7.65
Net Debt / EBITDA	-1.58	0.14	-0.58	-0.7	-1.67
Total Debt / (EBITDA - Capex)	1.87	5.16	2.82	3.09	9.48
Net Debt / (EBITDA - Capex)	-1.76	0.18	-0.64	-0.88	-2.07
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	24.04	78.46	68.65	-1.72	-41.92
Gross Profit, 1 Yr. Growth %	56.38	60.25	75.79	8.6	-53.07
EBITDA, 1 Yr. Growth %	72.57	23.29	103.2	4.48	-69.02
EBITA, 1 Yr. Growth %	75.53	19.6	107.3	1.95	-78.23
EBIT, 1 Yr. Growth %	77.01	18.39	105.34	1.8	-80.4
Earnings From Cont. Operations, 1 Yr. Growth %	-16.85	8.55	173.2	10.46	-76.61
Net Income, 1 Yr. Growth %	-16.85	8.55	173.2	10.46	-76.61
Normalized Net Income, 1 Yr. Growth %	24.04	41.22	164.37	14.07	-70.38
Diluted EPS Before Extra, 1 Yr. Growth %	-23.29	7.81	171.79	11.23	-75.63
Accounts Receivable, 1 Yr. Growth %	24.66	78.53	32.45	2.78	-45.34
Inventory, 1 Yr. Growth %	30.28	78.14	101.22	42.67	-22.75
Net Property, Plant and Equip., 1 Yr. Growth %	46.05	50.33	35.19	43.49	-8.22
Total Assets, 1 Yr. Growth %	68.26	73.26	48.34	9.69	-3.94
Tangible Book Value, 1 Yr. Growth %	96.99	-67.44	256.01	36.91	-17.6
Common Equity, 1 Yr. Growth %	77.8	-11.12	91.92	19.14	-15.31
Cash From Operations, 1 Yr. Growth %	55.56	62.72	111.58	-6.45	-26.28
Capital Expenditures, 1 Yr. Growth %	39.02	154.2	-11.13	137.71	-69.56
Levered Free Cash Flow, 1 Yr. Growth %	594.61	21.62	149.3	-28.83	8.94
Unlevered Free Cash Flow, 1 Yr. Growth %	488.99	15.5	169.88	-29.08	8.95
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	56.51	48.78	73.49	28.74	-24.45
Gross Profit, 2 Yr. CAGR %	91.4	58.3	67.84	38.17	-30.43
EBITDA, 2 Yr. CAGR %	253.52	44.52	56.93	44.64	-43.55
EBITA, 2 Yr. CAGR %	438.69	46.63	58.71	47.28	-52.02
EBIT, 2 Yr. CAGR %	434.54	44.76	55.92	44.58	-55.31
Earnings From Cont. Operations, 2 Yr. CAGR %	239.48	-5	72.21	73.72	-49.17
Net Income, 2 Yr. CAGR %	239.48	-5	72.21	73.72	-49.17
Normalized Net Income, 2 Yr. CAGR %	380.66	32.36	93.11	69.02	-41.91
Diluted EPS Before Extra, 2 Yr. CAGR %	180.69	-9.06	71.18	73.87	-47.93
Accounts Receivable, 2 Yr. CAGR %	47.1	49.18	53.77	16.68	-25.05
Inventory, 2 Yr. CAGR %	60.23	52.35	89.33	69.44	4.98
Net Property, Plant and Equip., 2 Yr. CAGR %	65.9	48.17	42.56	39.28	14.76
Total Assets, 2 Yr. CAGR %	87.89	70.74	60.31	27.56	2.65
Tangible Book Value, 2 Yr. CAGR %	183.34	-19.92	7.66	120.77	6.21
Common Equity, 2 Yr. CAGR %	688.94	25.71	30.6	51.22	0.45
Cash From Operations, 2 Yr. CAGR %	266.2	59.1	85.55	40.69	-16.95
Capital Expenditures, 2 Yr. CAGR %	122.54	87.98	50.3	45.35	-14.94
Levered Free Cash Flow, 2 Yr. CAGR %	77.67	208.06	83.83	33.2	-11.93
