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.

Enterprise Value to FCFF (EV/FCFF)

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Free Cash Flow to The Firm (FCFF)

Enphase Energy Inc., FCFF calculation

US$ in thousands

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income 438,936 397,362 145,449 133,995 161,148
Net noncash charges 240,714 285,329 191,516 106,992 (23,506)
Changes in operating assets and liabilities 17,130 62,126 15,063 (24,653) 1,425
Net cash provided by operating activities 696,780 744,817 352,028 216,334 139,067
Cash paid for interest, net of tax1 389 400 579 1,481 2,124
Purchases of property and equipment (110,401) (46,443) (52,258) (20,558) (14,788)
Purchase of intangible asset (250)
Free cash flow to the firm (FCFF) 586,768 698,774 300,099 197,257 126,403

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).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Enphase Energy Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Enphase Energy Inc. FCFF increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Interest Paid, Net of Tax

Enphase Energy Inc., interest paid, net of tax calculation

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR1 14.46% 12.10% 21.00% 21.00% 21.00%
Interest Paid, Net of Tax
Cash paid for interest, before tax 455 455 733 1,875 2,689
Less: Cash paid for interest, tax2 66 55 154 394 565
Cash paid for interest, net of tax 389 400 579 1,481 2,124

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).

1 See details »

2 2023 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 455 × 14.46% = 66


Enterprise Value to FCFF Ratio, Current

Enphase Energy Inc., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in thousands)
Enterprise value (EV) 16,225,150
Free cash flow to the firm (FCFF) 586,768
Valuation Ratio
EV/FCFF 27.65
Benchmarks
EV/FCFF, Competitors1
Advanced Micro Devices Inc. 242.83
Analog Devices Inc. 27.78
Applied Materials Inc. 22.19
Broadcom Inc. 33.58
Intel Corp.
KLA Corp. 27.52
Lam Research Corp. 26.40
Micron Technology Inc.
NVIDIA Corp. 82.32
ON Semiconductor Corp. 63.95
Qualcomm Inc. 17.57
Texas Instruments Inc. 98.76
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment 113.99
EV/FCFF, Industry
Information Technology 44.22

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

Enphase Energy Inc., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel
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 16,225,150 28,692,770 19,534,069 24,617,110 7,088,097
Free cash flow to the firm (FCFF)2 586,768 698,774 300,099 197,257 126,403
Valuation Ratio
EV/FCFF3 27.65 41.06 65.09 124.80 56.08
Benchmarks
EV/FCFF, Competitors4
Advanced Micro Devices Inc. 225.41 38.82 43.41 126.98 169.58
Analog Devices Inc. 25.61 23.12 39.16 27.12 21.68
Applied Materials Inc. 17.40 19.06 26.22 22.52 18.91
Broadcom Inc. 28.53 14.74 19.47 16.54 15.04
Intel Corp. 16.94 11.08 17.39
KLA Corp. 19.99 19.05 26.29 18.70 20.92
Lam Research Corp. 17.99 24.03 24.02 25.91 9.83
Micron Technology Inc. 18.28 33.81 292.39 14.33
NVIDIA Corp. 142.90 78.07 69.47 41.65 27.92
ON Semiconductor Corp. 67.36 20.67 19.86 33.03 46.88
Qualcomm Inc. 11.61 18.18 17.47 30.89 14.91
Texas Instruments Inc. 90.39 27.05 24.23 27.67 20.75
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment 61.21 34.74 26.16 22.06 18.29
EV/FCFF, Industry
Information Technology 34.25 27.01 27.93 24.12 19.69

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).

1 See details »

2 See details »

3 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 16,225,150 ÷ 586,768 = 27.65

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Enphase Energy Inc. EV/FCFF ratio decreased from 2021 to 2022 and from 2022 to 2023.