Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Enphase Energy Inc., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Enphase Energy Inc. debt to equity ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Enphase Energy Inc. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Enphase Energy Inc. debt to capital ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Enphase Energy Inc. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Enphase Energy Inc. debt to assets ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Enphase Energy Inc. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Enphase Energy Inc. financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Enphase Energy Inc. interest coverage ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Enphase Energy Inc. fixed charge coverage ratio improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Equity
Enphase Energy Inc., debt to equity 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) | ||||||
| Debt, current | —) | 90,892) | 86,052) | 325,967) | 2,884) | |
| Debt, non-current | 1,293,738) | 1,199,465) | 951,594) | 4,898) | 102,659) | |
| 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 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Advanced Micro Devices Inc. | 0.04 | 0.05 | 0.04 | 0.06 | 0.17 | |
| Analog Devices Inc. | 0.20 | 0.18 | 0.18 | 0.43 | 0.47 | |
| Applied Materials Inc. | 0.35 | 0.45 | 0.45 | 0.52 | 0.65 | |
| Broadcom Inc. | 1.64 | 1.74 | 1.59 | 1.72 | 1.32 | |
| Intel Corp. | 0.47 | 0.41 | 0.40 | 0.45 | — | |
| KLA Corp. | 2.02 | 4.75 | 1.02 | 1.30 | 1.29 | |
| Lam Research Corp. | 0.61 | 0.80 | 0.83 | 1.12 | 0.96 | |
| Micron Technology Inc. | 0.30 | 0.14 | 0.15 | 0.17 | 0.16 | |
| Monolithic Power Systems Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| NVIDIA Corp. | 0.50 | 0.41 | 0.41 | 0.16 | 0.21 | |
| Qualcomm Inc. | 0.71 | 0.86 | 1.58 | 2.59 | 3.25 | |
| Texas Instruments Inc. | 0.66 | 0.60 | 0.58 | 0.74 | 0.65 | |
| Debt to Equity, Sector | ||||||
| Semiconductors & Semiconductor Equipment | 0.47 | 0.43 | 0.50 | 0.62 | — | |
| Debt to Equity, Industry | ||||||
| Information Technology | 0.66 | 0.70 | 0.83 | 0.97 | — | |
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
Debt to equity = Total debt ÷ Stockholders’ equity
= 1,293,738 ÷ 983,624 = 1.32
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Enphase Energy Inc. debt to equity ratio improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Equity (including Operating Lease Liability)
Enphase Energy Inc., debt to equity (including operating lease liability) 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) | ||||||
| Debt, current | —) | 90,892) | 86,052) | 325,967) | 2,884) | |
| Debt, non-current | 1,293,738) | 1,199,465) | 951,594) | 4,898) | 102,659) | |
| Total debt | 1,293,738) | 1,290,357) | 1,037,646) | 330,865) | 105,543) | |
| Operating lease liabilities, current | 5,220) | 5,371) | 3,830) | 4,542) | 3,170) | |
| Operating lease liabilities, non-current (Other liabilities) | 18,802) | 19,077) | 11,920) | 15,209) | 9,542) | |
| Total debt (including operating lease liability) | 1,317,760) | 1,314,805) | 1,053,396) | 350,616) | 118,255) | |
| Stockholders’ equity | 983,624) | 825,573) | 430,168) | 483,993) | 272,212) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 1.34 | 1.59 | 2.45 | 0.72 | 0.43 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Advanced Micro Devices Inc. | 0.06 | 0.05 | 0.10 | 0.10 | 0.26 | |
| Analog Devices Inc. | 0.21 | 0.19 | 0.19 | 0.46 | 0.47 | |
