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.

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

Enphase Energy Inc., solvency ratios (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Debt Ratios
Debt to equity 1.32 1.27 1.33 1.33 1.56 2.11 2.85 3.88 2.41 1.58 1.74 1.37 0.68 0.87 0.96 1.25 0.39 0.68 0.88 4.84
Debt to capital 0.57 0.56 0.57 0.57 0.61 0.68 0.74 0.80 0.71 0.61 0.63 0.58 0.41 0.46 0.49 0.56 0.28 0.41 0.47 0.83
Debt to assets 0.38 0.36 0.37 0.38 0.42 0.48 0.53 0.57 0.50 0.46 0.48 0.46 0.28 0.33 0.36 0.38 0.15 0.20 0.21 0.21
Financial leverage 3.44 3.50 3.56 3.49 3.74 4.42 5.40 6.84 4.83 3.44 3.59 2.99 2.48 2.62 2.70 3.26 2.62 3.44 4.11 22.60
Coverage Ratios
Interest coverage 59.05 76.60 75.76 65.76 48.90 17.85 8.47 5.44 3.68 4.69 6.07 3.41 6.69 6.31 6.77 16.84 10.30

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

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 Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023 not reaching Q2 2023 level.
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 Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023 not reaching Q2 2023 level.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Enphase Energy Inc. debt to assets ratio improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Enphase Energy Inc. financial leverage ratio decreased from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 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 Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.

Debt to Equity

Enphase Energy Inc., debt to equity calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Debt, current 94,665 93,383 92,115 90,892 89,654 88,429 87,219 86,052 86,039 85,125 84,356 325,967 103,670 102,271 100,567 2,884 3,084 3,043 2,985
Debt, non-current 1,293,738 1,196,947 1,201,114 1,200,276 1,199,465 1,198,627 1,197,786 1,196,950 951,594 940,244 929,015 917,873 4,898 256,452 253,174 295,216 102,659 100,978 99,890 65,406
Total debt 1,293,738 1,291,612 1,294,497 1,292,391 1,290,357 1,288,281 1,286,215 1,284,169 1,037,646 1,026,283 1,014,140 1,002,229 330,865 360,122 355,445 395,783 105,543 104,062 102,933 68,391
 
Stockholders’ equity (deficit) 983,624 1,014,698 972,587 970,093 825,573 610,053 450,999 330,982 430,168 647,815 584,399 732,841 483,993 416,206 370,176 316,207 272,212 152,289 117,271 14,124
Solvency Ratio
Debt to equity1 1.32 1.27 1.33 1.33 1.56 2.11 2.85 3.88 2.41 1.58 1.74 1.37 0.68 0.87 0.96 1.25 0.39 0.68 0.88 4.84
Benchmarks
Debt to Equity, Competitors2
Advanced Micro Devices Inc. 0.04 0.04 0.04 0.05 0.05 0.05 0.05 0.03 0.04 0.04 0.04 0.05 0.06 0.10 0.21 0.16 0.17 0.40 0.54 0.61
Analog Devices Inc. 0.20 0.19 0.19 0.18 0.18 0.17 0.17 0.17 0.18 0.42 0.42 0.43 0.43 0.47 0.48 0.47 0.47 0.48 0.51 0.54
Applied Materials Inc. 0.34 0.37 0.40 0.42 0.45 0.45 0.47 0.46 0.45 0.45 0.45 0.47 0.52 0.57 0.76 0.61 0.65 0.65 0.65 0.65
Broadcom Inc. 1.64 1.78 1.79 1.69 1.74 1.89 1.88 1.72 1.59 1.66 1.69 1.75 1.72 1.87 1.92 1.84 1.32 1.75 1.69 1.62
First Solar Inc. 0.08 0.08 0.07 0.05 0.03 0.04 0.03 0.04 0.04 0.05 0.05 0.05 0.05 0.05 0.09 0.09 0.09 0.09 0.09 0.11
Intel Corp. 0.47 0.48 0.49 0.51 0.41 0.40 0.35 0.36 0.40 0.45 0.42 0.45 0.45 0.49 0.47 0.52 0.37 0.39 0.38 0.39
KLA Corp. 2.02 2.20 2.35 3.00 4.75 0.91 0.85 0.89 1.02 1.11 1.18 1.25 1.30 1.49 1.27 1.29 1.29 1.20 1.40 1.43
Lam Research Corp. 0.61 0.60 0.60 0.67 0.80 0.83 0.77 0.86 0.83 1.08 1.06 1.08 1.12 1.12 1.01 0.90 0.96 0.90 0.35 0.44
Micron Technology Inc. 0.30 0.29 0.26 0.21 0.14 0.14 0.15 0.15 0.15 0.16 0.16 0.17 0.17 0.18 0.15 0.15 0.16 0.14 0.18 0.12
NVIDIA Corp. 0.50 0.51 0.46 0.42 0.41 0.46 0.56 0.37 0.41 0.45 0.50 0.53 0.16 0.18 0.19 0.20 0.21 0.21 0.23 0.26
Qualcomm Inc. 0.71 0.75 0.81 0.90 0.86 0.97 1.18 1.39 1.58 1.92 2.12 2.13 2.59 4.82 5.24 3.53 3.25 3.01 4.24 4.53
Texas Instruments Inc. 0.66 0.67 0.70 0.66 0.60 0.55 0.51 0.55 0.58 0.64 0.56 0.61 0.74 0.82 0.89 0.85 0.65 0.65 0.68 0.68

