Current Ratio
since 2012
Calculation
Enphase Energy Inc., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 4.59 | = | 2,443,518) | ÷ | 532,449) |
| Dec 31, 2022 | 3.55 | = | 2,264,271) | ÷ | 638,219) |
| Dec 31, 2021 | 3.33 | = | 1,462,461) | ÷ | 439,796) |
| Dec 31, 2020 | 1.75 | = | 933,064) | ÷ | 534,043) |
| Dec 31, 2019 | 2.51 | = | 499,657) | ÷ | 199,311) |
| Dec 31, 2018 | 1.51 | = | 222,302) | ÷ | 147,161) |
| Dec 31, 2017 | 1.42 | = | 130,446) | ÷ | 91,741) |
| Dec 31, 2016 | 1.42 | = | 117,864) | ÷ | 82,772) |
| Dec 31, 2015 | 1.67 | = | 121,768) | ÷ | 72,848) |
| Dec 31, 2014 | 1.96 | = | 114,896) | ÷ | 58,706) |
| Dec 31, 2013 | 2.71 | = | 90,509) | ÷ | 33,365) |
| Dec 31, 2012 | 2.81 | = | 94,998) | ÷ | 33,855) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
1 US$ in thousands
The analysis of the financial data reveals notable trends in the company's liquidity position over the examined period.
- Current Assets
- There is a consistent upward trend in current assets from 2012 through 2023. The value increased from approximately $95 million in 2012 to over $2.44 billion in 2023, indicating significant growth in the company's short-term resources. Some years show particularly strong increases, such as between 2017 and 2019, and from 2019 to 2021, reflecting an expansion in working capital.
- Current Liabilities
- Current liabilities also rose substantially, from around $34 million in 2012 to over $532 million in 2023. The liabilities exhibit notable jumps in 2019 and 2022, suggesting periods of increased short-term obligations. Despite this increase, liabilities remain proportionally lower relative to current assets as the latter grow at a faster pace.
- Current Ratio
- The current ratio displays a variable yet generally improving trend over the entire period. Starting from a high of 2.81 in 2012, it decreases to a low of 1.42 in 2016 and 2017, indicating a tightening liquidity position during those years. However, from 2018 onward, the ratio consistently improves, reaching a peak of 4.59 in 2023. This suggests an increasing ability to cover current liabilities with current assets, enhancing the company's short-term financial stability.
Overall, the data indicates robust growth in current assets accompanied by an increase in current liabilities. Despite the rise in liabilities, the current ratio's upward movement in recent years signals strengthening liquidity and an improved capacity to meet short-term obligations. The notable dips around 2015-2017 could imply periods of increased operational pressure or investment, while the gains post-2018 reflect enhanced financial health and operational efficiency in managing working capital.
Comparison to Competitors
Enphase Energy Inc., current ratio, long-term trends, comparison to competitors
| Enphase Energy Inc. | Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Broadcom Inc. | Intel Corp. | KLA Corp. | Lam Research Corp. | Micron Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 4.59 | 2.51 | 1.37 | 2.60 | 2.82 | 1.54 | 2.24 | 3.16 | 4.46 | 3.52 | 2.33 | 4.55 |
| Dec 31, 2022 | 3.55 | 2.36 | 2.02 | 2.16 | 2.62 | 1.57 | 2.50 | 2.69 | 2.89 | 6.65 | 1.75 | 4.70 |
| Dec 31, 2021 | 3.33 | 2.02 | 1.94 | 2.54 | 2.64 | 2.10 | 2.71 | 3.30 | 3.10 | 4.09 | 1.68 | 5.33 |
| Dec 31, 2020 | 1.75 | 2.54 | 1.84 | 3.00 | 1.87 | 1.91 | 2.78 | 3.43 | 2.71 | 7.67 | 2.14 | 4.28 |
| Dec 31, 2019 | 2.51 | 1.95 | 1.32 | 2.30 | 1.44 | 1.40 | 2.44 | 3.61 | 2.58 | 7.94 | 1.88 | 4.13 |
| Dec 31, 2018 | 1.51 | 1.78 | 1.50 | 2.64 | 3.90 | 1.73 | 3.73 | 2.90 | 2.79 | 8.03 | 1.55 | 3.27 |
| Dec 31, 2017 | 1.42 | 1.76 | 1.47 | 3.14 | 6.26 | 1.69 | 3.40 | 3.10 | 2.34 | 4.77 | 4.00 | 3.87 |
| Dec 31, 2016 | 1.42 | 1.88 | 6.35 | 2.30 | 2.31 | 1.75 | 3.86 | 3.81 | 1.96 | 2.57 | 3.14 | 3.29 |
| Dec 31, 2015 | 1.67 | 1.65 | 3.66 | 2.44 | 3.37 | 2.58 | 3.90 | 2.38 | 2.20 | 6.38 | 3.62 | 2.77 |
| Dec 31, 2014 | 1.96 | 1.90 | 5.38 | 2.47 | 3.77 | 1.73 | 5.12 | 3.02 | 2.13 | 5.95 | 3.73 | 2.92 |
| Dec 31, 2013 | 2.71 | 1.78 | 9.59 | 2.31 | 4.30 | 2.36 | 5.05 | 2.70 | 2.16 | 4.89 | 3.75 | 2.92 |
| Dec 31, 2012 | 2.81 | 1.62 | 8.94 | 2.25 | 4.89 | 2.43 | 4.83 | 3.09 | 2.57 | 4.20 | 2.95 | 2.40 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Comparison to Sector (Semiconductors & Semiconductor Equipment)
Enphase Energy Inc., current ratio, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| Enphase Energy Inc. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Dec 31, 2023 | 4.59 | 2.45 |
| Dec 31, 2022 | 3.55 | 2.34 |
| Dec 31, 2021 | 3.33 | 2.47 |
| Dec 31, 2020 | 1.75 | 2.47 |
| Dec 31, 2019 | 2.51 | 2.04 |
| Dec 31, 2018 | 1.51 | 2.31 |
| Dec 31, 2017 | 1.42 | 2.90 |
| Dec 31, 2016 | 1.42 | 2.38 |
| Dec 31, 2015 | 1.67 | 2.82 |
| Dec 31, 2014 | 1.96 | 2.58 |
| Dec 31, 2013 | 2.71 | 2.87 |
| Dec 31, 2012 | 2.81 | 2.76 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Comparison to Industry (Information Technology)
Enphase Energy Inc., current ratio, long-term trends, comparison to industry (information technology)
| Enphase Energy Inc. | Information Technology | |
|---|---|---|
| Dec 31, 2023 | 4.59 | 1.41 |
| Dec 31, 2022 | 3.55 | 1.37 |
| Dec 31, 2021 | 3.33 | 1.55 |
| Dec 31, 2020 | 1.75 | 1.71 |
| Dec 31, 2019 | 2.51 | 1.66 |
| Dec 31, 2018 | 1.51 | 1.88 |
| Dec 31, 2017 | 1.42 | 2.04 |
| Dec 31, 2016 | 1.42 | 2.01 |
| Dec 31, 2015 | 1.67 | 2.03 |
| Dec 31, 2014 | 1.96 | 1.97 |
| Dec 31, 2013 | 2.71 | 2.20 |
| Dec 31, 2012 | 2.81 | 2.07 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).