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Side-by-side financial comparison of Distribution Solutions Group, Inc. (DSGR) and Enphase Energy (ENPH). Click either name above to swap in a different company.
Distribution Solutions Group, Inc. is the larger business by last-quarter revenue ($518.0M vs $282.9M, roughly 1.8× Enphase Energy). Distribution Solutions Group, Inc. runs the higher net margin — 1.2% vs -2.6%, a 3.9% gap on every dollar of revenue. On growth, Distribution Solutions Group, Inc. posted the faster year-over-year revenue change (10.7% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $32.9M). Over the past eight quarters, Distribution Solutions Group, Inc.'s revenue compounded faster (13.1% CAGR vs -3.4%).
Univar Solutions Inc. is a global chemical and ingredients distributor and provider of value-added services.
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.
DSGR vs ENPH — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $518.0M | $282.9M |
| Net Profit | $6.5M | $-7.4M |
| Gross Margin | 32.9% | 35.5% |
| Operating Margin | 4.6% | — |
| Net Margin | 1.2% | -2.6% |
| Revenue YoY | 10.7% | -20.6% |
| Net Profit YoY | -70.6% | -124.9% |
| EPS (diluted) | $0.14 | $-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 | — | $343.3M | ||
| Q3 25 | $518.0M | $410.4M | ||
| Q2 25 | $502.4M | $363.2M | ||
| Q1 25 | $478.0M | $356.1M | ||
| Q4 24 | $480.5M | $382.7M | ||
| Q3 24 | $468.0M | $380.9M | ||
| Q2 24 | $439.5M | $303.5M |
| Q1 26 | — | $-7.4M | ||
| Q4 25 | — | $38.7M | ||
| Q3 25 | $6.5M | $66.6M | ||
| Q2 25 | $5.0M | $37.1M | ||
| Q1 25 | $3.3M | $29.7M | ||
| Q4 24 | $-25.9M | $62.2M | ||
| Q3 24 | $21.9M | $45.8M | ||
| Q2 24 | $1.9M | $10.8M |
| Q1 26 | — | 35.5% | ||
| Q4 25 | — | 44.3% | ||
| Q3 25 | 32.9% | 47.8% | ||
| Q2 25 | 33.9% | 46.9% | ||
| Q1 25 | 34.3% | 47.2% | ||
| Q4 24 | 33.3% | 51.8% | ||
| Q3 24 | 33.9% | 46.8% | ||
| Q2 24 | 34.5% | 45.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.5% | ||
| Q3 25 | 4.6% | 16.1% | ||
| Q2 25 | 5.3% | 10.2% | ||
| Q1 25 | 4.2% | 9.0% | ||
| Q4 24 | 4.2% | 14.3% | ||
| Q3 24 | 4.0% | 13.1% | ||
| Q2 24 | 3.2% | 0.6% |
| Q1 26 | — | -2.6% | ||
| Q4 25 | — | 11.3% | ||
| Q3 25 | 1.2% | 16.2% | ||
| Q2 25 | 1.0% | 10.2% | ||
| Q1 25 | 0.7% | 8.3% | ||
| Q4 24 | -5.4% | 16.2% | ||
| Q3 24 | 4.7% | 12.0% | ||
| Q2 24 | 0.4% | 3.6% |
| Q1 26 | — | $-0.06 | ||
| Q4 25 | — | $0.29 | ||
| Q3 25 | $0.14 | $0.50 | ||
| Q2 25 | $0.11 | $0.28 | ||
| Q1 25 | $0.07 | $0.22 | ||
| Q4 24 | $-0.55 | $0.46 | ||
| Q3 24 | $0.46 | $0.33 | ||
| Q2 24 | $0.04 | $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 | $69.2M | $497.5M |
| Total DebtLower is stronger | $665.5M | — |
| Stockholders' EquityBook value | $653.9M | $1.1B |
| Total Assets | $1.8B | $2.7B |
| Debt / EquityLower = less leverage | 1.02× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $497.5M | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | $69.2M | $1.5B | ||
