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Side-by-side financial comparison of Enphase Energy (ENPH) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $143.5M, roughly 2.0× FTAI Infrastructure Inc.). Enphase Energy runs the higher net margin — -2.6% vs -68.1%, a 65.5% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% 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.
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
ENPH vs FIP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $143.5M |
| Net Profit | $-7.4M | $-97.7M |
| Gross Margin | 35.5% | — |
| Operating Margin | 54.0% | -45.7% |
| Net Margin | -2.6% | -68.1% |
| Revenue YoY | -20.6% | 77.7% |
| Net Profit YoY | -124.9% | 21.6% |
| EPS (diluted) | $-0.06 | $-1.04 |
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 | $143.5M | ||
| Q3 25 | $410.4M | $140.6M | ||
| Q2 25 | $363.2M | $122.3M | ||
| Q1 25 | $356.1M | $96.2M | ||
| Q4 24 | $382.7M | $80.8M | ||
| Q3 24 | $380.9M | $83.3M | ||
| Q2 24 | $303.5M | $84.9M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $-97.7M | ||
| Q3 25 | $66.6M | $-104.5M | ||
| Q2 25 | $37.1M | $-70.0M | ||
| Q1 25 | $29.7M | $120.2M | ||
| Q4 24 | $62.2M | $-124.7M | ||
| Q3 24 | $45.8M | $-43.0M | ||
| Q2 24 | $10.8M | $-48.1M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | — | ||
| Q3 25 | 47.8% | — | ||
| Q2 25 | 46.9% | — | ||
| Q1 25 | 47.2% | — | ||
| Q4 24 | 51.8% | — | ||
| Q3 24 | 46.8% | — | ||
| Q2 24 | 45.2% | — |
| Q1 26 | 54.0% | — | ||
| Q4 25 | 6.5% | -45.7% | ||
| Q3 25 | 16.1% | -70.8% | ||
| Q2 25 | 10.2% | -56.4% | ||
| Q1 25 | 9.0% | 81.8% | ||
| Q4 24 | 14.3% | -152.7% | ||
| Q3 24 | 13.1% | -51.7% | ||
| Q2 24 | 0.6% | -56.4% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | -68.1% | ||
| Q3 25 | 16.2% | -74.4% | ||
| Q2 25 | 10.2% | -57.2% | ||
| Q1 25 | 8.3% | 125.0% | ||
| Q4 24 | 16.2% | -154.4% | ||
| Q3 24 | 12.0% | -51.6% | ||
| Q2 24 | 3.6% | -56.7% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $-1.04 | ||
| Q3 25 | $0.50 | $-1.38 | ||
| Q2 25 | $0.28 | $-0.73 | ||
| Q1 25 | $0.22 | $0.89 | ||
| Q4 24 | $0.46 | $-1.21 | ||
| Q3 24 | $0.33 | $-0.45 | ||
| Q2 24 | $0.08 | $-0.52 |
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 | $57.4M |
| Total DebtLower is stronger | — | $3.8B |
| Stockholders' EquityBook value | $1.1B | $21.3M |
| Total Assets | $2.7B | $5.7B |
| Debt / EquityLower = less leverage | — | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $57.4M | ||
| Q3 25 | $1.5B | $34.7M | ||
| Q2 25 | $1.5B | $33.6M | ||
| Q1 25 | $1.5B | $26.3M | ||
| Q4 24 | $1.6B | $27.8M | ||
| Q3 24 | $1.8B | $20.3M | ||
| Q2 24 | $1.6B | $33.1M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $3.8B | ||
| Q3 25 | $1.2B | $3.7B | ||
| Q2 25 | $1.2B | $3.1B | ||
| Q1 25 | $1.2B | $2.8B | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $1.3B | $1.6B |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $21.3M | ||
| Q3 25 | $995.0M | $181.1M | ||
| Q2 25 | $880.6M | $375.5M | ||
| Q1 25 | $810.7M | $476.2M | ||
| Q4 24 | $833.0M | $202.7M | ||
| Q3 24 | $931.4M | $370.8M | ||
| Q2 24 | $884.5M | $394.8M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $5.7B | ||
| Q3 25 | $3.3B | $5.5B | ||
| Q2 25 | $3.2B | $4.4B | ||
| Q1 25 | $3.1B | $4.1B | ||
| Q4 24 | $3.2B | $2.4B | ||
| Q3 24 | $3.3B | $2.4B | ||
| Q2 24 | $3.2B | $2.5B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 176.99× | ||
| Q3 25 | 1.21× | 20.59× | ||
| Q2 25 | 1.37× | 8.21× | ||
| Q1 25 | 1.48× | 5.79× | ||
| Q4 24 | 1.56× | 7.84× | ||
| Q3 24 | 1.40× | 4.14× | ||
| Q2 24 | 1.47× | 3.94× |
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 | $-2.8M |
| Free Cash FlowOCF − Capex | $83.0M | $-68.6M |
| FCF MarginFCF / Revenue | 29.3% | -47.8% |
| Capex IntensityCapex / Revenue | — | 45.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $-2.8M | ||
| Q3 25 | $13.9M | $-24.4M | ||
| Q2 25 | $26.6M | $-5.2M | ||
| Q1 25 | $48.4M | $-85.7M | ||
| Q4 24 | $167.3M | $-8.1M | ||
| Q3 24 | $170.1M | $14.2M | ||
| Q2 24 | $127.1M | $-17.6M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $-68.6M | ||
| Q3 25 | $5.9M | $-90.7M | ||
| Q2 25 | $18.4M | $-87.5M | ||
| Q1 25 | $33.8M | $-151.7M | ||
| Q4 24 | $159.2M | $-34.3M | ||
| Q3 24 | $161.6M | $-11.7M | ||
| Q2 24 | $117.4M | $-32.1M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | -47.8% | ||
| Q3 25 | 1.4% | -64.5% | ||
| Q2 25 | 5.1% | -71.6% | ||
| Q1 25 | 9.5% | -157.7% | ||
| Q4 24 | 41.6% | -42.4% | ||
| Q3 24 | 42.4% | -14.0% | ||
| Q2 24 | 38.7% | -37.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 45.9% | ||
| Q3 25 | 2.0% | 47.2% | ||
| Q2 25 | 2.3% | 67.3% | ||
| Q1 25 | 4.1% | 68.6% | ||
| Q4 24 | 2.1% | 32.5% | ||
| Q3 24 | 2.2% | 31.1% | ||
| Q2 24 | 3.2% | 17.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 1.63× | -0.71× | ||
| Q4 24 | 2.69× | — | ||
| Q3 24 | 3.72× | — | ||
| Q2 24 | 11.73× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
