Stock Analysis on Net

Enphase Energy Inc. (NASDAQ:ENPH)

This company has been moved to the archive! The financial data has not been updated since February 9, 2024.

Analysis of Debt 

Microsoft Excel

Total Debt (Carrying Amount)

Enphase Energy Inc., balance sheet: debt

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Debt, current 90,892 86,052 325,967 2,884
Debt, non-current 1,293,738 1,199,465 951,594 4,898 102,659
Total debt (carrying amount) 1,293,738 1,290,357 1,037,646 330,865 105,543

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).


Current debt
The current debt exhibited significant fluctuation over the reported periods. Initially, it was relatively low at 2,884 thousand US dollars as of the end of 2019. There was a substantial increase in 2020 to 325,967 thousand US dollars, followed by a sharp decline in 2021 to 86,052 thousand US dollars. In 2022, the current debt saw a marginal increase to 90,892 thousand US dollars, while data for 2023 is not available.
Non-current debt
Non-current debt showed a highly variable pattern. Starting at 102,659 thousand US dollars in 2019, it decreased significantly to 4,898 thousand US dollars in 2020. Subsequently, there was a dramatic rise in 2021 to 951,594 thousand US dollars, which continued to increase over the next two years—reaching 1,199,465 thousand US dollars in 2022 and 1,293,738 thousand US dollars in 2023.
Total debt (carrying amount)
The total debt, combining current and non-current portions, mirrored the variations seen in its components. From 105,543 thousand US dollars in 2019, total debt rose sharply to 330,865 thousand US dollars in 2020. Following this, the total debt substantially increased to 1,037,646 thousand US dollars in 2021 and further climbed to 1,290,357 thousand US dollars in 2022, with a slight increase to 1,293,738 thousand US dollars in 2023. This overall upward trend from 2020 onward indicates a considerable rise in the company’s total debt obligations over the last three years.

Total Debt (Fair Value)

Microsoft Excel
Dec 31, 2023
Selected Financial Data (US$ in thousands)
Notes due 2028 511,800
Notes due 2026 568,800
Notes due 2025 147,700
Notes due 2024
Notes due 2023
Long-term financing receivable recorded as debt
Total debt (fair value) 1,228,300
Financial Ratio
Debt, fair value to carrying amount ratio 0.95

Based on: 10-K (reporting date: 2023-12-31).


Weighted-average Interest Rate on Debt

Weighted-average interest rate on debt: 4.64%

Interest rate Debt amount1 Interest rate × Debt amount Weighted-average interest rate2
4.77% 569,592 27,170
4.44% 628,183 27,891
5.18% 95,963 4,971
Total 1,293,738 60,032
4.64%

Based on: 10-K (reporting date: 2023-12-31).

1 US$ in thousands

2 Weighted-average interest rate = 100 × 60,032 ÷ 1,293,738 = 4.64%