Stock Analysis on Net
Stock Analysis on Net

Enphase Energy Inc. (NASDAQ:ENPH)

This company has been moved to the archive! The financial data has not been updated since February 9, 2024.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Enphase Energy Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2023 44.62% = 12.97% × 3.44
Sep 30, 2023 56.35% = 16.09% × 3.50
Jun 30, 2023 58.88% = 16.52% × 3.56
Mar 31, 2023 50.76% = 14.56% × 3.49
Dec 31, 2022 48.13% = 12.88% × 3.74
Sep 30, 2022 48.55% = 10.98% × 4.42
Jun 30, 2022 45.05% = 8.34% × 5.40
Mar 31, 2022 50.02% = 7.32% × 6.84
Dec 31, 2021 33.81% = 7.00% × 4.83
Sep 30, 2021 25.60% = 7.44% × 3.44
Jun 30, 2021 31.38% = 8.73% × 3.59
Mar 31, 2021 13.20% = 4.41% × 2.99
Dec 31, 2020 27.69% = 11.17% × 2.48
Sep 30, 2020 42.69% = 16.27% × 2.62
Jun 30, 2020 45.76% = 16.98% × 2.70
Mar 31, 2020 71.89% = 22.05% × 3.26
Dec 31, 2019 59.20% = 22.59% × 2.62
Sep 30, 2019 — = — × 3.44
Jun 30, 2019 — = — × 4.11
Mar 31, 2019 — = — × 22.60

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Enphase Energy Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 44.62% = 19.16% × 0.68 × 3.44
Sep 30, 2023 56.35% = 21.08% × 0.76 × 3.50
Jun 30, 2023 58.88% = 20.48% × 0.81 × 3.56
Mar 31, 2023 50.76% = 18.83% × 0.77 × 3.49
Dec 31, 2022 48.13% = 17.05% × 0.76 × 3.74
Sep 30, 2022 48.55% = 14.67% × 0.75 × 4.42
Jun 30, 2022 45.05% = 11.71% × 0.71 × 5.40
Mar 31, 2022 50.02% = 10.88% × 0.67 × 6.84
Dec 31, 2021 33.81% = 10.52% × 0.66 × 4.83
Sep 30, 2021 25.60% = 13.44% × 0.55 × 3.44
Jun 30, 2021 31.38% = 17.28% × 0.51 × 3.59
Mar 31, 2021 13.20% = 11.11% × 0.40 × 2.99
Dec 31, 2020 27.69% = 17.30% × 0.65 × 2.48
Sep 30, 2020 42.69% = 24.69% × 0.66 × 2.62
Jun 30, 2020 45.76% = 23.49% × 0.72 × 2.70
Mar 31, 2020 71.89% = 31.15% × 0.71 × 3.26
Dec 31, 2019 59.20% = 25.81% × 0.88 × 2.62
Sep 30, 2019 — = — × — × 3.44
Jun 30, 2019 — = — × — × 4.11
Mar 31, 2019 — = — × — × 22.60

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in efficiency measured by asset turnover ratio.

Five-Component Disaggregation of ROE

Enphase Energy Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 44.62% = 0.86 × 0.98 × 22.79% × 0.68 × 3.44
Sep 30, 2023 56.35% = 0.85 × 0.99 × 24.99% × 0.76 × 3.50
Jun 30, 2023 58.88% = 0.86 × 0.99 × 24.13% × 0.81 × 3.56
Mar 31, 2023 50.76% = 0.86 × 0.98 × 22.27% × 0.77 × 3.49
Dec 31, 2022 48.13% = 0.88 × 0.98 × 19.80% × 0.76 × 3.74
Sep 30, 2022 48.55% = 0.89 × 0.94 × 17.55% × 0.75 × 4.42
Jun 30, 2022 45.05% = 0.90 × 0.88 × 14.75% × 0.71 × 5.40
Mar 31, 2022 50.02% = 0.92 × 0.82 × 14.50% × 0.67 × 6.84
Dec 31, 2021 33.81% = 1.20 × 0.73 × 12.02% × 0.66 × 4.83
Sep 30, 2021 25.60% = 1.17 × 0.79 × 14.59% × 0.55 × 3.44
Jun 30, 2021 31.38% = 1.14 × 0.84 × 18.15% × 0.51 × 3.59
Mar 31, 2021 13.20% = 1.59 × 0.71 × 9.86% × 0.40 × 2.99
Dec 31, 2020 27.69% = 1.12 × 0.85 × 18.13% × 0.65 × 2.48
Sep 30, 2020 42.69% = 1.92 × 0.84 × 15.27% × 0.66 × 2.62
Jun 30, 2020 45.76% = 2.14 × 0.85 × 12.85% × 0.72 × 2.70
Mar 31, 2020 71.89% = 1.58 × 0.94 × 20.99% × 0.71 × 3.26
Dec 31, 2019 59.20% = 1.79 × 0.90 × 15.99% × 0.88 × 2.62
Sep 30, 2019 — = — × — × — × — × 3.44
Jun 30, 2019 — = — × — × — × — × 4.11
Mar 31, 2019 — = — × — × — × — × 22.60

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in efficiency measured by asset turnover ratio.

