Return on Assets (ROA)
since 2012
Calculation
Enphase Energy Inc., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income (loss)1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 12.97% | = | 100 | × | 438,936) | ÷ | 3,383,012) |
| Dec 31, 2022 | 12.88% | = | 100 | × | 397,362) | ÷ | 3,084,280) |
| Dec 31, 2021 | 7.00% | = | 100 | × | 145,449) | ÷ | 2,079,256) |
| Dec 31, 2020 | 11.17% | = | 100 | × | 133,995) | ÷ | 1,200,102) |
| Dec 31, 2019 | 22.59% | = | 100 | × | 161,148) | ÷ | 713,223) |
| Dec 31, 2018 | -3.42% | = | 100 | × | (11,627) | ÷ | 339,937) |
| Dec 31, 2017 | -26.72% | = | 100 | × | (45,192) | ÷ | 169,147) |
| Dec 31, 2016 | -41.24% | = | 100 | × | (67,462) | ÷ | 163,576) |
| Dec 31, 2015 | -13.34% | = | 100 | × | (22,082) | ÷ | 165,528) |
| Dec 31, 2014 | -5.29% | = | 100 | × | (8,052) | ÷ | 152,192) |
| Dec 31, 2013 | -22.21% | = | 100 | × | (25,913) | ÷ | 116,669) |
| Dec 31, 2012 | -31.25% | = | 100 | × | (38,218) | ÷ | 122,291) |
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 between 2012 and 2023 reflects a significant structural pivot from a period of sustained net losses to a phase of robust profitability and rapid balance sheet expansion.
- Net Income Trajectory
- From 2012 to 2018, consistent negative net income was recorded, with annual losses fluctuating between $8 million and $67 million. A definitive reversal occurred in 2019, marking the start of a sustained profitable trend that culminated in a net income of $438.9 million by the end of 2023.
- Asset Base Growth
- Total assets exhibited modest growth between 2012 and 2017, remaining under $170 million. A period of accelerated expansion commenced in 2018, with total assets increasing from $339.9 million in 2018 to $3.38 billion in 2023, representing a substantial increase in the scale of the company's resource base.
- Return on Assets (ROA) Analysis
- ROA remained negative for the first seven years of the analyzed period, indicating an inability to generate profit from existing assets, with a low point of -41.24% in 2016. Upon the transition to profitability in 2019, ROA peaked at 22.59%. A subsequent decline to 7.00% by 2021 is observed, which correlates with a rapid surge in total assets that temporarily outpaced net income growth. By 2023, the ROA recovered and stabilized at 12.97%, suggesting a return to efficient asset utilization.
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Comparison to Competitors
Enphase Energy Inc., ROA, 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 | 12.97% | 1.26% | 6.79% | 22.31% | 19.33% | 0.88% | 24.07% | 24.02% | -0.73% | -9.08% | 10.61% | 14.17% | 20.12% |
| Dec 31, 2022 | 12.88% | 1.95% | 5.46% | 24.41% | 15.69% | 4.40% | 26.37% | 26.78% | -1.90% | 13.11% | 22.07% | 26.39% | 32.16% |
| Dec 31, 2021 | 7.00% | 25.46% | 2.66% | 22.80% | 8.91% | 11.80% | 20.23% | 24.59% | -2.58% | 9.96% | 15.05% | 21.93% | 31.48% |
| Dec 31, 2020 | 11.17% | 27.78% | 5.69% | 16.19% | 3.90% | 13.65% | 13.11% | 15.47% | 14.23% | 5.01% | 16.15% | 14.60% | 28.91% |
| Dec 31, 2019 | 22.59% | 5.66% | 6.37% | 14.22% | 4.04% | 15.42% | 13.05% | 18.26% | -1.79% | 12.91% | 31.15% | 13.31% | 27.84% |
| Dec 31, 2018 | -3.42% | 7.40% | 7.31% | 18.64% | 24.46% | 16.45% | 14.28% | 19.08% | 11.06% | 32.59% | 27.11% | -14.88% | 32.56% |
| Dec 31, 2017 | -26.72% | 1.21% | 3.44% | 17.68% | 3.11% | 7.79% | 16.74% | 14.00% | 0.45% | 14.40% | 16.93% | 3.77% | 20.87% |
| Dec 31, 2016 | -41.24% | -14.97% | 10.81% | 11.80% | -3.48% | 9.10% | 14.20% | 7.45% | -14.91% | -1.00% | 8.33% | 10.90% | 21.88% |
| Dec 31, 2015 | -13.34% | -21.23% | 9.87% | 9.00% | 12.88% | 11.08% | 7.59% | 7.00% | 7.40% | 12.01% | 8.76% | 10.38% | 18.40% |
| Dec 31, 2014 | -5.29% | -10.70% | 9.17% | 8.14% | 2.51% | 12.73% | 10.52% | 7.91% | 5.78% | 13.53% | 6.07% | 16.40% | 15.92% |
| Dec 31, 2013 | -22.21% | -1.91% | 10.55% | 2.13% | 16.16% | 10.42% | 10.27% | 1.57% | 5.83% | 6.22% | 8.77% | 15.06% | 11.42% |
| Dec 31, 2012 | -31.25% | -29.58% | 11.59% | 0.90% | 19.67% | 13.05% | 14.82% | 2.11% | 10.66% | -7.20% | 10.46% | 14.20% | 8.79% |
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., ROA, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| Enphase Energy Inc. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Dec 31, 2023 | 12.97% | 7.13% |
| Dec 31, 2022 | 12.88% | 12.17% |
| Dec 31, 2021 | 7.00% | 13.29% |
| Dec 31, 2020 | 11.17% | 11.86% |
| Dec 31, 2019 | 22.59% | 12.98% |
| Dec 31, 2018 | -3.42% | 17.25% |
| Dec 31, 2017 | -26.72% | 8.34% |
| Dec 31, 2016 | -41.24% | 6.69% |
| Dec 31, 2015 | -13.34% | 10.65% |
| Dec 31, 2014 | -5.29% | 12.05% |
| Dec 31, 2013 | -22.21% | 10.05% |
| Dec 31, 2012 | -31.25% | 9.54% |
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., ROA, long-term trends, comparison to industry (information technology)
| Enphase Energy Inc. | Information Technology | |
|---|---|---|
| Dec 31, 2023 | 12.97% | 12.34% |
| Dec 31, 2022 | 12.88% | 14.33% |
| Dec 31, 2021 | 7.00% | 14.52% |
| Dec 31, 2020 | 11.17% | 11.46% |
| Dec 31, 2019 | 22.59% | 11.67% |
| Dec 31, 2018 | -3.42% | 10.94% |
| Dec 31, 2017 | -26.72% | 9.00% |
| Dec 31, 2016 | -41.24% | 9.68% |
| Dec 31, 2015 | -13.34% | 11.51% |
| Dec 31, 2014 | -5.29% | 12.33% |
| Dec 31, 2013 | -22.21% | 13.22% |
| Dec 31, 2012 | -31.25% | 14.06% |
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).