Enphase Energy, Inc. (ENPH) Spending and interest coverage
- R&D / revenue · 12 months: Value 13.13%; Formula and calculation Research and development expense / revenue. Period ending 2026-03-31..
- Stock-based compensation / revenue · 12 months: Value 14.82%; Formula and calculation Share-based compensation / revenue. Period ending 2026-03-31..
- Interest coverage · 12 months: Value (m); Formula and calculation Estimated: average term debt × dated USD coupon proxy + average commercial paper × matching-currency disclosed rate at or before period end. Swaps, foreign-exchange, lease interest and amortization are not quantified..
Spending and interest coverage
Overview →Financial period ending 2026-03-31; current quote (m). Amounts retain their stated periods and units.
| Metric | Value | Formula and calculation |
|---|---|---|
| R&D / revenue · 12 months | 13.13% | Research and development expense / revenue. Period ending 2026-03-31. $183.77M ÷ $1.40B × 100 ≈ 13.13% |
| Stock-based compensation / revenue · 12 months | 14.82% | Share-based compensation / revenue. Period ending 2026-03-31. $207.45M ÷ $1.40B × 100 ≈ 14.82% |
| Interest coverage · 12 months | (m) | Estimated: average term debt × dated USD coupon proxy + average commercial paper × matching-currency disclosed rate at or before period end. Swaps, foreign-exchange, lease interest and amortization are not quantified. Calculation unavailable: missing inputs remain (m). |
Calculation inputs
| Input | Amount with unit | Raw financial data |
|---|---|---|
| Research and development spending | 183.77M USD | Research and Development Expense |
| Revenue | 1.40B USD | Revenue from Contract with Customer, Excluding Assessed Tax |
| Stock-based compensation | 207.45M USD | Share-based Payment Arrangement, Noncash Expense |
| Operating income | 95.96M USD | Operating Income (Loss) |
| Interest expense · reported / estimated | (m) | Interest Expense · Estimated expense assumptions |
Latest interest expense basis: (m). Estimated values carry *; expand each history row’s basis for its dated balances and rate assumptions.
Calculated history
Changes compare with the next older row (previous quarter), unless explicitly labeled otherwise. Rolling 12-month growth compares two successive quarter-end rolling totals; it is not year-over-year growth.
| Period ending | Research and development spending (USD) | Revenue (USD) | Stock-based compensation (USD) | Operating income (USD) | Interest expense · reported / estimated (USD) | R&D / revenue | SBC / revenue | Interest coverage | Interest expense basis |
|---|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $183.77M | $1.40B | $207.45M | $95.96M | (m) | 13.13% | 14.82% | (m) | (m) |
| 2025-12-31 | $189.07M | $1.47B | $214.09M | $157.53M | (m) | 12.84% | 14.53% | (m) | (m) |
| 2025-09-30 | $193.25M | $1.51B | $212.83M | $189.89M | (m) | 12.78% | 14.07% | (m) | (m) |
| 2025-06-30 | $193.83M | $1.48B | $207.30M | $173.52M | (m) | 13.07% | 13.98% | (m) | (m) |
| 2025-03-31 | $197.28M | $1.42B | $206.16M | $138.31M | (m) | 13.86% | 14.49% | (m) | (m) |
| 2024-12-31 | $201.31M | $1.33B | $211.36M | $77.29M | (m) | 15.13% | 15.89% | (m) | (m) |
| 2024-09-30 | $206.22M | $1.25B | $214.75M | $12.26M | (m) | 16.49% | 17.18% | (m) | (m) |
| 2024-06-30 | $213.25M | $1.42B | $212.63M | $80.46M | (m) | 15.01% | 14.97% | (m) | (m) |
| 2024-03-31 | $224.42M | $1.83B | $214.03M | $248.98M | $8.88M | 12.28% | 11.71% | 28.04× | Reported |
| 2023-12-31 | $227.34M | $2.29B | $212.86M | $445.74M | $8.84M | 9.92% | 9.29% | 50.43× | Reported |
| 2023-09-30 | $221.73M | $2.71B | $221.28M | $612.93M | $8.85M | 8.17% | 8.16% | 69.26× | Reported |
| 2023-06-30 | $211.04M | $2.80B | $229.76M | $630.38M | $8.91M | 7.55% | 8.22% | 70.76× | Reported |
| 2023-03-31 | $190.26M | $2.62B | $228.66M | $554.10M | $8.86M | 7.27% | 8.74% | 62.55× | Reported |
| 2022-12-31 | $168.85M | $2.33B | $216.80M | $448.26M | $9.44M | 7.24% | 9.30% | 47.50× | Reported |
| 2022-09-30 | $150.75M | $2.02B | $190.33M | $349.00M | $19.85M | 7.47% | 9.43% | 17.58× | Reported |
| 2022-06-30 | $135.97M | $1.74B | $184.99M | $250.91M | $30.22M | 7.83% | 10.66% | 8.30× | Reported |
| 2022-03-31 | $119.43M | $1.52B | $147.24M | $216.27M | $40.56M | 7.85% | 9.68% | 5.33× | Reported |
| 2021-12-31 | $105.53M | $1.38B | $114.29M | $215.83M | $45.15M | 7.64% | 8.27% | 4.78× | Reported |
