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Side-by-side financial comparison of Enphase Energy (ENPH) and HCI Group, Inc. (HCI). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $246.2M, roughly 1.1× HCI Group, Inc.). HCI Group, Inc. runs the higher net margin — 39.7% vs -2.6%, a 42.3% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs -20.6%). HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $83.0M). Over the past eight quarters, HCI Group, Inc.'s revenue compounded faster (9.2% 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.
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
ENPH vs HCI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $246.2M |
| Net Profit | $-7.4M | $97.7M |
| Gross Margin | 35.5% | — |
| Operating Margin | 54.0% | 58.5% |
| Net Margin | -2.6% | 39.7% |
| Revenue YoY | -20.6% | 52.1% |
| Net Profit YoY | -124.9% | 3679.2% |
| EPS (diluted) | $-0.06 | $7.29 |
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 | $246.2M | ||
| Q3 25 | $410.4M | $216.3M | ||
| Q2 25 | $363.2M | $221.9M | ||
| Q1 25 | $356.1M | $216.4M | ||
| Q4 24 | $382.7M | $161.9M | ||
| Q3 24 | $380.9M | $175.3M | ||
| Q2 24 | $303.5M | $206.2M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $97.7M | ||
| Q3 25 | $66.6M | $65.5M | ||
| Q2 25 | $37.1M | $66.2M | ||
| Q1 25 | $29.7M | $69.7M | ||
| Q4 24 | $62.2M | $2.6M | ||
| Q3 24 | $45.8M | $5.7M | ||
| Q2 24 | $10.8M | $54.1M |
| 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% | 58.5% | ||
| Q3 25 | 16.1% | 41.9% | ||
| Q2 25 | 10.2% | 42.5% | ||
| Q1 25 | 9.0% | 46.4% | ||
| Q4 24 | 14.3% | 3.6% | ||
| Q3 24 | 13.1% | 8.0% | ||
| Q2 24 | 0.6% | 36.9% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 39.7% | ||
| Q3 25 | 16.2% | 30.3% | ||
| Q2 25 | 10.2% | 29.8% | ||
| Q1 25 | 8.3% | 32.2% | ||
| Q4 24 | 16.2% | 1.6% | ||
| Q3 24 | 12.0% | 3.2% | ||
| Q2 24 | 3.6% | 26.2% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $7.29 | ||
| Q3 25 | $0.50 | $4.90 | ||
| Q2 25 | $0.28 | $5.18 | ||
| Q1 25 | $0.22 | $5.35 | ||
| Q4 24 | $0.46 | $0.32 | ||
| Q3 24 | $0.33 | $0.52 | ||
| Q2 24 | $0.08 | $4.24 |
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 | $1.2B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $1.0B |
| Total Assets | $2.7B | $2.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.5B | $987.9M | ||
| Q2 25 | $1.5B | $947.2M | ||
| Q1 25 | $1.5B | $754.5M | ||
| Q4 24 | $1.6B | $532.5M | ||
| Q3 24 | $1.8B | $518.8M | ||
| Q2 24 | $1.6B | $445.8M |
| 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 | $1.0B | ||
| Q3 25 | $995.0M | $821.8M | ||
| Q2 25 | $880.6M | $758.6M | ||
| Q1 25 | $810.7M | $522.7M | ||
| Q4 24 | $833.0M | $453.3M | ||
| Q3 24 | $931.4M | $455.3M | ||
| Q2 24 | $884.5M | $447.3M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $2.5B | ||
| Q3 25 | $3.3B | $2.3B | ||
| Q2 25 | $3.2B | $2.4B | ||
| Q1 25 | $3.1B | $2.3B | ||
| Q4 24 | $3.2B | $2.2B | ||
| Q3 24 | $3.3B | $2.0B | ||
| Q2 24 | $3.2B | $1.9B |
| 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 | $444.4M |
| Free Cash FlowOCF − Capex | $83.0M | $440.8M |
| FCF MarginFCF / Revenue | 29.3% | 179.0% |
| Capex IntensityCapex / Revenue | — | 1.5% |
| Cash ConversionOCF / Net Profit | — | 4.55× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $771.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $444.4M | ||
| Q3 25 | $13.9M | $26.7M | ||
| Q2 25 | $26.6M | $145.0M | ||
| Q1 25 | $48.4M | $162.0M | ||
| Q4 24 | $167.3M | $331.8M | ||
| Q3 24 | $170.1M | $104.1M | ||
| Q2 24 | $127.1M | $-29.0M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $440.8M | ||
| Q3 25 | $5.9M | $25.9M | ||
| Q2 25 | $18.4M | $144.5M | ||
| Q1 25 | $33.8M | $160.3M | ||
| Q4 24 | $159.2M | $327.8M | ||
| Q3 24 | $161.6M | $103.2M | ||
| Q2 24 | $117.4M | $-30.1M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 179.0% | ||
| Q3 25 | 1.4% | 12.0% | ||
| Q2 25 | 5.1% | 65.1% | ||
| Q1 25 | 9.5% | 74.1% | ||
| Q4 24 | 41.6% | 202.5% | ||
| Q3 24 | 42.4% | 58.9% | ||
| Q2 24 | 38.7% | -14.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 1.5% | ||
| Q3 25 | 2.0% | 0.4% | ||
| Q2 25 | 2.3% | 0.2% | ||
| Q1 25 | 4.1% | 0.8% | ||
| Q4 24 | 2.1% | 2.5% | ||
| Q3 24 | 2.2% | 0.5% | ||
| Q2 24 | 3.2% | 0.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 4.55× | ||
| Q3 25 | 0.21× | 0.41× | ||
| Q2 25 | 0.72× | 2.19× | ||
| Q1 25 | 1.63× | 2.32× | ||
| Q4 24 | 2.69× | 128.41× | ||
| Q3 24 | 3.72× | 18.33× | ||
| Q2 24 | 11.73× | -0.54× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
HCI
| Insurance Operation | $218.3M | 89% |
| Reciprocal Exchange Operation | $27.0M | 11% |
