Balance Sheet Enphase Energy, Inc.

Equities

ENPH

US29355A1079

Renewable Energy Equipment & Services

Market Closed - Nasdaq Other stock markets 21:00:00 05/06/2026 BST			After hours 23:10:53
56.07 ^USD	-18.01%		55.76	-0.56%

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Published financial data: ENPHASE ENERGY, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	1.38B	2.33B	2.29B	1.33B	1.47B
Total Revenues	1.38B	2.33B	2.29B	1.33B	1.47B
Cost of Goods Sold, Total	828M	1.36B	1.23B	859M	1.02B
Gross Profit	554M	975M	1.06B	472M	448M
Selling General & Admin Expenses, Total	228M	353M	370M	337M	333M
R&D Expenses	106M	169M	227M	201M	189M
Other Operating Expenses	-	-	-	-158M	-239M
Other Operating Expenses, Total	334M	521M	597M	381M	284M
Operating Income	221M	453M	461M	90.45M	165M
Interest Expense, Total	-45.15M	-9.44M	-8.84M	-8.9M	-4.52M
Interest And Investment Income	695K	13.76M	69.73M	77.31M	62.72M
Net Interest Expenses	-44.46M	4.32M	60.89M	68.4M	58.2M
Currency Exchange Gains (Loss)	-3.5M	-900K	-2.1M	-5M	-1M
Other Non Operating Income (Expenses)	149K	-51K	646K	266K	-225K
EBT, Excl. Unusual Items	173M	457M	521M	154M	222M
Restructuring Charges	-	-2.38M	-5.98M	-13.15M	-7.13M
Merger & Related Restructuring Charges	-4.9M	-2.6M	-	-	-
Gain (Loss) On Sale Of Investments	9.61M	735K	7.96M	-20.8M	-9.69M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-	-	-9.7M	-	-
Other Unusual Items	-56.71M	-315K	-	-	-
EBT, Incl. Unusual Items	121M	452M	513M	120M	205M
Income Tax Expense	-24.52M	54.69M	74.2M	17.5M	32.68M
Earnings From Continuing Operations	145M	397M	439M	103M	172M
Net Income to Company	145M	397M	439M	103M	172M
Net Income - (IS)	145M	397M	439M	103M	172M
Net Income to Common Incl Extra Items	145M	397M	439M	103M	172M
Net Income to Common Excl. Extra Items	145M	397M	439M	103M	172M
Per Share Items
Net EPS - Basic	1.09	2.94	3.22	0.76	1.31
Basic EPS - Continuing Operations	1.09	2.94	3.22	0.76	1.31
Basic Weighted Average Shares Outstanding	134M	135M	136M	135M	131M
Net EPS - Diluted	1.02	2.77	3.08	0.75	1.29
Diluted EPS - Continuing Operations	1.02	2.77	3.08	0.75	1.29
Diluted Weighted Average Shares Outstanding	143M	144M	143M	140M	135M
Normalized Basic EPS	0.81	2.11	2.39	0.71	1.06
Normalized Diluted EPS	0.76	1.98	2.27	0.69	1.03
Supplemental Items
EBITDA	249M	504M	526M	163M	239M
EBITA	226M	470M	479M	104M	178M
EBIT	221M	453M	461M	90.45M	165M
EBITDAR	257M	512M	537M	174M	251M
Effective Tax Rate - (Ratio)	-20.28	12.1	14.46	14.56	15.96
Current Domestic Taxes	488K	44.22M	110M	67.58M	8.22M
Current Foreign Taxes	6.23M	10.6M	11.3M	11.14M	10.96M
Total Current Taxes	6.72M	54.82M	121M	78.71M	19.18M
Deferred Domestic Taxes	-32.78M	-2.44M	-48.92M	-63.12M	11.2M
