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.

Current Ratio
since 2012

Microsoft Excel

Calculation

Enphase Energy Inc., current ratio, long-term trends, calculation

Microsoft Excel

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 liquidity position of the entity has experienced significant evolution between 2012 and 2023, transitioning from a period of declining short-term solvency to a phase of substantial capital accumulation and high liquidity.

Current Ratio Trajectory
A consistent downward trend in the current ratio is observed from 2012 to 2016, where the ratio decreased from 2.81 to 1.42. Following a period of relative stability between 2016 and 2018, a sharp recovery occurred starting in 2019. Despite a brief dip to 1.75 in 2020, the ratio grew aggressively over the subsequent three years, reaching a peak of 4.59 by the end of 2023. This indicates a significantly strengthened ability to cover short-term obligations.
Asset and Liability Expansion
The scale of the balance sheet expanded dramatically over the analyzed period. Current assets increased from 94,998 thousand in 2012 to 2,443,518 thousand in 2023. While current liabilities also grew from 33,855 thousand to 532,449 thousand, the growth rate of assets substantially exceeded that of liabilities, particularly after 2018, which drove the expansion of the current ratio.
Liquidity Analysis
The shift in the current ratio from 1.42 in 2016 to 4.59 in 2023 reflects a fundamental change in the company's liquidity profile. The most rapid acceleration occurred between 2020 and 2023, suggesting a strategic accumulation of liquid assets or a significant reduction in short-term debt relative to asset growth, resulting in a highly conservative liquidity posture.

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Comparison to Competitors

Enphase Energy Inc., current ratio, long-term trends, comparison to competitors

Microsoft Excel
Enphase Energy Inc. Advanced Micro Devices Inc. Analog Devices Inc. Applied Materials Inc. Broadcom Inc. Intel Corp. KLA Corp. Lam Research Corp. Marvell Technology Inc. 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 1.37 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 1.80 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 1.50 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 2.16 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 2.19 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 5.61 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 4.59 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 2.38 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 5.25 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 4.36 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 4.25 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 5.22 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)

Microsoft Excel
Enphase Energy Inc. Semiconductors & Semiconductor Equipment
Dec 31, 2023 4.59 2.42
Dec 31, 2022 3.55 2.33
Dec 31, 2021 3.33 2.45
Dec 31, 2020 1.75 2.46
Dec 31, 2019 2.51 2.04
Dec 31, 2018 1.51 2.34
Dec 31, 2017 1.42 2.92
Dec 31, 2016 1.42 2.38
Dec 31, 2015 1.67 2.86
Dec 31, 2014 1.96 2.61
Dec 31, 2013 2.71 2.89
Dec 31, 2012 2.81 2.80

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)

Microsoft Excel
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 2.04
Dec 31, 2014 1.96 1.98
Dec 31, 2013 2.71 2.20
Dec 31, 2012 2.81 2.08

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).