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 Short-term (Operating) Activity Ratios
Quarterly Data

Microsoft Excel

Short-term Activity Ratios (Summary)

Enphase Energy Inc., short-term (operating) activity 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
Turnover Ratios
Inventory turnover 5.77 8.56 9.44 9.91 9.06 8.14 7.95 9.47 11.12 11.03 15.72 13.83 10.26 11.13 14.41 13.32 12.57
Receivables turnover 5.14 4.84 5.37 5.07 5.29 5.49 5.56 4.25 4.14 4.52 3.77 3.69 4.25 5.88 8.06 7.64 4.29
Payables turnover 10.61 16.54 19.83 14.05 10.84 12.84 11.46 8.72 7.27 7.82 7.23 5.92 5.90 8.68 18.63 13.35 7.01
Working capital turnover 1.20 1.49 1.54 1.47 1.43 1.41 1.38 1.38 1.35 0.90 0.81 0.60 1.94 1.21 1.35 1.41 2.08
Average No. Days
Average inventory processing period 63 43 39 37 40 45 46 39 33 33 23 26 36 33 25 27 29
Add: Average receivable collection period 71 75 68 72 69 66 66 86 88 81 97 99 86 62 45 48 85
Operating cycle 134 118 107 109 109 111 112 125 121 114 120 125 122 95 70 75 114
Less: Average payables payment period 34 22 18 26 34 28 32 42 50 47 51 62 62 42 20 27 52
Cash conversion cycle 100 96 89 83 75 83 80 83 71 67 69 63 60 53 50 48 62

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).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Enphase Energy Inc. inventory turnover ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.
Receivables turnover An activity ratio equal to revenue divided by receivables. Enphase Energy Inc. receivables turnover ratio deteriorated from Q2 2023 to Q3 2023 but then improved from Q3 2023 to Q4 2023 not reaching Q2 2023 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Enphase Energy Inc. payables turnover ratio decreased from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Enphase Energy Inc. working capital turnover ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Enphase Energy Inc. number of days of inventory outstanding deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Enphase Energy Inc. number of days of receivables outstanding deteriorated from Q2 2023 to Q3 2023 but then improved from Q3 2023 to Q4 2023 not reaching Q2 2023 level.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Enphase Energy Inc. operating cycle deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Enphase Energy Inc. number of days of payables outstanding increased from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Enphase Energy Inc. cash conversion cycle deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.

Inventory Turnover

Enphase Energy Inc., inventory turnover 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)
Cost of revenues 155,908 289,069 387,776 399,645 413,951 366,797 311,191 264,319 249,405 211,161 188,256 178,805 142,901 83,522 77,151 124,870 132,151 115,351 88,775 66,811
Inventory 213,595 174,114 166,111 150,563 149,708 146,451 130,266 96,436 74,400 65,405 37,756 34,876 41,764 37,535 31,186 34,617 32,056 30,231 20,094 12,971
Short-term Activity Ratio
Inventory turnover1 5.77 8.56 9.44 9.91 9.06 8.14 7.95 9.47 11.12 11.03 15.72 13.83 10.26 11.13 14.41 13.32 12.57
Benchmarks
Inventory Turnover, Competitors2
Advanced Micro Devices Inc. 2.81 2.74 2.70 3.05 3.45 3.62 4.24 4.00 4.35 4.15 4.10 3.81 3.87 3.72 3.21 3.86 3.93
Analog Devices Inc. 2.70 2.61 2.68 2.84 3.20 3.82 3.78 3.66 2.33 3.16 3.16 3.18 3.14 3.12 3.23 3.28 3.24 3.10 3.29 3.35
Applied Materials Inc. 2.47 2.45 2.41 2.32 2.33 2.42 2.60 2.79 2.82 2.80 2.65 2.55 2.44 2.30 2.32 2.43 2.37 2.36 2.39 2.50
Broadcom Inc. 5.86 6.10 6.00 5.98 5.77 5.92 6.40 6.95 8.18 9.10 10.44 11.01 10.34 9.51 10.76 10.73 11.57 9.16 9.63 9.31
First Solar Inc. 2.46 2.61 3.29 3.50 4.10 2.80 2.62 2.30 3.29 3.06 3.58 4.01 3.58 4.66 4.67 5.05 5.67
Intel Corp. 2.92 2.85 2.78 2.68 2.74 2.90 3.02 2.97 3.27 3.50 3.91 4.15 4.06 3.66 3.71 3.32 3.41
KLA Corp. 1.47 1.54 1.63 1.59 1.67 1.71 1.75 1.73 1.76 1.81 1.76 1.77 1.87 1.91 1.85 1.67 1.48
Lam Research Corp. 2.00 2.14 2.16 2.24 2.36 2.60 2.89 2.95 2.91 2.78 2.71 2.77 2.86 3.11 3.42 3.51 3.44
Micron Technology Inc. 2.02 2.01 2.06 1.91 2.53 3.06 3.14 3.60 3.85 3.73 3.43 2.74 2.65 2.66 2.62 2.67 2.48
NVIDIA Corp. 2.25 2.70 3.02 3.25 3.62 3.87 3.75 3.63 3.44 3.69 3.47 3.81 4.24 3.88 3.50 3.04 2.89
Qualcomm Inc. 2.47 2.54 2.61 2.65 2.94 3.27 3.58 3.90 4.42 4.18 4.41 4.17 3.56 3.67 5.08 6.00 6.14 5.26 5.63 5.75
Texas Instruments Inc. 1.63 1.65 1.70 1.92 2.27 2.56 2.74 2.88 3.12 3.18 3.12 2.88 2.66 2.42 2.33 2.56 2.61

