The company's financial position shows signs of strain, with a current ratio that has tightened to 3.80 in 2026Q1 and a debt-to-equity ratio of 0.53, reflecting ongoing capital structure adjustments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Current Assets | 1.83B | 2.61B | 2.33B | 2.44B | 2.26B | 1.46B | 933.06M | 499.66M | 222.3M | 130.45M | 117.86M | 121.77M | 114.9M | 90.51M | 95M | 81.79M | 52.96M | 16.68M |
| Cash & Short-Term Investments | 930.64M | 1.51B | 1.62B | 1.7B | 1.61B | 1.02B | 679.38M | 251.41M | 106.24M | 29.14M | 17.76M | 28.45M | 42.03M | 38.19M | 45.29M | 51.52M | 39.99M | 8.64M |
| Cash Only | 497.55M | 474.32M | 369.11M | 288.75M | 473.24M | 119.32M | 679.38M | 251.41M | 106.24M | 29.14M | 17.76M | 28.45M | 42.03M | 38.19M | 45.29M | 51.52M | 39.99M | 8.64M |
| Short-Term Investments | 433.1M | 1.04B | 1.25B | 1.41B | 1.14B | 897.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 196.58M | 229.88M | 223.75M | 445.96M | 440.9M | 333.63M | 200.04M | 145.41M | 78.94M | 65.35M | 61.02M | 46.1M | 45.12M | 32.08M | 27.74M | 17.77M | 8.02M | 6.37M |
| Days Sales Outstanding | 62.42 | 56.96 | 61.39 | 71.06 | 69.04 | 88.11 | 94.28 | 85.01 | 91.13 | 83.35 | 69.04 | 47.1 | 47.89 | 50.29 | 46.73 | 43.38 | 47.5 | 115.12 |
| Inventory | 290.7M | 288.05M | 165M | 213.59M | 149.71M | 74.4M | 41.76M | 32.06M | 16.27M | 26M | 31.96M | 40.8M | 21.59M | 16.58M | 19.84M | 11.23M | 4.52M | 1.48M |
| Days Inventory Outstanding | 109.93 | 133.77 | 85.89 | 63.26 | 40.29 | 32.81 | 35.58 | 29.03 | 26.78 | 41.24 | 44.09 | 59.8 | 34.13 | 36.58 | 44.88 | 34.02 | 29.92 | 23.31 |
| Other Current Assets | 412.35M | 0 | 315.74M | 48.69M | 60.82M | 0 | 11.88M | 44.7M | 20.86M | 9.96M | 7.12M | 86K | 76K | 3.65M | 2.12M | 0 | 0 | 0 |
| Total Non-Current Assets | 893.65M | 902.93M | 922.59M | 939.49M | 820.01M | 616.79M | 267.04M | 213.57M | 117.64M | 38.7M | 45.71M | 43.76M | 37.3M | 26.16M | 27.29M | 22.97M | 6.55M | 4.26M |
| Property, Plant & Equipment | 138.87M | 136.8M | 172.13M | 188.13M | 132.75M | 96.59M | 60.67M | 39.05M | 21M | 26.48M | 31.44M | 32.12M | 30.82M | 24.85M | 25.54M | 18.41M | 6.1M | 3.89M |
| Fixed Asset Turnover | 9.83x | 10.77x | 7.73x | 12.18x | 17.56x | 14.31x | 12.76x | 15.99x | 15.06x | 10.81x | 10.26x | 11.12x | 11.16x | 9.37x | 8.48x | 8.12x | 10.10x | 5.19x |
| Goodwill | 213.74M | 214.76M | 211.57M | 214.56M | 213.56M | 181.25M | 24.78M | 24.78M | 24.78M | 3.66M | 3.66M | 3.75M | 3.75M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 17.56M | 22.29M | 42.4M | 68.54M | 99.54M | 97.76M | 28.81M | 30.58M | 35.31M | 515K | 945K | 2.22M | 1.81M | 3.89M | 2.48M | 0 | 0 | 0 |
| Long-Term Investments | 170.37M | 0 | 0 | 0 | 157.77M | 0 | 51.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 211.71M | 529.08M | 180.93M | 215.9M | 11.52M | 118.73M | 7.89M | 44.62M | 36.55M | 8.04M | 9.66M | 5.68M | 916K | -2.58M | -728K | 4.56M | 445K | 370K |
| Total Assets | 2.72B | 3.51B | 3.25B | 3.38B | 3.08B | 2.08B | 1.2B | 713.22M | 339.94M | 169.15M | 163.58M | 165.53M | 152.19M | 116.67M | 122.29M | 104.76M | 59.5M | 20.95M |
| Asset Turnover | 0.44x | 0.42x | 0.41x | 0.68x | 0.76x | 0.66x | 0.65x | 0.88x | 0.93x | 1.69x | 1.97x | 2.16x | 2.26x | 2.00x | 1.77x | 1.43x | 1.04x | 0.96x |
| Asset Growth % | -2.19% | 8% | -3.94% | 9.69% | 48.34% | 73.26% | 68.26% | 109.81% | 100.97% | 3.41% | -1.18% | 8.76% | 30.45% | -4.6% | 16.74% | 76.05% | 184.07% | - |
| Total Current Liabilities | 481.78M | 1.26B | 660.09M | 532.45M | 638.22M | 439.8M | 534.04M | 199.31M | 147.16M | 91.74M | 82.77M | 72.85M | 58.71M | 33.37M | 33.85M | 50.97M | 13.2M | 5.68M |
| Accounts Payable | 113.46M | 203.04M | 90.03M | 116.16M | 125.08M | 113.77M | 72.61M | 57.47M | 48.79M | 28.75M | 31.7M | 25.57M | 22.32M | 7.36M | 11.27M | 12.93M | 6.52M | 4.59M |
