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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and Enphase Energy (ENPH). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $233.0M, roughly 1.2× CSW INDUSTRIALS, INC.). CSW INDUSTRIALS, INC. runs the higher net margin — 4.4% vs -2.6%, a 7.0% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $22.7M). Over the past eight quarters, CSW INDUSTRIALS, INC.'s revenue compounded faster (5.1% CAGR vs -3.4%).
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.
CSW vs ENPH — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $282.9M |
| Net Profit | $10.3M | $-7.4M |
| Gross Margin | 39.7% | 35.5% |
| Operating Margin | 7.4% | 54.0% |
| Net Margin | 4.4% | -2.6% |
| Revenue YoY | 20.3% | -20.6% |
| Net Profit YoY | -61.9% | -124.9% |
| EPS (diluted) | $0.62 | $-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 | $233.0M | $343.3M | ||
| Q3 25 | $277.0M | $410.4M | ||
| Q2 25 | $263.6M | $363.2M | ||
| Q1 25 | $230.5M | $356.1M | ||
| Q4 24 | $193.6M | $382.7M | ||
| Q3 24 | $227.9M | $380.9M | ||
| Q2 24 | $226.2M | $303.5M |
| Q1 26 | — | $-7.4M | ||
| Q4 25 | $10.3M | $38.7M | ||
| Q3 25 | $40.7M | $66.6M | ||
| Q2 25 | $40.9M | $37.1M | ||
| Q1 25 | $35.1M | $29.7M | ||
| Q4 24 | $26.9M | $62.2M | ||
| Q3 24 | $36.1M | $45.8M | ||
| Q2 24 | $38.6M | $10.8M |
| Q1 26 | — | 35.5% | ||
| Q4 25 | 39.7% | 44.3% | ||
| Q3 25 | 43.0% | 47.8% | ||
| Q2 25 | 43.8% | 46.9% | ||
| Q1 25 | 44.2% | 47.2% | ||
| Q4 24 | 41.4% | 51.8% | ||
| Q3 24 | 45.6% | 46.8% | ||
| Q2 24 | 47.5% | 45.2% |
| Q1 26 | — | 54.0% | ||
| Q4 25 | 7.4% | 6.5% | ||
| Q3 25 | 20.5% | 16.1% | ||
| Q2 25 | 20.8% | 10.2% | ||
| Q1 25 | 19.5% | 9.0% | ||
| Q4 24 | 15.3% | 14.3% | ||
| Q3 24 | 22.6% | 13.1% | ||
| Q2 24 | 24.3% | 0.6% |
| Q1 26 | — | -2.6% | ||
| Q4 25 | 4.4% | 11.3% | ||
| Q3 25 | 14.7% | 16.2% | ||
| Q2 25 | 15.5% | 10.2% | ||
| Q1 25 | 15.2% | 8.3% | ||
| Q4 24 | 13.9% | 16.2% | ||
| Q3 24 | 15.8% | 12.0% | ||
| Q2 24 | 17.1% | 3.6% |
| Q1 26 | — | $-0.06 | ||
| Q4 25 | $0.62 | $0.29 | ||
| Q3 25 | $2.41 | $0.50 | ||
| Q2 25 | $2.43 | $0.28 | ||
| Q1 25 | $2.05 | $0.22 | ||
| Q4 24 | $1.60 | $0.46 | ||
| Q3 24 | $2.26 | $0.33 | ||
| Q2 24 | $2.47 | $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 | $40.2M | $497.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $1.1B |
| Total Assets | $2.3B | $2.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $497.5M | ||
| Q4 25 | $40.2M | $1.5B | ||
| Q3 25 | $31.5M | $1.5B | ||
| Q2 25 | $38.0M | $1.5B | ||
| Q1 25 | $225.8M | $1.5B | ||
| Q4 24 | $213.8M | $1.6B | ||
| Q3 24 | $273.2M | $1.8B | ||
| Q2 24 | $18.9M | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | $800.1M | $1.2B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $1.1B | $995.0M | ||
| Q2 25 | $1.1B | $880.6M | ||
| Q1 25 | $1.1B | $810.7M | ||
| Q4 24 | $1.0B | $833.0M | ||
| Q3 24 | $1.0B | $931.4M | ||
| Q2 24 | $650.2M | $884.5M |
| Q1 26 | — | $2.7B | ||
| Q4 25 | $2.3B | $3.5B | ||
| Q3 25 | $1.5B | $3.3B | ||
| Q2 25 | $1.5B | $3.2B | ||
| Q1 25 | $1.4B | $3.1B | ||
| Q4 24 | $1.4B | $3.2B | ||
| Q3 24 | $1.4B | $3.3B | ||
| Q2 24 | $1.1B | $3.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.21× | ||
| Q2 25 | — | 1.37× | ||
| Q1 25 | 0.75× | 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 | $28.9M | $102.9M |
| Free Cash FlowOCF − Capex | $22.7M | $83.0M |
| FCF MarginFCF / Revenue | 9.8% | 29.3% |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | 2.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $145.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $102.9M | ||
| Q4 25 | $28.9M | $47.6M | ||
| Q3 25 | $61.8M | $13.9M | ||
| Q2 25 | $60.6M | $26.6M | ||
| Q1 25 | $27.3M | $48.4M | ||
| Q4 24 | $11.6M | $167.3M | ||
| Q3 24 | $66.8M | $170.1M | ||
| Q2 24 | $62.7M | $127.1M |
| Q1 26 | — | $83.0M | ||
| Q4 25 | $22.7M | $37.8M | ||
| Q3 25 | $58.7M | $5.9M | ||
| Q2 25 | $57.7M | $18.4M | ||
| Q1 25 | $22.8M | $33.8M | ||
| Q4 24 | $8.5M | $159.2M | ||
| Q3 24 | $61.3M | $161.6M | ||
| Q2 24 | $59.6M | $117.4M |
| Q1 26 | — | 29.3% | ||
| Q4 25 | 9.8% | 11.0% | ||
| Q3 25 | 21.2% | 1.4% | ||
| Q2 25 | 21.9% | 5.1% | ||
| Q1 25 | 9.9% | 9.5% | ||
| Q4 24 | 4.4% | 41.6% | ||
| Q3 24 | 26.9% | 42.4% | ||
| Q2 24 | 26.3% | 38.7% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 2.8% | ||
| Q3 25 | 1.1% | 2.0% | ||
| Q2 25 | 1.1% | 2.3% | ||
| Q1 25 | 2.0% | 4.1% | ||
| Q4 24 | 1.6% | 2.1% | ||
| Q3 24 | 2.4% | 2.2% | ||
| Q2 24 | 1.4% | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.81× | 1.23× | ||
| Q3 25 | 1.52× | 0.21× | ||
| Q2 25 | 1.48× | 0.72× | ||
| Q1 25 | 0.78× | 1.63× | ||
| Q4 24 | 0.43× | 2.69× | ||
| Q3 24 | 1.85× | 3.72× | ||
| Q2 24 | 1.62× | 11.73× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
ENPH
Segment breakdown not available.
