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Side-by-side financial comparison of Alexandria Real Estate Equities (ARE) and EnerSys (ENS). Click either name above to swap in a different company.
EnerSys is the larger business by last-quarter revenue ($919.1M vs $671.0M, roughly 1.4× Alexandria Real Estate Equities). Alexandria Real Estate Equities runs the higher net margin — 59.4% vs 9.8%, a 49.5% gap on every dollar of revenue. On growth, EnerSys posted the faster year-over-year revenue change (1.4% vs -11.5%). Over the past eight quarters, EnerSys's revenue compounded faster (0.5% CAGR vs -6.4%).
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office real estate investment trust (REIT), is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech campuses in AAA innovation cluster locations, with a total market capitalization of $31.9 billion as of December 31, 2020, and an asset base in North America of 49.7 million square feet (SF). The asset base in North America includes 31.9...
EnerSys is a stored energy systems and technology provider for industrial applications. The company manufactures reserve-power and motive-power batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosures.
ARE vs ENS — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $671.0M | $919.1M |
| Net Profit | $398.4M | $90.4M |
| Gross Margin | — | 30.1% |
| Operating Margin | — | 13.5% |
| Net Margin | 59.4% | 9.8% |
| Revenue YoY | -11.5% | 1.4% |
| Net Profit YoY | 740.6% | -21.3% |
| EPS (diluted) | $2.10 | $2.40 |
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 | $671.0M | — | ||
| Q4 25 | $754.4M | $919.1M | ||
| Q3 25 | $751.9M | $951.3M | ||
| Q2 25 | $762.0M | $893.0M | ||
| Q1 25 | $758.2M | $974.8M | ||
| Q4 24 | $788.9M | $906.2M | ||
| Q3 24 | $791.6M | $883.7M | ||
| Q2 24 | $766.7M | $852.9M |
| Q1 26 | $398.4M | — | ||
| Q4 25 | $-1.1B | $90.4M | ||
| Q3 25 | $-232.8M | $68.4M | ||
| Q2 25 | $-107.0M | $57.5M | ||
| Q1 25 | $-8.9M | $96.5M | ||
| Q4 24 | $-62.2M | $114.8M | ||
| Q3 24 | $167.9M | $82.3M | ||
| Q2 24 | $46.7M | $70.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 30.1% | ||
| Q3 25 | — | 29.1% | ||
| Q2 25 | — | 28.4% | ||
| Q1 25 | — | 31.2% | ||
| Q4 24 | — | 32.9% | ||
| Q3 24 | — | 28.5% | ||
| Q2 24 | — | 27.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 13.5% | ||
| Q3 25 | — | 9.7% | ||
| Q2 25 | — | 9.7% | ||
| Q1 25 | — | 13.5% | ||
| Q4 24 | — | 15.7% | ||
| Q3 24 | — | 11.2% | ||
| Q2 24 | — | 10.7% |
| Q1 26 | 59.4% | — | ||
| Q4 25 | -143.3% | 9.8% | ||
| Q3 25 | -31.0% | 7.2% | ||
| Q2 25 | -14.0% | 6.4% | ||
| Q1 25 | -1.2% | 9.9% | ||
| Q4 24 | -7.9% | 12.7% | ||
| Q3 24 | 21.2% | 9.3% | ||
| Q2 24 | 6.1% | 8.2% |
| Q1 26 | $2.10 | — | ||
| Q4 25 | $-6.35 | $2.40 | ||
| Q3 25 | $-1.38 | $1.80 | ||
| Q2 25 | $-0.64 | $1.46 | ||
| Q1 25 | $-0.07 | $2.39 | ||
| Q4 24 | $-0.38 | $2.88 | ||
| Q3 24 | $0.96 | $2.01 | ||
