Price to Book Value (P/BV)
since 2012
Calculation
Enphase Energy Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity (deficit)1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 9, 2024 | 16.90 | = | 122.47 | ÷ | 7.25 | 7.25 | = | 983,624 | ÷ | 135,759,339 | |
| Feb 13, 2023 | 35.15 | = | 212.57 | ÷ | 6.05 | 6.05 | = | 825,573 | ÷ | 136,497,418 | |
| Feb 11, 2022 | 45.36 | = | 145.69 | ÷ | 3.21 | 3.21 | = | 430,168 | ÷ | 133,935,574 | |
| Feb 16, 2021 | 51.58 | = | 193.50 | ÷ | 3.75 | 3.75 | = | 483,993 | ÷ | 129,021,311 | |
| Feb 21, 2020 | 26.74 | = | 59.09 | ÷ | 2.21 | 2.21 | = | 272,212 | ÷ | 123,179,271 | |
| Mar 15, 2019 | 126.30 | = | 9.05 | ÷ | 0.07 | 0.07 | = | 7,776 | ÷ | 108,519,598 | |
| Apr 2, 2018 | — | = | 4.51 | ÷ | -0.10 | -0.10 | = | -9,126 | ÷ | 95,829,245 | |
| Mar 16, 2017 | 86.97 | = | 1.37 | ÷ | 0.02 | 0.02 | = | 1,300 | ÷ | 82,525,301 | |
| Mar 1, 2016 | 2.73 | = | 2.44 | ÷ | 0.89 | 0.89 | = | 41,449 | ÷ | 46,363,602 | |
| Mar 4, 2015 | 12.73 | = | 13.61 | ÷ | 1.07 | 1.07 | = | 46,952 | ÷ | 43,914,728 | |
| Mar 4, 2014 | 8.91 | = | 8.48 | ÷ | 0.95 | 0.95 | = | 40,206 | ÷ | 42,236,859 | |
| Mar 5, 2013 | 3.55 | = | 4.88 | ÷ | 1.37 | 1.37 | = | 56,655 | ÷ | 41,223,308 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Enphase Energy Inc. Annual Report.
- Share Price
- The share price exhibited significant fluctuations throughout the observed period. Initially, from 2013 to 2015, it showed a consistent increasing trend, rising from $4.88 to $13.61. However, it sharply declined in the subsequent two years, reaching a low of $1.37 in 2017. Post-2017, the share price rebounded considerably, peaking at $193.50 in 2021. A decline followed in 2022, and by early 2024, the price settled at $122.47, which remains substantially higher than its value in the earlier years.
- Book Value per Share (BVPS)
- The book value per share demonstrated volatility and some periods of negative values. Starting at $1.37 in 2013, it saw a decrease until 2014, and remained close to, or below, zero from 2016 to 2019, even recording negative values in 2017 and 2018. From 2020 onwards, the BVPS improved steadily, reaching $7.25 by 2024, marking its highest point in the timeframe. This recovery suggests an improvement in the company’s net asset value relative to its shares outstanding during the later years.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio exhibited extreme variability, indicating changes in market valuation relative to book value. The ratio started at 3.55 in 2013, increased sharply to a peak of 86.97 in 2017, although data for 2018 is missing. Another peak of 126.30 was observed in 2019, followed by a downward trend through 2024, when the ratio was 16.90. The extremely high ratios during 2017 and 2019 correspond to very low or negative book values, causing inflated multiples. The reduction in the ratio from 2020 onwards aligns with recovering book values and suggests the market valuation became more aligned with the underlying net asset values.
- Overall Analysis
- The data reveals a cycle of initial growth followed by a period of significant decline impacting both market price and book value, with an evident recovery phase beginning around 2020. The volatility in the P/BV ratio underscores challenges related to equity valuation and asset base erosion during the mid-period. The return to positive and increasing book values, alongside relatively moderated P/BV ratios in recent years, suggests improved financial stability and reduced market overvaluation risk, despite share price fluctuations in the most current period.
Comparison to Competitors
Enphase Energy Inc., P/BV, 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. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 9, 2024 | 16.90 | 4.85 | 2.53 | 8.23 | 21.59 | 1.75 | 23.25 | 10.58 | 1.74 | 26.03 | 5.72 | 8.57 |
| Feb 13, 2023 | 35.15 | 2.32 | 2.35 | 7.25 | 10.23 | 1.15 | 40.05 | 10.10 | 1.15 | 24.95 | 7.00 | 11.33 |
| Feb 11, 2022 | 45.36 | 19.21 | 2.50 | 10.60 | 10.50 | 2.21 | 15.98 | 13.64 | 1.79 | 20.14 | 15.59 | 11.87 |
| Feb 16, 2021 | 51.58 | 17.77 | 4.22 | 7.63 | 7.40 | 2.84 | 11.83 | 10.55 | 1.50 | 15.49 | 24.00 | 17.02 |
| Feb 21, 2020 | 26.74 | 20.46 | 3.61 | 6.67 | 5.09 | 3.78 | 8.15 | 6.40 | 1.40 | 10.09 | 19.69 | 13.79 |
| Mar 15, 2019 | 126.30 | 18.30 | 3.02 | 4.73 | 3.74 | 2.94 | 11.39 | 4.28 | 1.49 | 19.60 | 82.57 | 11.20 |
| Apr 2, 2018 | — | 19.87 | 3.22 | 5.94 | 5.28 | 3.08 | 10.50 | 3.82 | 2.51 | 10.51 | 2.56 | 9.89 |
| Mar 16, 2017 | 86.97 | 31.66 | 4.35 | 4.93 | 3.84 | 2.60 | 17.57 | 2.45 | 1.48 | 3.98 | 3.12 | 7.36 |
| Mar 1, 2016 | 2.73 | — | 3.72 | 2.87 | 8.24 | 2.21 | 19.57 | 2.23 | 1.47 | 2.84 | 2.88 | 5.30 |
| Mar 4, 2015 | 12.73 | 12.72 | 3.64 | 3.80 | 7.98 | 2.91 | 3.26 | 2.29 | 3.22 | 2.19 | 3.28 | 5.94 |
| Mar 4, 2014 | 8.91 | 4.94 | 3.28 | 2.82 | 4.46 | 2.11 | 2.78 | 1.69 | 1.92 | 1.63 | 3.26 | 4.46 |
| Mar 5, 2013 | 3.55 | 3.45 | 2.90 | 1.79 | 3.25 | 2.04 | 2.61 | 1.24 | 0.72 | 2.20 | 2.95 | 3.45 |
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., P/BV, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| Enphase Energy Inc. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Feb 9, 2024 | 16.90 | 6.44 |
| Feb 13, 2023 | 35.15 | 5.18 |
| Feb 11, 2022 | 45.36 | 6.30 |
| Feb 16, 2021 | 51.58 | 6.15 |
| Feb 21, 2020 | 26.74 | 5.17 |
| Mar 15, 2019 | 126.30 | 4.63 |
| Apr 2, 2018 | — | 4.09 |
| Mar 16, 2017 | 86.97 | 3.40 |
| Mar 1, 2016 | 2.73 | 2.89 |
| Mar 4, 2015 | 12.73 | 3.41 |
| Mar 4, 2014 | 8.91 | 2.69 |
| Mar 5, 2013 | 3.55 | 2.34 |
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., P/BV, long-term trends, comparison to industry (information technology)
| Enphase Energy Inc. | Information Technology | |
|---|---|---|
| Feb 9, 2024 | 16.90 | 11.52 |
| Feb 13, 2023 | 35.15 | 10.50 |
| Feb 11, 2022 | 45.36 | 12.59 |
| Feb 16, 2021 | 51.58 | 11.14 |
| Feb 21, 2020 | 26.74 | 8.53 |
| Mar 15, 2019 | 126.30 | 7.05 |
| Apr 2, 2018 | — | 5.49 |
| Mar 16, 2017 | 86.97 | 4.55 |
| Mar 1, 2016 | 2.73 | 4.33 |
| Mar 4, 2015 | 12.73 | 4.38 |
| Mar 4, 2014 | 8.91 | 3.52 |
| Mar 5, 2013 | 3.55 | 3.77 |
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).