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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

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

Equity Trends: There is a notable increase in common equity and total equity from 2019 to 2020, where values more than triple from approximately 7.28 billion USD to nearly 24.97 billion USD. However, in the subsequent year 2021, equity declines sharply to about 19.51 billion USD. In 2022, equity rebounds strongly to approximately 29.02 billion USD, the peak value during the period analyzed. In 2023, equity decreases again significantly to around 16.63 billion USD.
Total Equity and Debt: The combined total of equity and debt follows a similar pattern to total equity alone but at slightly higher levels, indicating relatively low levels of debt overall. It rises from roughly 7.38 billion USD in 2019 to around 25.30 billion USD in 2020. Then it decreases in 2021 to 20.55 billion USD, increases again significantly in 2022 to 30.31 billion USD, and falls materially in 2023 to approximately 17.92 billion USD.
Enterprise Value (EV): Enterprise value also exhibits a pattern consistent with equity and total capitalization changes. Starting at about 7.09 billion USD in 2019, it almost triples to 24.62 billion USD in 2020. Afterwards, EV declines in 2021 to 19.53 billion USD, rises again in 2022 to 28.69 billion USD, and falls sharply in 2023 to about 16.23 billion USD.
Overall Observations: The data indicates periods of significant volatility in valuation and capital structure over the five-year span. The company experienced strong growth and high market valuation in 2020, possibly reflecting a period of expansion or favorable market conditions. The decreases in 2021 and again in 2023 suggest challenges or market corrections. The peak valuation and equity in 2022 demonstrate a recovery phase. Throughout, enterprise value tracks closely with total equity and combined equity and debt, implying a balanced capital structure with relatively low leverage. The fluctuation in market value and enterprise value highlights a dynamic financial environment for this entity.

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Enphase Energy Inc. (NASDAQ:ENPH)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)