| Q2 24 | $0.25 | $1.71 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $418.7M | $450.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $19.4B | $1.9B |
| Total Assets | $34.2B | $4.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $418.7M | — | ||
| Q4 25 | $549.1M | $450.1M | ||
| Q3 25 | $579.5M | $388.6M | ||
| Q2 25 | $520.5M | $346.7M | ||
| Q1 25 | $476.4M | $343.1M | ||
| Q4 24 | $552.1M | $463.2M | ||
| Q3 24 | $562.6M | $407.9M | ||
| Q2 24 | $561.0M | $344.1M |
| Q1 26 | — | — | ||
| Q4 25 | $12.4B | — | ||
| Q3 25 | $13.6B | — | ||
| Q2 25 | $13.3B | — | ||
| Q1 25 | $13.1B | $1.1B | ||
| Q4 24 | $12.2B | — | ||
| Q3 24 | $12.7B | — | ||
| Q2 24 | $12.4B | — |
| Q1 26 | $19.4B | — | ||
| Q4 25 | $15.5B | $1.9B | ||
| Q3 25 | $16.6B | $1.9B | ||
| Q2 25 | $17.2B | $1.9B | ||
| Q1 25 | $17.5B | $1.9B | ||
| Q4 24 | $17.9B | $1.8B | ||
| Q3 24 | $18.2B | $1.8B | ||
| Q2 24 | $18.3B | $1.8B |
| Q1 26 | $34.2B | — | ||
| Q4 25 | $34.1B | $4.0B | ||
| Q3 25 | $37.4B | $4.1B | ||
| Q2 25 | $37.6B | $4.1B | ||
| Q1 25 | $37.6B | $4.0B | ||
| Q4 24 | $37.5B | $4.0B | ||
| Q3 24 | $38.5B | $4.0B | ||
| Q2 24 | $37.8B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.77× | — | ||
| Q1 25 | 0.75× | 0.57× | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 0.68× | — |
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 | $475.0M | $184.6M |
| Free Cash FlowOCF − Capex | — | $171.3M |
| FCF MarginFCF / Revenue | — | 18.6% |
| Capex IntensityCapex / Revenue | 76.0% | 1.4% |
| Cash ConversionOCF / Net Profit | 1.19× | 2.04× |
| TTM Free Cash FlowTrailing 4 quarters | — | $441.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $475.0M | — | ||
| Q4 25 | $312.4M | $184.6M | ||
| Q3 25 | $433.5M | $218.0M | ||
| Q2 25 | $460.2M | $968.0K | ||
| Q1 25 | $207.9M | $135.2M | ||
| Q4 24 | $274.2M | $81.1M | ||
| Q3 24 | $477.4M | $33.6M | ||
| Q2 24 | $411.8M | $10.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $171.3M | ||
| Q3 25 | — | $197.1M | ||
| Q2 25 | — | $-32.1M | ||
| Q1 25 | — | $104.9M | ||
| Q4 24 | — | $56.8M | ||
| Q3 24 | — | $3.3M | ||
| Q2 24 | — | $-25.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 18.6% | ||
| Q3 25 | — | 20.7% | ||
| Q2 25 | — | -3.6% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 6.3% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | -3.0% |
| Q1 26 | 76.0% | — | ||
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 3.7% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | — | 4.2% |
| Q1 26 | 1.19× | — | ||
| Q4 25 | — | 2.04× | ||
| Q3 25 | — | 3.19× | ||
| Q2 25 | — | 0.02× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 0.71× | ||
| Q3 24 | 2.84× | 0.41× | ||
| Q2 24 | 8.82× | 0.15× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARE
| Same properties | $431.4M | 64% |
| Tenant recoveries | $178.2M | 27% |
| Non-same properties | $43.3M | 6% |
| Other | $18.0M | 3% |
ENS
| Energy Systems | $399.5M | 43% |
| Motive Power | $352.0M | 38% |
| Services | $92.6M | 10% |
| Transferred Over Time | $38.2M | 4% |
| Other | $36.8M | 4% |
