Enphase Energy Inc (ENPH)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	445,741	612,932	630,384	554,100	448,261	348,996	250,906	216,270	215,832	237,251	251,659	203,113	186,439	151,767	133,714	140,307	102,729	63,290	29,210	11,205
Total assets	US$ in thousands	3,383,010	3,553,940	3,465,880	3,380,850	3,084,280	2,697,840	2,437,110	2,263,280	2,079,260	2,230,160	2,100,660	2,194,200	1,200,100	1,092,340	997,927	1,030,790	713,223	523,669	481,518	319,252
Operating ROA		13.18%	17.25%	18.19%	16.39%	14.53%	12.94%	10.30%	9.56%	10.38%	10.64%	11.98%	9.26%	15.54%	13.89%	13.40%	13.61%	14.40%	12.09%	6.07%	3.51%

December 31, 2023 calculation

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

Enphase Energy Inc's operating return on assets (operating ROA) has shown a generally positive trend over the past eight quarters, reflecting the company's ability to generate operating income relative to its total assets. The operating ROA ranged from 9.56% in Q1 2022 to 18.28% in Q2 2023.

The increasing trend in operating ROA from Q1 2022 to Q2 2023 indicates an improvement in the company's operational efficiency and profitability. Enphase Energy Inc has been able to effectively utilize its assets to generate operating income, signaling potential growth and value creation for investors.

The fluctuation in operating ROA in some quarters, such as the decrease from Q3 2023 to Q4 2023, may suggest temporary challenges or changes in the company's operational performance. Investors and stakeholders should further investigate the factors influencing these fluctuations to assess the company's long-term financial health and sustainability.

Overall, Enphase Energy Inc's operating ROA demonstrates its ability to generate profits from its assets and indicates the company's operational effectiveness and efficiency in utilizing its resources.