Enphase Energy Inc (ENPH)

Debt-to-capital ratio

		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
Long-term debt	US$ in thousands	1,293,740	1,196,950	1,201,110	1,200,280	1,199,460	1,198,630	1,197,790	1,196,950	951,594	940,244	929,015	917,873	4,898	256,452	253,174	295,216	102,659	100,978	99,890	65,406
Total stockholders’ equity	US$ in thousands	983,624	1,014,700	972,587	970,093	825,573	610,053	450,999	330,982	430,168	647,815	584,399	732,841	483,993	416,206	370,176	316,207	272,212	152,289	117,271	14,124
Debt-to-capital ratio		0.57	0.54	0.55	0.55	0.59	0.66	0.73	0.78	0.69	0.59	0.61	0.56	0.01	0.38	0.41	0.48	0.27	0.40	0.46	0.82

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,293,740K ÷ ($1,293,740K + $983,624K)
= 0.57

The debt-to-capital ratio of Enphase Energy Inc has been relatively stable over the past eight quarters. The ratio ranged from 0.57 to 0.61 in the most recent quarters, indicating that the company has been maintaining a reasonable level of debt relative to its overall capital structure. However, there was a noticeable decrease in the ratio from Q1 2022 to Q4 2022, suggesting a potential reduction in debt or an increase in capital during that period.

Overall, the trend in the debt-to-capital ratio suggests that Enphase Energy Inc has been effectively managing its debt obligations and maintaining a balanced capital structure. A decreasing ratio could indicate a lower reliance on debt financing, while an increasing ratio might imply a greater proportion of debt in the capital structure. It is important to monitor this ratio in conjunction with other financial metrics to better assess the company's overall financial health.