Enphase Energy, Inc. (ENPH) Balance Sheet
ENPH balance sheet, 2025
December 31, 2025 · U.S. dollars$3.51B assets = $2.42B liabilities + $1.09B equity
Both columns are drawn to the same scale: what ENPH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ENPH financial health
Descriptive bands, not a rating. Fiscal 2025.
ENPH balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $163.6M2016 | $3.51B2025 | +40.6%/yr | |
| Total liabilities | $162.3M2016 | $2.42B2025 | +35.0%/yr | |
| Shareholders’ equity | $1.3M2016 | $1.09B2025 | +111.2%/yr | |
| Cash & short-term investments | $17.8M2016 | $1.51B2025 | +63.9%/yr | |
| Total debt | $33.9M2016 | $1.24B2025 | +49.2%/yr | |
| Net cash (debt) | −$16.1M2016 | $269.1M2025 | +$285.2M | |
| Working capital | $35.1M2016 | $1.34B2025 | +$1.3B | |
| Book value per share | $0.032016 | $8.062025 | +89.4%/yr | |
| Current ratio | 1.422016 | 2.072025 | +0.64 | |
| Debt / equity | 26.082016 | 1.142025 | −24.93 | |
| Shares outstanding | 50.5M2016 | 134.9M2025 | +11.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ENPH assets
ENPH liabilities and equity
ENPH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ENPH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.51B | $1.62B | $1.70B | $1.61B | $1.02B | $679.4M | $251.4M | $106.2M | $29.1M | $17.8M |
| Cash & equivalents | $474.3M | $369.1M | $288.7M | $473.2M | $119.3M | $679.4M | $251.4M | $106.2M | $29.1M | $17.8M |
| Short-term investments | $1.04B | $1.25B | $1.41B | $1.14B | $897.3M | $0 | — | — | $0 | $0 |
| Receivables | $265.9M | $223.7M | $446.0M | $440.9M | $357.1M | $200.0M | $145.4M | $78.9M | $65.3M | $61.0M |
| Inventory | $288.0M | $165.0M | $213.6M | $149.7M | $74.4M | $41.8M | $32.1M | $16.3M | $26.0M | $32.0M |
| Other current assets | $540.1M | $315.7M | $88.9M | $60.8M | $14.3M | $11.9M | $70.8M | $20.9M | $10.0M | $7.1M |
| Total current assets | $2.61B | $2.33B | $2.44B | $2.26B | $1.46B | $933.1M | $499.7M | $222.3M | $130.4M | $117.9M |
| Property, plant & equipment (net) | $136.8M | $172.1M | $188.1M | $132.7M | $96.6M | $60.7M | $39.1M | $21.0M | $26.5M | $31.4M |
| Goodwill & intangible assets | $237.0M | $254.0M | $283.1M | $313.1M | $279.0M | $53.6M | $55.4M | $60.1M | $4.2M | $4.6M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $529.1M | $496.5M | $468.3M | $374.2M | $241.2M | $152.8M | $119.2M | $36.5M | $8.0M | $9.7M |
| Total assets | $3.51B | $3.25B | $3.38B | $3.08B | $2.08B | $1.20B | $713.2M | $339.9M | $169.1M | $163.6M |
| Liabilities | ||||||||||
| Accounts payable | $203.0M | $90.0M | $116.2M | $125.1M | $113.8M | $72.6M | $57.5M | $48.8M | $28.7M | $31.7M |
| Short-term debt | $640.4M | $107.1M | $5.2M | $96.3M | $89.9M | $330.5M | $6.1M | $28.2M | $17.4M | $13.1M |
| Deferred revenue | $180.5M | $237.2M | $118.3M | $90.7M | $62.7M | $47.7M | $81.8M | $33.1M | $15.7M | $6.4M |
| Total current liabilities | $1.26B | $660.1M | $532.4M | $638.2M | $439.8M | $534.0M | $199.3M | $147.2M | $91.7M | $82.8M |
| Long-term debt | $572.2M | $1.20B | $1.29B | $1.20B | $951.6M | $4.9M | $102.7M | $81.6M | $32.3M | $20.8M |
| Lease obligations | $8.2M | $5.8M | $5.2M | $5.4M | $3.8M | $4.5M | $3.2M | — | — | — |
| Other long-term liabilities | $588.4M | $555.5M | $573.2M | $421.0M | $257.7M | $177.2M | $139.0M | $103.4M | $54.2M | $58.7M |
| Total liabilities | $2.42B | $2.42B | $2.40B | $2.26B | $1.65B | $716.1M | $441.0M | $332.2M | $178.3M | $162.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | −$203.9M | −$245.2M | $46.3M | $17.3M | −$405.7M | −$51.2M | −$185.2M | −$346.3M | −$295.7M | −$250.5M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $1.8M | −$6.4M | −$2.0M | −$10.9M | −$2.0M | $434,000 | −$923,000 | $742,000 | −$656,000 | −$292,000 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.09B | $833.0M | $983.6M | $825.6M | $430.2M | $484.0M | $272.2M | $7.8M | −$9.1M | $1.3M |