| 2021-09-30 | $89.74M | $1.23B | $85.40M | $237.25M | $38.36M | 7.27% | 6.92% | 6.18× | Reported |
| 2021-06-30 | $75.38M | $1.06B | $52.84M | $251.66M | $31.73M | 7.10% | 4.98% | 7.93× | Reported |
| 2021-03-31 | $65.86M | $870.63M | $49.83M | $203.11M | $25.18M | 7.56% | 5.72% | 8.07× | Reported |
| 2020-12-31 | $55.92M | $774.42M | $42.50M | $186.44M | $21.00M | 7.22% | 5.49% | 8.88× | Reported |
| 2020-09-30 | $51.29M | $719.62M | $40.39M | $151.77M | $17.40M | 7.13% | 5.61% | 8.72× | Reported |
| 2020-06-30 | $47.32M | $721.17M | $31.77M | $133.71M | $13.70M | 6.56% | 4.40% | 9.76× | Reported |
| 2020-03-31 | $43.73M | $729.73M | $24.40M | $140.31M | $9.10M | 5.99% | 3.34% | 15.43× | Reported |
| 2019-12-31 | $40.38M | $624.33M | $20.18M | $102.73M | $9.69M | 6.47% | 3.23% | 10.60× | Reported |
| 2019-09-30 | $36.55M | $506.59M | $15.52M | $63.29M | $9.42M | 7.22% | 3.06% | 6.72× | Reported |
| 2019-06-30 | $33.63M | $404.54M | $13.80M | $29.21M | $9.93M | 8.31% | 3.41% | 2.94× | Reported |
| 2019-03-31 | $33.49M | $346.34M | $13.15M | $11.21M | $10.88M | 9.67% | 3.80% | 1.03× | Reported |
| 2018-12-31 | $32.59M | $316.16M | $11.43M | $1.60M | $9.63M | 10.31% | 3.62% | 0.17× | Reported |
| 2018-09-30 | $33.45M | $303.54M | $11.36M | (m) | $8.99M | 11.02% | 3.74% | (m) | Reported |
| 2018-06-30 | $32.69M | $302.58M | $9.04M | (m) | $8.28M | 10.80% | 2.99% | (m) | Reported |
| 2018-03-31 | $31.17M | $301.39M | $6.37M | (m) | $8.09M | 10.34% | 2.11% | (m) | Reported |
| 2017-12-31 | $33.16M | $286.17M | $6.73M | (m) | $7.94M | 11.59% | 2.35% | (m) | Reported |
| 2017-09-30 | $36.33M | $297.09M | $7.36M | (m) | $7.15M | 12.23% | 2.48% | (m) | Reported |
| 2017-06-30 | $42.10M | $308.74M | $8.17M | (m) | $6.63M | 13.64% | 2.65% | (m) | Reported |
| 2017-03-31 | $47.24M | $313.22M | $9.26M | (m) | $4.76M | 15.08% | 2.96% | (m) | Reported |
| 2016-12-31 | $50.70M | $322.59M | $10.33M | (m) | $2.77M | 15.72% | 3.20% | (m) | Reported |
| 2016-09-30 | $51.87M | $297.62M | $11.36M | (m) | $1.79M | 17.43% | 3.82% | (m) | Reported |
| 2016-06-30 | $50.76M | $311.81M | $12.11M | (m) | $700.00K | 16.28% | 3.88% | (m) | Reported |
| 2016-03-31 | $50.45M | $334.72M | $12.71M | (m) | $575.00K | 15.07% | 3.80% | (m) | Reported |
| 2015-12-31 | $50.82M | $357.25M | $12.70M | (m) | $501.00K | 14.23% | 3.55% | (m) | Reported |
| 2015-09-30 | $51.31M | $396.83M | $12.28M | (m) | $877.00K | 12.93% | 3.10% | (m) | Reported |
| 2015-06-30 | $51.37M | $393.07M | $11.53M | (m) | $1.09M | 13.07% | 2.93% | (m) | Reported |
| 2015-03-31 | $49.73M | $372.98M | $10.71M | (m) | $1.49M | 13.33% | 2.87% | (m) | Reported |
| 2014-12-31 | $45.39M | $343.90M | $9.74M | (m) | $1.86M | 13.20% | 2.83% | (m) | Reported |
| 2014-09-30 | $41.07M | $305.75M | $8.93M | (m) | $1.96M | 13.43% | 2.92% | (m) | Reported |
| 2014-06-30 | $37.25M | $268.69M | $8.45M | (m) | $2.04M | 13.86% | 3.14% | (m) | Reported |
| 2014-03-31 | $34.58M | $244.85M | $7.43M | (m) | $2.04M | 14.12% | 3.03% | (m) | Reported |
| 2013-12-31 | $34.52M | $232.85M | $6.85M | (m) | $2.06M | 14.83% | 2.94% | (m) | Reported |
| 2013-09-30 | $34.34M | $223.36M | $6.56M | (m) | $2.41M | 15.37% | 2.94% | (m) | Reported |
| 2013-06-30 | $36.61M | $222.13M | $5.97M | (m) | $2.50M | 16.48% | 2.69% | (m) | Reported |
| 2013-03-31 | $36.78M | $219.66M | $5.50M | (m) | $5.42M | 16.75% | 2.50% | (m) | Reported |
| 2012-12-31 | $35.60M | $216.68M | $4.77M | (m) | $6.44M | 16.43% | 2.20% | (m) | Reported |
| 2012-09-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2012-06-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2012-03-31 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2011-12-31 | $25.10M | $149.52M | $2.12M | (m) | $3.01M | 16.79% | 1.42% | (m) | Reported |
| 2011-09-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2011-06-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2011-03-31 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2010-12-31 | $14.30M | $61.66M | $829.00K | (m) | $914.00K | 23.18% | 1.34% | (m) | Reported |
(m) means missing inputs. Historical market-based ratios use the saved close on or immediately before period ending and that period’s reported shares; current quotes are not substituted. Five-year projections repeat historical CAGR, not analyst forecasts.
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