• Enphase Energy average return on tangible equity for 2023 was 94.35, a 21.64% decline from 2022.
• Enphase Energy average return on tangible equity for 2022 was 120.41, a 283.96% decline from 2021.
• Enphase Energy average return on tangible equity for 2021 was 31.36, a 60.82% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.