| Key figures | ||||||||||
| Total debt | $1.24B | $1.33B | $1.32B | $1.31B | $1.05B | $350.6M | $108.7M | $109.8M | $49.8M | $33.9M |
| Net cash (debt) | $269.1M | $291.4M | $377.3M | $298.0M | −$36.7M | $328.8M | $142.7M | −$3.5M | −$20.6M | −$16.1M |
| Working capital | $1.34B | $1.67B | $1.91B | $1.63B | $1.02B | $399.0M | $300.3M | $75.1M | $38.7M | $35.1M |
| Tangible book value | $850.0M | $579.0M | $700.5M | $512.5M | $151.2M | $430.4M | $216.8M | −$52.3M | −$13.3M | −$3.3M |
| Book value per share | $8.06 | $5.95 | $6.86 | $5.72 | $3.01 | $3.41 | $2.07 | $0.08 | −$0.11 | $0.03 |
| Shares outstanding | 134.9M | 140.0M | 143.3M | 144.4M | 142.9M | 141.9M | 131.6M | 99.6M | 82.9M | 50.5M |
| Current ratio | 2.07 | 3.53 | 4.59 | 3.55 | 3.33 | 1.75 | 2.51 | 1.51 | 1.42 | 1.42 |
| Quick ratio | 1.41 | 2.80 | 4.02 | 3.22 | 3.12 | 1.65 | 1.99 | 1.26 | 1.03 | 0.95 |
| Debt / equity | 1.14 | 1.60 | 1.34 | 1.59 | 2.45 | 0.72 | 0.40 | 14.12 | — | 26.08 |
| Equity / assets | 31.0% | 25.6% | 29.1% | 26.8% | 20.7% | 40.3% | 38.2% | 2.3% | −5.4% | 0.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $967.1M | $930.6M | $1.51B | $1.48B | $1.53B | $1.47B | $1.72B | $1.77B | $1.65B | $1.63B | $1.70B | $1.78B |
| Cash & equivalents | $529.3M | $497.5M | $474.3M | $401.9M | $370.5M | $350.1M | $464.1M | $256.3M | $252.1M | $253.7M | $288.7M | $290.1M |
| Short-term investments | $437.7M | $433.1M | $1.04B | $1.08B | $1.16B | $1.12B | $1.25B | $1.51B | $1.39B | $1.38B | $1.41B | $1.49B |
| Receivables | $273.6M | $196.6M | $265.9M | $265.5M | $265.6M | $225.6M | $265.8M | $232.2M | $319.2M | $405.3M | $446.0M | $599.8M |
| Inventory | $285.0M | $290.7M | $288.0M | $188.7M | $173.0M | $144.0M | $165.0M | $158.8M | $176.1M | $207.9M | $213.6M | $174.1M |
| Other current assets | $424.8M | $412.4M | $540.1M | $459.7M | $320.1M | $360.7M | $178.7M | $203.2M | $100.0M | $59.8M | $88.9M | $40.8M |
| Total current assets | $1.95B | $1.83B | $2.61B | $2.39B | $2.29B | $2.20B | $2.33B | $2.36B | $2.24B | $2.30B | $2.44B | $2.60B |
| Property, plant & equipment (net) | $136.4M | $138.9M | $136.8M | $131.3M | $162.7M | $142.2M | $172.1M | $176.6M | $171.5M | $178.2M | $188.1M | $194.2M |
| Goodwill & intangible assets | $226.3M | $231.3M | $237.0M | $241.7M | $247.3M | $249.8M | $254.0M | $265.4M | $270.0M | $276.2M | $283.1M | $292.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $606.0M | $523.5M | $529.1M | $555.6M | $479.9M | $516.9M | $496.5M | $461.3M | $483.5M | $476.0M | $468.3M | $468.8M |
| Total assets | $2.92B | $2.72B | $3.51B | $3.32B | $3.18B | $3.11B | $3.25B | $3.26B | $3.17B | $3.23B | $3.38B | $3.55B |
| Liabilities | ||||||||||||
| Accounts payable | $124.6M | $113.5M | $203.0M | $188.6M | $162.7M | $115.4M | $90.0M | $112.4M | $79.6M | $71.8M | $116.2M | $90.1M |
| Short-term debt | $9.1M | $8.6M | $640.4M | $637.5M | $643.3M | $636.8M | $107.1M | $106.3M | $108.8M | $102.4M | $5.2M | $100.1M |
| Deferred revenue | $224.3M | $144.3M | $180.5M | $111.5M | $129.0M | $167.8M | $237.2M | $129.6M | $123.6M | $119.8M | $118.3M | $114.0M |
| Total current liabilities | $565.2M | $481.8M | $1.26B | $1.17B | $1.16B | $1.16B | $660.1M | $567.5M | $529.6M | $554.1M | $532.4M | $774.4M |
| Long-term debt | $572.8M | $572.5M | $572.2M | $571.9M | $571.5M | $571.2M | $1.20B | $1.20B | $1.20B | $1.20B | $1.29B | $1.20B |
| Lease obligations | $9.1M | $8.6M | $8.2M | $5.8M | $6.1M | $6.2M | $5.8M | $6.3M | $5.1M | $5.1M | $5.2M | $5.4M |
