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Side-by-side financial comparison of Enphase Energy (ENPH) and Forestar Group Inc. (FOR). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $273.0M, roughly 1.0× Forestar Group Inc.). Forestar Group Inc. runs the higher net margin — 5.6% vs -2.6%, a 8.3% gap on every dollar of revenue. On growth, Forestar Group Inc. posted the faster year-over-year revenue change (9.0% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $-157.1M). Over the past eight quarters, Enphase Energy's revenue compounded faster (-3.4% CAGR vs -9.6%).
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.
Forestar Group Inc. is a residential lot development company based in Arlington, Texas. The company has operations in 51 markets in 21 states and delivered 11,518 residential lots during the twelve-month period ended December 31, 2020. The company is publicly traded on the New York Stock Exchange and in October 2017 became a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002. The company primarily acquires entitled real estate and...
ENPH vs FOR — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $273.0M |
| Net Profit | $-7.4M | $15.4M |
| Gross Margin | 35.5% | 20.1% |
| Operating Margin | 54.0% | 7.6% |
| Net Margin | -2.6% | 5.6% |
| Revenue YoY | -20.6% | 9.0% |
| Net Profit YoY | -124.9% | -6.7% |
| EPS (diluted) | $-0.06 | $0.30 |
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 | $273.0M | ||
| Q3 25 | $410.4M | $670.5M | ||
| Q2 25 | $363.2M | $390.5M | ||
| Q1 25 | $356.1M | $351.0M | ||
| Q4 24 | $382.7M | $250.4M | ||
| Q3 24 | $380.9M | $551.3M | ||
| Q2 24 | $303.5M | $318.4M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $15.4M | ||
| Q3 25 | $66.6M | $86.9M | ||
| Q2 25 | $37.1M | $32.9M | ||
| Q1 25 | $29.7M | $31.6M | ||
| Q4 24 | $62.2M | $16.5M | ||
| Q3 24 | $45.8M | $81.5M | ||
| Q2 24 | $10.8M | $38.7M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 20.1% | ||
| Q3 25 | 47.8% | 22.3% | ||
| Q2 25 | 46.9% | 20.4% | ||
| Q1 25 | 47.2% | 22.6% | ||
| Q4 24 | 51.8% | 22.0% | ||
| Q3 24 | 46.8% | 23.9% | ||
| Q2 24 | 45.2% | 22.5% |
| Q1 26 | 54.0% | — | ||
| Q4 25 | 6.5% | 7.6% | ||
| Q3 25 | 16.1% | 16.9% | ||
| Q2 25 | 10.2% | 11.2% | ||
| Q1 25 | 9.0% | 11.6% | ||
| Q4 24 | 14.3% | 8.7% | ||
| Q3 24 | 13.1% | 19.7% | ||
| Q2 24 | 0.6% | 16.2% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 5.6% | ||
| Q3 25 | 16.2% | 13.0% | ||
| Q2 25 | 10.2% | 8.4% | ||
| Q1 25 | 8.3% | 9.0% | ||
| Q4 24 | 16.2% | 6.6% | ||
| Q3 24 | 12.0% | 14.8% | ||
| Q2 24 | 3.6% | 12.2% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.30 | ||
| Q3 25 | $0.50 | $1.70 | ||
| Q2 25 | $0.28 | $0.65 | ||
| Q1 25 | $0.22 | $0.62 | ||
| Q4 24 | $0.46 | $0.32 | ||
| Q3 24 | $0.33 | $1.59 | ||
| Q2 24 | $0.08 | $0.76 |
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 | $211.7M |
| Total DebtLower is stronger | — | $793.2M |
| Stockholders' EquityBook value | $1.1B | $1.8B |
| Total Assets | $2.7B | $3.2B |
| Debt / EquityLower = less leverage | — | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $211.7M | ||
| Q3 25 | $1.5B | $379.2M | ||
| Q2 25 | $1.5B | $189.2M | ||
| Q1 25 | $1.5B | $174.3M | ||
| Q4 24 | $1.6B | $132.0M | ||
| Q3 24 | $1.8B | $481.2M | ||
| Q2 24 | $1.6B | $359.2M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $793.2M | ||
| Q3 25 | $1.2B | $802.7M | ||
| Q2 25 | $1.2B | $872.8M | ||
| Q1 25 | $1.2B | $872.5M | ||
| Q4 24 | $1.3B | $806.8M | ||
| Q3 24 | $1.3B | $706.4M | ||
| Q2 24 | $1.3B | $706.1M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $995.0M | $1.8B | ||
| Q2 25 | $880.6M | $1.7B | ||
| Q1 25 | $810.7M | $1.6B | ||
| Q4 24 | $833.0M | $1.6B | ||
| Q3 24 | $931.4M | $1.6B | ||
| Q2 24 | $884.5M | $1.5B |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $3.2B | ||
| Q3 25 | $3.3B | $3.1B | ||
| Q2 25 | $3.2B | $3.1B | ||
| Q1 25 | $3.1B | $3.0B | ||
| Q4 24 | $3.2B | $3.0B | ||
| Q3 24 | $3.3B | $2.8B | ||
| Q2 24 | $3.2B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 0.44× | ||
| Q3 25 | 1.21× | 0.45× | ||
| Q2 25 | 1.37× | 0.52× | ||
| Q1 25 | 1.48× | 0.53× | ||
| Q4 24 | 1.56× | 0.50× | ||
| Q3 24 | 1.40× | 0.44× | ||
| Q2 24 | 1.47× | 0.47× |
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 | $102.9M | $-157.0M |
| Free Cash FlowOCF − Capex | $83.0M | $-157.1M |
| FCF MarginFCF / Revenue | 29.3% | -57.5% |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | -10.19× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $93.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $-157.0M | ||
| Q3 25 | $13.9M | $256.3M | ||
| Q2 25 | $26.6M | $15.8M | ||
| Q1 25 | $48.4M | $-19.8M | ||
| Q4 24 | $167.3M | $-450.0M | ||
| Q3 24 | $170.1M | $119.2M | ||
| Q2 24 | $127.1M | $-61.7M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $-157.1M | ||
| Q3 25 | $5.9M | $255.6M | ||
| Q2 25 | $18.4M | $15.0M | ||
| Q1 25 | $33.8M | $-20.5M | ||
| Q4 24 | $159.2M | — | ||
| Q3 24 | $161.6M | $118.4M | ||
| Q2 24 | $117.4M | $-62.3M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | -57.5% | ||
| Q3 25 | 1.4% | 38.1% | ||
| Q2 25 | 5.1% | 3.8% | ||
| Q1 25 | 9.5% | -5.8% | ||
| Q4 24 | 41.6% | — | ||
| Q3 24 | 42.4% | 21.5% | ||
| Q2 24 | 38.7% | -19.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 0.0% | ||
| Q3 25 | 2.0% | 0.1% | ||
| Q2 25 | 2.3% | 0.2% | ||
| Q1 25 | 4.1% | 0.2% | ||
| Q4 24 | 2.1% | 0.0% | ||
| Q3 24 | 2.2% | 0.1% | ||
| Q2 24 | 3.2% | 0.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | -10.19× | ||
| Q3 25 | 0.21× | 2.95× | ||
| Q2 25 | 0.72× | 0.48× | ||
| Q1 25 | 1.63× | -0.63× | ||
| Q4 24 | 2.69× | -27.27× | ||
| Q3 24 | 3.72× | 1.46× | ||
| Q2 24 | 11.73× | -1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