| Applied Materials Inc. | 0.37 | 0.48 | 0.47 | 0.54 | 0.65 | |
| Broadcom Inc. | 1.65 | 1.76 | 1.61 | 1.75 | 1.32 | |
| Intel Corp. | 0.47 | 0.42 | 0.40 | 0.46 | — | |
| KLA Corp. | 2.08 | 4.83 | 1.05 | 1.34 | 1.29 | |
| Lam Research Corp. | 0.64 | 0.83 | 0.86 | 1.16 | 0.96 | |
| Micron Technology Inc. | 0.32 | 0.15 | 0.17 | 0.19 | 0.16 | |
| Monolithic Power Systems Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| NVIDIA Corp. | 0.54 | 0.44 | 0.46 | 0.22 | 0.21 | |
| Qualcomm Inc. | 0.74 | 0.90 | 1.64 | 2.67 | 3.25 | |
| Texas Instruments Inc. | 0.70 | 0.63 | 0.62 | 0.77 | 0.69 | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Semiconductors & Semiconductor Equipment | 0.48 | 0.45 | 0.52 | 0.64 | — | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Information Technology | 0.72 | 0.77 | 0.90 | 1.04 | — | |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 1,317,760 ÷ 983,624 = 1.34
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Enphase Energy Inc. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Capital
Enphase Energy Inc., debt to capital 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) | ||||||
| Debt, current | —) | 90,892) | 86,052) | 325,967) | 2,884) | |
| Debt, non-current | 1,293,738) | 1,199,465) | 951,594) | 4,898) | 102,659) | |
| 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) | |
| 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 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Advanced Micro Devices Inc. | 0.04 | 0.04 | 0.04 | 0.05 | 0.15 | |
| Analog Devices Inc. | 0.16 | 0.15 | 0.15 | 0.30 | 0.32 | |
| Applied Materials Inc. | 0.26 | 0.31 | 0.31 | 0.34 | 0.39 | |
| Broadcom Inc. | 0.62 | 0.64 | 0.61 | 0.63 | 0.57 | |
| Intel Corp. | 0.32 | 0.29 | 0.29 | 0.31 | — | |
| KLA Corp. | 0.67 | 0.83 | 0.50 | 0.57 | 0.56 | |
| Lam Research Corp. | 0.38 | 0.44 | 0.45 | 0.53 | 0.49 | |
| Micron Technology Inc. | 0.23 | 0.12 | 0.13 | 0.15 | 0.14 | |
| Monolithic Power Systems Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| NVIDIA Corp. | 0.33 | 0.29 | 0.29 | 0.14 | 0.18 | |
| Qualcomm Inc. | 0.42 | 0.46 | 0.61 | 0.72 | 0.76 | |
| Texas Instruments Inc. | 0.40 | 0.37 | 0.37 | 0.43 | 0.39 | |
| Debt to Capital, Sector | ||||||
| Semiconductors & Semiconductor Equipment | 0.32 | 0.30 | 0.33 | 0.38 | — | |
| Debt to Capital, Industry | ||||||
| Information Technology | 0.40 | 0.41 | 0.45 | 0.49 | — | |
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 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Enphase Energy Inc. debt to capital ratio improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Capital (including Operating Lease Liability)
Enphase Energy Inc., debt to capital (including operating lease liability) 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) | ||||||
| Debt, current | —) | 90,892) | 86,052) | 325,967) | 2,884) | |
| Debt, non-current | 1,293,738) | 1,199,465) | 951,594) | 4,898) | 102,659) | |
| Total debt | 1,293,738) | 1,290,357) | 1,037,646) | 330,865) | 105,543) | |
| Operating lease liabilities, current | 5,220) | 5,371) | 3,830) | 4,542) | 3,170) | |
| Operating lease liabilities, non-current (Other liabilities) | 18,802) | 19,077) | 11,920) | 15,209) | 9,542) | |
| Total debt (including operating lease liability) | 1,317,760) | 1,314,805) | 1,053,396) | 350,616) | 118,255) | |
| Stockholders’ equity | 983,624) | 825,573) | 430,168) | 483,993) | 272,212) | |