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
Inventory turnover = (Cost of revenuesQ4 2023 + Cost of revenuesQ3 2023 + Cost of revenuesQ2 2023 + Cost of revenuesQ1 2023) ÷ Inventory
= (155,908 + 289,069 + 387,776 + 399,645) ÷ 213,595 = 5.77

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Enphase Energy Inc. inventory turnover ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.

Receivables Turnover

Enphase Energy Inc., receivables turnover 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 revenues 302,570 551,082 711,118 726,016 724,652 634,713 530,196 441,292 412,719 351,519 316,057 301,754 264,839 178,503 125,538 205,545 210,032 180,057 134,094 100,150
Accounts receivable, net of allowances 445,959 560,286 520,306 516,106 440,896 367,647 312,451 358,310 333,626 273,012 281,154 236,090 182,165 122,386 89,504 95,484 145,413 133,689 97,537 81,715
Short-term Activity Ratio
Receivables turnover1 5.14 4.84 5.37 5.07 5.29 5.49 5.56 4.25 4.14 4.52 3.77 3.69 4.25 5.88 8.06 7.64 4.29
Benchmarks
Receivables Turnover, Competitors2
Advanced Micro Devices Inc. 4.22 4.37 5.07 5.71 5.72 5.26 5.33 5.13 6.07 6.68 6.60 5.24 4.73 4.05 4.27 4.28 3.62
Analog Devices Inc. 8.37 7.94 7.96 7.72 6.67 6.37 6.07 5.16 5.02 7.90 7.62 7.08 7.60 8.10 9.42 9.85 9.43 8.91 9.09 8.72
Applied Materials Inc. 5.13 5.08 4.83 4.88 4.25 5.08 5.09 5.49 4.66 5.66 5.87 5.98 5.81 5.80 5.88 5.61 5.77 6.27 6.97 6.87
Broadcom Inc. 11.36 12.17 11.56 10.64 11.22 11.70 9.73 11.23 13.25 11.87 10.54 9.78 10.40 8.64 7.13 6.21 6.93 6.29 6.26 5.80
First Solar Inc. 5.02 4.20 4.74 9.38 8.08 7.76 5.45 8.48 6.81 10.57 5.09 3.77 10.19 16.00 10.85 10.55 6.45
Intel Corp. 15.94 18.59 18.04 14.66 15.26 9.31 12.11 10.98 8.36 9.34 10.40 10.78 11.48 10.94 10.61 8.96 9.40
KLA Corp. 5.99 5.48 4.59 5.30 5.08 5.34 4.72 5.10 5.30 5.37 4.98 5.77 5.24 5.01 4.43 4.59 4.61
Lam Research Corp. 6.17 5.78 4.68 3.94 3.99 4.52 4.86 4.64 4.83 4.72 4.11 4.77 4.79 4.39 4.70 5.80 6.63
Micron Technology Inc. 6.36 7.48 10.12 8.18 6.00 5.20 5.79 5.64 5.22 6.02 7.01 5.98 5.48 5.62 6.43 6.04 7.33
NVIDIA Corp. 7.05 5.82 5.59 5.43 5.79 6.14 6.11 6.37 6.86 5.80 6.27 6.18 6.59 6.89 6.52 8.64 8.23
Texas Instruments Inc. 9.80 9.17 9.62 10.39 10.57 9.90 8.95 10.56 10.78 10.64 10.54 9.74 10.23 9.87 11.64 10.73 13.39