Deferred Foreign Taxes	1.54M	2.3M	1.74M	1.91M	2.3M
Total Deferred Taxes	-31.24M	-137K	-47.19M	-61.21M	13.5M
Normalized Net Income	108M	285M	326M	96.32M	139M
Interest on Long-Term Debt	45.15M	9.44M	8.84M	8.9M	4.52M
Supplemental Operating Expense Items
Advertising Expense	16.2M	3.8M	3.8M	1.7M	2.7M
Selling and Marketing Expenses	129M	215M	232M	207M	198M
General and Administrative Expenses	99.19M	137M	138M	131M	136M
Research And Development Expense From Footnotes	109M	177M	237M	210M	195M
Net Rental Expense, Total	7.05M	8.22M	10.41M	11.05M	11.95M
Imputed Operating Lease Interest Expense	3.63M	524K	559K	594K	336K
Imputed Operating Lease Depreciation	3.42M	7.7M	9.85M	10.45M	11.61M
Stock-Based Comp., COGS (Total)	7.37M	13.1M	13.36M	14.54M	17.18M
Stock-Based Comp., R&D Exp. (Total)	33.93M	69.08M	88.37M	85.5M	82.84M
Stock-Based Comp., S&M Exp. (Total)	37.43M	78.82M	65.7M	65.09M	63.24M
Stock-Based Comp., G&A Exp. (Total)	35.56M	55.8M	45.43M	45.96M	50.25M
Stock-Based Comp., Other (Total)	-	-	-	267K	588K
Total Stock-Based Compensation	114M	217M	213M	211M	214M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	119M	473M	289M	369M	474M
Short Term Investments	897M	1.14B	1.41B	1.25B	1.04B
Total Cash And Short Term Investments	1.02B	1.61B	1.7B	1.62B	1.51B
Accounts Receivable, Total	357M	473M	486M	266M	230M
Other Receivables	2.1M	2.2M	7.6M	10.1M	76.62M
Notes Receivable	-	-	-	-	48.32M
Total Receivables	359M	475M	494M	276M	355M
Inventory	74.4M	150M	214M	165M	288M
Prepaid Expenses	12.18M	26.49M	41.09M	73.73M	-
Restricted Cash	-	-	-	95.01M	-
Other Current Assets, Total	-	-	-	94.9M	451M
Total Current Assets	1.46B	2.26B	2.44B	2.33B	2.61B
Gross Property Plant And Equipment	146M	194M	264M	281M	321M
Accumulated Depreciation	-61.85M	-80.64M	-101M	-131M	-167M
Net Property Plant And Equipment	83.99M	114M	163M	150M	154M
Long-term Investments	41.04M	56.78M	79.86M	64.83M	61.35M
Goodwill	181M	214M	215M	212M	215M
Other Intangibles, Total	110M	119M	93.74M	65M	39.79M
Accounts Receivable Long-Term	69.58M	101M	124M	111M	115M
Deferred Tax Assets Long-Term	122M	205M	252M	316M	306M
Other Long-Term Assets, Total	8.1M	11.52M	11.85M	5.14M	11.69M
Total Assets	2.08B	3.08B	3.38B	3.25B	3.51B
Liabilities
Accounts Payable, Total	114M	125M	116M	90.03M	203M
Accrued Expenses, Total	127M	247M	212M	142M	141M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	86.05M	90.89M	-	101M	632M
Current Portion of Leases	3.83M	5.37M	5.22M	5.82M	8.21M
Current Income Taxes Payable	-	16.15M	8.53M	3.54M	4.92M
Unearned Revenue Current, Total	62.67M	90.75M	118M	237M	181M
Other Current Liabilities	46.36M	62.75M	72.14M	80.66M	92.02M
Total Current Liabilities	440M	638M	532M	660M	1.26B
Long-Term Debt	952M	1.2B	1.29B	1.2B	572M
