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Side-by-side financial comparison of Enphase Energy (ENPH) and HighPeak Energy, Inc. (HPK). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $216.6M, roughly 1.3× HighPeak Energy, Inc.). Enphase Energy runs the higher net margin — -2.6% vs -11.6%, a 9.0% gap on every dollar of revenue. On growth, Enphase Energy posted the faster year-over-year revenue change (-20.6% vs -23.3%). Over the past eight quarters, Enphase Energy's revenue compounded faster (-3.4% CAGR vs -13.2%).
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.
Duke Energy Corporation is an American electric power and natural gas holding company headquartered in Charlotte, North Carolina. The company serves over 7 million customers in the eastern United States. In 2024 it ranked as the 141st largest company in the United States – its highest-ever placement on the Fortune 500 list.
ENPH vs HPK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $216.6M |
| Net Profit | $-7.4M | $-25.2M |
| Gross Margin | 35.5% | — |
| Operating Margin | — | -7.6% |
| Net Margin | -2.6% | -11.6% |
| Revenue YoY | -20.6% | -23.3% |
| Net Profit YoY | -124.9% | -380.7% |
| EPS (diluted) | $-0.06 | $-0.16 |
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 | $216.6M | ||
| Q3 25 | $410.4M | $188.9M | ||
| Q2 25 | $363.2M | $200.4M | ||
| Q1 25 | $356.1M | $257.4M | ||
| Q4 24 | $382.7M | $282.6M | ||
| Q3 24 | $380.9M | $271.6M | ||
| Q2 24 | $303.5M | $275.3M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $-25.2M | ||
| Q3 25 | $66.6M | $-18.3M | ||
| Q2 25 | $37.1M | $26.2M | ||
| Q1 25 | $29.7M | $36.3M | ||
| Q4 24 | $62.2M | $9.0M | ||
| Q3 24 | $45.8M | $49.9M | ||
| Q2 24 | $10.8M | $29.7M |
| 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 | — | — | ||
| Q4 25 | 6.5% | -7.6% | ||
| Q3 25 | 16.1% | 17.3% | ||
| Q2 25 | 10.2% | 21.7% | ||
| Q1 25 | 9.0% | 35.1% | ||
| Q4 24 | 14.3% | 26.1% | ||
| Q3 24 | 13.1% | 27.0% | ||
| Q2 24 | 0.6% | 31.7% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | -11.6% | ||
| Q3 25 | 16.2% | -9.7% | ||
| Q2 25 | 10.2% | 13.1% | ||
| Q1 25 | 8.3% | 14.1% | ||
| Q4 24 | 16.2% | 3.2% | ||
| Q3 24 | 12.0% | 18.4% | ||
| Q2 24 | 3.6% | 10.8% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $-0.16 | ||
| Q3 25 | $0.50 | $-0.15 | ||
| Q2 25 | $0.28 | $0.19 | ||
| Q1 25 | $0.22 | $0.26 | ||
| Q4 24 | $0.46 | $0.06 | ||
| Q3 24 | $0.33 | $0.35 | ||
| Q2 24 | $0.08 | $0.21 |
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 | $162.1M |
| Total DebtLower is stronger | — | $1.2B |
| Stockholders' EquityBook value | $1.1B | $1.6B |
| Total Assets | $2.7B | $3.2B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $162.1M | ||
| Q3 25 | $1.5B | $164.9M | ||
| Q2 25 | $1.5B | $21.9M | ||
| Q1 25 | $1.5B | $51.6M | ||
| Q4 24 | $1.6B | $86.6M | ||
| Q3 24 | $1.8B | $135.6M | ||
| Q2 24 | $1.6B | $157.9M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.2B | $1.0B | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.3B | $1.1B |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $1.6B | ||
| Q3 25 | $995.0M | $1.6B | ||
| 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 | $1.6B |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $3.2B | ||
| Q3 25 | $3.3B | $3.2B | ||
| Q2 25 | $3.2B | $3.1B | ||
| Q1 25 | $3.1B | $3.1B | ||
| Q4 24 | $3.2B | $3.1B | ||
| Q3 24 | $3.3B | $3.1B | ||
| Q2 24 | $3.2B | $3.1B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 0.75× | ||
| Q3 25 | 1.21× | 0.73× | ||
| Q2 25 | 1.37× | 0.62× | ||
| Q1 25 | 1.48× | 0.63× | ||
| Q4 24 | 1.56× | 0.65× | ||
| Q3 24 | 1.40× | 0.67× | ||
| Q2 24 | 1.47× | 0.70× |
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 | $93.1M |
| 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 | $93.1M | ||
| Q3 25 | $13.9M | $120.2M | ||
| Q2 25 | $26.6M | $141.2M | ||
| Q1 25 | $48.4M | $157.1M | ||
| Q4 24 | $167.3M | $139.5M | ||
| Q3 24 | $170.1M | $177.1M | ||
| Q2 24 | $127.1M | $202.3M |
| Q1 26 | $83.0M | — | ||
| 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 | 29.3% | — | ||
| 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× | — | ||
| Q2 25 | 0.72× | 5.39× | ||
| Q1 25 | 1.63× | 4.32× | ||
| Q4 24 | 2.69× | 15.53× | ||
| Q3 24 | 3.72× | 3.55× | ||
| Q2 24 | 11.73× | 6.81× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
HPK
| Crude Oil Sales | $152.1M | 70% |
| Natural Gas And NGL Sales | $60.8M | 28% |