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
Receivables turnover = (Net revenuesQ4 2023 + Net revenuesQ3 2023 + Net revenuesQ2 2023 + Net revenuesQ1 2023) ÷ Accounts receivable, net of allowances
= (302,570 + 551,082 + 711,118 + 726,016) ÷ 445,959 = 5.14

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Enphase Energy Inc. receivables turnover ratio deteriorated from Q2 2023 to Q3 2023 but then improved from Q3 2023 to Q4 2023 not reaching Q2 2023 level.

Payables Turnover

Enphase Energy Inc., payables turnover 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)
Cost of revenues 155,908 289,069 387,776 399,645 413,951 366,797 311,191 264,319 249,405 211,161 188,256 178,805 142,901 83,522 77,151 124,870 132,151 115,351 88,775 66,811
Accounts payable 116,164 90,116 79,075 106,154 125,085 92,823 90,398 104,738 113,767 92,213 82,141 81,524 72,609 48,148 24,135 34,538 57,474 60,692 65,989 52,489
Short-term Activity Ratio
Payables turnover1 10.61 16.54 19.83 14.05 10.84 12.84 11.46 8.72 7.27 7.82 7.23 5.92 5.90 8.68 18.63 13.35 7.01
Benchmarks
Payables Turnover, Competitors2
Advanced Micro Devices Inc. 5.95 5.42 4.43 5.13 5.21 5.22 7.39 6.58 6.44 7.54 8.66 6.64 11.57 6.38 5.30 6.25 3.91
Analog Devices Inc. 8.98 7.62 7.76 8.09 7.70 8.43 9.01 8.17 6.30 7.82 7.25 8.66 8.42 8.85 9.83 9.12 8.78 8.99 9.60 8.92
Broadcom Inc. 9.20 11.34 13.62 12.31 11.13 15.27 9.98 9.80 9.77 10.91 12.63 11.67 12.41 9.41 8.33 10.28 11.83 10.04 13.13 13.55
First Solar Inc. 9.74 20.79 10.11 9.20 7.47 12.05 13.17 13.20 11.34 11.66 14.55 11.86 11.08 17.20 15.25 13.95 11.53
Intel Corp. 3.79 3.77 3.81 4.30 3.77 5.21 4.63 4.92 6.13 5.05 5.82 6.49 6.14 6.58 6.59 6.61 7.23
KLA Corp. 11.37 10.30 7.77 7.96 8.10 7.98 8.43 7.79 8.10 8.88 9.53 9.69 9.27 9.95 9.03 9.45 9.24
Lam Research Corp. 20.50 17.34 11.33 8.52 9.25 8.99 9.31 10.12 9.43 9.33 8.82 8.94 9.18 10.43 11.56 12.52 14.06
NVIDIA Corp. 9.74 8.08 4.86 5.13 5.29 5.19 5.38 5.94 5.23 5.03 5.44 5.65 6.04 6.87 9.66 11.77 8.89
Qualcomm Inc. 8.30 9.67 12.50 7.17 4.91 4.72 4.37 4.28 5.19 4.83 4.62 4.38 4.12 4.21 4.19 4.96 6.29 5.88 5.82 6.87
Texas Instruments Inc. 8.10 9.03 6.87 6.63 7.35 7.89 8.46 9.27 9.14 9.93 9.86 9.60 12.51 12.20 12.17 14.12 13.45

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
Payables turnover = (Cost of revenuesQ4 2023 + Cost of revenuesQ3 2023 + Cost of revenuesQ2 2023 + Cost of revenuesQ1 2023) ÷ Accounts payable
= (155,908 + 289,069 + 387,776 + 399,645) ÷ 116,164 = 10.61

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Enphase Energy Inc. payables turnover ratio decreased from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.

