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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and Enphase Energy (ENPH). Click either name above to swap in a different company.
APOGEE ENTERPRISES, INC. is the larger business by last-quarter revenue ($348.6M vs $282.9M, roughly 1.2× Enphase Energy). APOGEE ENTERPRISES, INC. runs the higher net margin — 4.7% vs -2.6%, a 7.4% gap on every dollar of revenue. On growth, APOGEE ENTERPRISES, INC. posted the faster year-over-year revenue change (2.1% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $22.9M). Over the past eight quarters, APOGEE ENTERPRISES, INC.'s revenue compounded faster (-1.9% CAGR vs -3.4%).
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
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.
APOG vs ENPH — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $348.6M | $282.9M |
| Net Profit | $16.5M | $-7.4M |
| Gross Margin | 23.8% | 35.5% |
| Operating Margin | 7.1% | — |
| Net Margin | 4.7% | -2.6% |
| Revenue YoY | 2.1% | -20.6% |
| Net Profit YoY | -21.2% | -124.9% |
| EPS (diluted) | $0.77 | $-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 | $348.6M | $343.3M | ||
| Q3 25 | $358.2M | $410.4M | ||
| Q2 25 | $346.6M | $363.2M | ||
| Q1 25 | $345.7M | $356.1M | ||
| Q4 24 | $341.3M | $382.7M | ||
| Q3 24 | $342.4M | $380.9M | ||
| Q2 24 | $331.5M | $303.5M |
| Q1 26 | — | $-7.4M | ||
| Q4 25 | $16.5M | $38.7M | ||
| Q3 25 | $23.6M | $66.6M | ||
| Q2 25 | $-2.7M | $37.1M | ||
| Q1 25 | $2.5M | $29.7M | ||
| Q4 24 | $21.0M | $62.2M | ||
| Q3 24 | $30.6M | $45.8M | ||
| Q2 24 | $31.0M | $10.8M |
| Q1 26 | — | 35.5% | ||
| Q4 25 | 23.8% | 44.3% | ||
| Q3 25 | 23.1% | 47.8% | ||
| Q2 25 | 21.7% | 46.9% | ||
| Q1 25 | 21.6% | 47.2% | ||
| Q4 24 | 26.1% | 51.8% | ||
| Q3 24 | 28.4% | 46.8% | ||
| Q2 24 | 29.8% | 45.2% |
| Q1 26 | — | — | ||
| Q4 25 | 7.1% | 6.5% | ||
| Q3 25 | 7.5% | 16.1% | ||
| Q2 25 | 2.0% | 10.2% | ||
| Q1 25 | 1.8% | 9.0% | ||
| Q4 24 | 8.4% | 14.3% | ||
| Q3 24 | 12.3% | 13.1% | ||
| Q2 24 | 12.5% | 0.6% |
| Q1 26 | — | -2.6% | ||
| Q4 25 | 4.7% | 11.3% | ||
| Q3 25 | 6.6% | 16.2% | ||
| Q2 25 | -0.8% | 10.2% | ||
| Q1 25 | 0.7% | 8.3% | ||
| Q4 24 | 6.1% | 16.2% | ||
| Q3 24 | 8.9% | 12.0% | ||
| Q2 24 | 9.4% | 3.6% |
| Q1 26 | — | $-0.06 | ||
| Q4 25 | $0.77 | $0.29 | ||
| Q3 25 | $1.10 | $0.50 | ||
| Q2 25 | $-0.13 | $0.28 | ||
| Q1 25 | $0.12 | $0.22 | ||
| Q4 24 | $0.96 | $0.46 | ||
| Q3 24 | $1.40 | $0.33 | ||
| Q2 24 | $1.41 | $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 | $41.3M | $497.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $512.3M | $1.1B |
| Total Assets | $1.1B | $2.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $497.5M | ||
