Enphase Energy
S&P 600
Cash Flow
Cash Flow Breakdown
Figures in US$OperatingInvestingFinancing
How to read this: the three bars show where cash moved each year. Operating is cash from the core business (you generally want this positive and growing). Investing is usually negative — money spent on assets or acquisitions. Financing shows money raised from, or returned to, lenders and shareholders. Bars above the line are cash in; bars below are cash out.
Operating Cash Flow vs Capex
Figures in US$Operating Cash FlowCapital Expenditure
How to read this: operating cash flow is the cash the business generated; capital expenditure is what it spent on long-term assets like plant and equipment. The gap between them is roughly free cash flow — the cash left over. A wide gap (operating well above capex) means the business funds its investment comfortably from its own earnings.
| Period | Operating Cash Flow | Investing Cash Flow | Financing Cash Flow | Capital Expenditure |
|---|---|---|---|---|
| FY2014 | $24.22M | $-16.53M | $-3.34M | $13.25M |
| FY2015 | $-21.16M | $-12.46M | $20.56M | $12.53M |
| FY2016 | $-32.95M | $-11.80M | $34.38M | $12.17M |
| FY2017 | $-28.44M | $-4.12M | $43.30M | $4.12M |
| FY2018 | $16.13M | $-19.15M | $80.61M | $4.15M |
| FY2019 | $139.07M | $-14.79M | $65.85M | $14.79M |
| FY2020 | $216.33M | $-25.57M | $191.68M | $20.56M |
| FY2021 | $352.03M | $-1.22B | $309.41M | $52.26M |
| FY2022 | $744.82M | $-371.91M | $-17.13M | $46.44M |
| FY2023 | $696.78M | $-366.36M | $-516.77M | $110.40M |
| FY2024 | $513.69M | $128.27M | $-460.27M | $33.60M |
| FY2025 | $136.54M | $106.79M | $-241.62M | $40.64M |
Figures in USD. Educational data only.
Understanding these terms
Plain-English explanations of each figure in the table above, and what a beginner typically looks at. These are educational descriptions only, not advice.
- Operating Cash Flow
- Cash produced by the company's core operations during the period. The US equivalent of "Cash from Operating Activity".How a beginner reads it: A beginner uses this as a reality check on profit, since it reflects cash actually collected. Healthy, consistent operating cash flow underpins a company's ability to invest and repay debt.
- Investing Cash Flow
- Cash used for or generated by buying and selling long-term assets and investments. The US equivalent of "Cash from Investing Activity".How a beginner reads it: A beginner expects this to be negative for companies investing in growth. Reading it next to operating cash flow shows whether the business funds its investments from its own earnings.
- Financing Cash Flow
- Cash flows with lenders and shareholders — borrowing, repaying, issuing shares, buybacks, and dividends. The US equivalent of "Cash from Financing Activity".How a beginner reads it: A beginner reads this to understand whether the company is taking in money (borrowing/issuing) or paying it out (repaying/dividends), and how that fits the operating picture.
- Capital Expenditure
- Money spent on buying or upgrading long-lived assets like plant, equipment, and buildings. Often shortened to "capex".How a beginner reads it: A beginner reads capex against operating cash flow to see whether a company funds its investment from its own earnings. Operating cash flow minus capex is roughly free cash flow.