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Side-by-side financial comparison of Enphase Energy (ENPH) and Essex Property Trust (ESS). Click either name above to swap in a different company.
Essex Property Trust is the larger business by last-quarter revenue ($479.6M vs $282.9M, roughly 1.7× Enphase Energy). Essex Property Trust runs the higher net margin — 17.9% vs -2.6%, a 20.5% gap on every dollar of revenue. On growth, Essex Property Trust posted the faster year-over-year revenue change (5.5% vs -20.6%). Over the past eight quarters, Essex Property Trust's revenue compounded faster (6.0% 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.
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.
ENPH vs ESS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $479.6M |
| Net Profit | $-7.4M | $85.7M |
| Gross Margin | 35.5% | 70.0% |
| Operating Margin | — | 31.7% |
| Net Margin | -2.6% | 17.9% |
| Revenue YoY | -20.6% | 5.5% |
| Net Profit YoY | -124.9% | -71.6% |
| EPS (diluted) | $-0.06 | $1.24 |
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 | $479.6M | ||
| Q3 25 | $410.4M | $473.3M | ||
| Q2 25 | $363.2M | $469.8M | ||
| Q1 25 | $356.1M | $464.6M | ||
| Q4 24 | $382.7M | $454.5M | ||
| Q3 24 | $380.9M | $450.7M | ||
| Q2 24 | $303.5M | $442.4M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $85.7M | ||
| Q3 25 | $66.6M | $172.7M | ||
| Q2 25 | $37.1M | $231.5M | ||
| Q1 25 | $29.7M | $212.8M | ||
| Q4 24 | $62.2M | $301.7M | ||
| Q3 24 | $45.8M | $125.5M | ||
| Q2 24 | $10.8M | $99.0M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 70.0% | ||
| Q3 25 | 47.8% | 69.2% | ||
| Q2 25 | 46.9% | 70.7% | ||
| Q1 25 | 47.2% | 69.6% | ||
| Q4 24 | 51.8% | 70.0% | ||
| Q3 24 | 46.8% | 69.5% | ||
| Q2 24 | 45.2% | 70.8% |
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 31.7% | ||
| Q3 25 | 16.1% | 44.5% | ||
| Q2 25 | 10.2% | 59.5% | ||
| Q1 25 | 9.0% | 55.3% | ||
| Q4 24 | 14.3% | 67.0% | ||
| Q3 24 | 13.1% | 28.6% | ||
| Q2 24 | 0.6% | 31.1% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 17.9% | ||
| Q3 25 | 16.2% | 36.5% | ||
| Q2 25 | 10.2% | 49.3% | ||
| Q1 25 | 8.3% | 45.8% | ||
| Q4 24 | 16.2% | 66.4% | ||
| Q3 24 | 12.0% | 27.8% | ||
| Q2 24 | 3.6% | 22.4% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $1.24 | ||
| Q3 25 | $0.50 | $2.56 | ||
| Q2 25 | $0.28 | $3.44 | ||
| Q1 25 | $0.22 | $3.16 | ||
| Q4 24 | $0.46 | $4.00 | ||
| Q3 24 | $0.33 | $1.84 | ||
| Q2 24 | $0.08 | $1.45 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $497.5M | $76.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $5.5B |
| Total Assets | $2.7B | $13.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $76.2M | ||
| Q3 25 | $1.5B | $66.0M | ||
| Q2 25 | $1.5B | $58.7M | ||
| Q1 25 | $1.5B | $98.7M | ||
| Q4 24 | $1.6B | $66.8M | ||
| Q3 24 | $1.8B | $71.3M | ||
| Q2 24 | $1.6B | $55.2M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $6.4B | ||
| Q2 25 | $1.2B | $6.4B | ||
| Q1 25 | $1.2B | $6.8B | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | $6.4B | ||
| Q2 24 | $1.3B | $6.2B |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $5.5B | ||
| Q3 25 | $995.0M | $5.6B | ||
| Q2 25 | $880.6M | $5.6B | ||
| Q1 25 | $810.7M | $5.6B | ||
| Q4 24 | $833.0M | $5.5B | ||
| Q3 24 | $931.4M | $5.4B | ||
| Q2 24 | $884.5M | $5.5B |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $13.2B | ||
| Q3 25 | $3.3B | $13.2B | ||
| Q2 25 | $3.2B | $13.2B | ||
| Q1 25 | $3.1B | $13.2B | ||
| Q4 24 | $3.2B | $12.9B | ||
| Q3 24 | $3.3B | $12.6B | ||
| Q2 24 | $3.2B | $12.5B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | — | ||
| Q3 25 | 1.21× | 1.15× | ||
| Q2 25 | 1.37× | 1.14× | ||
| Q1 25 | 1.48× | 1.22× | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 1.40× | 1.18× | ||
| Q2 24 | 1.47× | 1.13× |
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 | $102.9M | $1.1B |
| Free Cash FlowOCF − Capex | $83.0M | — |
| FCF MarginFCF / Revenue | 29.3% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 12.53× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $1.1B | ||
| Q3 25 | $13.9M | $342.6M | ||
| Q2 25 | $26.6M | $216.1M | ||
| Q1 25 | $48.4M | $281.5M | ||
| Q4 24 | $167.3M | $1.1B | ||
| Q3 24 | $170.1M | $316.2M | ||
| Q2 24 | $127.1M | $218.9M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | — | ||
| Q3 25 | $5.9M | — | ||
| Q2 25 | $18.4M | — | ||
| Q1 25 | $33.8M | — | ||
| Q4 24 | $159.2M | — | ||
| Q3 24 | $161.6M | — | ||
| Q2 24 | $117.4M | — |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 5.1% | — | ||
| Q1 25 | 9.5% | — | ||
| Q4 24 | 41.6% | — | ||
| Q3 24 | 42.4% | — | ||
| Q2 24 | 38.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | — | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 4.1% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 2.2% | — | ||
| Q2 24 | 3.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 12.53× | ||
| Q3 25 | 0.21× | 1.98× | ||
| Q2 25 | 0.72× | 0.93× | ||
| Q1 25 | 1.63× | 1.32× | ||
| Q4 24 | 2.69× | 3.54× | ||
| Q3 24 | 3.72× | 2.52× | ||
| Q2 24 | 11.73× | 2.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