Long-Term Leases	11.92M	19.08M	18.8M	23.04M	31.2M
Unearned Revenue Non Current	187M	282M	369M	342M	338M
Other Non Current Liabilities	58.59M	120M	185M	190M	219M
Total Liabilities	1.65B	2.26B	2.4B	2.42B	2.42B
Common Stock, Total	1K	1K	1K	1K	1K
Additional Paid In Capital	838M	819M	939M	1.08B	1.29B
Retained Earnings	-406M	17.34M	46.27M	-245M	-204M
Comprehensive Income and Other	-2.02M	-10.88M	-1.99M	-6.35M	1.75M
Total Common Equity	430M	826M	984M	833M	1.09B
Total Equity	430M	826M	984M	833M	1.09B
Total Liabilities And Equity	2.08B	3.08B	3.38B	3.25B	3.51B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	134M	136M	136M	132M	131M
ECS Total Common Shares Outstanding	134M	136M	136M	132M	131M
Book Value / Share	3.21	6.05	7.25	6.29	8.29
Tangible Book Value	139M	493M	675M	556M	832M
Tangible Book Value Per Share	1.03	3.62	4.98	4.2	6.35
Total Debt	1.05B	1.31B	1.32B	1.33B	1.24B
Net Debt	36.74M	-298M	-377M	-291M	-269M
Debt Equivalent Oper. Leases	56.39M	65.78M	83.25M	88.38M	95.57M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	25.43M	34.98M	30.85M	38.74M	103M
Inventories - Work In Process, Total	-	-	-	-	8.35M
Inventories - Finished Goods, Total	48.97M	115M	183M	126M	177M
Land - (BS)	114K	114K	-	-	-
Buildings, Total	12.55M	15.88M	17.06M	19.05M	-
Machinery, Total	104M	125M	197M	218M	243M
Full Time Employees	2.26K	2.82K	3.16K	2.78K	2.87K
Accumulated Allowance for Doubtful Accounts (Supple)	1.59M	979K	2.5M	7.79M	580K

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	145M	397M	439M	103M	172M
Depreciation & Amortization - CF	23.03M	34.08M	47.51M	58.82M	60.46M
Amortization of Goodwill and Intangible Assets - (CF)	5.73M	16.39M	17.37M	13.79M	13.78M
Depreciation & Amortization, Total	28.76M	50.47M	64.88M	72.61M	74.24M
Amortization of Deferred Charges, Total - (CF)	48.07M	16.47M	18.21M	17.43M	10.56M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-9.61M	-3.37M	-23.64M	-10.57M	10.61M
Asset Writedown & Restructuring Costs	-	1.2M	10.6M	28.84M	3.11M
Stock-Based Compensation (CF)	114M	217M	213M	211M	214M
Provision and Write-off of Bad Debts	477K	119K	1.15M	6.68M	-126K
Other Operating Activities, Total	9.54M	3.63M	-43.35M	-58.32M	4.8M
Change In Accounts Receivable	-151M	-108M	-12.48M	212M	3.84M
Change In Inventories	-29.26M	-75.27M	-63.89M	48.59M	-123M
Change In Accounts Payable	117M	133M	-22.15M	-85.54M	139M
Change in Unearned Revenues	78.17M	122M	118M	98.85M	-75.43M
Change in Other Net Operating Assets	131K	-10.65M	-2.14M	-131M	-297M
Cash from Operations	352M	745M	697M	514M	137M
Capital Expenditure	-52.26M	-46.44M	-110M	-33.6M	-40.64M
Cash Acquisitions	-236M	-62.16M	-	-	-
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-250K	-	-	-	-
