Enphase Energy Inc (ENPH)

Debt-to-equity 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-equity ratio		1.32	1.18	1.23	1.24	1.45	1.96	2.66	3.62	2.21	1.45	1.59	1.25	0.01	0.62	0.68	0.93	0.38	0.66	0.85	4.63

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $1,293,740K ÷ $983,624K
= 1.32

The debt-to-equity ratio of Enphase Energy Inc has been fluctuating over the past quarters. The ratio decreased from 3.88 in Q1 2022 to 1.32 in Q4 2023. This suggests a significant reduction in the company's reliance on debt financing compared to equity. However, it is important to note that the ratio was relatively high in Q1 2022, indicating a high level of debt relative to equity at that time.

Overall, the trend in the debt-to-equity ratio indicates a move towards a healthier balance between debt and equity in the company's capital structure. This could be a positive sign for Enphase Energy Inc's financial health and stability, as a lower ratio typically indicates lower financial risk and less financial leverage. It would be important to continue monitoring this ratio to ensure that the company maintains a sustainable capital structure over time.