Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Enphase Energy Inc., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported	0.68	0.76	0.66	0.65	0.88
Adjusted	0.77	0.85	0.74	0.69	1.09
Liquidity Ratio
Current Ratio
Reported	4.59	3.55	3.33	1.75	2.51
Adjusted	6.52	4.43	4.09	1.96	4.66
Solvency Ratios
Debt to Equity
Reported	1.32	1.56	2.41	0.68	0.39
Adjusted	0.93	1.16	1.66	0.57	0.28
Debt to Capital
Reported	0.57	0.61	0.71	0.41	0.28
Adjusted	0.48	0.54	0.62	0.36	0.22
Financial Leverage
Reported	3.44	3.74	4.83	2.48	2.62
Adjusted	2.21	2.55	3.08	1.81	1.53
Profitability Ratios
Net Profit Margin
Reported	19.16%	17.05%	10.52%	17.30%	25.81%
Adjusted	24.00%	23.19%	14.88%	15.43%	22.97%
Return on Equity (ROE)
Reported	44.62%	48.13%	33.81%	27.69%	59.20%
Adjusted	40.70%	50.31%	34.16%	19.33%	38.24%
Return on Assets (ROA)
Reported	12.97%	12.88%	7.00%	11.17%	22.59%
Adjusted	18.43%	19.76%	11.08%	10.66%	25.02%

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).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Enphase Energy Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Enphase Energy Inc. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Enphase Energy Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Enphase Energy Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Enphase Energy Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Enphase Energy Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Enphase Energy Inc. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Enphase Energy Inc. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Enphase Energy Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Net revenues	2,290,786)	2,330,853)	1,382,049)	774,425)	624,333)
Total assets	3,383,012)	3,084,280)	2,079,256)	1,200,102)	713,223)
Activity Ratio
Total asset turnover¹	0.68	0.76	0.66	0.65	0.88
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net revenues²	2,405,898)	2,453,357)	1,458,767)	765,576)	696,290)
Adjusted total assets³	3,133,144)	2,880,387)	1,958,376)	1,107,660)	639,256)
Activity Ratio
Adjusted total asset turnover⁴	0.77	0.85	0.74	0.69	1.09

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 2023 Calculation
Total asset turnover = Net revenues ÷ Total assets
= 2,290,786 ÷ 3,383,012 = 0.68

² Adjusted net revenues. See details »

³ Adjusted total assets. See details »

⁴ 2023 Calculation
Adjusted total asset turnover = Adjusted net revenues ÷ Adjusted total assets
= 2,405,898 ÷ 3,133,144 = 0.77

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Enphase Energy Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Current assets	2,443,518)	2,264,271)	1,462,461)	933,064)	499,657)
Current liabilities	532,449)	638,219)	439,796)	534,043)	199,311)
Liquidity Ratio
Current ratio¹	4.59	3.55	3.33	1.75	2.51
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets²	2,446,020)	2,265,250)	1,464,051)	933,526)	500,221)
Adjusted current liabilities³	374,979)	511,202)	357,731)	475,118)	107,450)
Liquidity Ratio
Adjusted current ratio⁴	6.52	4.43	4.09	1.96	4.66

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 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 2,443,518 ÷ 532,449 = 4.59

² Adjusted current assets. See details »

³ Adjusted current liabilities. See details »

⁴ 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 2,446,020 ÷ 374,979 = 6.52

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Enphase Energy Inc. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total debt	1,293,738)	1,290,357)	1,037,646)	330,865)	105,543)
Stockholders’ equity	983,624)	825,573)	430,168)	483,993)	272,212)
Solvency Ratio
Debt to equity¹	1.32	1.56	2.41	0.68	0.39
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	1,317,760)	1,314,805)	1,053,396)	350,616)	118,255)
Adjusted stockholders’ equity³	1,418,608)	1,131,029)	635,490)	611,038)	418,195)
Solvency Ratio
Adjusted debt to equity⁴	0.93	1.16	1.66	0.57	0.28

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 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 1,293,738 ÷ 983,624 = 1.32

² Adjusted total debt. See details »

³ Adjusted stockholders’ equity. See details »

⁴ 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 1,317,760 ÷ 1,418,608 = 0.93