Investment in Marketable and Equity Securities, Total	-931M	-263M	-256M	162M	196M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-48.5M
Cash from Investing	-1.22B	-372M	-366M	128M	107M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	1.19B	-	-	-	-
Total Debt Issued	1.19B	-	-	-	-
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-292M	-	-	-7K	-102M
Total Debt Repaid	-292M	-	-	-7K	-102M
Issuance of Common Stock	7.48M	10.37M	13.87M	12.69M	8.53M
Repurchase of Common Stock	-529M	-27.5M	-531M	-473M	-148M
Other Financing Activities, Total	-65.44M	-	-	-	-
Cash from Financing	309M	-17.13M	-517M	-460M	-242M
Foreign Exchange Rate Adjustments	-1.96M	-1.86M	1.85M	-6.32M	8.49M
Net Change in Cash	-560M	354M	-184M	175M	10.2M
Supplemental Items
Cash Interest Paid	733K	455K	455K	255K	128K
Cash Income Tax Paid (Refund)	4.82M	33.17M	74.71M	32.66M	20.45M
Levered Free Cash Flow	203M	501M	357M	389M	37.6M
Unlevered Free Cash Flow	186M	499M	354M	385M	36.27M
Change In Net Working Capital	45.74M	13.58M	112M	-69.75M	321M
Net Debt Issued / Repaid	896M	-	-	-7K	-102M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	8.41	10.97	8.92	1.7	3.04
Return on Total Capital	11.9	15.63	12.99	2.53	4.58
Return On Equity %	31.82	63.29	48.52	11.3	17.93
Return on Common Equity	31.82	63.29	48.52	11.3	17.93
Margin Analysis
Gross Profit Margin %	40.12	41.81	46.2	35.45	30.44
SG&A Margin	16.51	15.12	16.14	25.36	22.63
EBITDA Margin %	18.05	21.61	22.97	12.26	16.22
EBITA Margin %	16.39	20.15	20.9	7.84	12.11
EBIT Margin %	15.97	19.45	20.14	6.8	11.18
Income From Continuing Operations Margin %	10.52	17.05	19.16	7.72	11.69
Net Income Margin %	10.52	17.05	19.16	7.72	11.69
Net Avail. For Common Margin %	10.52	17.05	19.16	7.72	11.69
Normalized Net Income Margin	7.82	12.24	14.21	7.24	9.4
Levered Free Cash Flow Margin	14.66	21.5	15.57	29.2	2.55
Unlevered Free Cash Flow Margin	13.49	21.4	15.44	28.97	2.46
Asset Turnover
Asset Turnover	0.84	0.9	0.71	0.4	0.44
Fixed Assets Turnover	19.76	23.6	16.57	8.52	9.71
Receivables Turnover (Average Receivables)	4.96	5.62	4.78	3.54	6.49
Inventory Turnover (Average Inventory)	14.25	12.1	6.78	4.54	4.52
Short Term Liquidity
Current Ratio	3.33	3.55	4.59	3.53	2.07
Quick Ratio	3.13	3.27	4.11	2.88	1.44
Operating Cash Flow to Current Liabilities	0.8	1.17	1.31	0.78	0.11
Days Sales Outstanding (Average Receivables)	73.58	65	76.42	103.43	56.2
Days Outstanding Inventory (Average Inventory)	25.61	30.16	53.8	80.68	80.69
Average Days Payable Outstanding	39.54	30.45	33.96	46.58	46.6
Cash Conversion Cycle (Average Days)	59.65	64.71	96.25	137.54	90.29
Long Term Solvency
Total Debt/Equity	244.88	159.26	133.97	159.81	114.42
Total Debt / Total Capital	71	61.43	57.26	61.51	53.36