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity (deficit)
= 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 Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023 not reaching Q2 2023 level.

Debt to Capital

Enphase Energy Inc., debt to capital calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Debt, current 94,665 93,383 92,115 90,892 89,654 88,429 87,219 86,052 86,039 85,125 84,356 325,967 103,670 102,271 100,567 2,884 3,084 3,043 2,985
Debt, non-current 1,293,738 1,196,947 1,201,114 1,200,276 1,199,465 1,198,627 1,197,786 1,196,950 951,594 940,244 929,015 917,873 4,898 256,452 253,174 295,216 102,659 100,978 99,890 65,406
Total debt 1,293,738 1,291,612 1,294,497 1,292,391 1,290,357 1,288,281 1,286,215 1,284,169 1,037,646 1,026,283 1,014,140 1,002,229 330,865 360,122 355,445 395,783 105,543 104,062 102,933 68,391
Stockholders’ equity (deficit) 983,624 1,014,698 972,587 970,093 825,573 610,053 450,999 330,982 430,168 647,815 584,399 732,841 483,993 416,206 370,176 316,207 272,212 152,289 117,271 14,124
Total capital 2,277,362 2,306,310 2,267,084 2,262,484 2,115,930 1,898,334 1,737,214 1,615,151 1,467,814 1,674,098 1,598,539 1,735,070 814,858 776,328 725,621 711,990 377,755 256,351 220,204 82,515
Solvency Ratio
Debt to capital1 0.57 0.56 0.57 0.57 0.61 0.68 0.74 0.80 0.71 0.61 0.63 0.58 0.41 0.46 0.49 0.56 0.28 0.41 0.47 0.83
Benchmarks
Debt to Capital, Competitors2
Advanced Micro Devices Inc. 0.04 0.04 0.04 0.04 0.04 0.04 0.05 0.03 0.04 0.04 0.04 0.05 0.05 0.09 0.17 0.14 0.15 0.29 0.35 0.38
Analog Devices Inc. 0.16 0.16 0.16 0.15 0.15 0.15 0.14 0.14 0.15 0.30 0.30 0.30 0.30 0.32 0.33 0.32 0.32 0.33 0.34 0.35
Applied Materials Inc. 0.25 0.27 0.29 0.30 0.31 0.31 0.32 0.31 0.31 0.31 0.31 0.32 0.34 0.36 0.43 0.38 0.39 0.40 0.39 0.39
Broadcom Inc. 0.62 0.64 0.64 0.63 0.64 0.65 0.65 0.63 0.61 0.62 0.63 0.64 0.63 0.65 0.66 0.65 0.57 0.64 0.63 0.62
First Solar Inc. 0.08 0.07 0.07 0.05 0.03 0.04 0.03 0.04 0.04 0.05 0.05 0.04 0.05 0.05 0.08 0.08 0.08 0.08 0.09 0.10
Intel Corp. 0.32 0.32 0.33 0.34 0.29 0.28 0.26 0.27 0.29 0.31 0.29 0.31 0.31 0.33 0.32 0.34 0.27 0.28 0.28 0.28
KLA Corp. 0.67 0.69 0.70 0.75 0.83 0.48 0.46 0.47 0.50 0.52 0.54 0.55 0.57 0.60 0.56 0.56 0.56 0.55 0.58 0.59
Lam Research Corp. 0.38 0.37 0.38 0.40 0.44 0.45 0.44 0.46 0.45 0.52 0.51 0.52 0.53 0.53 0.50 0.47 0.49 0.47 0.26 0.31
Micron Technology Inc. 0.23 0.23 0.21 0.17 0.12 0.12 0.13 0.13 0.13 0.14 0.14 0.14 0.15 0.15 0.13 0.13 0.14 0.12 0.15 0.11
NVIDIA Corp. 0.33 0.34 0.31 0.29 0.29 0.32 0.36 0.27 0.29 0.31 0.33 0.35 0.14 0.15 0.16 0.17 0.18 0.17 0.19 0.21
Qualcomm Inc. 0.42 0.43 0.45 0.47 0.46 0.49 0.54 0.58 0.61 0.66 0.68 0.68 0.72 0.83 0.84 0.78 0.76 0.75 0.81 0.82
Texas Instruments Inc. 0.40 0.40 0.41 0.40 0.37 0.35 0.34 0.36 0.37 0.39 0.36 0.38 0.43 0.45 0.47 0.46 0.39 0.39 0.41 0.41

