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Side-by-side financial comparison of Enphase Energy (ENPH) and First Solar (FSLR). Click either name above to swap in a different company.
First Solar is the larger business by last-quarter revenue ($1.7B vs $282.9M, roughly 5.9× Enphase Energy). First Solar runs the higher net margin — 31.0% vs -2.6%, a 33.6% gap on every dollar of revenue. On growth, First Solar posted the faster year-over-year revenue change (11.1% vs -20.6%). First Solar produced more free cash flow last quarter ($1.1B vs $83.0M). Over the past eight quarters, First Solar's revenue compounded faster (45.6% 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.
First Solar, Inc. is a publicly traded American manufacturer of solar panels. First Solar uses rigid thin-film modules for its solar panels, and produces CdTe panels using cadmium telluride (CdTe) as a semiconductor. The company was founded in 1990 by inventor Harold McMaster as Solar Cells, Inc. In 1999 it was purchased by True North Partners, LLC, which rebranded it as First Solar, Inc. It provides end-of-life panel recycling at each of its manufacturing facilities.
ENPH vs FSLR — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $1.7B |
| Net Profit | $-7.4M | $520.9M |
| Gross Margin | 35.5% | 39.5% |
| Operating Margin | — | 32.6% |
| Net Margin | -2.6% | 31.0% |
| Revenue YoY | -20.6% | 11.1% |
| Net Profit YoY | -124.9% | 32.5% |
| EPS (diluted) | $-0.06 | $4.84 |
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 | $1.7B | ||
| Q3 25 | $410.4M | $1.6B | ||
| Q2 25 | $363.2M | $1.1B | ||
| Q1 25 | $356.1M | $844.6M | ||
| Q4 24 | $382.7M | $1.5B | ||
| Q3 24 | $380.9M | $887.7M | ||
| Q2 24 | $303.5M | $1.0B |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $520.9M | ||
| Q3 25 | $66.6M | $455.9M | ||
| Q2 25 | $37.1M | $341.9M | ||
| Q1 25 | $29.7M | $209.5M | ||
| Q4 24 | $62.2M | $393.1M | ||
| Q3 24 | $45.8M | $313.0M | ||
| Q2 24 | $10.8M | $349.4M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 39.5% | ||
| Q3 25 | 47.8% | 38.3% | ||
| Q2 25 | 46.9% | 45.6% | ||
| Q1 25 | 47.2% | 40.8% | ||
| Q4 24 | 51.8% | 37.5% | ||
| Q3 24 | 46.8% | 50.2% | ||
| Q2 24 | 45.2% | 49.4% |
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 32.6% | ||
| Q3 25 | 16.1% | 29.2% | ||
| Q2 25 | 10.2% | 33.0% | ||
| Q1 25 | 9.0% | 26.2% | ||
| Q4 24 | 14.3% | 30.2% | ||
| Q3 24 | 13.1% | 36.3% | ||
| Q2 24 | 0.6% | 36.9% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 31.0% | ||
| Q3 25 | 16.2% | 28.6% | ||
| Q2 25 | 10.2% | 31.2% | ||
| Q1 25 | 8.3% | 24.8% | ||
| Q4 24 | 16.2% | 26.0% | ||
| Q3 24 | 12.0% | 35.3% | ||
| Q2 24 | 3.6% | 34.6% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $4.84 | ||
| Q3 25 | $0.50 | $4.24 | ||
| Q2 25 | $0.28 | $3.18 | ||
| Q1 25 | $0.22 | $1.95 | ||
| Q4 24 | $0.46 | $3.66 | ||
| Q3 24 | $0.33 | $2.91 | ||
| Q2 24 | $0.08 | $3.25 |
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 | $2.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $9.5B |
| Total Assets | $2.7B | $13.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $2.8B | ||
| Q3 25 | $1.5B | $2.0B | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $1.5B | $837.6M | ||
| Q4 24 | $1.6B | $1.6B | ||
| Q3 24 | $1.8B | $1.0B | ||
| Q2 24 | $1.6B | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $9.5B | ||
| Q3 25 | $995.0M | $9.0B | ||
| Q2 25 | $880.6M | $8.5B | ||
| Q1 25 | $810.7M | $8.2B | ||
| Q4 24 | $833.0M | $8.0B | ||
| Q3 24 | $931.4M | $7.6B | ||
| Q2 24 | $884.5M | $7.3B |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $13.3B | ||
| Q3 25 | $3.3B | $13.5B | ||
| Q2 25 | $3.2B | $12.9B | ||
| Q1 25 | $3.1B | $12.1B | ||
| Q4 24 | $3.2B | $12.1B | ||
| Q3 24 | $3.3B | $11.4B | ||
| Q2 24 | $3.2B | $11.0B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | — | ||
| Q3 25 | 1.21× | — | ||
| Q2 25 | 1.37× | — | ||
| Q1 25 | 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 | $102.9M | $1.2B |
| Free Cash FlowOCF − Capex | $83.0M | $1.1B |
| FCF MarginFCF / Revenue | 29.3% | 63.6% |
| Capex IntensityCapex / Revenue | — | 10.2% |
| Cash ConversionOCF / Net Profit | — | 2.38× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $1.2B | ||
| Q3 25 | $13.9M | $1.3B | ||
| Q2 25 | $26.6M | $149.6M | ||
| Q1 25 | $48.4M | $-608.0M | ||
| Q4 24 | $167.3M | $811.0M | ||
| Q3 24 | $170.1M | $-53.7M | ||
| Q2 24 | $127.1M | $193.0M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $1.1B | ||
| Q3 25 | $5.9M | $1.1B | ||
| Q2 25 | $18.4M | $-138.6M | ||
| Q1 25 | $33.8M | $-813.9M | ||
| Q4 24 | $159.2M | $497.5M | ||
| Q3 24 | $161.6M | $-487.7M | ||
| Q2 24 | $117.4M | $-172.1M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 63.6% | ||
| Q3 25 | 1.4% | 67.1% | ||
| Q2 25 | 5.1% | -12.6% | ||
| Q1 25 | 9.5% | -96.4% | ||
| Q4 24 | 41.6% | 32.9% | ||
| Q3 24 | 42.4% | -54.9% | ||
| Q2 24 | 38.7% | -17.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 10.2% | ||
| Q3 25 | 2.0% | 12.8% | ||
| Q2 25 | 2.3% | 26.3% | ||
| Q1 25 | 4.1% | 24.4% | ||
| Q4 24 | 2.1% | 20.7% | ||
| Q3 24 | 2.2% | 48.9% | ||
| Q2 24 | 3.2% | 36.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 2.38× | ||
| Q3 25 | 0.21× | 2.79× | ||
| Q2 25 | 0.72× | 0.44× | ||
| Q1 25 | 1.63× | -2.90× | ||
| Q4 24 | 2.69× | 2.06× | ||
| Q3 24 | 3.72× | -0.17× | ||
| Q2 24 | 11.73× | 0.55× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