LT Debt/Equity	223.99	147.6	133.44	146.95	55.51
Long-Term Debt / Total Capital	64.95	56.93	57.03	56.56	25.89
Total Liabilities / Total Assets	79.31	73.23	70.92	74.37	69.03
EBIT / Interest Expense	4.89	48.02	52.2	10.16	36.42
EBITDA / Interest Expense	5.68	54.24	60.72	19.55	55.48
(EBITDA - Capex) / Interest Expense	4.52	49.32	48.23	15.78	46.5
Total Debt / EBITDA	4.11	2.57	2.46	7.65	4.96
Net Debt / EBITDA	0.14	-0.58	-0.7	-1.67	-1.07
Total Debt / (EBITDA - Capex)	5.16	2.82	3.09	9.48	5.92
Net Debt / (EBITDA - Capex)	0.18	-0.64	-0.88	-2.07	-1.28
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	78.46	68.65	-1.72	-41.92	10.72
Gross Profit, 1 Yr. Growth %	60.25	75.79	8.6	-53.07	-4.95
EBITDA, 1 Yr. Growth %	23.29	103.2	4.48	-69.02	46.52
EBITA, 1 Yr. Growth %	19.6	107.3	1.95	-78.23	71.18
EBIT, 1 Yr. Growth %	18.39	105.34	1.8	-80.4	82.05
Earnings From Cont. Operations, 1 Yr. Growth %	8.55	173.2	10.46	-76.61	67.68
Net Income, 1 Yr. Growth %	8.55	173.2	10.46	-76.61	67.68
Normalized Net Income, 1 Yr. Growth %	41.22	164.37	14.07	-70.38	43.78
Diluted EPS Before Extra, 1 Yr. Growth %	7.81	171.79	11.23	-75.63	71.87
Accounts Receivable, 1 Yr. Growth %	78.53	32.45	2.78	-45.34	2.74
Inventory, 1 Yr. Growth %	78.14	101.22	42.67	-22.75	74.57
Net Property, Plant and Equip., 1 Yr. Growth %	50.33	35.19	43.49	-8.22	2.91
Total Assets, 1 Yr. Growth %	73.26	48.34	9.69	-3.94	8
Tangible Book Value, 1 Yr. Growth %	-67.44	256.01	36.91	-17.6	49.61
Common Equity, 1 Yr. Growth %	-11.12	91.92	19.14	-15.31	30.49
Cash From Operations, 1 Yr. Growth %	62.72	111.58	-6.45	-26.28	-73.42
Capital Expenditures, 1 Yr. Growth %	154.2	-11.13	137.71	-69.56	20.94
Levered Free Cash Flow, 1 Yr. Growth %	21.62	149.3	-28.83	8.94	-90.32
Unlevered Free Cash Flow, 1 Yr. Growth %	15.5	169.88	-29.08	8.95	-90.59
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	48.78	73.49	28.74	-24.45	-19.81
Gross Profit, 2 Yr. CAGR %	58.3	67.84	38.17	-30.43	-34.92
EBITDA, 2 Yr. CAGR %	44.52	56.93	44.64	-43.55	-33.25
EBITA, 2 Yr. CAGR %	46.63	58.71	47.28	-52.02	-37.81
EBIT, 2 Yr. CAGR %	44.76	55.92	44.58	-55.31	-40.26
Earnings From Cont. Operations, 2 Yr. CAGR %	-5	72.21	73.72	-49.17	-37.38
Net Income, 2 Yr. CAGR %	-5	72.21	73.72	-49.17	-37.38
Normalized Net Income, 2 Yr. CAGR %	32.36	93.11	69.02	-41.91	-34.76
Diluted EPS Before Extra, 2 Yr. CAGR %	-9.06	71.18	73.87	-47.93	-35.28
Accounts Receivable, 2 Yr. CAGR %	49.18	53.77	16.68	-25.05	-31.24
Inventory, 2 Yr. CAGR %	52.35	89.33	69.44	4.98	16.13
Net Property, Plant and Equip., 2 Yr. CAGR %	48.17	42.56	39.28	14.76	-2.82
Total Assets, 2 Yr. CAGR %	70.74	60.31	27.56	2.65	1.86
Tangible Book Value, 2 Yr. CAGR %	-19.92	7.66	120.77	6.21	11.03
Common Equity, 2 Yr. CAGR %	25.71	30.6	51.22	0.45	5.12
