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Side-by-side financial comparison of American Homes 4 Rent (AMH) and Enphase Energy (ENPH). Click either name above to swap in a different company.
American Homes 4 Rent is the larger business by last-quarter revenue ($455.0M vs $282.9M, roughly 1.6× Enphase Energy). American Homes 4 Rent runs the higher net margin — 31.7% vs -2.6%, a 34.3% gap on every dollar of revenue. On growth, American Homes 4 Rent posted the faster year-over-year revenue change (4.2% vs -20.6%). American Homes 4 Rent produced more free cash flow last quarter ($823.7M vs $83.0M). Over the past eight quarters, American Homes 4 Rent's revenue compounded faster (3.6% CAGR vs -3.4%).
American Homes 4 RentAMHEarnings & Financial Report
American Homes 4 Rent, doing business as AMH, is a real estate investment trust based in Las Vegas, Nevada, that invests in single-family rental homes. As of December 31, 2019, the company owned 52,552 homes in 22 states. Its largest concentrations are in Atlanta, Dallas-Fort Worth, and Charlotte, North Carolina.
Enphase Energy, Inc. is an American energy technology company headquartered in Fremont, California, that develops and manufactures solar micro-inverters, battery energy storage, and EV charging stations primarily for residential customers. Enphase was established in 2006 and is the first company to successfully commercialize solar micro-inverters, which convert the direct current (DC) power generated by solar panels into grid-compatible alternating current (AC) for use or export.
AMH vs ENPH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $455.0M | $282.9M |
| Net Profit | $144.3M | $-7.4M |
| Gross Margin | — | 35.5% |
| Operating Margin | — | 54.0% |
| Net Margin | 31.7% | -2.6% |
| Revenue YoY | 4.2% | -20.6% |
| Net Profit YoY | 0.3% | -124.9% |
| EPS (diluted) | $0.33 | $-0.06 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $282.9M | ||
| Q4 25 | $455.0M | $343.3M | ||
| Q3 25 | $478.5M | $410.4M | ||
| Q2 25 | $457.5M | $363.2M | ||
| Q1 25 | $459.3M | $356.1M | ||
| Q4 24 | $436.6M | $382.7M | ||
| Q3 24 | $445.1M | $380.9M | ||
| Q2 24 | $423.5M | $303.5M |
| Q1 26 | — | $-7.4M | ||
| Q4 25 | $144.3M | $38.7M | ||
| Q3 25 | $116.8M | $66.6M | ||
| Q2 25 | $123.6M | $37.1M | ||
| Q1 25 | $128.7M | $29.7M | ||
| Q4 24 | $143.9M | $62.2M | ||
| Q3 24 | $87.6M | $45.8M | ||
| Q2 24 | $108.5M | $10.8M |
| Q1 26 | — | 35.5% | ||
| Q4 25 | — | 44.3% | ||
| Q3 25 | — | 47.8% | ||
| Q2 25 | — | 46.9% | ||
| Q1 25 | — | 47.2% | ||
| Q4 24 | — | 51.8% | ||
| Q3 24 | — | 46.8% | ||
| Q2 24 | — | 45.2% |
| Q1 26 | — | 54.0% | ||
| Q4 25 | — | 6.5% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 10.2% | ||
| Q1 25 | — | 9.0% | ||
| Q4 24 | — | 14.3% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 0.6% |
| Q1 26 | — | -2.6% | ||
| Q4 25 | 31.7% | 11.3% | ||
| Q3 25 | 24.4% | 16.2% | ||
| Q2 25 | 27.0% | 10.2% | ||
| Q1 25 | 28.0% | 8.3% | ||
| Q4 24 | 33.0% | 16.2% | ||
| Q3 24 | 19.7% | 12.0% | ||
| Q2 24 | 25.6% | 3.6% |
| Q1 26 | — | $-0.06 | ||
| Q4 25 | $0.33 | $0.29 | ||
| Q3 25 | $0.27 | $0.50 | ||
| Q2 25 | $0.28 | $0.28 | ||
