Enphase Energy Inc (ENPH) — Working Capital to Net Assets Ratio
Enphase Energy Inc (ENPH) has a Working Capital to Net Assets ratio of 122.3% as of March 2026. Working capital of $1.35 Billion (current assets of $1.83 Billion minus current liabilities of $481.78 Million) is measured against net assets of $1.10 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See ENPH free cash flow debt coverage to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Enphase Energy Inc Working Capital to Net Assets (2009–2025)
This chart shows how Enphase Energy Inc's Working Capital to Net Assets ratio has evolved across 17 annual periods from 2009 to 2025. As of March 2026, the ratio stands at 122.3%, reflecting working capital of $1.35 Billion against net assets of $1.10 Billion USD. See Enphase Energy Inc defensive liquidity buffer to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for Enphase Energy Inc (2009–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Enphase Energy Inc from 2009 to 2025, covering 17 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see Enphase Energy Inc stock valuation.
| Year | WC/NA Ratio | Working Capital (USD) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | 123.7% | $1.34 Billion | $1.09 Billion | $2.61 Billion | $1.26 Billion | ▼ -76.4 pp |
| 2024 | 200.1% | $1.67 Billion | $833.02 Million | $2.33 Billion | $660.09 Million | ▲ +5.8 pp |
| 2023 | 194.3% | $1.91 Billion | $983.62 Million | $2.44 Billion | $532.45 Million | ▼ -2.7 pp |
| 2022 | 197.0% | $1.63 Billion | $825.57 Million | $2.26 Billion | $638.22 Million | ▼ -40.8 pp |
| 2021 | 237.7% | $1.02 Billion | $430.17 Million | $1.46 Billion | $439.80 Million | ▲ +155.3 pp |
| 2020 | 82.4% | $399.02 Million | $483.99 Million | $933.06 Million | $534.04 Million | ▼ -27.9 pp |
| 2019 | 110.3% | $300.35 Million | $272.21 Million | $499.66 Million | $199.31 Million | ▼ -856.0 pp |
| 2018 | 966.3% | $75.14 Million | $7.78 Million | $222.30 Million | $147.16 Million | ▲ +1390.4 pp |
| 2017 | -424.1% | $38.70 Million | $-9.13 Million | $130.45 Million | $91.74 Million | ▼ -3123.5 pp |
| 2016 | 2699.4% | $35.09 Million | $1.30 Million | $117.86 Million | $82.77 Million | ▲ +2581.4 pp |
| 2015 | 118.0% | $48.92 Million | $41.45 Million | $121.77 Million | $72.85 Million | ▼ -1.7 pp |
| 2014 | 119.7% | $56.19 Million | $46.95 Million | $114.90 Million | $58.71 Million | ▼ -22.5 pp |
| 2013 | 142.1% | $57.14 Million | $40.21 Million | $90.51 Million | $33.37 Million | ▲ +34.2 pp |
| 2012 | 107.9% | $61.14 Million | $56.66 Million | $95.00 Million | $33.85 Million | ▲ +14.8 pp |
| 2011 | 93.1% | $30.82 Million | $33.09 Million | $81.79 Million | $50.97 Million | ▼ -10.2 pp |
| 2010 | 103.3% | $39.75 Million | $38.48 Million | $52.96 Million | $13.20 Million | ▲ +22.6 pp |
| 2009 | 80.8% | $11.00 Million | $13.63 Million | $16.68 Million | $5.68 Million | — |