Cash From Operations, 2 Yr. CAGR %	59.1	85.55	40.69	-16.95	-55.73
Capital Expenditures, 2 Yr. CAGR %	87.98	50.3	45.35	-14.94	-39.33
Levered Free Cash Flow, 2 Yr. CAGR %	208.06	83.83	33.2	-11.93	-67.53
Unlevered Free Cash Flow, 2 Yr. CAGR %	160.82	75.8	38.35	-12.08	-67.98
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	63.51	55.13	43.55	-1.26	-14.19
Gross Profit, 3 Yr. CAGR %	80.39	63.93	45.17	-5.25	-22.81
EBITDA, 3 Yr. CAGR %	148.84	61.56	37.03	-13.46	-22.42
EBITA, 3 Yr. CAGR %	226.19	64.59	36.94	-22.13	-26.69
EBIT, 3 Yr. CAGR %	223.42	62.65	35.27	-25.73	-28.63
Earnings From Cont. Operations, 3 Yr. CAGR %	132.14	35.1	48.52	-10.96	-24.34
Net Income, 3 Yr. CAGR %	132.14	35.1	48.52	-10.96	-24.34
Normalized Net Income, 3 Yr. CAGR %	219.54	66.62	62.03	-5.45	-21.41
Diluted EPS Before Extra, 3 Yr. CAGR %	104.03	31	48.26	-9.68	-22.48
Accounts Receivable, 3 Yr. CAGR %	56.9	43.38	34.45	-9.38	-21.38
Inventory, 3 Yr. CAGR %	65.99	67.15	72.29	30.41	24.38
Net Property, Plant and Equip., 3 Yr. CAGR %	60.54	43.72	42.87	21.2	10.66
Total Assets, 3 Yr. CAGR %	82.88	62.92	41.26	16.05	4.4
Tangible Book Value, 3 Yr. CAGR %	37.75	31.68	16.64	58.95	19.06
Common Equity, 3 Yr. CAGR %	281.03	44.75	26.67	24.64	9.6
Cash From Operations, 3 Yr. CAGR %	179.44	74.96	47.68	13.42	-43.19
Capital Expenditures, 3 Yr. CAGR %	132.63	46.44	75.12	-13.69	-4.35
Levered Free Cash Flow, 3 Yr. CAGR %	62.78	186.32	33.98	24.57	-57.81
Unlevered Free Cash Flow, 3 Yr. CAGR %	54.09	163.05	29.9	27.76	-58.26
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	33.77	52.12	48.6	16.34	13.72
Gross Profit, 5 Yr. CAGR %	57.06	77.04	62.14	16.34	5.32
EBITDA, 5 Yr. CAGR %	38.88	106.37	100.63	6.42	3.15
EBITA, 5 Yr. CAGR %	31.21	83.68	136.11	-0.21	-0.87
EBIT, 5 Yr. CAGR %	30.23	82.38	134.37	-3	-2.45
Earnings From Cont. Operations, 5 Yr. CAGR %	16.61	54.46	106.72	-8.62	5.14
Net Income, 5 Yr. CAGR %	16.61	54.46	106.72	-8.62	5.14
Normalized Net Income, 5 Yr. CAGR %	22.69	74.25	150.32	9.32	12.6
Diluted EPS Before Extra, 5 Yr. CAGR %	-5.26	38.43	91.39	-9.43	6.42
Accounts Receivable, 5 Yr. CAGR %	42.39	48.57	39.37	10.62	2.82
Inventory, 5 Yr. CAGR %	18.41	41.92	67.36	38.78	47.14
Net Property, Plant and Equip., 5 Yr. CAGR %	23.24	34.94	51.67	31.34	22.46
Total Assets, 5 Yr. CAGR %	66.28	78.72	58.34	35.43	23.94
Tangible Book Value, 5 Yr. CAGR %	92.74	102.73	66.35	20.83	14.36
Common Equity, 5 Yr. CAGR %	219.11	146.2	163.28	25.07	17.57
Cash From Operations, 5 Yr. CAGR %	60.6	92.14	112.36	29.87	-8.79
Capital Expenditures, 5 Yr. CAGR %	33.84	62.32	92.74	17.84	14.6
Levered Free Cash Flow, 5 Yr. CAGR %	54.13	190.61	49.99	78.65	-24
Unlevered Free Cash Flow, 5 Yr. CAGR %	53.75	243.58	47.33	69.68	-25.82