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 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 Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023 not reaching Q2 2023 level.

Debt to Assets

Enphase Energy Inc., debt to assets calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Debt, current 94,665 93,383 92,115 90,892 89,654 88,429 87,219 86,052 86,039 85,125 84,356 325,967 103,670 102,271 100,567 2,884 3,084 3,043 2,985
Debt, non-current 1,293,738 1,196,947 1,201,114 1,200,276 1,199,465 1,198,627 1,197,786 1,196,950 951,594 940,244 929,015 917,873 4,898 256,452 253,174 295,216 102,659 100,978 99,890 65,406
Total debt 1,293,738 1,291,612 1,294,497 1,292,391 1,290,357 1,288,281 1,286,215 1,284,169 1,037,646 1,026,283 1,014,140 1,002,229 330,865 360,122 355,445 395,783 105,543 104,062 102,933 68,391
 
Total assets 3,383,012 3,553,942 3,465,882 3,380,853 3,084,280 2,697,835 2,437,108 2,263,277 2,079,256 2,230,164 2,100,656 2,194,199 1,200,102 1,092,340 997,927 1,030,787 713,223 523,669 481,518 319,252
Solvency Ratio
Debt to assets1 0.38 0.36 0.37 0.38 0.42 0.48 0.53 0.57 0.50 0.46 0.48 0.46 0.28 0.33 0.36 0.38 0.15 0.20 0.21 0.21
Benchmarks
Debt to Assets, Competitors2
Advanced Micro Devices Inc. 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.03 0.03 0.03 0.03 0.03 0.04 0.05 0.10 0.08 0.08 0.17 0.20 0.22
Analog Devices Inc. 0.14 0.14 0.14 0.13 0.13 0.12 0.12 0.12 0.13 0.24 0.24 0.24 0.24 0.26 0.26 0.26 0.26 0.26 0.27 0.29
Applied Materials Inc. 0.18 0.19 0.19 0.20 0.20 0.21 0.21 0.21 0.21 0.22 0.23 0.23 0.24 0.26 0.31 0.27 0.28 0.28 0.28 0.28
Broadcom Inc. 0.54 0.55 0.55 0.54 0.54 0.55 0.55 0.54 0.53 0.53 0.54 0.54 0.54 0.56 0.56 0.55 0.49 0.54 0.53 0.52
First Solar Inc. 0.05 0.05 0.05 0.04 0.02 0.03 0.02 0.03 0.03 0.04 0.04 0.04 0.04 0.04 0.07 0.07 0.06 0.07 0.07 0.08
Intel Corp. 0.26 0.26 0.26 0.27 0.23 0.23 0.21 0.21 0.23 0.24 0.23 0.24 0.24 0.25 0.25 0.27 0.21 0.22 0.22 0.22
KLA Corp. 0.42 0.43 0.45 0.48 0.53 0.31 0.29 0.31 0.34 0.35 0.35 0.37 0.37 0.39 0.37 0.37 0.38 0.37 0.40 0.40
Lam Research Corp. 0.27 0.26 0.26 0.27 0.29 0.30 0.30 0.32 0.31 0.38 0.38 0.39 0.40 0.39 0.37 0.36 0.37 0.37 0.19 0.21
Micron Technology Inc. 0.21 0.20 0.18 0.15 0.10 0.11 0.11 0.11 0.12 0.12 0.12 0.12 0.12 0.13 0.11 0.11 0.12 0.11 0.13 0.09
NVIDIA Corp. 0.27 0.27 0.25 0.24 0.25 0.27 0.31 0.23 0.24 0.26 0.28 0.30 0.11 0.13 0.13 0.14 0.15 0.15 0.16 0.17
Qualcomm Inc. 0.30 0.32 0.33 0.34 0.32 0.33 0.35 0.37 0.38 0.41 0.42 0.42 0.44 0.49 0.50 0.48 0.48 0.48 0.48 0.48
Texas Instruments Inc. 0.35 0.35 0.36 0.35 0.32 0.30 0.29 0.31 0.31 0.33 0.30 0.32 0.35 0.37 0.39 0.38 0.32 0.32 0.33 0.33

