Operating Profit Margin
since 2012
Calculation
Enphase Energy Inc., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Income (loss) from operations1 | ÷ | Net revenues1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 19.46% | = | 100 | × | 445,741) | ÷ | 2,290,786) |
| Dec 31, 2022 | 19.23% | = | 100 | × | 448,261) | ÷ | 2,330,853) |
| Dec 31, 2021 | 15.62% | = | 100 | × | 215,832) | ÷ | 1,382,049) |
| Dec 31, 2020 | 24.07% | = | 100 | × | 186,439) | ÷ | 774,425) |
| Dec 31, 2019 | 16.45% | = | 100 | × | 102,729) | ÷ | 624,333) |
| Dec 31, 2018 | 0.50% | = | 100 | × | 1,596) | ÷ | 316,159) |
| Dec 31, 2017 | -13.76% | = | 100 | × | (39,378) | ÷ | 286,166) |
| Dec 31, 2016 | -19.44% | = | 100 | × | (62,700) | ÷ | 322,591) |
| Dec 31, 2015 | -5.40% | = | 100 | × | (19,309) | ÷ | 357,249) |
| Dec 31, 2014 | -1.29% | = | 100 | × | (4,429) | ÷ | 343,904) |
| Dec 31, 2013 | -9.52% | = | 100 | × | (22,158) | ÷ | 232,846) |
| Dec 31, 2012 | -14.38% | = | 100 | × | (31,161) | ÷ | 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 trajectory demonstrates a comprehensive transition from early-stage operational losses to a sustained period of profitability and scaling. From 2012 through 2017, the organization experienced negative operating margins, characterized by significant volatility and a peak deficit in 2016. A critical inflection point was reached in 2018, which initiated a period of rapid margin expansion and substantial revenue growth.
- Early Operational Deficit (2012-2017)
- Operating profit margins remained consistently negative during this period, ranging from -1.29% to -19.44%. Despite a temporary improvement in 2014, a significant decline occurred in 2016, indicating an increase in operating costs relative to revenue generation.
- Pivot to Profitability (2018-2020)
- The organization achieved an operational break-even in 2018 with a margin of 0.50%. This was followed by a sharp upward trend, with the operating profit margin increasing to 16.45% in 2019 and reaching a peak of 24.07% in 2020. This growth aligns with a substantial increase in net revenues, which more than doubled between 2018 and 2020.
- Margin Stabilization (2021-2023)
- After a contraction to 15.62% in 2021, the operating profit margin stabilized, ending 2022 at 19.23% and 2023 at 19.46%. During this phase, net revenues scaled significantly, peaking at over 2.3 billion in 2022 before slightly moderating in 2023, while operating income remained robust at approximately 445 million to 448 million.
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Comparison to Competitors
Enphase Energy Inc., operating 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. | Lam Research Corp. | Marvell Technology Inc. | Micron Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 19.46% | 1.77% | 31.07% | 28.86% | 45.25% | 0.17% | 29.69% | 4.02% | -36.97% | 15.66% | 21.74% | 41.85% |
| Dec 31, 2022 | 19.23% | 5.36% | 27.29% | 30.20% | 42.84% | 3.70% | 31.24% | -7.79% | 31.54% | 37.31% | 35.88% | 50.63% |
| Dec 31, 2021 | 15.62% | 22.20% | 23.12% | 29.87% | 31.03% | 24.62% | 30.64% | -8.70% | 22.68% | 27.18% | 29.16% | 48.84% |
| Dec 31, 2020 | 24.07% | 14.02% | 26.74% | 25.37% | 16.80% | 30.41% | 26.62% | -9.02% | 14.01% | 26.07% | 26.58% | 40.76% |
| Dec 31, 2019 | 16.45% | 9.37% | 28.55% | 22.93% | 15.24% | 30.62% | 25.53% | 1.51% | 31.51% | 32.47% | 31.59% | 39.79% |
| Dec 31, 2018 | 0.50% | 6.97% | 30.35% | 27.80% | 24.63% | 32.91% | 29.01% | 17.84% | 49.34% | 33.05% | 3.26% | 42.53% |
| Dec 31, 2017 | -13.76% | 3.83% | 20.66% | 26.61% | 13.51% | 28.58% | 23.74% | 4.31% | 28.88% | 27.99% | 11.73% | 40.66% |
| Dec 31, 2016 | -19.44% | -8.71% | 30.05% | 19.88% | -3.09% | 21.68% | 18.25% | -29.96% | 1.35% | 14.91% | 27.57% | 35.89% |
| Dec 31, 2015 | -5.40% | -12.05% | 24.19% | 17.53% | 23.92% | 25.29% | 14.98% | 11.03% | 18.52% | 16.21% | 22.85% | 32.88% |
| Dec 31, 2014 | -1.29% | -2.82% | 26.27% | 16.75% | 10.26% | 27.47% | 14.71% | 8.24% | 18.87% | 12.01% | 28.50% | 30.26% |
| Dec 31, 2013 | -9.52% | 1.94% | 28.59% | 5.75% | 21.90% | 23.32% | 3.28% | 9.30% | 2.60% | 15.15% | 29.08% | 23.20% |
| Dec 31, 2012 | -14.38% | -19.48% | 30.51% | 4.71% | 24.62% | 27.44% | 8.92% | 17.81% | -7.51% | 16.22% | 29.72% | 15.38% |
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).