| Total capital (including operating lease liability) | 2,301,384) | 2,140,378) | 1,483,564) | 834,609) | 390,467) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.57 | 0.61 | 0.71 | 0.42 | 0.30 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Advanced Micro Devices Inc. | 0.05 | 0.05 | 0.09 | 0.09 | 0.20 | |
| Analog Devices Inc. | 0.17 | 0.16 | 0.16 | 0.31 | 0.32 | |
| Applied Materials Inc. | 0.27 | 0.32 | 0.32 | 0.35 | 0.39 | |
| Broadcom Inc. | 0.62 | 0.64 | 0.62 | 0.64 | 0.57 | |
| Intel Corp. | 0.32 | 0.30 | 0.29 | 0.31 | — | |
| KLA Corp. | 0.67 | 0.83 | 0.51 | 0.57 | 0.56 | |
| Lam Research Corp. | 0.39 | 0.45 | 0.46 | 0.54 | 0.49 | |
| Micron Technology Inc. | 0.24 | 0.13 | 0.14 | 0.16 | 0.14 | |
| Monolithic Power Systems Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| NVIDIA Corp. | 0.35 | 0.31 | 0.31 | 0.18 | 0.18 | |
| Qualcomm Inc. | 0.43 | 0.47 | 0.62 | 0.73 | 0.76 | |
| Texas Instruments Inc. | 0.41 | 0.39 | 0.38 | 0.44 | 0.41 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Semiconductors & Semiconductor Equipment | 0.32 | 0.31 | 0.34 | 0.39 | — | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Information Technology | 0.42 | 0.43 | 0.47 | 0.51 | — | |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 1,317,760 ÷ 2,301,384 = 0.57
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Enphase Energy Inc. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Assets
Enphase Energy Inc., debt to assets 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) | ||||||
| Debt, current | —) | 90,892) | 86,052) | 325,967) | 2,884) | |
| Debt, non-current | 1,293,738) | 1,199,465) | 951,594) | 4,898) | 102,659) | |
| Total debt | 1,293,738) | 1,290,357) | 1,037,646) | 330,865) | 105,543) | |
| Total assets | 3,383,012) | 3,084,280) | 2,079,256) | 1,200,102) | 713,223) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.38 | 0.42 | 0.50 | 0.28 | 0.15 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Advanced Micro Devices Inc. | 0.04 | 0.04 | 0.03 | 0.04 | 0.08 | |
| Analog Devices Inc. | 0.14 | 0.13 | 0.13 | 0.24 | 0.26 | |
| Applied Materials Inc. | 0.18 | 0.20 | 0.21 | 0.24 | 0.28 | |
| Broadcom Inc. | 0.54 | 0.54 | 0.53 | 0.54 | 0.49 | |
| Intel Corp. | 0.26 | 0.23 | 0.23 | 0.24 | — | |
| KLA Corp. | 0.42 | 0.53 | 0.34 | 0.37 | 0.38 | |
| Lam Research Corp. | 0.27 | 0.29 | 0.31 | 0.40 | 0.37 | |
| Micron Technology Inc. | 0.21 | 0.10 | 0.12 | 0.12 | 0.12 | |
| Monolithic Power Systems Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| NVIDIA Corp. | 0.27 | 0.25 | 0.24 | 0.11 | 0.15 | |
| Qualcomm Inc. | 0.30 | 0.32 | 0.38 | 0.44 | 0.48 | |
| Texas Instruments Inc. | 0.35 | 0.32 | 0.31 | 0.35 | 0.32 | |
| Debt to Assets, Sector | ||||||
| Semiconductors & Semiconductor Equipment | 0.26 | 0.24 | 0.26 | 0.30 | — | |
| Debt to Assets, Industry | ||||||
| Information Technology | 0.26 | 0.26 | 0.29 | 0.31 | — | |
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 assets = Total debt ÷ Total assets
= 1,293,738 ÷ 3,383,012 = 0.38
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Enphase Energy Inc. debt to assets ratio improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Assets (including Operating Lease Liability)
Enphase Energy Inc., debt to assets (including operating lease liability) 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) | ||||||
| Debt, current | —) | 90,892) | 86,052) | 325,967) | 2,884) | |
| Debt, non-current | 1,293,738) | 1,199,465) | 951,594) | 4,898) | 102,659) | |
| Total debt | 1,293,738) | 1,290,357) | 1,037,646) | 330,865) | 105,543) | |
| Operating lease liabilities, current | 5,220) | 5,371) | 3,830) | 4,542) | 3,170) | |
