Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Enphase Energy Inc., long-term (investment) activity 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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Enphase Energy Inc. net fixed asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Enphase Energy Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Enphase Energy Inc. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Enphase Energy Inc. equity turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Net Fixed Asset Turnover
Enphase Energy Inc., net fixed asset turnover 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 revenues | 2,290,786) | 2,330,853) | 1,382,049) | 774,425) | 624,333) | |
| Property and equipment, net | 168,244) | 111,367) | 82,167) | 42,985) | 28,936) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 13.62 | 20.93 | 16.82 | 18.02 | 21.58 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Advanced Micro Devices Inc. | 14.27 | 15.60 | 23.41 | 15.23 | 13.46 | |
| Analog Devices Inc. | 3.82 | 5.00 | 3.70 | 5.00 | 4.91 | |
| Applied Materials Inc. | 9.37 | 11.18 | 11.93 | 10.72 | 9.55 | |
| Broadcom Inc. | 16.63 | 14.94 | 11.69 | 9.52 | 8.81 | |
| First Solar Inc. | 0.75 | 0.74 | 1.10 | 1.13 | 1.40 | |
| Intel Corp. | 0.56 | 0.78 | 1.25 | 1.38 | 1.30 | |
| KLA Corp. | 10.17 | 10.84 | 10.44 | 11.17 | 10.18 | |
| Lam Research Corp. | 9.39 | 10.46 | 11.22 | 9.37 | 9.12 | |
| Micron Technology Inc. | 0.41 | 0.80 | 0.83 | 0.69 | 0.83 | |
| Monolithic Power Systems Inc. | 4.94 | 5.02 | 3.33 | 3.00 | 2.75 | |
| NVIDIA Corp. | 7.09 | 9.69 | 7.76 | 6.52 | 8.34 | |
| Qualcomm Inc. | 7.10 | 8.55 | 7.36 | 6.34 | 7.88 | |
| Texas Instruments Inc. | 1.75 | 2.91 | 3.57 | 4.42 | 4.35 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Semiconductors & Semiconductor Equipment | 1.64 | 2.08 | 2.29 | 2.11 | 2.11 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Information Technology | 3.52 | 4.15 | 4.45 | 4.24 | 4.29 | |
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 fixed asset turnover = Net revenues ÷ Property and equipment, net
= 2,290,786 ÷ 168,244 = 13.62
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Enphase Energy Inc. net fixed asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Enphase Energy Inc., net fixed asset turnover (including operating lease, right-of-use asset) 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 revenues | 2,290,786) | 2,330,853) | 1,382,049) | 774,425) | 624,333) | |
| Property and equipment, net | 168,244) | 111,367) | 82,167) | 42,985) | 28,936) | |
| Operating lease, right of use asset, net | 19,887) | 21,379) | 14,420) | 17,683) | 10,117) | |
| Property and equipment, net (including operating lease, right-of-use asset) | 188,131) | 132,746) | 96,587) | 60,668) | 39,053) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 12.18 | 17.56 | 14.31 | 12.76 | 15.99 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Advanced Micro Devices Inc. | 10.21 | 11.96 | 15.37 | 11.50 | 9.55 | |
| Analog Devices Inc. | 3.52 | 4.51 | 3.24 | 4.07 | 4.91 | |
| Applied Materials Inc. | 8.28 | 9.56 | 10.35 | 9.27 | 9.55 | |
| Broadcom Inc. | 13.69 | 12.12 | 9.35 | 7.71 | 8.81 | |
| First Solar Inc. | 0.74 | 0.72 | 1.02 | 1.03 | 1.32 | |
| Intel Corp. | 0.56 | 0.78 | 1.24 | 1.36 | 1.28 | |
| KLA Corp. | 8.46 | 9.43 | 9.03 | 9.36 | 10.18 | |
| Lam Research Corp. | 8.30 | 9.19 | 9.90 | 8.06 | 9.12 | |
| Micron Technology Inc. | 0.40 | 0.78 | 0.82 | 0.68 | 0.83 | |
| Monolithic Power Systems Inc. | 4.83 | 4.96 | 3.27 | 2.96 | 2.72 | |
| NVIDIA Corp. | 5.57 | 7.46 | 5.84 | 4.76 | 8.34 | |
| Qualcomm Inc. | 6.34 | 7.62 | 6.62 | 5.64 | 7.88 | |
