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.
The Price to Book Value (P/BV) trajectory exhibits extreme volatility over the analyzed period, characterized by periods of significant valuation expansion and subsequent contraction. This volatility is primarily driven by fluctuations in the book value per share (BVPS) and aggressive shifts in market pricing.
- Book Value Per Share Trends
- The equity base per share demonstrated significant instability between 2013 and 2019, reaching a critical low in April 2018 when the BVPS turned negative (-0.10 US$). However, a consistent recovery phase began in 2020, with BVPS increasing from 2.21 US$ to a peak of 7.25 US$ by February 2024, indicating a substantial strengthening of the company's net asset position.
- P/BV Valuation Spikes
- Extreme valuation multiples were observed between 2017 and 2019, with the P/BV ratio peaking at 126.30 in March 2019. These anomalous spikes were not solely the result of price appreciation but were mathematically amplified by a very low BVPS, which approached zero during this window.
- Recent Valuation Normalization
- From 2021 to 2024, a trend toward valuation normalization is evident. While the P/BV ratio remained high in 2021 at 51.58, it entered a steady decline, reaching 16.90 by February 2024. This contraction is attributed to a dual effect: a decrease in the share price from its 2023 peak of 212.57 US$ to 122.47 US$, coupled with the simultaneous increase in the underlying book value.
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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. | Marvell Technology Inc. | 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 | 2.24 | 1.74 | 26.03 | 5.72 | 8.57 |
| Feb 13, 2023 | 35.15 | 2.32 | 2.35 | 7.25 | 10.23 | 1.15 | 40.04 | 10.10 | 3.52 | 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 | 3.84 | 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 | 1.45 | 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 | 1.75 | 1.40 | 10.09 | 19.69 | 13.79 |
| Mar 15, 2019 | 126.30 | 18.30 | 3.02 | 4.73 | 3.74 | 2.94 | 11.40 | 4.28 | 2.52 | 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 | 1.96 | 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 | 1.39 | 1.48 | 3.98 | 3.12 | 7.36 |
| Mar 1, 2016 | 2.73 | — | 3.72 | 2.87 | 8.24 | 2.21 | 19.59 | 2.23 | 1.50 | 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 | 1.65 | 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 | 1.18 | 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 | 1.82 | 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 | 6.26 |
| Feb 13, 2023 | 35.15 | 5.10 |
| Feb 11, 2022 | 45.36 | 6.22 |
| Feb 16, 2021 | 51.58 | 5.97 |
| Feb 21, 2020 | 26.74 | 5.04 |
| Mar 15, 2019 | 126.30 | 4.59 |
| Apr 2, 2018 | — | 4.04 |
| Mar 16, 2017 | 86.97 | 3.35 |
| Mar 1, 2016 | 2.73 | 2.84 |
| Mar 4, 2015 | 12.73 | 3.36 |
| Mar 4, 2014 | 8.91 | 2.64 |
| Mar 5, 2013 | 3.55 | 2.32 |
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 | 11.29 |
| Feb 13, 2023 | 35.15 | 10.25 |
| Feb 11, 2022 | 45.36 | 12.37 |
| Feb 16, 2021 | 51.58 | 10.94 |
| Feb 21, 2020 | 26.74 | 8.41 |
| Mar 15, 2019 | 126.30 | 7.00 |
| Apr 2, 2018 | — | 5.46 |
| Mar 16, 2017 | 86.97 | 4.53 |
| Mar 1, 2016 | 2.73 | 4.30 |
| Mar 4, 2015 | 12.73 | 4.36 |
| Mar 4, 2014 | 8.91 | 3.50 |
| Mar 5, 2013 | 3.55 | 3.75 |
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).