Enphase Energy Inc (ENPH)

Debt-to-equity ratio

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Long-term debt	US$ in thousands	1,201,090	1,293,740	1,199,460	951,594	4,898
Total stockholders’ equity	US$ in thousands	833,016	983,624	825,573	430,168	483,993
Debt-to-equity ratio		1.44	1.32	1.45	2.21	0.01

December 31, 2024 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $1,201,090K ÷ $833,016K
= 1.44

The debt-to-equity ratio of Enphase Energy Inc has shown a significant increase over the years, from a very low 0.01 as of December 31, 2020, to 2.21 as of December 31, 2021, indicating a substantial shift towards relying more on debt to finance its operations. However, in the subsequent years, the ratio has somewhat stabilized, ranging between 1.32 to 1.45, still showing a moderate level of debt compared to equity. This trend suggests that the company has been gradually leveraging its capital structure, potentially for growth opportunities or operational needs. Investors and stakeholders may closely monitor this ratio to assess the company's financial risk and leverage position.