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 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 Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.

Financial Leverage

Enphase Energy Inc., financial leverage calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Total assets 3,383,012 3,553,942 3,465,882 3,380,853 3,084,280 2,697,835 2,437,108 2,263,277 2,079,256 2,230,164 2,100,656 2,194,199 1,200,102 1,092,340 997,927 1,030,787 713,223 523,669 481,518 319,252
Stockholders’ equity (deficit) 983,624 1,014,698 972,587 970,093 825,573 610,053 450,999 330,982 430,168 647,815 584,399 732,841 483,993 416,206 370,176 316,207 272,212 152,289 117,271 14,124
Solvency Ratio
Financial leverage1 3.44 3.50 3.56 3.49 3.74 4.42 5.40 6.84 4.83 3.44 3.59 2.99 2.48 2.62 2.70 3.26 2.62 3.44 4.11 22.60
Benchmarks
Financial Leverage, Competitors2
Advanced Micro Devices Inc. 1.21 1.23 1.23 1.24 1.23 1.24 1.22 1.21 1.66 1.56 1.51 1.55 1.54 1.82 1.99 1.93 2.13 2.41 2.68 2.76
Analog Devices Inc. 1.37 1.37 1.38 1.38 1.38 1.37 1.37 1.37 1.38 1.76 1.77 1.77 1.79 1.83 1.84 1.83 1.83 1.83 1.85 1.88
Applied Materials Inc. 1.88 2.01 2.06 2.08 2.19 2.17 2.20 2.14 2.11 2.03 2.01 2.03 2.11 2.21 2.42 2.28 2.32 2.32 2.29 2.31
Broadcom Inc. 3.04 3.24 3.26 3.13 3.23 3.42 3.42 3.19 3.03 3.12 3.15 3.21 3.18 3.37 3.41 3.32 2.71 3.24 3.20 3.10
First Solar Inc. 1.55 1.52 1.49 1.46 1.41 1.29 1.26 1.26 1.24 1.25 1.25 1.25 1.29 1.29 1.35 1.34 1.47 1.36 1.39 1.41
Intel Corp. 1.81 1.85 1.84 1.89 1.80 1.75 1.68 1.71 1.77 1.86 1.81 1.89 1.89 1.95 1.86 1.93 1.76 1.80 1.74 1.76
KLA Corp. 4.82 5.10 5.27 6.24 8.99 2.95 2.89 2.89 3.04 3.19 3.34 3.39 3.48 3.83 3.46 3.47 3.39 3.22 3.51 3.60
Lam Research Corp. 2.29 2.29 2.31 2.53 2.74 2.75 2.58 2.67 2.64 2.85 2.79 2.78 2.81 2.85 2.72 2.50 2.57 2.44 1.86 2.06
Micron Technology Inc. 1.46 1.45 1.41 1.38 1.33 1.32 1.33 1.33 1.34 1.32 1.33 1.35 1.38 1.38 1.34 1.36 1.36 1.31 1.37 1.32
NVIDIA Corp. 1.86 1.90 1.82 1.72 1.66 1.71 1.83 1.64 1.70 1.75 1.81 1.78 1.42 1.41 1.43 1.44 1.42 1.44 1.46 1.49
Qualcomm Inc. 2.37 2.37 2.46 2.66 2.72 2.93 3.32 3.78 4.14 4.74 5.01 5.08 5.86 9.78 10.49 7.34 6.71 6.25 8.80 9.47
Texas Instruments Inc. 1.91 1.90 1.94 1.92 1.87 1.80 1.75 1.80 1.85 1.92 1.85 1.93 2.11 2.19 2.28 2.23 2.02 2.00 2.05 2.05

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= 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 Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.

