Stock Analysis on Net
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.

Common-Size Balance Sheet: Assets 

Enphase Energy Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Cash and cash equivalents 8.54 15.34 5.74 56.61 35.25
Restricted cash 0.00 0.00 0.00 0.00 6.27
Marketable securities 41.57 36.95 43.16 0.00 0.00
Accounts receivable, net of allowances 13.18 14.29 16.05 15.18 20.39
Inventory 6.31 4.85 3.58 3.48 4.49
Prepaid expenses and other assets 2.63 1.97 1.82 2.48 3.66
Current assets 72.23% 73.41% 70.34% 77.75% 70.06%
Property and equipment, net 4.97 3.61 3.95 3.58 4.06
Operating lease, right of use asset, net 0.59 0.69 0.69 1.47 1.42
Intangible assets, net 2.03 3.23 4.70 2.40 4.29
Goodwill 6.34 6.92 8.72 2.07 3.47
Other assets 6.38 5.49 5.71 4.99 6.26
Deferred tax assets, net 7.46 6.64 5.89 7.74 10.45
Non-current assets 27.77% 26.59% 29.66% 22.25% 29.94%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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).

Cash and Cash Equivalents
The proportion of cash and cash equivalents relative to total assets experienced significant fluctuations. Initially, it increased from 35.25% in 2019 to a peak of 56.61% in 2020, indicating a notable accumulation of liquid assets. However, this share sharply declined to 5.74% in 2021, followed by moderate recoveries to 15.34% in 2022 and 8.54% in 2023, suggesting a reduction in readily available cash over the later periods.
Restricted Cash
Restricted cash was reported at 6.27% of total assets only in 2019, with no data provided for subsequent years. This absence could imply reclassification or disposal of restricted cash items after 2019.
Marketable Securities
Marketable securities appear as a significant and growing component from 2021 onward, representing 43.16% of total assets in 2021, slightly decreasing to 36.95% in 2022, and then increasing again to 41.57% in 2023. This pattern suggests a strategic allocation towards liquid investment instruments replacing or supplementing cash holdings.
Accounts Receivable, Net
Accounts receivable as a percentage of total assets showed a consistent decline from 20.39% in 2019 to 13.18% in 2023. This decreasing trend may reflect improved collection efficiency or changes in sales composition impacting receivables.
Inventory
Inventory levels relative to total assets were stable initially, ranging between 3.48% and 4.85% from 2019 to 2022, then increased notably to 6.31% in 2023. The rise in inventory percentage could indicate increased stockpiling or slower turnover in the most recent year.
Prepaid Expenses and Other Assets
These assets consistently represented a small portion of total assets, decreasing from 3.66% in 2019 to a low of 1.82% in 2021, then moderately increasing to 2.63% by 2023, showing minor fluctuations without significant trend direction.
Current Assets
Current assets as a percentage of total assets peaked at 77.75% in 2020, then decreased to the low 70% range in the following years, ending at 72.23% in 2023. This stability indicates that current assets continue to constitute a substantial majority of total assets despite some variation.
Property and Equipment, Net
The share of property and equipment varied between 3.58% and 4.97% across the years, with a small increase observed in 2023. This reflects relatively stable investment in fixed assets with slight expansion recently.
Operating Lease, Right of Use Asset, Net
This asset category remained below 1.5% of total assets throughout the period, gradually declining from 1.42% in 2019 to 0.59% in 2023, indicating diminishing lease liabilities or modifications in leasing arrangements.
Intangible Assets, Net
Intangible assets showed variability, dropping from 4.29% in 2019 to 2.4% in 2020, spiking to 4.7% in 2021, then progressively declining to 2.03% in 2023. This suggests asset revaluation or amortization effects impacting these assets over time.
Goodwill
Goodwill as a percentage of total assets was low in 2019 and 2020 (3.47% and 2.07%, respectively), increased sharply to 8.72% in 2021, then decreased gradually to 6.34% by 2023. The sharp increase likely corresponds to acquisitions, followed by partial write-downs or asset reclassifications.
Other Assets
Other assets fluctuated moderately between 4.99% and 6.38%, ending slightly higher in 2023, indicating minor changes in non-classified asset categories without material impact on total asset composition.
Deferred Tax Assets, Net
Deferred tax assets decreased from 10.45% in 2019 to a low of 5.89% in 2021, then increased steadily to 7.46% in 2023, showing changes possibly related to tax strategies or timing differences in asset recognition.
Non-Current Assets
The percentage of non-current assets declined from 29.94% in 2019 to 22.25% in 2020, rebounded to approximately 27% range through 2021–2023. This pattern aligns with movements in fixed assets, goodwill, intangibles, and deferred tax assets, suggesting fluctuations in long-term investment levels.
Total Assets
Total assets are consistently represented as 100%, serving as the baseline for all other asset percentages presented.