Total Asset Turnover
since 2012
Calculation
Enphase Energy Inc., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Net revenues1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 0.68 | = | 2,290,786) | ÷ | 3,383,012) |
| Dec 31, 2022 | 0.76 | = | 2,330,853) | ÷ | 3,084,280) |
| Dec 31, 2021 | 0.66 | = | 1,382,049) | ÷ | 2,079,256) |
| Dec 31, 2020 | 0.65 | = | 774,425) | ÷ | 1,200,102) |
| Dec 31, 2019 | 0.88 | = | 624,333) | ÷ | 713,223) |
| Dec 31, 2018 | 0.93 | = | 316,159) | ÷ | 339,937) |
| Dec 31, 2017 | 1.69 | = | 286,166) | ÷ | 169,147) |
| Dec 31, 2016 | 1.97 | = | 322,591) | ÷ | 163,576) |
| Dec 31, 2015 | 2.16 | = | 357,249) | ÷ | 165,528) |
| Dec 31, 2014 | 2.26 | = | 343,904) | ÷ | 152,192) |
| Dec 31, 2013 | 2.00 | = | 232,846) | ÷ | 116,669) |
| Dec 31, 2012 | 1.77 | = | 216,678) | ÷ | 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 from 2012 to 2023 reveals a significant transition in asset utilization efficiency. While net revenues experienced substantial long-term growth, the rate of asset accumulation accelerated more rapidly in the latter half of the period, leading to a sustained decline in the total asset turnover ratio.
- Early Efficiency Phase (2012–2014)
- During this initial period, asset utilization improved steadily, with the total asset turnover ratio rising from 1.77 to a peak of 2.26. This trend indicates that revenues grew at a faster pace than the asset base, reflecting high operational efficiency and lean asset management.
- Gradual Decline and Transition (2015–2017)
- A reversal in the trend occurred starting in 2015, as the turnover ratio began a gradual descent from 2.16 to 1.69. This decline coincided with a period of stagnating net revenues, which fluctuated between 286 million and 357 million dollars, while total assets remained relatively stable, suggesting a decrease in the productivity of the existing asset base.
- Structural Shift and Asset Expansion (2018–2023)
- A sharp contraction in asset turnover is observed starting in 2018, where the ratio dropped precipitously from 1.69 to 0.93. This decline persisted through 2023, with the ratio fluctuating between 0.65 and 0.88. This trend is driven by a massive expansion of the balance sheet; total assets grew from approximately 340 million dollars in 2018 to over 3.38 billion dollars by 2023. Although net revenues grew exponentially during this same window—increasing from 316 million dollars to 2.29 billion dollars—the growth in assets significantly outpaced revenue generation.
- Current Operational State (2020–2023)
- In the final four years of the analysis, the total asset turnover ratio stabilized at a lower threshold, ranging from 0.65 to 0.76. This indicates a shift in the business model toward a more asset-intensive operation. The slight recovery to 0.76 in 2022 followed by a dip to 0.68 in 2023 mirrors the movement in net revenues, which peaked in 2022 before experiencing a slight contraction in 2023.
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Comparison to Competitors
Enphase Energy Inc., total asset turnover, 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 | 0.68 | 0.33 | 0.25 | 0.86 | 0.49 | 0.28 | 0.75 | 0.93 | 0.26 | 0.24 | 0.65 | 0.70 | 0.54 |
| Dec 31, 2022 | 0.76 | 0.35 | 0.24 | 0.96 | 0.45 | 0.35 | 0.73 | 1.00 | 0.20 | 0.46 | 0.61 | 0.90 | 0.74 |
| Dec 31, 2021 | 0.66 | 1.32 | 0.14 | 0.89 | 0.36 | 0.47 | 0.67 | 0.92 | 0.28 | 0.47 | 0.58 | 0.81 | 0.74 |
| Dec 31, 2020 | 0.65 | 1.09 | 0.26 | 0.77 | 0.31 | 0.51 | 0.63 | 0.69 | 0.24 | 0.40 | 0.63 | 0.66 | 0.75 |
| Dec 31, 2019 | 0.88 | 1.12 | 0.28 | 0.77 | 0.33 | 0.53 | 0.51 | 0.80 | 0.29 | 0.48 | 0.88 | 0.74 | 0.80 |
| Dec 31, 2018 | 0.93 | 1.42 | 0.30 | 0.97 | 0.42 | 0.55 | 0.72 | 0.89 | 0.51 | 0.70 | 0.86 | 0.70 | 0.92 |
| Dec 31, 2017 | 1.69 | 1.51 | 0.24 | 0.75 | 0.32 | 0.51 | 0.63 | 0.66 | 0.50 | 0.58 | 0.70 | 0.34 | 0.85 |
| Dec 31, 2016 | 1.97 | 1.29 | 0.43 | 0.74 | 0.26 | 0.52 | 0.60 | 0.48 | 0.50 | 0.45 | 0.68 | 0.45 | 0.81 |
| Dec 31, 2015 | 2.16 | 1.28 | 0.49 | 0.63 | 0.64 | 0.54 | 0.58 | 0.56 | 0.63 | 0.67 | 0.65 | 0.50 | 0.80 |
| Dec 31, 2014 | 2.26 | 1.46 | 0.42 | 0.69 | 0.41 | 0.61 | 0.53 | 0.58 | 0.62 | 0.73 | 0.57 | 0.55 | 0.74 |
| Dec 31, 2013 | 2.00 | 1.22 | 0.41 | 0.62 | 0.74 | 0.57 | 0.54 | 0.50 | 0.60 | 0.47 | 0.67 | 0.55 | 0.64 |
| Dec 31, 2012 | 1.77 | 1.36 | 0.48 | 0.72 | 0.83 | 0.63 | 0.62 | 0.33 | 0.59 | 0.57 | 0.72 | 0.44 | 0.64 |
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., total asset turnover, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| Enphase Energy Inc. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Dec 31, 2023 | 0.68 | 0.43 |
| Dec 31, 2022 | 0.76 | 0.49 |
| Dec 31, 2021 | 0.66 | 0.52 |
| Dec 31, 2020 | 0.65 | 0.50 |
| Dec 31, 2019 | 0.88 | 0.54 |
| Dec 31, 2018 | 0.93 | 0.63 |
| Dec 31, 2017 | 1.69 | 0.49 |
| Dec 31, 2016 | 1.97 | 0.50 |
| Dec 31, 2015 | 2.16 | 0.58 |
| Dec 31, 2014 | 2.26 | 0.62 |
| Dec 31, 2013 | 2.00 | 0.58 |
| Dec 31, 2012 | 1.77 | 0.60 |
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., total asset turnover, long-term trends, comparison to industry (information technology)
| Enphase Energy Inc. | Information Technology | |
|---|---|---|
| Dec 31, 2023 | 0.68 | 0.61 |
| Dec 31, 2022 | 0.76 | 0.64 |
| Dec 31, 2021 | 0.66 | 0.62 |
| Dec 31, 2020 | 0.65 | 0.58 |
| Dec 31, 2019 | 0.88 | 0.59 |
| Dec 31, 2018 | 0.93 | 0.59 |
| Dec 31, 2017 | 1.69 | 0.51 |
| Dec 31, 2016 | 1.97 | 0.55 |
| Dec 31, 2015 | 2.16 | 0.63 |
| Dec 31, 2014 | 2.26 | 0.64 |
| Dec 31, 2013 | 2.00 | 0.66 |
| Dec 31, 2012 | 1.77 | 0.70 |
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).