| Other long-term liabilities | $599.4M | $567.3M | $588.4M | $582.5M | $564.0M | $564.9M | $555.5M | $565.1M | $553.0M | $557.6M | $573.2M | $567.9M |
| Total liabilities | $1.74B | $1.62B | $2.42B | $2.33B | $2.30B | $2.30B | $2.42B | $2.33B | $2.28B | $2.31B | $2.40B | $2.54B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | −$175.2M | −$211.3M | −$203.9M | −$242.6M | −$309.2M | −$315.9M | −$245.2M | −$104.9M | −$100.9M | −$11.8M | $46.3M | $125.4M |
| Accumulated other comprehensive income | −$7.6M | −$5.8M | $1.8M | $3.3M | $5.4M | −$1.6M | −$6.4M | $3.3M | −$8.0M | −$6.8M | −$2.0M | −$9.8M |
| Total shareholders' equity | $1.18B | $1.10B | $1.09B | $995.0M | $880.6M | $810.7M | $833.0M | $931.4M | $884.5M | $922.7M | $983.6M | $1.01B |
| Key figures | ||||||||||||
| Total debt | $613.4M | $612.1M | $1.21B | $1.23B | $1.23B | $1.23B | $1.33B | $1.33B | $1.32B | $1.32B | $1.30B | $1.32B |
| Net cash (debt) | $353.7M | $318.5M | $300.3M | $244.3M | $295.4M | $232.3M | $386.4M | $434.4M | $325.1M | $309.8M | $396.1M | $467.2M |
| Working capital | $1.39B | $1.35B | $1.34B | $1.22B | $1.13B | $1.04B | $1.67B | $1.79B | $1.71B | $1.75B | $1.91B | $1.82B |
| Tangible book value | $955.5M | $871.0M | $850.0M | $753.3M | $633.4M | $560.9M | $579.0M | $665.9M | $614.6M | $646.5M | $700.5M | $722.4M |
| Book value per share | $8.90 | $8.39 | $8.14 | $7.48 | $6.51 | $5.95 | $6.03 | $6.66 | $6.50 | $6.79 | $7.07 | $7.05 |
| Shares outstanding | 132.8M | 131.3M | 133.5M | 133.0M | 135.2M | 136.2M | 138.1M | 139.9M | 136.1M | 135.9M | 139.2M | 143.9M |
| Current ratio | 3.45 | 3.80 | 2.07 | 2.04 | 1.97 | 1.90 | 3.53 | 4.16 | 4.23 | 4.16 | 4.59 | 3.36 |
| Quick ratio | 2.20 | 2.34 | 1.41 | 1.49 | 1.54 | 1.46 | 3.00 | 3.52 | 3.71 | 3.67 | 4.02 | 3.08 |
| Debt / equity | 0.52 | 0.56 | 1.12 | 1.24 | 1.40 | 1.52 | 1.60 | 1.43 | 1.49 | 1.43 | 1.32 | 1.30 |
| Equity / assets | 40.5% | 40.5% | 31.0% | 30.0% | 27.7% | 26.1% | 25.6% | 28.5% | 27.9% | 28.5% | 29.1% | 28.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 17, 2026); data from EODHD.
ENPH financial position
At the end of fiscal 2025 (December 31, 2025), Enphase Energy had total assets of $3.5 billion (up 8.0% from a year earlier), total liabilities of $2.4 billion and shareholders' equity of $1.1 billion. It held $1.5 billion in cash and short-term investments against $1.2 billion of debt, a net cash position of $269.1 million. Its current ratio was 2.07. In the latest quarter (ended June 30, 2026) total assets were $2.9 billion and equity $1.2 billion.
Related: ENPH income statement, ENPH cash flow statement, ENPH key metrics. See the ENPH stock overview for the latest quote and news.
ENPH balance sheet FAQ
What are Enphase Energy's total assets?
Enphase Energy reported total assets of $3.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.2 billion a year earlier.
How much debt does Enphase Energy have?
Enphase Energy had $1.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.14.
How much cash does Enphase Energy have?
Enphase Energy held $1.5 billion in cash and short-term investments at the end of fiscal 2025; with $1.2 billion of debt that is net cash of $269.1 million.
What is Enphase Energy's book value?
Enphase Energy's shareholders' equity (book value) was $1.1 billion at the end of fiscal 2025, or $8.06 per share.
What is Enphase Energy's current ratio?
Enphase Energy had current assets of $2.6 billion and current liabilities of $1.3 billion, a current ratio of 2.07 (it can cover its short-term obligations).
How much goodwill does Enphase Energy have?
Enphase Energy carried $237.0 million of goodwill and intangible assets, 6.8% of total assets, at the end of fiscal 2025.