Working Capital Turnover

Enphase Energy Inc., working capital turnover 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)
Current assets 2,443,518 2,598,630 2,560,789 2,512,633 2,264,271 1,982,664 1,735,992 1,558,783 1,462,461 1,768,081 1,665,919 1,791,362 933,064 850,234 757,201 751,697 499,657 391,517 349,851 195,442
Less: Current liabilities 532,449 774,387 743,605 729,289 638,219 550,236 480,010 453,756 439,796 393,455 356,593 344,473 534,043 256,519 223,523 233,622 199,311 146,819 143,613 128,746
Working capital 1,911,069 1,824,243 1,817,184 1,783,344 1,626,052 1,432,428 1,255,982 1,105,027 1,022,665 1,374,626 1,309,326 1,446,889 399,021 593,715 533,678 518,075 300,346 244,698 206,238 66,696
 
Net revenues 302,570 551,082 711,118 726,016 724,652 634,713 530,196 441,292 412,719 351,519 316,057 301,754 264,839 178,503 125,538 205,545 210,032 180,057 134,094 100,150
Short-term Activity Ratio
Working capital turnover1 1.20 1.49 1.54 1.47 1.43 1.41 1.38 1.38 1.35 0.90 0.81 0.60 1.94 1.21 1.35 1.41 2.08
Benchmarks
Working Capital Turnover, Competitors2
Advanced Micro Devices Inc. 2.25 2.44 2.45 2.54 2.73 2.95 2.72 2.42 3.78 3.36 2.71 2.64 2.62 2.80 2.86 3.01 3.01
Analog Devices Inc. 10.40 6.41 6.13 4.61 4.81 4.94 4.23 3.50 2.81 21.89 49.24 6.18 4.86 6.92 11.81 40.91 12.57 11.74 8.72 5.48
Applied Materials Inc. 2.25 2.49 2.69 2.77 3.02 2.93 2.89 2.56 2.36 2.14 1.95 1.86 1.93 2.04 1.94 2.42 2.54 2.38 2.44 2.58
Broadcom Inc. 2.66 3.23 3.38 3.03 2.90 3.58 3.80 3.15 2.66 2.90 3.27 3.25 4.32 3.32 3.00 5.19 7.49 8.51 10.03 9.45
First Solar Inc. 1.00 1.20 1.16 1.15 0.95 1.00 0.96 1.10 1.19 1.13 1.19 1.21 1.25 1.69 1.57 1.52 1.34
Intel Corp. 3.56 3.48 3.34 2.70 3.45 3.24 3.14 2.34 2.61 2.47 3.16 3.59 3.46 5.32 3.60 4.30 8.06
KLA Corp. 2.27 2.31 2.25 2.19 2.14 2.30 2.08 2.06 1.93 1.91 1.90 1.97 1.92 2.10 1.99 2.03 1.79
Lam Research Corp. 1.93 2.03 2.08 2.10 2.23 2.18 2.01 2.04 1.80 1.72 1.51 1.41 1.31 1.32 1.62 1.49 1.56
Micron Technology Inc. 0.94 1.09 1.39 1.66 2.16 2.06 2.14 2.17 2.05 1.95 1.98 2.04 1.89 1.73 1.93 2.10 2.31
NVIDIA Corp. 1.63 1.75 1.50 1.23 1.10 1.09 1.03 1.36 1.37 1.38 1.06 0.67 0.92 0.92 1.01 1.14 1.27
Qualcomm Inc. 2.79 3.21 3.66 3.90 4.99 5.88 4.80 4.53 4.13 3.96 3.19 2.53 2.39 2.62 4.47 3.50 3.10 3.03 3.66 3.75
Texas Instruments Inc. 1.48 1.46 1.47 1.61 1.81 1.84 1.87 1.65 1.65 1.57 1.87 1.77 1.84 1.94 2.16 2.38 2.17

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
Working capital turnover = (Net revenuesQ4 2023 + Net revenuesQ3 2023 + Net revenuesQ2 2023 + Net revenuesQ1 2023) ÷ Working capital
= (302,570 + 551,082 + 711,118 + 726,016) ÷ 1,911,069 = 1.20

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Enphase Energy Inc. working capital turnover ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.

