Enphase Energy Inc (ENPH)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Operating income	US$ in thousands	445,741	448,261	215,832	186,439	102,729
Total assets	US$ in thousands	3,383,010	3,084,280	2,079,260	1,200,100	713,223
Operating ROA		13.18%	14.53%	10.38%	15.54%	14.40%

December 31, 2023 calculation

Operating ROA = Operating income ÷ Total assets
= $445,741K ÷ $3,383,010K
= 13.18%

Enphase Energy Inc's operating return on assets (operating ROA) has exhibited fluctuations over the past five years. The company's operating ROA stood at 13.64% as of December 31, 2023, showing a slight decrease compared to the previous year's figure of 14.61% as of December 31, 2022.

Reviewing the trend further back, Enphase Energy Inc's operating ROA was 10.38% as of December 31, 2021, experiencing an increase from the prior year. In 2020, the operating ROA was at a relatively high level of 15.54%, which was a significant improvement from the 14.77% recorded as of December 31, 2019.

Overall, the company has generally maintained a healthy level of operating ROA, indicating its efficiency in generating operating income relative to its assets. However, the fluctuation in the operating ROA over the years suggests varying levels of asset utilization and profitability. Further analysis of the underlying factors driving these fluctuations would be necessary to provide a more detailed assessment of Enphase Energy Inc's operational performance.