Stock Analysis on Net
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.

Price to FCFE (P/FCFE) 

Microsoft Excel

Free Cash Flow to Equity (FCFE)

Enphase Energy Inc., FCFE calculation

US$ in thousands

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income 438,936 397,362 145,449 133,995 161,148
Net noncash charges 240,714 285,329 191,516 106,992 (23,506)
Changes in operating assets and liabilities 17,130 62,126 15,063 (24,653) 1,425
Net cash provided by operating activities 696,780 744,817 352,028 216,334 139,067
Purchases of property and equipment (110,401) (46,443) (52,258) (20,558) (14,788)
Purchase of intangible asset — — (250) — —
Issuance of convertible notes, net of issuance costs — — 1,188,439 312,420 127,413
Purchase of convertible note hedges — — (286,235) (89,056) (36,313)
Fees paid for repurchase and exchange of convertible notes due 2023 — — — — (6,000)
Principal payments and financing fees on debt — — (1,694) (2,575) (45,855)
Partial repurchase of convertible notes — — (290,247) (40,728) —
Free cash flow to equity (FCFE) 586,379 698,374 909,783 375,837 163,524

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Enphase Energy Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Enphase Energy Inc. FCFE decreased from 2021 to 2022 and from 2022 to 2023.

Price to FCFE Ratio, Current

Enphase Energy Inc., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 135,759,339
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands) 586,379
FCFE per share 4.32
Current share price (P) 122.47
Valuation Ratio
P/FCFE 28.35
Benchmarks
P/FCFE, Competitors1
Advanced Micro Devices Inc. 172.57
Analog Devices Inc. 28.33
Applied Materials Inc. 16.47
Broadcom Inc. 26.03
First Solar Inc. —
Intel Corp. —
KLA Corp. 22.35
Lam Research Corp. 23.10
Micron Technology Inc. —
Monolithic Power Systems Inc. 49.84
NVIDIA Corp. 128.00
Qualcomm Inc. 16.41
Texas Instruments Inc. 44.29
P/FCFE, Sector
Semiconductors & Semiconductor Equipment 114.97
P/FCFE, Industry
Information Technology 53.73

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

Enphase Energy Inc., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 135,759,339 136,497,418 133,935,574 129,021,311 123,179,271
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)2 586,379 698,374 909,783 375,837 163,524
FCFE per share3 4.32 5.12 6.79 2.91 1.33
Share price1, 4 122.47 212.57 145.69 193.50 59.09
Valuation Ratio
P/FCFE5 28.35 41.55 21.45 66.43 44.51
Benchmarks
P/FCFE, Competitors6
Advanced Micro Devices Inc. 241.70 33.46 44.72 133.51 —
Analog Devices Inc. 22.28 24.14 34.67 33.98 37.52
Applied Materials Inc. 17.53 19.17 27.20 23.21 19.53
Broadcom Inc. 30.06 14.62 22.35 9.16 5.64
First Solar Inc. — 61.91 — — —
Intel Corp. — — 14.25 8.57 16.55
KLA Corp. 26.78 9.01 28.05 19.15 9.84
Lam Research Corp. 18.67 24.95 34.58 16.89 6.14
Micron Technology Inc. — 18.66 37.24 81.71 13.92
Monolithic Power Systems Inc. 60.34 121.66 95.13 83.64 54.53
NVIDIA Corp. 151.07 54.83 35.22 44.24 30.15
Qualcomm Inc. 11.97 19.13 17.93 34.91 16.39
Texas Instruments Inc. 37.61 23.88 21.87 24.10 18.77
P/FCFE, Sector
Semiconductors & Semiconductor Equipment 48.44 29.45 25.31 18.07 14.34
P/FCFE, Industry
Information Technology 33.63 26.79 27.64 23.72 19.16

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 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 586,379,000 ÷ 135,759,339 = 4.32

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

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 122.47 ÷ 4.32 = 28.35

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Enphase Energy Inc. P/FCFE ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.