Analysis of Inventory
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Selected Financial Data since 2012
- Operating Profit Margin since 2012
- Total Asset Turnover since 2012
- Price to Book Value (P/BV) since 2012
- Aggregate Accruals
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Inventory Disclosure
Enphase Energy Inc., balance sheet: inventory
US$ in thousands
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials | |||||||||||
| Finished goods | |||||||||||
| Inventory |
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).
- Inventory Trends
- There is a consistent and substantial increase in total inventory over the five-year period. Inventory grew from US$32,056 thousand at the end of 2019 to US$213,595 thousand by the end of 2023, representing more than a sixfold increase.
- Raw Materials
- Raw materials inventory shows a rising trend from 2019 through 2022, increasing from US$4,197 thousand to a peak of US$34,978 thousand. However, in 2023, the raw materials inventory declined to US$30,849 thousand, indicating a slight reduction after a period of growth.
- Finished Goods
- Finished goods inventory exhibits pronounced growth, starting at US$27,859 thousand in 2019 and surging to US$182,746 thousand by 2023. Notably, between 2021 and 2022, finished goods more than doubled, climbing from US$48,971 thousand to US$114,730 thousand, and continued a strong upward trajectory into 2023.
- Overall Insights
- The significant increase in inventory, particularly finished goods, may suggest either increased production capacity or potential accumulation of unsold goods. The decrease in raw materials towards 2023 could imply enhanced efficiency in inventory management or supply chain adjustments. The overall inventory strategy appears to be geared toward supporting higher sales volumes or preparing for greater market demand, although the rapid accumulation of finished goods inventory warrants closer examination related to sales performance and inventory turnover rates.