Enphase Energy Inc (ENPH)

Financial leverage ratio

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Total assets	US$ in thousands	3,249,680	3,383,010	3,084,280	2,079,260	1,200,100
Total stockholders’ equity	US$ in thousands	833,016	983,624	825,573	430,168	483,993
Financial leverage ratio		3.90	3.44	3.74	4.83	2.48

December 31, 2024 calculation

Financial leverage ratio = Total assets ÷ Total stockholders’ equity
= $3,249,680K ÷ $833,016K
= 3.90

The financial leverage ratio of Enphase Energy Inc has shown variation over the years. As of December 31, 2020, the financial leverage ratio was 2.48, indicating moderate leverage. By December 31, 2021, the ratio increased to 4.83, suggesting a significant increase in leverage. Subsequently, the ratio declined to 3.74 by December 31, 2022, but remained above the initial level. As of December 31, 2023, the ratio further decreased to 3.44, indicating a slight improvement in the company's leverage position. However, by December 31, 2024, the ratio increased to 3.90, potentially signaling a rise in leverage compared to the previous year. Overall, Enphase Energy Inc's financial leverage ratio has experienced fluctuations, which may reflect changes in the company's capital structure and financial risk profile.