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
- Total debt
-
The total debt exhibits a fluctuating and generally upward trend over the observed periods. Initially, there was a decrease from 11,061 thousand US dollars in 2012 to 8,677 thousand in 2013, followed by an increase to 17,000 thousand in 2015. From 2016 onwards, debt levels accelerated significantly, reaching over 1.2 million thousand US dollars by 2023. This steep rise after 2017 suggests an aggressive debt accumulation or financing strategy during these years.
- Stockholders’ equity (deficit)
-
Stockholders' equity demonstrated volatility in the earlier years, with a notable decline from 56,655 thousand US dollars in 2012 to negative equity of -9,126 thousand in 2017. This negative equity indicates a deficit during that period. However, post-2017, a marked recovery is visible, with equity rising sharply to 983,624 thousand by 2023. This substantial positive turnaround may reflect improved profitability, capital injections, or asset revaluation enhancing the company’s financial position.
- Debt to equity ratio
-
The debt to equity ratio shows substantial variability across the years. Early values remain low, around 0.2 to 0.4, but during 2016 and 2017, it peaks dramatically at 26.08 and 14.12 respectively, corresponding to the periods of equity deficit and rising debt. The ratio then sharply declines to below 1 in 2019 and 2020, indicating a more balanced debt-equity structure. Following 2020, the ratio increases again to 2.41 in 2021 before gradually decreasing to 1.32 by 2023. This pattern highlights periods of high financial leverage followed by relative deleveraging.
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. | Micron Technology Inc. | Monolithic Power Systems 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 | 0.30 | 0.00 | 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 | 0.14 | 0.00 | 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 | 0.15 | 0.00 | 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 | 0.00 | 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 | 0.16 | 0.00 | 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 | 0.14 | 0.00 | 0.27 | 17.64 | 0.56 |
| Dec 31, 2017 | — | 2.28 | 0.77 | 0.57 | 0.87 | 0.39 | 2.21 | 0.40 | 0.60 | 0.00 | 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 | 0.82 | 0.00 | 0.32 | 0.37 | 0.34 |
| Dec 31, 2015 | 0.41 | — | 0.17 | 0.60 | 0.84 | 0.37 | 7.57 | 0.46 | 0.60 | 0.00 | 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 | 0.61 | 0.00 | 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 | 0.66 | 0.00 | 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 | 0.42 | 0.00 | 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 | 0.47 |
| Dec 31, 2022 | 1.56 | 0.43 |
| Dec 31, 2021 | 2.41 | 0.50 |
| Dec 31, 2020 | 0.68 | 0.62 |
| Dec 31, 2019 | 0.39 | 0.57 |
| Dec 31, 2018 | 14.12 | 0.50 |
| Dec 31, 2017 | — | 0.57 |
| Dec 31, 2016 | 26.08 | 0.49 |
| Dec 31, 2015 | 0.41 | 0.45 |
| Dec 31, 2014 | 0.00 | 0.27 |
| 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 | 0.66 |
| Dec 31, 2022 | 1.56 | 0.70 |
| Dec 31, 2021 | 2.41 | 0.83 |
| Dec 31, 2020 | 0.68 | 0.96 |
| Dec 31, 2019 | 0.39 | 0.98 |
| Dec 31, 2018 | 14.12 | 0.83 |
| Dec 31, 2017 | — | 0.81 |
| Dec 31, 2016 | 26.08 | 0.66 |
| Dec 31, 2015 | 0.41 | 0.56 |
| Dec 31, 2014 | 0.00 | 0.39 |
| Dec 31, 2013 | 0.22 | 0.29 |
| Dec 31, 2012 | 0.20 | 0.25 |
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).