Interest Coverage

Enphase Energy Inc., interest coverage calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Net income (loss) 20,919 113,953 157,191 146,873 153,753 114,812 76,976 51,821 52,591 21,809 39,351 31,698 72,991 39,362 (47,294) 68,936 116,666 31,099 10,618 2,765
Add: Income tax expense (8,692) 23,392 27,403 32,100 14,425 19,443 15,232 5,586 (2,050) 3,898 6,995 (33,364) (1,639) 5,483 (6,561) (11,868) (72,245) 272 591 348
Add: Interest expense 2,268 2,196 2,219 2,156 2,279 2,255 2,168 2,736 12,689 12,628 12,506 7,329 5,901 5,993 5,952 3,155 2,303 2,286 1,351 3,751
Earnings before interest and tax (EBIT) 14,495 139,541 186,813 181,129 170,457 136,510 94,376 60,143 63,230 38,335 58,852 5,663 77,253 50,838 (47,903) 60,223 46,724 33,657 12,560 6,864
Solvency Ratio
Interest coverage1 59.05 76.60 75.76 65.76 48.90 17.85 8.47 5.44 3.68 4.69 6.07 3.41 6.69 6.31 6.77 16.84 10.30
Benchmarks
Interest Coverage, Competitors2
Advanced Micro Devices Inc. 5.79 1.05 -2.15 2.73 14.61 33.91 69.08 104.42 109.09 87.31 63.00 41.84 28.23 17.71 10.58 7.71 4.96
Analog Devices Inc. 14.63 17.96 19.23 19.42 16.46 10.14 9.06 7.26 8.19 11.64 10.46 9.14 7.79 7.05 6.72 6.99 7.49 7.97 8.13 7.96
Applied Materials Inc. 33.42 32.62 33.39 34.20 34.33 34.58 34.95 33.14 29.69 26.24 21.94 19.19 18.36 16.68 15.79 15.35 14.79 15.40 17.25 19.81
Broadcom Inc. 10.31 10.09 9.94 8.83 8.16 7.22 6.28 5.69 4.59 4.06 3.40 2.82 2.37 2.19 2.24 2.50 2.54 3.36 4.52 6.10
First Solar Inc. 69.75 57.26 19.81 11.59 1.70 16.69 26.03 20.52 44.65 34.42 28.83 27.96 13.11 7.29 1.22 -1.10 -3.45
KLA Corp. 13.76 15.81 18.22 20.31 22.76 21.81 20.60 17.91 16.00 14.05 10.71 9.97 9.22 8.12 9.19 9.95 11.40
Micron Technology Inc. -13.58 -7.73 10.11 36.19 51.66 58.47 51.74 45.03 35.18 24.82 19.35 17.83 16.41 14.78 15.68 28.05 56.09
NVIDIA Corp. 16.96 23.23 31.40 39.65 43.12 38.65 34.29 26.81 24.96 28.27 34.95 56.66 58.12 43.98 44.64 54.11 68.17
Qualcomm Inc. 11.72 15.28 22.27 26.92 31.61 31.54 24.20 21.71 19.38 18.60 16.10 13.40 10.50 6.17 13.70 13.71 12.93 9.89 3.10 2.46
Texas Instruments Inc. 22.01 26.51 33.49 42.10 47.88 51.88 52.00 51.03 49.47 46.81 42.15 36.25 32.67 29.59 30.50 32.50 34.69

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 2023 Calculation
Interest coverage = (EBITQ4 2023 + EBITQ3 2023 + EBITQ2 2023 + EBITQ1 2023) ÷ (Interest expenseQ4 2023 + Interest expenseQ3 2023 + Interest expenseQ2 2023 + Interest expenseQ1 2023)
= (14,495 + 139,541 + 186,813 + 181,129) ÷ (2,268 + 2,196 + 2,219 + 2,156) = 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 Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.