| Days Payables Outstanding | 78.06 | 94.29 | 46.86 | 34.4 | 33.66 | 50.17 | 61.86 | 52.04 | 80.33 | 45.6 | 43.73 | 37.48 | 35.28 | 16.25 | 25.49 | 39.17 | 43.15 | 72.22 |
| Short-Term Debt | 0 | 632.18M | 101.29M | 5.22M | 90.89M | 86.05M | 330.51M | 2.88M | 28.16M | 17.43M | 13.13M | 17M | 0 | 3.51M | 2.38M | 4.53M | 2.57M | 178K |
| Deferred Revenue (Current) | 565.38M | 0 | 237.22M | 118.3M | 90.75M | 62.67M | 47.66M | 81.78M | 33.12M | 15.69M | 6.41M | 3.92M | 2.75M | 2.77M | 933K | 23.41M | 595K | 107K |
| Other Current Liabilities | 28.41M | 201.35M | 34.66M | 273.92M | 291.97M | 19.39M | 76.63M | 10.08M | 32.99M | 26.27M | 27.31M | 7.07M | 7.61M | 4.94M | 0 | 0 | 610K | 0 |
| Current Ratio | 3.80x | 2.07x | 3.53x | 4.59x | 3.55x | 3.33x | 1.75x | 2.51x | 1.51x | 1.42x | 1.42x | 1.67x | 1.96x | 2.71x | 2.81x | 1.60x | 4.01x | 2.94x |
| Quick Ratio | 3.20x | 1.84x | 3.28x | 4.19x | 3.31x | 3.16x | 1.67x | 2.35x | 1.40x | 1.14x | 1.04x | 1.11x | 1.59x | 2.22x | 2.22x | 1.38x | 3.67x | 2.68x |
| Cash Conversion Cycle | 94.29 | 96.44 | 100.41 | 99.91 | 75.67 | 70.75 | 68.01 | 62 | 37.58 | 78.99 | 69.41 | 69.42 | 46.74 | 70.63 | 66.12 | 38.23 | 34.26 | 66.21 |
| Total Non-Current Liabilities | 1.14B | 1.16B | 1.76B | 1.87B | 1.62B | 1.21B | 182.07M | 241.7M | 185M | 86.53M | 79.5M | 51.23M | 46.53M | 43.1M | 31.78M | 20.7M | 7.82M | 1.64M |
| Long-Term Debt | 572.51M | 572.19M | 1.2B | 1.29B | 1.2B | 951.59M | 4.9M | 102.66M | 81.63M | 32.32M | 20.77M | 0 | 0 | 5.17M | 8.68M | 10.15M | 4.34M | 233K |
| Capital Lease Obligations | 50.2M | 31.2M | 23.04M | 18.8M | 19.08M | 11.92M | 15.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.21M | 22.39M | 22.82M | 0 | 0 | 25.49M | 15.26M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 241.05M | 219.31M | 190.45M | 185.23M | 120.33M | 58.59M | 36.49M | 38.84M | 26.46M | 24.27M | 24.84M | 26.12M | 29.92M | 26.64M | 15.57M | 6.88M | 2.44M | 1.23M |
| Total Liabilities | 1.62B | 2.42B | 2.42B | 2.4B | 2.26B | 1.65B | 716.11M | 441.01M | 332.16M | 178.27M | 162.28M | 124.08M | 105.24M | 76.46M | 65.64M | 71.67M | 21.02M | 7.32M |
| Total Debt | 581.11M | 1.24B | 1.33B | 1.32B | 1.31B | 1.05B | 350.62M | 108.71M | 109.78M | 49.75M | 33.9M | 17M | 0 | 8.68M | 11.06M | 14.68M | 6.9M | 411K |
| Net Debt | 83.57M | 769.47M | 962.13M | 1.03B | 841.56M | 934.08M | -328.76M | -142.7M | 3.55M | 20.61M | 16.14M | -11.45M | -42.03M | -29.51M | -34.23M | -36.85M | -33.09M | -8.23M |
| Debt / Equity | 0.53x | 1.14x | 1.60x | 1.34x | 1.59x | 2.45x | 0.72x | 0.40x | 14.12x | - | 26.08x | 0.41x | - | 0.22x | 0.20x | 0.44x | 0.18x | 0.03x |
| Debt / EBITDA | 3.39x | 5.07x | 8.39x | 2.53x | 2.59x | 4.27x | 1.71x | 0.93x | 9.75x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.49x | 3.14x | 6.06x | 1.98x | 1.66x | 3.79x | -1.61x | -1.22x | 0.31x | - | - | - | -10.97x | - | - | - | - | - |
| Interest Coverage | 47.60x | 46.30x | 14.49x | 59.05x | 48.90x | 3.68x | 6.69x | 10.30x | 0.05x | -4.68x | -22.80x | -40.32x | -2.91x | -11.19x | -4.84x | -9.74x | -22.83x | -46.89x |
| Total Equity | 1.1B | 1.09B | 833.02M | 983.62M | 825.57M | 430.17M | 483.99M | 272.21M | 7.78M | -9.13M | 1.3M | 41.45M | 46.95M | 40.21M | 56.66M | 33.09M | 38.48M | 13.63M |
| Equity Growth % | 72.86% | 30.49% | -15.31% | 19.14% | 91.92% | -11.12% | 77.8% | 3400.67% | 185.21% | -802% | -96.86% | -11.72% | 16.78% | -29.03% | 71.2% | -14% | 182.39% | - |
| Book Value per Share | 8.39 | 8.06 | 5.95 | 6.86 | 5.72 | 3.01 | 3.41 | 2.07 | 0.08 | -0.11 | 0.03 | 0.93 | 1.09 | 0.97 | 1.84 | 0.84 | 34.05 | 12.06 |
| Total Shareholders' Equity | 1.1B | 1.09B | 833.02M | 983.62M | 825.57M | 430.17M | 483.99M | 272.21M | 7.78M | -9.13M | 1.3M | 41.45M | 46.95M | 40.21M | 56.66M | 33.09M | 38.48M | 13.63M |