| Operating lease liabilities, non-current (Other liabilities) | 18,802) | 19,077) | 11,920) | 15,209) | 9,542) | |
| Total debt (including operating lease liability) | 1,317,760) | 1,314,805) | 1,053,396) | 350,616) | 118,255) | |
| Total assets | 3,383,012) | 3,084,280) | 2,079,256) | 1,200,102) | 713,223) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.39 | 0.43 | 0.51 | 0.29 | 0.17 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Advanced Micro Devices Inc. | 0.05 | 0.04 | 0.06 | 0.06 | 0.12 | |
| Analog Devices Inc. | 0.15 | 0.14 | 0.14 | 0.25 | 0.26 | |
| Applied Materials Inc. | 0.20 | 0.22 | 0.22 | 0.26 | 0.28 | |
| Broadcom Inc. | 0.54 | 0.55 | 0.53 | 0.55 | 0.49 | |
| Intel Corp. | 0.26 | 0.23 | 0.23 | 0.24 | — | |
| KLA Corp. | 0.43 | 0.54 | 0.35 | 0.38 | 0.38 | |
| Lam Research Corp. | 0.28 | 0.30 | 0.33 | 0.41 | 0.37 | |
| Micron Technology Inc. | 0.22 | 0.11 | 0.12 | 0.13 | 0.12 | |
| Monolithic Power Systems Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| NVIDIA Corp. | 0.29 | 0.27 | 0.27 | 0.15 | 0.15 | |
| Qualcomm Inc. | 0.31 | 0.33 | 0.40 | 0.46 | 0.48 | |
| Texas Instruments Inc. | 0.36 | 0.34 | 0.33 | 0.37 | 0.34 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Semiconductors & Semiconductor Equipment | 0.27 | 0.25 | 0.27 | 0.31 | — | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Information Technology | 0.28 | 0.29 | 0.31 | 0.33 | — | |
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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 1,317,760 ÷ 3,383,012 = 0.39
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Enphase Energy Inc. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023. |
Financial Leverage
Enphase Energy Inc., financial leverage 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) | ||||||
| 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 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Advanced Micro Devices Inc. | 1.21 | 1.23 | 1.66 | 1.54 | 2.13 | |
| Analog Devices Inc. | 1.37 | 1.38 | 1.38 | 1.79 | 1.83 | |
| Applied Materials Inc. | 1.88 | 2.19 | 2.11 | 2.11 | 2.32 | |
| Broadcom Inc. | 3.04 | 3.23 | 3.03 | 3.18 | 2.71 | |
| Intel Corp. | 1.81 | 1.80 | 1.77 | 1.89 | — | |
| KLA Corp. | 4.82 | 8.99 | 3.04 | 3.48 | 3.39 | |
| Lam Research Corp. | 2.29 | 2.74 | 2.64 | 2.81 | 2.57 | |
| Micron Technology Inc. | 1.46 | 1.33 | 1.34 | 1.38 | 1.36 | |
| Monolithic Power Systems Inc. | 1.19 | 1.23 | 1.27 | 1.25 | 1.24 | |
| NVIDIA Corp. | 1.86 | 1.66 | 1.70 | 1.42 | 1.42 | |
| Qualcomm Inc. | 2.37 | 2.72 | 4.14 | 5.86 | 6.71 | |
| Texas Instruments Inc. | 1.91 | 1.87 | 1.85 | 2.11 | 2.02 | |
| Financial Leverage, Sector | ||||||
| Semiconductors & Semiconductor Equipment | 1.79 | 1.79 | 1.89 | 2.07 | — | |
| Financial Leverage, Industry | ||||||
| Information Technology | 2.55 | 2.68 | 2.89 | 3.12 | — | |
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 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Enphase Energy Inc. financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023. |
Interest Coverage
Enphase Energy Inc., interest coverage 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) | ||||||
| Net income | 438,936) | 397,362) | 145,449) | 133,995) | 161,148) | |
| Add: Income tax expense | 74,203) | 54,686) | (24,521) | (14,585) | (71,034) | |
| Add: Interest expense | 8,839) | 9,438) | 45,152) | 21,001) | 9,691) | |
| Earnings before interest and tax (EBIT) | 521,978) | 461,486) | 166,080) | 140,411) | 99,805) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 59.05 | 48.90 | 3.68 | 6.69 | 10.30 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Advanced Micro Devices Inc. | 5.79 | 14.61 | 109.09 | 28.23 | 4.96 | |