Average Inventory Processing Period

Enphase Energy Inc., average inventory processing period 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
Inventory turnover 5.77 8.56 9.44 9.91 9.06 8.14 7.95 9.47 11.12 11.03 15.72 13.83 10.26 11.13 14.41 13.32 12.57
Short-term Activity Ratio (no. days)
Average inventory processing period1 63 43 39 37 40 45 46 39 33 33 23 26 36 33 25 27 29
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Advanced Micro Devices Inc. 130 133 135 120 106 101 86 91 84 88 89 96 94 98 114 94 93
Analog Devices Inc. 135 140 136 129 114 96 97 100 157 115 116 115 116 117 113 111 113 118 111 109
Applied Materials Inc. 148 149 152 157 157 151 140 131 129 130 138 143 150 159 157 150 154 155 153 146
Broadcom Inc. 62 60 61 61 63 62 57 53 45 40 35 33 35 38 34 34 32 40 38 39
First Solar Inc. 148 140 111 104 89 130 140 159 111 119 102 91 102 78 78 72 64
Intel Corp. 125 128 131 136 133 126 121 123 112 104 93 88 90 100 98 110 107
KLA Corp. 249 237 225 230 218 214 208 211 207 202 207 206 195 191 197 219 247
Lam Research Corp. 182 171 169 163 155 140 126 124 126 131 135 132 128 117 107 104 106
Micron Technology Inc. 181 182 177 192 144 119 116 101 95 98 106 133 138 137 139 137 147
NVIDIA Corp. 162 135 121 112 101 94 97 100 106 99 105 96 86 94 104 120 126
Qualcomm Inc. 148 144 140 138 124 112 102 93 83 87 83 88 102 99 72 61 59 69 65 63
Texas Instruments Inc. 225 222 215 190 161 143 133 127 117 115 117 127 137 151 157 143 140

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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 5.77 = 63

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Enphase Energy Inc. number of days of inventory outstanding deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.

Average Receivable Collection Period

Enphase Energy Inc., average receivable collection period 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
Receivables turnover 5.14 4.84 5.37 5.07 5.29 5.49 5.56 4.25 4.14 4.52 3.77 3.69 4.25 5.88 8.06 7.64 4.29
Short-term Activity Ratio (no. days)
Average receivable collection period1 71 75 68 72 69 66 66 86 88 81 97 99 86 62 45 48 85
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Advanced Micro Devices Inc. 87 83 72 64 64 69 69 71 60 55 55 70 77 90 85 85 101
Analog Devices Inc. 44 46 46 47 55 57 60 71 73 46 48 52 48 45 39 37 39 41 40 42
Applied Materials Inc. 71 72 76 75 86 72 72 67 78 65 62 61 63 63 62 65 63 58 52 53
Broadcom Inc. 32 30 32 34 33 31 38 33 28 31 35 37 35 42 51 59 53 58 58 63
First Solar Inc. 73 87 77 39 45 47 67 43 54 35 72 97 36 23 34 35 57
Intel Corp. 23 20 20 25 24 39 30 33 44 39 35 34 32 33 34 41 39
KLA Corp. 61 67 79 69 72 68 77 72 69 68 73 63 70 73 82 80 79
Lam Research Corp. 59 63 78 93 91 81 75 79 76 77 89 77 76 83 78 63 55
Micron Technology Inc. 57 49 36 45 61 70 63 65 70 61 52 61 67 65 57 60 50
NVIDIA Corp. 52 63 65 67 63 59 60 57 53 63 58 59 55 53 56 42 44
Texas Instruments Inc. 37 40 38 35 35 37 41 35 34 34 35 37 36 37 31 34 27

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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 5.14 = 71

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Enphase Energy Inc. number of days of receivables outstanding deteriorated from Q2 2023 to Q3 2023 but then improved from Q3 2023 to Q4 2023 not reaching Q2 2023 level.

Operating Cycle

Enphase Energy Inc., operating cycle calculation (quarterly data)

No. days

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
Average inventory processing period 63 43 39 37 40 45 46 39 33 33 23 26 36 33 25 27 29
Average receivable collection period 71 75 68 72 69 66 66 86 88 81 97 99 86 62 45 48 85
Short-term Activity Ratio
Operating cycle1 134 118 107 109 109 111 112 125 121 114 120 125 122 95 70 75 114
Benchmarks
Operating Cycle, Competitors2
Advanced Micro Devices Inc. 217 216 207 184 170 170 155 162 144 143 144 166 171 188 199 179 194
Analog Devices Inc. 179 186 182 176 169 153 157 171 230 161 164 167 164 162 152 148 152 159 151 151
Applied Materials Inc. 219 221 228 232 243 223 212 198 207 195 200 204 213 222 219 215 217 213 205 199
Broadcom Inc. 94 90 93 95 96 93 95 86 73 71 70 70 70 80 85 93 85 98 96 102
First Solar Inc. 221 227 188 143 134 177 207 202 165 154 174 188 138 101 112 107 121
Intel Corp. 148 148 151 161 157 165 151 156 156 143 128 122 122 133 132 151 146
KLA Corp. 310 304 304 299 290 282 285 283 276 270 280 269 265 264 279 299 326
Lam Research Corp. 241 234 247 256 246 221 201 203 202 208 224 209 204 200 185 167 161
Micron Technology Inc. 238 231 213 237 205 189 179 166 165 159 158 194 205 202 196 197 197
NVIDIA Corp. 214 198 186 179 164 153 157 157 159 162 163 155 141 147 160 162 170
Texas Instruments Inc. 262 262 253 225 196 180 174 162 151 149 152 164 173 188 188 177 167