| Q1 25 | $0.30 | $0.22 | ||
| Q4 24 | $0.33 | $0.46 | ||
| Q3 24 | $0.20 | $0.33 | ||
| Q2 24 | $0.25 | $0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $108.5M | $497.5M |
| Total DebtLower is stronger | $5.1B | — |
| Stockholders' EquityBook value | $7.0B | $1.1B |
| Total Assets | $13.2B | $2.7B |
| Debt / EquityLower = less leverage | 0.72× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $497.5M | ||
| Q4 25 | $108.5M | $1.5B | ||
| Q3 25 | $45.6M | $1.5B | ||
| Q2 25 | $323.3M | $1.5B | ||
| Q1 25 | $69.7M | $1.5B | ||
| Q4 24 | $199.4M | $1.6B | ||
| Q3 24 | $162.5M | $1.8B | ||
| Q2 24 | $718.4M | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | $5.1B | $1.2B | ||
| Q3 25 | $4.8B | $1.2B | ||
| Q2 25 | $5.2B | $1.2B | ||
| Q1 25 | $4.9B | $1.2B | ||
| Q4 24 | $5.0B | $1.3B | ||
| Q3 24 | $4.5B | $1.3B | ||
| Q2 24 | $5.0B | $1.3B |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $7.0B | $1.1B | ||
| Q3 25 | $7.2B | $995.0M | ||
| Q2 25 | $7.2B | $880.6M | ||
| Q1 25 | $7.2B | $810.7M | ||
| Q4 24 | $7.2B | $833.0M | ||
| Q3 24 | $7.0B | $931.4M | ||
| Q2 24 | $7.0B | $884.5M |
| Q1 26 | — | $2.7B | ||
| Q4 25 | $13.2B | $3.5B | ||
| Q3 25 | $13.3B | $3.3B | ||
| Q2 25 | $13.6B | $3.2B | ||
| Q1 25 | $13.3B | $3.1B | ||
| Q4 24 | $13.4B | $3.2B | ||
| Q3 24 | $12.8B | $3.3B | ||
| Q2 24 | $13.3B | $3.2B |
| Q1 26 | — | — | ||
| Q4 25 | 0.72× | 1.11× | ||
| Q3 25 | 0.68× | 1.21× | ||
| Q2 25 | 0.72× | 1.37× | ||
| Q1 25 | 0.69× | 1.48× | ||
| Q4 24 | 0.70× | 1.56× | ||
| Q3 24 | 0.64× | 1.40× | ||
| Q2 24 | 0.71× | 1.47× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $864.3M | $102.9M |
| Free Cash FlowOCF − Capex | $823.7M | $83.0M |
| FCF MarginFCF / Revenue | 181.0% | 29.3% |
| Capex IntensityCapex / Revenue | 8.9% | — |
| Cash ConversionOCF / Net Profit | 5.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | $145.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $102.9M | ||
| Q4 25 | $864.3M | $47.6M | ||
| Q3 25 | $223.3M | $13.9M | ||
| Q2 25 | $271.9M | $26.6M | ||
| Q1 25 | $223.4M | $48.4M | ||
| Q4 24 | $811.5M | $167.3M | ||
| Q3 24 | $233.6M | $170.1M | ||
| Q2 24 | $274.0M | $127.1M |
| Q1 26 | — | $83.0M | ||
| Q4 25 | $823.7M | $37.8M | ||
| Q3 25 | $214.5M | $5.9M | ||
| Q2 25 | $257.7M | $18.4M | ||
| Q1 25 | $215.9M | $33.8M | ||
| Q4 24 | $777.5M | $159.2M | ||
| Q3 24 | $225.3M | $161.6M | ||
| Q2 24 | $263.3M | $117.4M |
| Q1 26 | — | 29.3% | ||
| Q4 25 | 181.0% | 11.0% | ||
| Q3 25 | 44.8% | 1.4% | ||
| Q2 25 | 56.3% | 5.1% | ||
| Q1 25 | 47.0% | 9.5% | ||
| Q4 24 | 178.1% | 41.6% | ||
| Q3 24 | 50.6% | 42.4% | ||
| Q2 24 | 62.2% | 38.7% |
| Q1 26 | — | — | ||
| Q4 25 | 8.9% | 2.8% | ||
| Q3 25 | 1.8% | 2.0% | ||
| Q2 25 | 3.1% | 2.3% | ||
| Q1 25 | 1.6% | 4.1% | ||
| Q4 24 | 7.8% | 2.1% | ||
| Q3 24 | 1.9% | 2.2% | ||
| Q2 24 | 2.5% | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | 5.99× | 1.23× | ||
| Q3 25 | 1.91× | 0.21× | ||
| Q2 25 | 2.20× | 0.72× | ||
| Q1 25 | 1.74× | 1.63× | ||
| Q4 24 | 5.64× | 2.69× | ||
| Q3 24 | 2.67× | 3.72× | ||
| Q2 24 | 2.52× | 11.73× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
