Enphase Energy Inc., current enterprise value calculation

Current share price (P)	$122.47
No. shares of common stock outstanding	135,759,339
US$ in thousands
Common equity (market value)¹	16,626,446)
Total equity	16,626,446)
Add: Debt, current (per books)	—)
Add: Debt, non-current (per books)	1,293,738)
Total equity and debt	17,920,184)
Less: Cash and cash equivalents	288,748)
Less: Restricted cash	—)
Less: Marketable securities	1,406,286)
Enterprise value (EV)	16,225,150)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 122.47 × 135,759,339

Enphase Energy Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$122.47	$212.57	$145.69	$193.50	$59.09
No. shares of common stock outstanding¹	135,759,339	136,497,418	133,935,574	129,021,311	123,179,271
US$ in thousands
Common equity (market value)³	16,626,446)	29,015,256)	19,513,074)	24,965,624)	7,278,663)
Total equity	16,626,446)	29,015,256)	19,513,074)	24,965,624)	7,278,663)
Add: Debt, current (book value)	—)	90,892)	86,052)	325,967)	2,884)
Add: Debt, non-current (book value)	1,293,738)	1,199,465)	951,594)	4,898)	102,659)
Total equity and debt	17,920,184)	30,305,613)	20,550,720)	25,296,489)	7,384,206)
Less: Cash and cash equivalents	288,748)	473,244)	119,316)	679,379)	251,409)
Less: Restricted cash	—)	—)	—)	—)	44,700)
Less: Marketable securities	1,406,286)	1,139,599)	897,335)	—)	—)
Enterprise value (EV)	16,225,150)	28,692,770)	19,534,069)	24,617,110)	7,088,097)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Enphase Energy Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 122.47 × 135,759,339

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Enphase Energy Inc. EV increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Enphase Energy Inc. (NASDAQ:ENPH)

Enterprise Value (EV)