| Q4 25 | $41.3M | $1.5B | ||
| Q3 25 | $39.5M | $1.5B | ||
| Q2 25 | $32.8M | $1.5B | ||
| Q1 25 | $41.4M | $1.5B | ||
| Q4 24 | $43.9M | $1.6B | ||
| Q3 24 | $51.0M | $1.8B | ||
| Q2 24 | $30.4M | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | $285.0M | $1.2B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $512.3M | $1.1B | ||
| Q3 25 | $500.2M | $995.0M | ||
| Q2 25 | $481.8M | $880.6M | ||
| Q1 25 | $487.9M | $810.7M | ||
| Q4 24 | $522.1M | $833.0M | ||
| Q3 24 | $506.4M | $931.4M | ||
| Q2 24 | $480.0M | $884.5M |
| Q1 26 | — | $2.7B | ||
| Q4 25 | $1.1B | $3.5B | ||
| Q3 25 | $1.2B | $3.3B | ||
| Q2 25 | $1.2B | $3.2B | ||
| Q1 25 | $1.2B | $3.1B | ||
| Q4 24 | $1.2B | $3.2B | ||
| Q3 24 | $917.1M | $3.3B | ||
| Q2 24 | $889.0M | $3.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.21× | ||
| Q2 25 | — | 1.37× | ||
| Q1 25 | 0.58× | 1.48× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | — | 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 | $29.3M | $102.9M |
| Free Cash FlowOCF − Capex | $22.9M | $83.0M |
| FCF MarginFCF / Revenue | 6.6% | 29.3% |
| Capex IntensityCapex / Revenue | 1.9% | — |
| Cash ConversionOCF / Net Profit | 1.77× | — |
| TTM Free Cash FlowTrailing 4 quarters | $67.4M | $145.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $102.9M | ||
| Q4 25 | $29.3M | $47.6M | ||
| Q3 25 | $57.1M | $13.9M | ||
| Q2 25 | $-19.8M | $26.6M | ||
| Q1 25 | $30.0M | $48.4M | ||
| Q4 24 | $31.0M | $167.3M | ||
| Q3 24 | $58.7M | $170.1M | ||
| Q2 24 | $5.5M | $127.1M |
| Q1 26 | — | $83.0M | ||
| Q4 25 | $22.9M | $37.8M | ||
| Q3 25 | $52.4M | $5.9M | ||
| Q2 25 | $-26.9M | $18.4M | ||
| Q1 25 | $19.1M | $33.8M | ||
| Q4 24 | $22.0M | $159.2M | ||
| Q3 24 | $50.2M | $161.6M | ||
| Q2 24 | $-1.8M | $117.4M |
| Q1 26 | — | 29.3% | ||
| Q4 25 | 6.6% | 11.0% | ||
| Q3 25 | 14.6% | 1.4% | ||
| Q2 25 | -7.8% | 5.1% | ||
| Q1 25 | 5.5% | 9.5% | ||
| Q4 24 | 6.4% | 41.6% | ||
| Q3 24 | 14.7% | 42.4% | ||
| Q2 24 | -0.5% | 38.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 2.8% | ||
| Q3 25 | 1.3% | 2.0% | ||
| Q2 25 | 2.1% | 2.3% | ||
| Q1 25 | 3.2% | 4.1% | ||
| Q4 24 | 2.6% | 2.1% | ||
| Q3 24 | 2.5% | 2.2% | ||
| Q2 24 | 2.2% | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.77× | 1.23× | ||
| Q3 25 | 2.41× | 0.21× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | 12.08× | 1.63× | ||
| Q4 24 | 1.48× | 2.69× | ||
| Q3 24 | 1.92× | 3.72× | ||
| Q2 24 | 0.18× | 11.73× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APOG
| Transferred At Point In Time | $163.0M | 47% |
| Architectural Services Segment | $105.2M | 30% |
| Performance Surfaces | $53.0M | 15% |
| UW Interco LLC | $27.9M | 8% |
ENPH
Segment breakdown not available.
