Debt to Equity
since 2012
Calculation
Enphase Energy Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Stockholders’ equity (deficit)1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 1.32 | = | 1,293,738) | ÷ | 983,624) |
| Dec 31, 2022 | 1.56 | = | 1,290,357) | ÷ | 825,573) |
| Dec 31, 2021 | 2.41 | = | 1,037,646) | ÷ | 430,168) |
| Dec 31, 2020 | 0.68 | = | 330,865) | ÷ | 483,993) |
| Dec 31, 2019 | 0.39 | = | 105,543) | ÷ | 272,212) |
| Dec 31, 2018 | 14.12 | = | 109,783) | ÷ | 7,776) |
| Dec 31, 2017 | — | = | 49,751) | ÷ | (9,126) |
| Dec 31, 2016 | 26.08 | = | 33,900) | ÷ | 1,300) |
| Dec 31, 2015 | 0.41 | = | 17,000) | ÷ | 41,449) |
| Dec 31, 2014 | 0.00 | = | —) | ÷ | 46,952) |
| Dec 31, 2013 | 0.22 | = | 8,677) | ÷ | 40,206) |
| Dec 31, 2012 | 0.20 | = | 11,061) | ÷ | 56,655) |
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 financial trajectory from 2012 to 2023 reveals a transition from a conservative capital structure to a period of significant volatility, followed by a phase of aggressive expansion and subsequent stabilization of leverage.
- Total Debt Expansion
- A steady increase in total debt is observed from 2012 through 2017, rising from 11.06 million to 49.75 million. A period of rapid escalation began in 2020, with debt increasing from 105.54 million in 2019 to 330.87 million. This trend accelerated sharply in 2021, surpassing the one-billion-dollar mark at 1.038 billion, eventually peaking and stabilizing near 1.29 billion by 2023.
- Stockholders' Equity Volatility and Recovery
- Equity levels remained relatively stable between 2012 and 2015 but experienced a precipitous decline thereafter. A significant contraction occurred in 2016, dropping to 1.3 million, which led to a stockholders' deficit of 9.13 million by 2017. Following this trough, a strong recovery trend emerged, with equity growing consistently from 7.78 million in 2018 to 983.62 million by the end of 2023, reflecting substantial capital infusion or retained earnings.
- Debt to Equity Ratio Analysis
- The leverage ratio remained low and stable between 0.20 and 0.41 from 2012 to 2015. However, the ratio spiked to 26.08 in 2016 and 14.12 in 2018, coinciding with the period of depleted stockholders' equity. After a sharp correction to 0.39 in 2019, the ratio trended upward again as debt expanded more rapidly than equity, reaching a peak of 2.41 in 2021. In the final two years of the period, the ratio moderated to 1.56 in 2022 and 1.32 in 2023, indicating a gradual rebalancing of the capital structure.
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Comparison to Competitors
Enphase Energy Inc., debt to equity, 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. | Marvell Technology Inc. | Micron Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 1.32 | 0.04 | 0.20 | 0.34 | 1.64 | 0.47 | 2.02 | 0.61 | 0.29 | 0.30 | 0.50 | 0.71 | 0.66 |
| Dec 31, 2022 | 1.56 | 0.05 | 0.18 | 0.45 | 1.74 | 0.41 | 4.75 | 0.80 | 0.29 | 0.14 | 0.41 | 0.86 | 0.60 |
| Dec 31, 2021 | 2.41 | 0.04 | 0.18 | 0.45 | 1.59 | 0.40 | 1.02 | 0.83 | 0.14 | 0.15 | 0.41 | 1.58 | 0.58 |
| Dec 31, 2020 | 0.68 | 0.06 | 0.43 | 0.52 | 1.72 | 0.45 | 1.30 | 1.12 | 0.17 | 0.17 | 0.16 | 2.59 | 0.74 |
| Dec 31, 2019 | 0.39 | 0.17 | 0.47 | 0.65 | 1.32 | 0.37 | 1.29 | 0.96 | 0.24 | 0.16 | 0.21 | 3.25 | 0.65 |
| Dec 31, 2018 | 14.12 | 0.99 | 0.58 | 0.78 | 0.66 | 0.35 | 1.38 | 0.37 | 0.00 | 0.14 | 0.27 | 17.64 | 0.56 |
| Dec 31, 2017 | — | 2.28 | 0.77 | 0.57 | 0.87 | 0.39 | 2.21 | 0.40 | 0.00 | 0.60 | 0.48 | 0.71 | 0.39 |
| Dec 31, 2016 | 26.08 | 3.45 | 0.34 | 0.46 | 0.72 | 0.38 | 4.44 | 0.74 | 0.00 | 0.82 | 0.32 | 0.37 | 0.34 |
| Dec 31, 2015 | 0.41 | — | 0.17 | 0.60 | 0.84 | 0.37 | 7.57 | 0.46 | 0.00 | 0.60 | 0.32 | 0.35 | 0.41 |
| Dec 31, 2014 | 0.00 | 11.83 | 0.18 | 0.25 | 1.70 | 0.25 | 0.20 | 0.27 | 0.00 | 0.61 | 0.31 | 0.00 | 0.45 |
| Dec 31, 2013 | 0.22 | 3.78 | 0.18 | 0.27 | 0.00 | 0.23 | 0.21 | 0.29 | 0.00 | 0.66 | 0.00 | 0.00 | 0.48 |
| Dec 31, 2012 | 0.20 | 3.80 | 0.20 | 0.27 | 0.00 | 0.26 | 0.23 | 0.25 | 0.00 | 0.42 | 0.01 | 0.00 | 0.52 |
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., debt to equity, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| Enphase Energy Inc. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Dec 31, 2023 | 1.32 | 0.46 |
| Dec 31, 2022 | 1.56 | 0.43 |
| Dec 31, 2021 | 2.41 | 0.49 |
| Dec 31, 2020 | 0.68 | 0.60 |
| Dec 31, 2019 | 0.39 | 0.56 |
| Dec 31, 2018 | 14.12 | 0.49 |
| Dec 31, 2017 | — | 0.56 |
| Dec 31, 2016 | 26.08 | 0.47 |
| Dec 31, 2015 | 0.41 | 0.43 |
| Dec 31, 2014 | 0.00 | 0.26 |
| Dec 31, 2013 | 0.22 | 0.22 |
| Dec 31, 2012 | 0.20 | 0.22 |
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., debt to equity, long-term trends, comparison to industry (information technology)
| Enphase Energy Inc. | Information Technology | |
|---|---|---|
| Dec 31, 2023 | 1.32 | 0.65 |
| Dec 31, 2022 | 1.56 | 0.70 |
| Dec 31, 2021 | 2.41 | 0.82 |
| Dec 31, 2020 | 0.68 | 0.95 |
| Dec 31, 2019 | 0.39 | 0.97 |
| Dec 31, 2018 | 14.12 | 0.82 |
| Dec 31, 2017 | — | 0.80 |
| Dec 31, 2016 | 26.08 | 0.65 |
| Dec 31, 2015 | 0.41 | 0.56 |
| Dec 31, 2014 | 0.00 | 0.38 |
| Dec 31, 2013 | 0.22 | 0.28 |
| Dec 31, 2012 | 0.20 | 0.24 |
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).