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Enphase Energy Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total debt	1,293,738)	1,290,357)	1,037,646)	330,865)	105,543)
Total capital	2,277,362)	2,115,930)	1,467,814)	814,858)	377,755)
Solvency Ratio
Debt to capital¹	0.57	0.61	0.71	0.41	0.28
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	1,317,760)	1,314,805)	1,053,396)	350,616)	118,255)
Adjusted total capital³	2,736,368)	2,445,834)	1,688,886)	961,654)	536,450)
Solvency Ratio
Adjusted debt to capital⁴	0.48	0.54	0.62	0.36	0.22

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 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 1,293,738 ÷ 2,277,362 = 0.57

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 1,317,760 ÷ 2,736,368 = 0.48

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Enphase Energy Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total assets	3,383,012)	3,084,280)	2,079,256)	1,200,102)	713,223)
Stockholders’ equity	983,624)	825,573)	430,168)	483,993)	272,212)
Solvency Ratio
Financial leverage¹	3.44	3.74	4.83	2.48	2.62
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets²	3,133,144)	2,880,387)	1,958,376)	1,107,660)	639,256)
Adjusted stockholders’ equity³	1,418,608)	1,131,029)	635,490)	611,038)	418,195)
Solvency Ratio
Adjusted financial leverage⁴	2.21	2.55	3.08	1.81	1.53

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 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 3,383,012 ÷ 983,624 = 3.44

² Adjusted total assets. See details »

³ Adjusted stockholders’ equity. See details »

⁴ 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 3,133,144 ÷ 1,418,608 = 2.21

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Enphase Energy Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Net income	438,936)	397,362)	145,449)	133,995)	161,148)
Net revenues	2,290,786)	2,330,853)	1,382,049)	774,425)	624,333)
Profitability Ratio
Net profit margin¹	19.16%	17.05%	10.52%	17.30%	25.81%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	577,308)	569,039)	217,064)	118,099)	159,937)
Adjusted net revenues³	2,405,898)	2,453,357)	1,458,767)	765,576)	696,290)
Profitability Ratio
Adjusted net profit margin⁴	24.00%	23.19%	14.88%	15.43%	22.97%

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 2023 Calculation
Net profit margin = 100 × Net income ÷ Net revenues
= 100 × 438,936 ÷ 2,290,786 = 19.16%

² Adjusted net income. See details »

³ Adjusted net revenues. See details »

⁴ 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted net revenues
= 100 × 577,308 ÷ 2,405,898 = 24.00%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Enphase Energy Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Net income	438,936)	397,362)	145,449)	133,995)	161,148)
Stockholders’ equity	983,624)	825,573)	430,168)	483,993)	272,212)
Profitability Ratio
ROE¹	44.62%	48.13%	33.81%	27.69%	59.20%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	577,308)	569,039)	217,064)	118,099)	159,937)
Adjusted stockholders’ equity³	1,418,608)	1,131,029)	635,490)	611,038)	418,195)
Profitability Ratio
Adjusted ROE⁴	40.70%	50.31%	34.16%	19.33%	38.24%

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 2023 Calculation
ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 438,936 ÷ 983,624 = 44.62%

² Adjusted net income. See details »

³ Adjusted stockholders’ equity. See details »

⁴ 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × 577,308 ÷ 1,418,608 = 40.70%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Enphase Energy Inc. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Net income	438,936)	397,362)	145,449)	133,995)	161,148)
Total assets	3,383,012)	3,084,280)	2,079,256)	1,200,102)	713,223)
Profitability Ratio
ROA¹	12.97%	12.88%	7.00%	11.17%	22.59%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	577,308)	569,039)	217,064)	118,099)	159,937)
Adjusted total assets³	3,133,144)	2,880,387)	1,958,376)	1,107,660)	639,256)
Profitability Ratio
Adjusted ROA⁴	18.43%	19.76%	11.08%	10.66%	25.02%

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 2023 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 438,936 ÷ 3,383,012 = 12.97%

² Adjusted net income. See details »

³ Adjusted total assets. See details »

⁴ 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 577,308 ÷ 3,133,144 = 18.43%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Enphase Energy Inc. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Enphase Energy Inc. (NASDAQ:ENPH)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Enphase Energy Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)