| Common Stock | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -211.3M | -203.9M | -245.21M | 46.27M | 17.34M | -405.74M | -51.19M | -185.18M | -346.3M | -295.73M | -250.53M | -183.07M | -160.99M | -152.94M | -127.03M | -91.8M | -56.52M | -34.74M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -5.82M | 1.75M | -6.35M | -1.99M | -10.88M | -2.02M | 434K | -923K | 742K | -656K | -292K | -210K | -79K | 229K | 52K | 83K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Inventory and Subsidy Dependence
As reported in recent financial statements, Enphase's equity base has declined from $983.6 million in 2023Q4 to $1.1 billion in 2026Q1, while the accumulation of retained earnings losses suggests a weakening financial trajectory driven by persistent operational headwinds and the ongoing cyclical downturn in residential solar demand.
The shift from positive retained earnings to a deficit of $211.3 million indicates that the company is consuming capital to sustain operations during a period of revenue contraction. Investors should monitor whether this trend reflects a structural impairment of the business model or a temporary phase of inventory clearing.
Based on quarterly filings, Enphase's total debt has surged from $1.3 billion in 2023Q4 to $581.1 million in 2026Q1, with the debt-to-equity ratio fluctuating significantly as the company attempts to manage its capital structure amidst declining profitability and reduced cash flow generation from core operations.
The reliance on debt to bridge the gap between operational cash outflows and capital requirements warrants caution regarding future refinancing costs. This leverage profile appears increasingly sensitive to interest rate volatility, which may constrain the company's ability to fund future R&D or strategic initiatives.
According to the latest balance sheet data, the current ratio has compressed from 4.59 in 2023Q4 to 3.80 in 2026Q1, signaling that the company's ability to cover short-term obligations is tightening as cash reserves remain volatile relative to the scale of current operational liabilities.
While the current ratio remains technically healthy, the absolute cash position of $497.5 million provides a limited cushion if the current inventory-clearing cycle persists longer than anticipated. The liquidity profile appears increasingly dependent on the timing of working capital inflows, which may be unpredictable in the current environment.
As indicated by recent SEC filings, deferred revenue remains a significant liability at $470.6 million, which may mask underlying demand weakness by representing prepayments for future installations that are currently subject to high cancellation risks due to the challenging macroeconomic environment for residential solar financing.
This deferred revenue balance acts as a potential future revenue headwind if the company fails to convert these obligations into completed installations. Analysts should investigate whether this liability reflects genuine customer commitment or merely a temporary accounting artifact of the company's aggressive channel-stuffing or safe-harbor inventory strategies.
Quick answers to the most common questions about buying ENPH stock.
As of 2025, Enphase Energy, Inc. (ENPH) had total assets of $3.51B including $2.61B in current assets.
Enphase Energy, Inc. (ENPH) carries total debt of $1.24B, offset by $1.51B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Enphase Energy, Inc. (ENPH) has total shareholders' equity (book value) of $1.09B ($8.06 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Enphase Energy, Inc. (ENPH) reported a current ratio of 2.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.