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Side-by-side financial comparison of Enphase Energy (ENPH) and Gaming & Leisure Properties, Inc. (GLPI). Click either name above to swap in a different company.
Gaming & Leisure Properties, Inc. is the larger business by last-quarter revenue ($420.0M vs $282.9M, roughly 1.5× Enphase Energy). Gaming & Leisure Properties, Inc. runs the higher net margin — 57.0% vs -2.6%, a 59.6% gap on every dollar of revenue. On growth, Gaming & Leisure Properties, Inc. posted the faster year-over-year revenue change (6.3% vs -20.6%). Over the past eight quarters, Gaming & Leisure Properties, Inc.'s revenue compounded faster (5.0% 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.
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 62 casino properties, all of which are leased to other companies.
ENPH vs GLPI — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $420.0M |
| Net Profit | $-7.4M | $239.4M |
| Gross Margin | 35.5% | — |
| Operating Margin | — | 79.4% |
| Net Margin | -2.6% | 57.0% |
| Revenue YoY | -20.6% | 6.3% |
| Net Profit YoY | -124.9% | 40.5% |
| EPS (diluted) | $-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 | $420.0M | ||
| Q4 25 | $343.3M | $407.0M | ||
| Q3 25 | $410.4M | $397.6M | ||
| Q2 25 | $363.2M | $394.9M | ||
| Q1 25 | $356.1M | $395.2M | ||
| Q4 24 | $382.7M | $389.6M | ||
| Q3 24 | $380.9M | $385.3M | ||
| Q2 24 | $303.5M | $380.6M |
| Q1 26 | $-7.4M | $239.4M | ||
| Q4 25 | $38.7M | $275.4M | ||
| Q3 25 | $66.6M | $241.2M | ||
| Q2 25 | $37.1M | $151.4M | ||
| Q1 25 | $29.7M | $165.2M | ||
| Q4 24 | $62.2M | $223.6M | ||
| Q3 24 | $45.8M | $184.7M | ||
| Q2 24 | $10.8M | $208.3M |
| 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 | — | 79.4% | ||
| Q4 25 | 6.5% | 89.3% | ||
| Q3 25 | 16.1% | 84.8% | ||
| Q2 25 | 10.2% | 61.3% | ||
| Q1 25 | 9.0% | 65.5% | ||
| Q4 24 | 14.3% | 79.1% | ||
| Q3 24 | 13.1% | 70.4% | ||
| Q2 24 | 0.6% | 77.1% |
| Q1 26 | -2.6% | 57.0% | ||
| Q4 25 | 11.3% | 67.6% | ||
| Q3 25 | 16.2% | 60.7% | ||
| Q2 25 | 10.2% | 38.4% | ||
| Q1 25 | 8.3% | 41.8% | ||
| Q4 24 | 16.2% | 57.4% | ||
| Q3 24 | 12.0% | 47.9% | ||
| Q2 24 | 3.6% | 54.7% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.96 | ||
| Q3 25 | $0.50 | $0.85 | ||
| Q2 25 | $0.28 | $0.54 | ||
| Q1 25 | $0.22 | $0.60 | ||
| Q4 24 | $0.46 | $0.79 | ||
| Q3 24 | $0.33 | $0.67 | ||
| Q2 24 | $0.08 | $0.77 |
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 | $274.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $5.0B |
| Total Assets | $2.7B | $13.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | $274.5M | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.6B | $560.8M | ||
| Q3 24 | $1.8B | $560.8M | ||
| Q2 24 | $1.6B | $560.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $7.2B | ||
| Q3 25 | $1.2B | $7.2B | ||
| Q2 25 | $1.2B | $6.9B | ||
| Q1 25 | $1.2B | $6.9B | ||
| Q4 24 | $1.3B | $7.7B | ||
| Q3 24 | $1.3B | $7.4B | ||
| Q2 24 | $1.3B | $6.6B |
| Q1 26 | $1.1B | $5.0B | ||
| Q4 25 | $1.1B | $4.6B | ||
| Q3 25 | $995.0M | $4.6B | ||
| Q2 25 | $880.6M | $4.6B | ||
| Q1 25 | $810.7M | $4.2B | ||
| Q4 24 | $833.0M | $4.3B | ||
| Q3 24 | $931.4M | $4.3B | ||
| Q2 24 | $884.5M | $4.1B |
| Q1 26 | $2.7B | $13.8B | ||
| Q4 25 | $3.5B | $12.9B | ||
| Q3 25 | $3.3B | $12.8B | ||
| Q2 25 | $3.2B | $12.5B | ||
| Q1 25 | $3.1B | $12.1B | ||
| Q4 24 | $3.2B | $13.1B | ||
| Q3 24 | $3.3B | $12.7B | ||
| Q2 24 | $3.2B | $11.8B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 1.56× | ||
| Q3 25 | 1.21× | 1.57× | ||
| Q2 25 | 1.37× | 1.51× | ||
| Q1 25 | 1.48× | 1.63× | ||
| Q4 24 | 1.56× | 1.81× | ||
| Q3 24 | 1.40× | 1.74× | ||
| Q2 24 | 1.47× | 1.60× |
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 | — |
| Free Cash FlowOCF − Capex | $83.0M | — |
| FCF MarginFCF / Revenue | 29.3% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| 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 | $240.3M | ||
| Q2 25 | $26.6M | $293.4M | ||
| Q1 25 | $48.4M | $252.5M | ||
| Q4 24 | $167.3M | $1.1B | ||
| Q3 24 | $170.1M | $270.4M | ||
| Q2 24 | $127.1M | $252.1M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | — | ||
| Q3 25 | $5.9M | $183.0M | ||
| Q2 25 | $18.4M | $272.3M | ||
| Q1 25 | $33.8M | $239.6M | ||
| Q4 24 | $159.2M | $1.1B | ||
| Q3 24 | $161.6M | $261.5M | ||
| Q2 24 | $117.4M | $245.0M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | — | ||
| Q3 25 | 1.4% | 46.0% | ||
| Q2 25 | 5.1% | 69.0% | ||
| Q1 25 | 9.5% | 60.6% | ||
| Q4 24 | 41.6% | 275.3% | ||
| Q3 24 | 42.4% | 67.9% | ||
| Q2 24 | 38.7% | 64.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | — | ||
| Q3 25 | 2.0% | 14.4% | ||
| Q2 25 | 2.3% | 5.3% | ||
| Q1 25 | 4.1% | 3.3% | ||
| Q4 24 | 2.1% | 0.0% | ||
| Q3 24 | 2.2% | 2.3% | ||
| Q2 24 | 3.2% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 4.10× | ||
| Q3 25 | 0.21× | 1.00× | ||
| Q2 25 | 0.72× | 1.94× | ||
| Q1 25 | 1.63× | 1.53× | ||
| Q4 24 | 2.69× | 4.80× | ||
| Q3 24 | 3.72× | 1.46× | ||
| Q2 24 | 11.73× | 1.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
