Enphase Energy Inc (ENPH)

Payables turnover

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Cost of revenue	US$ in thousands	701,245	1,232,400	1,356,260	827,627	428,444
Payables	US$ in thousands	90,032	116,164	125,085	113,767	72,609
Payables turnover		7.79	10.61	10.84	7.27	5.90

December 31, 2024 calculation

Payables turnover = Cost of revenue ÷ Payables
= $701,245K ÷ $90,032K
= 7.79

The payables turnover ratio for Enphase Energy Inc has shown a positive trend over the years, steadily increasing from 5.90 in December 2020 to 7.27 in December 2021, further improving to 10.84 in December 2022. Although there was a slight decrease to 10.61 in December 2023, the ratio remains significantly high, indicating efficient management of payables. However, there was a noticeable decline to 7.79 in December 2024. Despite this decrease, Enphase Energy Inc has demonstrated a strong ability to effectively utilize its payables during the period under review.