Two-Component Disaggregation of ROA

Enphase Energy Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2023 12.97% = 19.16% × 0.68
Sep 30, 2023 16.09% = 21.08% × 0.76
Jun 30, 2023 16.52% = 20.48% × 0.81
Mar 31, 2023 14.56% = 18.83% × 0.77
Dec 31, 2022 12.88% = 17.05% × 0.76
Sep 30, 2022 10.98% = 14.67% × 0.75
Jun 30, 2022 8.34% = 11.71% × 0.71
Mar 31, 2022 7.32% = 10.88% × 0.67
Dec 31, 2021 7.00% = 10.52% × 0.66
Sep 30, 2021 7.44% = 13.44% × 0.55
Jun 30, 2021 8.73% = 17.28% × 0.51
Mar 31, 2021 4.41% = 11.11% × 0.40
Dec 31, 2020 11.17% = 17.30% × 0.65
Sep 30, 2020 16.27% = 24.69% × 0.66
Jun 30, 2020 16.98% = 23.49% × 0.72
Mar 31, 2020 22.05% = 31.15% × 0.71
Dec 31, 2019 22.59% = 25.81% × 0.88
Sep 30, 2019 — = — × —
Jun 30, 2019 — = — × —
Mar 31, 2019 — = — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2023 is the decrease in asset turnover ratio.

Four-Component Disaggregation of ROA

Enphase Energy Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2023 12.97% = 0.86 × 0.98 × 22.79% × 0.68
Sep 30, 2023 16.09% = 0.85 × 0.99 × 24.99% × 0.76
Jun 30, 2023 16.52% = 0.86 × 0.99 × 24.13% × 0.81
Mar 31, 2023 14.56% = 0.86 × 0.98 × 22.27% × 0.77
Dec 31, 2022 12.88% = 0.88 × 0.98 × 19.80% × 0.76
Sep 30, 2022 10.98% = 0.89 × 0.94 × 17.55% × 0.75
Jun 30, 2022 8.34% = 0.90 × 0.88 × 14.75% × 0.71
Mar 31, 2022 7.32% = 0.92 × 0.82 × 14.50% × 0.67
Dec 31, 2021 7.00% = 1.20 × 0.73 × 12.02% × 0.66
Sep 30, 2021 7.44% = 1.17 × 0.79 × 14.59% × 0.55
Jun 30, 2021 8.73% = 1.14 × 0.84 × 18.15% × 0.51
Mar 31, 2021 4.41% = 1.59 × 0.71 × 9.86% × 0.40
Dec 31, 2020 11.17% = 1.12 × 0.85 × 18.13% × 0.65
Sep 30, 2020 16.27% = 1.92 × 0.84 × 15.27% × 0.66
Jun 30, 2020 16.98% = 2.14 × 0.85 × 12.85% × 0.72
Mar 31, 2020 22.05% = 1.58 × 0.94 × 20.99% × 0.71
Dec 31, 2019 22.59% = 1.79 × 0.90 × 15.99% × 0.88
Sep 30, 2019 — = — × — × — × —
Jun 30, 2019 — = — × — × — × —
Mar 31, 2019 — = — × — × — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2023 is the decrease in efficiency measured by asset turnover ratio.

Disaggregation of Net Profit Margin

Enphase Energy Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2023 19.16% = 0.86 × 0.98 × 22.79%
Sep 30, 2023 21.08% = 0.85 × 0.99 × 24.99%
Jun 30, 2023 20.48% = 0.86 × 0.99 × 24.13%
Mar 31, 2023 18.83% = 0.86 × 0.98 × 22.27%
Dec 31, 2022 17.05% = 0.88 × 0.98 × 19.80%
Sep 30, 2022 14.67% = 0.89 × 0.94 × 17.55%
Jun 30, 2022 11.71% = 0.90 × 0.88 × 14.75%
Mar 31, 2022 10.88% = 0.92 × 0.82 × 14.50%
Dec 31, 2021 10.52% = 1.20 × 0.73 × 12.02%
Sep 30, 2021 13.44% = 1.17 × 0.79 × 14.59%
Jun 30, 2021 17.28% = 1.14 × 0.84 × 18.15%
Mar 31, 2021 11.11% = 1.59 × 0.71 × 9.86%
Dec 31, 2020 17.30% = 1.12 × 0.85 × 18.13%
Sep 30, 2020 24.69% = 1.92 × 0.84 × 15.27%
Jun 30, 2020 23.49% = 2.14 × 0.85 × 12.85%
Mar 31, 2020 31.15% = 1.58 × 0.94 × 20.99%
Dec 31, 2019 25.81% = 1.79 × 0.90 × 15.99%
Sep 30, 2019 — = — × — × —
Jun 30, 2019 — = — × — × —
Mar 31, 2019 — = — × — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in net profit margin ratio over Q4 2023 is the decrease in operating profitability measured by EBIT margin ratio.