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 
Quarterly Data

Enphase Energy Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Cash and cash equivalents 8.54 8.16 8.04 8.46 15.34 12.51 20.33 11.13 5.74 39.71 62.47 67.86 56.61 60.58 60.85 53.27 35.25 38.77 42.77 24.46
Restricted cash 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.34 6.27 0.00 0.00 0.00
Marketable securities 41.57 42.03 43.91 44.14 36.95 40.02 30.87 35.86 43.16 22.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts receivable, net of allowances 13.18 15.77 15.01 15.27 14.29 13.63 12.82 15.83 16.05 12.24 13.38 10.76 15.18 11.20 8.97 9.26 20.39 25.53 20.26 25.60
Inventory 6.31 4.90 4.79 4.45 4.85 5.43 5.35 4.26 3.58 2.93 1.80 1.59 3.48 3.44 3.13 3.36 4.49 5.77 4.17 4.06
Prepaid expenses and other assets 2.63 2.26 2.13 2.00 1.97 1.90 1.87 1.79 1.82 1.59 1.65 1.43 2.48 2.61 2.93 2.69 3.66 4.69 5.45 7.10
Current assets 72.23% 73.12% 73.89% 74.32% 73.41% 73.49% 71.23% 68.87% 70.34% 79.28% 79.30% 81.64% 77.75% 77.84% 75.88% 72.92% 70.06% 74.76% 72.66% 61.22%
Property and equipment, net 4.97 4.87 4.38 3.94 3.61 3.40 3.56 3.76 3.95 3.29 3.01 2.44 3.58 3.22 3.30 2.96 4.06 4.49 4.47 6.32
Operating lease, right of use asset, net 0.59 0.60 0.66 0.64 0.69 0.67 0.70 0.86 0.69 0.68 0.75 0.76 1.47 1.33 1.15 1.16 1.42 2.18 2.56 2.49
Intangible assets, net 2.03 2.23 2.48 2.74 3.23 3.37 3.98 4.56 4.70 1.93 2.16 2.18 2.40 2.46 2.81 2.85 4.29 6.07 6.84 10.69
Goodwill 6.34 6.00 6.18 6.33 6.92 7.25 8.08 8.64 8.72 2.74 2.92 2.78 2.07 2.27 2.48 2.40 3.47 4.73 5.15 7.76
Other assets 6.38 6.06 5.63 5.45 5.49 5.21 5.30 5.34 5.71 6.10 5.64 4.16 4.99 4.76 4.97 4.64 6.26 7.77 8.33 11.52
Deferred tax assets, net 7.46 7.13 6.78 6.58 6.64 6.61 7.15 7.97 5.89 5.97 6.22 6.03 7.74 8.13 9.41 8.42 10.45 0.00 0.00 0.00
Convertible notes hedge 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.65 0.00 0.00 0.00 0.00
Non-current assets 27.77% 26.88% 26.11% 25.68% 26.59% 26.51% 28.77% 31.13% 29.66% 20.72% 20.70% 18.36% 22.25% 22.16% 24.12% 27.08% 29.94% 25.24% 27.34% 38.78%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Cash and cash equivalents
There is a pronounced fluctuation in cash and cash equivalents as a percentage of total assets. The figure shows a significant increase from 24.46% in March 2019, peaking at 67.86% in March 2021, followed by a sharp decline to 5.74% by December 2021. Subsequently, it stabilizes around 8-15% from March 2022 through December 2023, indicating a strategy of reducing cash holdings after a period of liquidity buildup.
Restricted cash
Restricted cash is reported only intermittently and represents a small portion of total assets, appearing at 6.27% in September 2019 and 4.34% in December 2019, suggesting occasional allocation to restricted funds during this period without further recurrence.
Marketable securities
Marketable securities emerge in June 2021 at 22.8%, rising sharply to a peak of 44.14% in September 2022, then slightly declining to 41.57% by December 2023. This pattern suggests a strategic increase in investments in liquid securities, possibly as an alternative to holding cash.
Accounts receivable, net of allowances
The proportion of accounts receivable shows a general decrease from 25.6% in March 2019 to a low near 9% through mid-2020. Post-2020, it gradually increases again, stabilizing around 13-16% through 2023, indicating fluctuations in credit sales or collection cycles potentially influenced by market or operational factors.
Inventory
Inventory as a percentage of total assets fluctuates moderately, initially around 4-6% in 2019, then decreasing to a low of 1.59% in March 2021. Afterward, there is a steady increase to 6.31% by December 2023, likely reflecting changes in inventory management, supply chain dynamics, or product demand.
Prepaid expenses and other assets
This category steadily declines from 7.1% in March 2019 to around 1.4-2.6% through the subsequent years, displaying a gradual reduction in prepaid items and similar assets relative to total assets.
Current assets
Current assets as a percentage of total assets increase from 61.22% in March 2019 to a high of approximately 81.64% in March 2021, followed by a decline to about 72% by the end of 2023. This trend corresponds with observed changes in cash, securities, and receivables, indicating shifting asset composition favoring liquidity early on, then a slight rebalancing.
Property and equipment, net
A gradual decline from 6.32% in March 2019 to near 3% in early 2020 is noted, then a slow recovery to just under 5% by the end of 2023. This suggests modest investment in fixed assets over time after an initial reduction.
Operating lease, right of use asset, net
This asset category decreases from about 2.5% in March 2019 to around 0.6% by the end of 2023, indicating diminishing lease-related assets, potentially due to lease term expirations or changes in leasing strategy.
Intangible assets, net
A notable decline occurs from 10.69% in March 2019 down to about 2% at the end of 2023, indicating significant amortization or impairment of intangible assets over the period, with a temporary spike to 4.7% in December 2021 possibly reflecting an acquisition or revaluation.
Goodwill
Goodwill shows a reduction from 7.76% in March 2019 to a low around 2.07% in December 2020, followed by an increase to nearly 8.7% by December 2021, then a gradual decline to about 6.3% by the end of 2023. This pattern points to acquisition activity and subsequent adjustments.
Other assets
The percentage remains relatively stable, around 4-11%, with a decreasing trend from 11.52% in March 2019 to about 5-6% after 2020, reflecting possible reclassification or reduction of miscellaneous asset accounts.
Deferred tax assets, net
Deferred tax assets, appearing in September 2019 at 10.45%, reduce generally to about 6-8% through the subsequent years, indicating changes in tax position or recognition of deferred tax benefits.
Convertible notes hedge
This item appears as 4.65% in March 2020 but is not reported in other periods, suggesting a one-time adjustment or settlement related to convertible debt instruments.
Non-current assets
Non-current assets show a decline from 38.78% in March 2019 to about 22% by the end of 2020, followed by an increase to approximately 29.6% in December 2021, then a gradual decrease stabilizing near 27-28% through 2023. This reflects asset reallocation between current and non-current classifications, influenced by acquisitions or disposals.
Total assets
By definition, this remains constant at 100% across all periods, serving as the base for analyzing asset composition changes.