Unlevered Free Cash Flow, 2 Yr. CAGR %	77.98	160.82	75.8	38.35	-12.08
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	39.35	63.51	55.13	43.55	-1.26
Gross Profit, 3 Yr. CAGR %	83.45	80.39	63.93	45.17	-5.25
EBITDA, 3 Yr. CAGR %	146.83	148.84	61.56	37.03	-13.46
EBITA, 3 Yr. CAGR %	103.52	226.19	64.59	36.94	-22.13
EBIT, 3 Yr. CAGR %	102.47	223.42	62.65	35.27	-25.73
Earnings From Cont. Operations, 3 Yr. CAGR %	43.66	132.14	35.1	48.52	-10.96
Net Income, 3 Yr. CAGR %	43.66	132.14	35.1	48.52	-10.96
Normalized Net Income, 3 Yr. CAGR %	62.71	219.54	66.62	62.03	-5.45
Diluted EPS Before Extra, 3 Yr. CAGR %	20.16	104.03	31	48.26	-9.68
Accounts Receivable, 3 Yr. CAGR %	45.2	56.9	43.38	34.45	-9.38
Inventory, 3 Yr. CAGR %	17.12	65.99	67.15	72.29	30.41
Net Property, Plant and Equip., 3 Yr. CAGR %	30.08	60.54	43.72	42.87	21.2
Total Assets, 3 Yr. CAGR %	92.15	82.88	62.92	41.26	16.05
Tangible Book Value, 3 Yr. CAGR %	209.15	37.75	31.68	16.64	58.95
Common Equity, 3 Yr. CAGR %	275.71	281.03	44.75	26.67	24.64
Cash From Operations, 3 Yr. CAGR %	96.66	179.44	74.96	47.68	13.42
Capital Expenditures, 3 Yr. CAGR %	70.87	132.63	46.44	75.12	-13.69
Levered Free Cash Flow, 3 Yr. CAGR %	294.37	62.78	186.32	33.98	24.57
Unlevered Free Cash Flow, 3 Yr. CAGR %	437.08	54.09	163.05	29.9	27.76
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	16.74	33.77	52.12	48.6	16.34
Gross Profit, 5 Yr. CAGR %	26.17	57.06	77.04	62.14	16.34
EBITDA, 5 Yr. CAGR %	80.38	38.88	106.37	100.63	6.42
EBITA, 5 Yr. CAGR %	55.79	31.21	83.68	136.11	-0.21
EBIT, 5 Yr. CAGR %	54.56	30.23	82.38	134.37	-3
Earnings From Cont. Operations, 5 Yr. CAGR %	43.42	16.61	54.46	106.72	-8.62
Net Income, 5 Yr. CAGR %	43.42	16.61	54.46	106.72	-8.62
Normalized Net Income, 5 Yr. CAGR %	40.29	22.69	74.25	150.32	9.32
Diluted EPS Before Extra, 5 Yr. CAGR %	13.83	-5.26	38.43	91.39	-9.43
Accounts Receivable, 5 Yr. CAGR %	34.12	42.39	48.57	39.37	10.62
Inventory, 5 Yr. CAGR %	0.47	18.41	41.92	67.36	38.78
Net Property, Plant and Equip., 5 Yr. CAGR %	14.16	23.24	34.94	51.67	31.34
Total Assets, 5 Yr. CAGR %	48.62	66.28	78.72	58.34	35.43
Tangible Book Value, 5 Yr. CAGR %	67.6	92.74	102.73	66.35	20.83
Common Equity, 5 Yr. CAGR %	63.48	219.11	146.2	163.28	25.07
Cash From Operations, 5 Yr. CAGR %	59.19	60.6	92.14	112.36	29.87
Capital Expenditures, 5 Yr. CAGR %	10.42	33.84	62.32	92.74	17.84
Levered Free Cash Flow, 5 Yr. CAGR %	41.44	54.13	190.61	49.99	78.65
Unlevered Free Cash Flow, 5 Yr. CAGR %	44.02	53.75	243.58	47.33	69.68