Name: Enphase Energy Inc. (NASDAQ:ENPH) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Enphase Energy Inc., current enterprise value calculation

Current share price (P)	$122.47
No. shares of common stock outstanding	135,759,339
US$ in thousands
Common equity (market value)¹	16,626,446)
Total equity	16,626,446)
Add: Debt, current (per books)	—)
Add: Debt, non-current (per books)	1,293,738)
Total equity and debt	17,920,184)
Less: Cash and cash equivalents	288,748)
Less: Restricted cash	—)
Less: Marketable securities	1,406,286)
Enterprise value (EV)	16,225,150)

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

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 122.47 × 135,759,339

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Enphase Energy Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$122.47	$212.57	$145.69	$193.50	$59.09
No. shares of common stock outstanding¹	135,759,339	136,497,418	133,935,574	129,021,311	123,179,271
US$ in thousands
Common equity (market value)³	16,626,446)	29,015,256)	19,513,074)	24,965,624)	7,278,663)
Total equity	16,626,446)	29,015,256)	19,513,074)	24,965,624)	7,278,663)
Add: Debt, current (book value)	—)	90,892)	86,052)	325,967)	2,884)
Add: Debt, non-current (book value)	1,293,738)	1,199,465)	951,594)	4,898)	102,659)
Total equity and debt	17,920,184)	30,305,613)	20,550,720)	25,296,489)	7,384,206)
Less: Cash and cash equivalents	288,748)	473,244)	119,316)	679,379)	251,409)
Less: Restricted cash	—)	—)	—)	—)	44,700)
Less: Marketable securities	1,406,286)	1,139,599)	897,335)	—)	—)
Enterprise value (EV)	16,225,150)	28,692,770)	19,534,069)	24,617,110)	7,088,097)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Enphase Energy Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 122.47 × 135,759,339

The valuation trajectory from 2019 to 2023 is characterized by significant volatility, featuring a period of rapid expansion followed by a substantial correction in the final year of the sequence.

Market Equity Fluctuations: Common equity market value experienced an aggressive increase between 2019 and 2020, rising from 7.28 billion USD to nearly 25 billion USD. Following a moderate decline in 2021, the valuation reached its five-year peak in 2022 at 29.02 billion USD, before contracting to 16.63 billion USD by the end of 2023.
Enterprise Value (EV) Correlation: Enterprise value closely mirrored the movements of market equity throughout the period. The EV rose from 7.09 billion USD in 2019 to a peak of 28.69 billion USD in 2022. The tight correlation between market equity and EV indicates that the overall valuation is primarily driven by equity market sentiment rather than fluctuations in debt levels.
Capital Structure and Leverage: The difference between total equity and total equity and debt remained relatively marginal across all periods. For example, in 2022, the variance was approximately 1.29 billion USD. This suggests a capital structure characterized by low leverage relative to the scale of the company's market capitalization.
Valuation Contraction Analysis: A significant downward trend is observed between December 31, 2022, and December 31, 2023. During this period, the Enterprise Value decreased from 28.69 billion USD to 16.23 billion USD, representing a reduction of approximately 43.4% in total enterprise value within a single fiscal year.

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Enphase Energy Inc. (NASDAQ:ENPH)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)