Net Profit Margin
since 2012
Calculation
Enphase Energy Inc., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net income (loss)1 | ÷ | Net revenues1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 19.16% | = | 100 | × | 438,936) | ÷ | 2,290,786) |
| Dec 31, 2022 | 17.05% | = | 100 | × | 397,362) | ÷ | 2,330,853) |
| Dec 31, 2021 | 10.52% | = | 100 | × | 145,449) | ÷ | 1,382,049) |
| Dec 31, 2020 | 17.30% | = | 100 | × | 133,995) | ÷ | 774,425) |
| Dec 31, 2019 | 25.81% | = | 100 | × | 161,148) | ÷ | 624,333) |
| Dec 31, 2018 | -3.68% | = | 100 | × | (11,627) | ÷ | 316,159) |
| Dec 31, 2017 | -15.79% | = | 100 | × | (45,192) | ÷ | 286,166) |
| Dec 31, 2016 | -20.91% | = | 100 | × | (67,462) | ÷ | 322,591) |
| Dec 31, 2015 | -6.18% | = | 100 | × | (22,082) | ÷ | 357,249) |
| Dec 31, 2014 | -2.34% | = | 100 | × | (8,052) | ÷ | 343,904) |
| Dec 31, 2013 | -11.13% | = | 100 | × | (25,913) | ÷ | 232,846) |
| Dec 31, 2012 | -17.64% | = | 100 | × | (38,218) | ÷ | 216,678) |
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 performance over the analyzed period is characterized by a distinct transition from a prolonged phase of operational losses to a period of sustained profitability and significant revenue scaling.
- Operational Loss Phase (2012–2018)
- Between 2012 and 2018, the net profit margin remained consistently negative, indicating that expenses exceeded total revenues. This period was marked by significant volatility, with the margin reaching its lowest point of -20.91% in 2016. Although there were intermittent improvements, such as the narrowing of losses to -2.34% in 2014 and -3.68% in 2018, the company failed to achieve profitability during this seven-year window.
- Profitability Pivot and Expansion (2019–2021)
- A critical inflection point occurred in 2019, as the net profit margin shifted abruptly to a positive 25.81%. This transition coincided with a rapid acceleration in net revenues, which nearly doubled from 316.2 million USD in 2018 to 624.3 million USD in 2019. Following this peak, the net profit margin experienced a downward trend, declining to 17.30% in 2020 and reaching a post-pivot low of 10.52% in 2021, despite continued growth in total revenue.
- Margin Recovery and Revenue Stabilization (2022–2023)
- The most recent data shows a trend of margin recovery and scaling. The net profit margin rose to 17.05% in 2022 and further increased to 19.16% in 2023. This improvement in efficiency occurred as net revenues reached their highest levels, peaking at 2.33 billion USD in 2022 and remaining relatively stable at 2.29 billion USD in 2023. Consequently, absolute net income reached its zenith in 2023 at 438.9 million USD, confirming a robust transition from a loss-making entity to a high-margin profitable operation.
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Comparison to Competitors
Enphase Energy Inc., net profit margin, 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 | 19.16% | 3.77% | 26.94% | 25.86% | 39.31% | 3.11% | 32.27% | 25.88% | -2.76% | -37.54% | 16.19% | 20.19% | 37.16% |
| Dec 31, 2022 | 17.05% | 5.59% | 22.88% | 25.31% | 34.62% | 12.71% | 36.06% | 26.73% | -9.44% | 28.24% | 36.23% | 29.27% | 43.68% |
| Dec 31, 2021 | 10.52% | 19.24% | 19.00% | 25.53% | 24.54% | 25.14% | 30.04% | 26.72% | -9.34% | 21.16% | 25.98% | 26.94% | 42.35% |
| Dec 31, 2020 | 17.30% | 25.50% | 21.79% | 21.04% | 12.39% | 26.84% | 20.96% | 22.42% | 58.70% | 12.54% | 25.61% | 22.09% | 38.69% |
| Dec 31, 2019 | 25.81% | 5.07% | 22.75% | 18.52% | 12.05% | 29.25% | 25.73% | 22.70% | -6.25% | 26.97% | 35.34% | 18.07% | 34.88% |
| Dec 31, 2018 | -3.68% | 5.20% | 24.12% | 19.20% | 58.80% | 29.72% | 19.87% | 21.49% | 21.62% | 46.51% | 31.37% | -21.40% | 35.35% |
| Dec 31, 2017 | -15.79% | 0.81% | 14.24% | 23.62% | 9.59% | 15.30% | 26.61% | 21.19% | 0.91% | 25.04% | 24.11% | 11.06% | 24.61% |
| Dec 31, 2016 | -20.91% | -11.63% | 25.18% | 15.90% | -13.13% | 17.37% | 23.60% | 15.53% | -29.77% | -2.23% | 12.26% | 24.22% | 26.89% |
| Dec 31, 2015 | -6.18% | -16.54% | 20.29% | 14.26% | 19.99% | 20.63% | 13.01% | 12.47% | 11.74% | 17.90% | 13.47% | 20.85% | 22.97% |
| Dec 31, 2014 | -2.34% | -7.32% | 21.97% | 11.82% | 6.16% | 20.95% | 19.89% | 13.72% | 9.26% | 18.61% | 10.65% | 30.08% | 21.63% |
| Dec 31, 2013 | -11.13% | -1.57% | 25.57% | 3.41% | 21.90% | 18.25% | 19.11% | 3.16% | 9.68% | 13.12% | 13.14% | 27.56% | 17.71% |
| Dec 31, 2012 | -17.64% | -21.82% | 24.11% | 1.25% | 23.82% | 20.63% | 23.83% | 6.33% | 18.13% | -12.53% | 14.53% | 31.95% | 13.72% |
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., net profit margin, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| Enphase Energy Inc. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Dec 31, 2023 | 19.16% | 16.64% |
| Dec 31, 2022 | 17.05% | 25.04% |
| Dec 31, 2021 | 10.52% | 25.45% |
| Dec 31, 2020 | 17.30% | 23.53% |
| Dec 31, 2019 | 25.81% | 24.08% |
| Dec 31, 2018 | -3.68% | 27.58% |
| Dec 31, 2017 | -15.79% | 16.90% |
| Dec 31, 2016 | -20.91% | 13.44% |
| Dec 31, 2015 | -6.18% | 18.27% |
| Dec 31, 2014 | -2.34% | 19.57% |
| Dec 31, 2013 | -11.13% | 17.41% |
| Dec 31, 2012 | -17.64% | 15.96% |
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., net profit margin, long-term trends, comparison to industry (information technology)
| Enphase Energy Inc. | Information Technology | |
|---|---|---|
| Dec 31, 2023 | 19.16% | 20.24% |
| Dec 31, 2022 | 17.05% | 22.27% |
| Dec 31, 2021 | 10.52% | 23.48% |
| Dec 31, 2020 | 17.30% | 19.76% |
| Dec 31, 2019 | 25.81% | 19.73% |
| Dec 31, 2018 | -3.68% | 18.59% |
| Dec 31, 2017 | -15.79% | 17.77% |
| Dec 31, 2016 | -20.91% | 17.58% |
| Dec 31, 2015 | -6.18% | 18.32% |
| Dec 31, 2014 | -2.34% | 19.33% |
| Dec 31, 2013 | -11.13% | 20.15% |
| Dec 31, 2012 | -17.64% | 20.07% |
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).