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Side-by-side financial comparison of Enphase Energy (ENPH) and HA Sustainable Infrastructure Capital, Inc. (HASI). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $114.8M, roughly 2.5× HA Sustainable Infrastructure Capital, Inc.). Enphase Energy runs the higher net margin — -2.6% vs -46.8%, a 44.2% gap on every dollar of revenue. On growth, HA Sustainable Infrastructure Capital, Inc. posted the faster year-over-year revenue change (13.3% vs -20.6%). Over the past eight quarters, HA Sustainable Infrastructure Capital, Inc.'s revenue compounded faster (4.2% 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.
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
ENPH vs HASI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $114.8M |
| Net Profit | $-7.4M | $-53.8M |
| Gross Margin | 35.5% | — |
| Operating Margin | 54.0% | -57.4% |
| Net Margin | -2.6% | -46.8% |
| Revenue YoY | -20.6% | 13.3% |
| Net Profit YoY | -124.9% | -176.7% |
| EPS (diluted) | $-0.06 | $-0.38 |
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 | $114.8M | ||
| Q3 25 | $410.4M | $103.1M | ||
| Q2 25 | $363.2M | $85.7M | ||
| Q1 25 | $356.1M | $96.9M | ||
| Q4 24 | $382.7M | $101.3M | ||
| Q3 24 | $380.9M | $82.0M | ||
| Q2 24 | $303.5M | $94.5M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $-53.8M | ||
| Q3 25 | $66.6M | $83.3M | ||
| Q2 25 | $37.1M | $98.4M | ||
| Q1 25 | $29.7M | $56.6M | ||
| Q4 24 | $62.2M | $70.1M | ||
| Q3 24 | $45.8M | $-19.6M | ||
| Q2 24 | $10.8M | $26.5M |
| 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% | -57.4% | ||
| Q3 25 | 16.1% | — | ||
| Q2 25 | 10.2% | — | ||
| Q1 25 | 9.0% | 84.7% | ||
| Q4 24 | 14.3% | 90.9% | ||
| Q3 24 | 13.1% | -32.1% | ||
| Q2 24 | 0.6% | 39.5% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | -46.8% | ||
| Q3 25 | 16.2% | 80.8% | ||
| Q2 25 | 10.2% | 114.9% | ||
| Q1 25 | 8.3% | 58.4% | ||
| Q4 24 | 16.2% | 69.2% | ||
| Q3 24 | 12.0% | -23.9% | ||
| Q2 24 | 3.6% | 28.1% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $-0.38 | ||
| Q3 25 | $0.50 | $0.61 | ||
| Q2 25 | $0.28 | $0.74 | ||
| Q1 25 | $0.22 | $0.44 | ||
| Q4 24 | $0.46 | $0.58 | ||
| Q3 24 | $0.33 | $-0.17 | ||
| Q2 24 | $0.08 | $0.23 |
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 | $110.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $2.7B |
| Total Assets | $2.7B | $8.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $110.2M | ||
| Q3 25 | $1.5B | $301.8M | ||
| Q2 25 | $1.5B | $86.5M | ||
| Q1 25 | $1.5B | $67.4M | ||
| Q4 24 | $1.6B | $129.8M | ||
| Q3 24 | $1.8B | $44.1M | ||
| Q2 24 | $1.6B | $145.7M |
| 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 | $2.7B | ||
| Q3 25 | $995.0M | $2.7B | ||
| Q2 25 | $880.6M | $2.6B | ||
| Q1 25 | $810.7M | $2.5B | ||
| Q4 24 | $833.0M | $2.4B | ||
| Q3 24 | $931.4M | $2.3B | ||
| Q2 24 | $884.5M | $2.3B |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $8.2B | ||
| Q3 25 | $3.3B | $8.2B | ||
| Q2 25 | $3.2B | $7.6B | ||
| Q1 25 | $3.1B | $7.5B | ||
| Q4 24 | $3.2B | $7.1B | ||
| Q3 24 | $3.3B | $6.7B | ||
| Q2 24 | $3.2B | $6.7B |
| 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 | $167.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $167.3M | ||
| Q3 25 | $13.9M | $-121.8M | ||
| Q2 25 | $26.6M | $79.6M | ||
| Q1 25 | $48.4M | $-37.1M | ||
| Q4 24 | $167.3M | $5.9M | ||
| Q3 24 | $170.1M | $21.9M | ||
| Q2 24 | $127.1M | $-24.8M |
| Q1 26 | — | — | ||
| 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 | — | — | ||
| 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× | — | ||
| Q3 25 | 0.21× | -1.46× | ||
| Q2 25 | 0.72× | 0.81× | ||
| Q1 25 | 1.63× | -0.66× | ||
| Q4 24 | 2.69× | 0.08× | ||
| Q3 24 | 3.72× | — | ||
| Q2 24 | 11.73× | -0.94× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