| Q2 25 | $47.4M | $1.5B | ||
| Q1 25 | $65.4M | $1.5B | ||
| Q4 24 | $66.5M | $1.6B | ||
| Q3 24 | $61.3M | $1.8B | ||
| Q2 24 | $46.8M | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $665.5M | $1.2B | ||
| Q2 25 | $675.0M | $1.2B | ||
| Q1 25 | $712.4M | $1.2B | ||
| Q4 24 | $693.9M | $1.3B | ||
| Q3 24 | $704.1M | $1.3B | ||
| Q2 24 | $573.7M | $1.3B |
| Q1 26 | — | $1.1B | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | $653.9M | $995.0M | ||
| Q2 25 | $649.4M | $880.6M | ||
| Q1 25 | $636.7M | $810.7M | ||
| Q4 24 | $640.5M | $833.0M | ||
| Q3 24 | $680.8M | $931.4M | ||
| Q2 24 | $653.3M | $884.5M |
| Q1 26 | — | $2.7B | ||
| Q4 25 | — | $3.5B | ||
| Q3 25 | $1.8B | $3.3B | ||
| Q2 25 | $1.8B | $3.2B | ||
| Q1 25 | $1.8B | $3.1B | ||
| Q4 24 | $1.7B | $3.2B | ||
| Q3 24 | $1.8B | $3.3B | ||
| Q2 24 | $1.6B | $3.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.11× | ||
| Q3 25 | 1.02× | 1.21× | ||
| Q2 25 | 1.04× | 1.37× | ||
| Q1 25 | 1.12× | 1.48× | ||
| Q4 24 | 1.08× | 1.56× | ||
| Q3 24 | 1.03× | 1.40× | ||
| Q2 24 | 0.88× | 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 | $38.4M | $102.9M |
| Free Cash FlowOCF − Capex | $32.9M | $83.0M |
| FCF MarginFCF / Revenue | 6.3% | 29.3% |
| Capex IntensityCapex / Revenue | 1.1% | — |
| Cash ConversionOCF / Net Profit | 5.95× | — |
| TTM Free Cash FlowTrailing 4 quarters | $92.2M | $145.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $102.9M | ||
| Q4 25 | — | $47.6M | ||
| Q3 25 | $38.4M | $13.9M | ||
| Q2 25 | $33.3M | $26.6M | ||
| Q1 25 | $-4.8M | $48.4M | ||
| Q4 24 | $45.7M | $167.3M | ||
| Q3 24 | $-17.3M | $170.1M | ||
| Q2 24 | $21.4M | $127.1M |
| Q1 26 | — | $83.0M | ||
| Q4 25 | — | $37.8M | ||
| Q3 25 | $32.9M | $5.9M | ||
| Q2 25 | $28.7M | $18.4M | ||
| Q1 25 | $-10.4M | $33.8M | ||
| Q4 24 | $41.1M | $159.2M | ||
| Q3 24 | $-20.5M | $161.6M | ||
| Q2 24 | $18.0M | $117.4M |
| Q1 26 | — | 29.3% | ||
| Q4 25 | — | 11.0% | ||
| Q3 25 | 6.3% | 1.4% | ||
| Q2 25 | 5.7% | 5.1% | ||
| Q1 25 | -2.2% | 9.5% | ||
| Q4 24 | 8.6% | 41.6% | ||
| Q3 24 | -4.4% | 42.4% | ||
| Q2 24 | 4.1% | 38.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.8% | ||
| Q3 25 | 1.1% | 2.0% | ||
| Q2 25 | 0.9% | 2.3% | ||
| Q1 25 | 1.2% | 4.1% | ||
| Q4 24 | 1.0% | 2.1% | ||
| Q3 24 | 0.7% | 2.2% | ||
| Q2 24 | 0.8% | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.23× | ||
| Q3 25 | 5.95× | 0.21× | ||
| Q2 25 | 6.66× | 0.72× | ||
| Q1 25 | -1.46× | 1.63× | ||
| Q4 24 | — | 2.69× | ||
| Q3 24 | -0.79× | 3.72× | ||
| Q2 24 | 11.28× | 11.73× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DSGR
| Test Equity Segment | $206.5M | 40% |
| Gexpro Services Segment | $130.5M | 25% |
| Lawson Segment | $121.5M | 23% |
| Canada Branch Division Segment | $60.0M | 12% |
ENPH
Segment breakdown not available.