| Analog Devices Inc. | 14.63 | 16.46 | 8.19 | 7.79 | 7.49 | |
| Applied Materials Inc. | 33.42 | 34.33 | 29.69 | 18.36 | 14.79 | |
| Broadcom Inc. | 10.31 | 8.16 | 4.59 | 2.37 | 2.54 | |
| Intel Corp. | 1.87 | 16.66 | 37.35 | 40.87 | — | |
| KLA Corp. | 13.76 | 22.76 | 16.00 | 9.22 | 11.40 | |
| Lam Research Corp. | 28.40 | 29.11 | 21.95 | 15.51 | 21.86 | |
| Micron Technology Inc. | -13.58 | 51.66 | 35.18 | 16.41 | 56.09 | |
| Monolithic Power Systems Inc. | — | — | — | — | — | |
| NVIDIA Corp. | 16.96 | 43.12 | 24.96 | 58.12 | 68.17 | |
| Qualcomm Inc. | 11.72 | 31.61 | 19.38 | 10.50 | 12.93 | |
| Texas Instruments Inc. | 22.01 | 47.88 | 49.47 | 32.67 | 34.69 | |
| Interest Coverage, Sector | ||||||
| Semiconductors & Semiconductor Equipment | 10.54 | 21.33 | 18.47 | 14.15 | — | |
| Interest Coverage, Industry | ||||||
| Information Technology | 17.89 | 22.78 | 20.06 | 14.26 | — | |
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
Interest coverage = EBIT ÷ Interest expense
= 521,978 ÷ 8,839 = 59.05
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Enphase Energy Inc. interest coverage ratio improved from 2021 to 2022 and from 2022 to 2023. |
Fixed Charge Coverage
Enphase Energy Inc., fixed charge coverage 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) | ||||||
| Net income | 438,936) | 397,362) | 145,449) | 133,995) | 161,148) | |
| Add: Income tax expense | 74,203) | 54,686) | (24,521) | (14,585) | (71,034) | |
| Add: Interest expense | 8,839) | 9,438) | 45,152) | 21,001) | 9,691) | |
| Earnings before interest and tax (EBIT) | 521,978) | 461,486) | 166,080) | 140,411) | 99,805) | |
| Add: Operating lease costs | 10,406) | 8,222) | 7,049) | 5,332) | 4,041) | |
| Earnings before fixed charges and tax | 532,384) | 469,708) | 173,129) | 145,743) | 103,846) | |
| Interest expense | 8,839) | 9,438) | 45,152) | 21,001) | 9,691) | |
| Operating lease costs | 10,406) | 8,222) | 7,049) | 5,332) | 4,041) | |
| Fixed charges | 19,245) | 17,660) | 52,201) | 26,333) | 13,732) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 27.66 | 26.60 | 3.32 | 5.53 | 7.56 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Advanced Micro Devices Inc. | 3.18 | 6.82 | 36.00 | 13.08 | 3.48 | |
| Analog Devices Inc. | 11.89 | 12.87 | 6.64 | 6.48 | 5.62 | |
| Applied Materials Inc. | 23.69 | 24.67 | 22.50 | 14.48 | 12.35 | |
| Broadcom Inc. | 9.81 | 6.55 | 3.70 | 1.92 | 2.27 | |
| Intel Corp. | 1.59 | 7.34 | 16.56 | 25.00 | — | |
| KLA Corp. | 12.19 | 18.72 | 13.03 | 7.74 | 10.39 | |
| Lam Research Corp. | 20.49 | 21.44 | 17.80 | 12.52 | 17.83 | |
| Micron Technology Inc. | -9.77 | 31.49 | 22.49 | 11.10 | 32.90 | |
| Monolithic Power Systems Inc. | 163.49 | 195.13 | 111.93 | 114.81 | 75.96 | |
| NVIDIA Corp. | 10.19 | 25.61 | 14.40 | 18.89 | 29.23 | |
| Qualcomm Inc. | 9.29 | 22.52 | 14.48 | 8.30 | 10.68 | |
| Texas Instruments Inc. | 18.41 | 36.70 | 36.25 | 24.14 | 25.27 | |
| Fixed Charge Coverage, Sector | ||||||
| Semiconductors & Semiconductor Equipment | 8.41 | 14.48 | 12.79 | 10.46 | — | |
| Fixed Charge Coverage, Industry | ||||||
| Information Technology | 11.45 | 13.53 | 12.31 | 9.12 | — | |
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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 532,384 ÷ 19,245 = 27.66
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Enphase Energy Inc. fixed charge coverage ratio improved from 2021 to 2022 and from 2022 to 2023. |