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
Operating cycle = Average inventory processing period + Average receivable collection period
= 63 + 71 = 134

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Enphase Energy Inc. operating cycle deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.

Average Payables Payment Period

Enphase Energy Inc., average payables payment period 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
Payables turnover 10.61 16.54 19.83 14.05 10.84 12.84 11.46 8.72 7.27 7.82 7.23 5.92 5.90 8.68 18.63 13.35 7.01
Short-term Activity Ratio (no. days)
Average payables payment period1 34 22 18 26 34 28 32 42 50 47 51 62 62 42 20 27 52
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Advanced Micro Devices Inc. 61 67 82 71 70 70 49 55 57 48 42 55 32 57 69 58 93
Analog Devices Inc. 41 48 47 45 47 43 41 45 58 47 50 42 43 41 37 40 42 41 38 41
Broadcom Inc. 40 32 27 30 33 24 37 37 37 33 29 31 29 39 44 36 31 36 28 27
First Solar Inc. 37 18 36 40 49 30 28 28 32 31 25 31 33 21 24 26 32
Intel Corp. 96 97 96 85 97 70 79 74 60 72 63 56 59 55 55 55 51
KLA Corp. 32 35 47 46 45 46 43 47 45 41 38 38 39 37 40 39 40
Lam Research Corp. 18 21 32 43 39 41 39 36 39 39 41 41 40 35 32 29 26
NVIDIA Corp. 37 45 75 71 69 70 68 61 70 72 67 65 60 53 38 31 41
Qualcomm Inc. 44 38 29 51 74 77 83 85 70 76 79 83 89 87 87 74 58 62 63 53
Texas Instruments Inc. 45 40 53 55 50 46 43 39 40 37 37 38 29 30 30 26 27

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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 10.61 = 34

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Enphase Energy Inc. number of days of payables outstanding increased from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.

Cash Conversion Cycle

Enphase Energy Inc., cash conversion cycle calculation (quarterly data)

No. days

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
Average inventory processing period 63 43 39 37 40 45 46 39 33 33 23 26 36 33 25 27 29
Average receivable collection period 71 75 68 72 69 66 66 86 88 81 97 99 86 62 45 48 85
Average payables payment period 34 22 18 26 34 28 32 42 50 47 51 62 62 42 20 27 52
Short-term Activity Ratio
Cash conversion cycle1 100 96 89 83 75 83 80 83 71 67 69 63 60 53 50 48 62
Benchmarks
Cash Conversion Cycle, Competitors2
Advanced Micro Devices Inc. 156 149 125 113 100 100 106 107 87 95 102 111 139 131 130 121 101
Analog Devices Inc. 138 138 135 131 122 110 116 126 172 114 114 125 121 121 115 108 110 118 113 110
Broadcom Inc. 54 58 66 65 63 69 58 49 36 38 41 39 41 41 41 57 54 62 68 75
First Solar Inc. 184 209 152 103 85 147 179 174 133 123 149 157 105 80 88 81 89
Intel Corp. 52 51 55 76 60 95 72 82 96 71 65 66 63 78 77 96 95
KLA Corp. 278 269 257 253 245 236 242 236 231 229 242 231 226 227 239 260 286
Lam Research Corp. 223 213 215 213 207 180 162 167 163 169 183 168 164 165 153 138 135
NVIDIA Corp. 177 153 111 108 95 83 89 96 89 90 96 90 81 94 122 131 129
Texas Instruments Inc. 217 222 200 170 146 134 131 123 111 112 115 126 144 158 158 151 140

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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 63 + 7134 = 100

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Enphase Energy Inc. cash conversion cycle deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.