Enterprise Value to EBITDA (EV/EBITDA)
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2012
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Enphase Energy Inc., EBITDA calculation
US$ in thousands
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).
- Net Income
- The net income experienced a decline from US$161,148 thousand in 2019 to US$133,995 thousand in 2020. Subsequently, it increased moderately to US$145,449 thousand in 2021, followed by a substantial rise in 2022 to US$397,362 thousand. This upward trajectory continued in 2023, reaching US$438,936 thousand. Overall, net income exhibited a strong upward trend after 2020, indicating improved profitability.
- Earnings Before Tax (EBT)
- The EBT increased steadily over the examined period. Starting at US$90,114 thousand in 2019, it rose to US$119,410 thousand in 2020 and then showed a slight increase to US$120,928 thousand in 2021. There was a significant jump to US$452,048 thousand in 2022, followed by further growth to US$513,139 thousand in 2023. This pattern highlights consistent improvements in operating efficiency and financial performance before tax considerations.
- Earnings Before Interest and Tax (EBIT)
- The EBIT demonstrated a continuous growth pattern year over year, beginning at US$99,805 thousand in 2019 and climbing to US$140,411 thousand in 2020. The upward trend continued with EBIT reaching US$166,080 thousand in 2021, then more than doubled to US$461,486 thousand in 2022, and further increased to US$521,978 thousand in 2023. This consistent rise reflects an expanding core operating profitability.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- The EBITDA followed a similar trajectory to EBIT, growing from US$113,924 thousand in 2019 to US$158,514 thousand in 2020. It further increased to US$196,926 thousand in 2021. Notably, it surged significantly in 2022 to US$520,261 thousand and continued to increase in 2023 to US$596,686 thousand. This indicates notable improvements in overall operational cash flow generation capability over the years.
Enterprise Value to EBITDA Ratio, Current
Enphase Energy Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in thousands) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| 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. | |
| EV/EBITDA, Sector | |
| Semiconductors & Semiconductor Equipment | |
| EV/EBITDA, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2023-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Enphase Energy Inc., historical EV/EBITDA calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| 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. | ||||||
| EV/EBITDA, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| EV/EBITDA, Industry | ||||||
| Information Technology | ||||||
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).
3 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV) Trend
- The enterprise value exhibited significant volatility over the analyzed period. Initially, it increased sharply from approximately 7.1 billion in 2019 to a peak of about 24.6 billion in 2020, then declined to 19.5 billion in 2021. It rose again substantially to nearly 28.7 billion in 2022 before dropping markedly to around 16.2 billion in 2023.
- EBITDA Development
- EBITDA displayed a consistent upward trend throughout the five-year span. Starting at approximately 114 million in 2019, it increased steadily each year, culminating at nearly 597 million in 2023. The most notable acceleration occurred post-2021, with EBITDA jumping from about 197 million to over 596 million by the end of 2023.
- EV/EBITDA Ratio Analysis
- The EV/EBITDA ratio showed a clear downward trend, indicating an improvement in valuation relative to earnings. The ratio began at 62.22 in 2019, peaked at 155.3 in 2020, and then consistently declined to 27.19 by 2023. This suggests that the enterprise value grew at a slower pace or decreased relative to EBITDA growth, reflecting potentially improved operational efficiency or market valuation adjustments over the period.