| Texas Instruments Inc. | 1.66 | 2.74 | 3.27 | 4.03 | 3.95 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Semiconductors & Semiconductor Equipment | 1.59 | 2.01 | 2.20 | 2.02 | 2.08 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Information Technology | 3.09 | 3.59 | 3.79 | 3.60 | 4.00 | |
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 fixed asset turnover (including operating lease, right-of-use asset) = Net revenues ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 2,290,786 ÷ 188,131 = 12.18
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Enphase Energy Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Total Asset Turnover
Enphase Energy Inc., total asset turnover 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 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) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.68 | 0.76 | 0.66 | 0.65 | 0.88 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Advanced Micro Devices Inc. | 0.33 | 0.35 | 1.32 | 1.09 | 1.12 | |
| Analog Devices Inc. | 0.25 | 0.24 | 0.14 | 0.26 | 0.28 | |
| Applied Materials Inc. | 0.86 | 0.96 | 0.89 | 0.77 | 0.77 | |
| Broadcom Inc. | 0.49 | 0.45 | 0.36 | 0.31 | 0.33 | |
| First Solar Inc. | 0.32 | 0.32 | 0.39 | 0.38 | 0.41 | |
| Intel Corp. | 0.28 | 0.35 | 0.47 | 0.51 | 0.53 | |
| KLA Corp. | 0.75 | 0.73 | 0.67 | 0.63 | 0.51 | |
| Lam Research Corp. | 0.93 | 1.00 | 0.92 | 0.69 | 0.80 | |
| Micron Technology Inc. | 0.24 | 0.46 | 0.47 | 0.40 | 0.48 | |
| Monolithic Power Systems Inc. | 0.75 | 0.87 | 0.76 | 0.70 | 0.66 | |
| NVIDIA Corp. | 0.65 | 0.61 | 0.58 | 0.63 | 0.88 | |
| Qualcomm Inc. | 0.70 | 0.90 | 0.81 | 0.66 | 0.74 | |
| Texas Instruments Inc. | 0.54 | 0.74 | 0.74 | 0.75 | 0.80 | |
| Total Asset Turnover, Sector | ||||||
| Semiconductors & Semiconductor Equipment | 0.43 | 0.50 | 0.53 | 0.51 | 0.54 | |
| Total Asset Turnover, Industry | ||||||
| Information Technology | 0.59 | 0.63 | 0.61 | 0.57 | 0.58 | |
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 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Enphase Energy Inc. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Equity Turnover
Enphase Energy Inc., equity turnover 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 revenues | 2,290,786) | 2,330,853) | 1,382,049) | 774,425) | 624,333) | |
| Stockholders’ equity | 983,624) | 825,573) | 430,168) | 483,993) | 272,212) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 2.33 | 2.82 | 3.21 | 1.60 | 2.29 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Advanced Micro Devices Inc. | 0.41 | 0.43 | 2.19 | 1.67 | 2.38 | |
| Analog Devices Inc. | 0.35 | 0.33 | 0.19 | 0.47 | 0.51 | |
| Applied Materials Inc. | 1.62 | 2.11 | 1.88 | 1.63 | 1.78 | |
| Broadcom Inc. | 1.49 | 1.46 | 1.10 | 1.00 | 0.91 | |
| First Solar Inc. | 0.50 | 0.45 | 0.49 | 0.49 | 0.60 | |
| Intel Corp. | 0.51 | 0.62 | 0.83 | 0.96 | 0.93 | |
| KLA Corp. | 3.59 | 6.57 | 2.05 | 2.18 | 1.72 | |
| Lam Research Corp. | 2.12 | 2.74 | 2.43 | 1.94 | 2.07 | |
| Micron Technology Inc. | 0.35 | 0.62 | 0.63 | 0.55 | 0.65 | |
| Monolithic Power Systems Inc. | 0.89 | 1.08 | 0.97 | 0.87 | 0.81 | |
| NVIDIA Corp. | 1.22 | 1.01 | 0.99 | 0.89 | 1.25 | |
| Qualcomm Inc. | 1.66 | 2.45 | 3.37 | 3.87 | 4.94 | |
| Texas Instruments Inc. | 1.04 | 1.37 | 1.38 | 1.57 | 1.61 | |
| Equity Turnover, Sector | ||||||
| Semiconductors & Semiconductor Equipment | 0.77 | 0.88 | 0.99 | 1.05 | 1.08 | |
| Equity Turnover, Industry | ||||||
| Information Technology | 1.44 | 1.60 | 1.65 | 1.64 | 1.65 | |
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
Equity turnover = Net revenues ÷ Stockholders’ equity
= 2,290,786 ÷ 983,624 = 2.33
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Enphase Energy Inc. equity turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |