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Side-by-side financial comparison of Enphase Energy (ENPH) and IDEX Corporation (IEX). Click either name above to swap in a different company.
IDEX Corporation is the larger business by last-quarter revenue ($398.4M vs $282.9M, roughly 1.4× Enphase Energy). IDEX Corporation runs the higher net margin — 30.1% vs -2.6%, a 32.7% gap on every dollar of revenue. On growth, IDEX Corporation posted the faster year-over-year revenue change (16.7% vs -20.6%). IDEX Corporation produced more free cash flow last quarter ($86.0M vs $83.0M). Over the past eight quarters, Enphase Energy's revenue compounded faster (-3.4% CAGR vs -29.4%).
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.
IDEX can refer to several things, including:International Defence Exhibition, a biennial arms and defense technology sales exhibition IDEX Corporation, a publicly listed company that makes fluidics systems and specialty engineered products Ideanomics, a publicly traded company that trades under the IDEX ticker symbol.
ENPH vs IEX — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $398.4M |
| Net Profit | $-7.4M | $120.0M |
| Gross Margin | 35.5% | 99.9% |
| Operating Margin | 54.0% | 43.3% |
| Net Margin | -2.6% | 30.1% |
| Revenue YoY | -20.6% | 16.7% |
| Net Profit YoY | -124.9% | 25.7% |
| EPS (diluted) | $-0.06 | $1.61 |
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.
| Q2 26 | — | $398.4M | ||
| Q1 26 | $282.9M | $407.7M | ||
| Q4 25 | $343.3M | $899.1M | ||
| Q3 25 | $410.4M | $878.7M | ||
| Q2 25 | $363.2M | $865.4M | ||
| Q1 25 | $356.1M | $814.3M | ||
| Q4 24 | $382.7M | $862.9M | ||
| Q3 24 | $380.9M | $798.2M |
| Q2 26 | — | $120.0M | ||
| Q1 26 | $-7.4M | $128.3M | ||
| Q4 25 | $38.7M | $128.3M | ||
| Q3 25 | $66.6M | $127.8M | ||
| Q2 25 | $37.1M | $131.6M | ||
| Q1 25 | $29.7M | $95.5M | ||
| Q4 24 | $62.2M | $123.2M | ||
| Q3 24 | $45.8M | $119.1M |
| Q2 26 | — | 99.9% | ||
| Q1 26 | 35.5% | 94.9% | ||
| Q4 25 | 44.3% | 43.1% | ||
| Q3 25 | 47.8% | 44.5% | ||
| Q2 25 | 46.9% | 45.3% | ||
| Q1 25 | 47.2% | 45.3% | ||
| Q4 24 | 51.8% | 42.5% | ||
| Q3 24 | 46.8% | 44.3% |
| Q2 26 | — | 43.3% | ||
| Q1 26 | 54.0% | 45.0% | ||
| Q4 25 | 6.5% | 20.4% | ||
| Q3 25 | 16.1% | 21.1% | ||
| Q2 25 | 10.2% | 21.7% | ||
| Q1 25 | 9.0% | 17.4% | ||
| Q4 24 | 14.3% | 19.2% | ||
| Q3 24 | 13.1% | 21.0% |
| Q2 26 | — | 30.1% | ||
| Q1 26 | -2.6% | 31.5% | ||
| Q4 25 | 11.3% | 14.3% | ||
| Q3 25 | 16.2% | 14.5% | ||
| Q2 25 | 10.2% | 15.2% | ||
| Q1 25 | 8.3% | 11.7% | ||
| Q4 24 | 16.2% | 14.3% | ||
| Q3 24 | 12.0% | 14.9% |
| Q2 26 | — | $1.61 | ||
| Q1 26 | $-0.06 | $1.71 | ||
| Q4 25 | $0.29 | $1.71 | ||
| Q3 25 | $0.50 | $1.70 | ||
| Q2 25 | $0.28 | $1.74 | ||
| Q1 25 | $0.22 | $1.26 | ||
| Q4 24 | $0.46 | $1.61 | ||
| Q3 24 | $0.33 | $1.57 |
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 | $586.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $4.0B |
| Total Assets | $2.7B | $6.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | — | $586.2M | ||
| Q1 26 | $497.5M | $580.0M | ||
| Q4 25 | $1.5B | $580.0M | ||
| Q3 25 | $1.5B | $593.8M | ||
| Q2 25 | $1.5B | $568.2M | ||
| Q1 25 | $1.5B | $594.1M | ||
| Q4 24 | $1.6B | $620.8M | ||
| Q3 24 | $1.8B | $633.2M |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $1.2B | $1.9B | ||
| Q2 25 | $1.2B | $1.9B | ||
| Q1 25 | $1.2B | $2.0B | ||
| Q4 24 | $1.3B | $2.0B | ||
| Q3 24 | $1.3B | $2.1B |
| Q2 26 | — | $4.0B | ||
| Q1 26 | $1.1B | $4.0B | ||
| Q4 25 | $1.1B | $4.0B | ||
| Q3 25 | $995.0M | $4.0B | ||
| Q2 25 | $880.6M | $4.0B | ||
| Q1 25 | $810.7M | $3.9B | ||
| Q4 24 | $833.0M | $3.8B | ||
| Q3 24 | $931.4M | $3.8B |
| Q2 26 | — | $6.9B | ||
| Q1 26 | $2.7B | $6.9B | ||
| Q4 25 | $3.5B | $6.9B | ||
| Q3 25 | $3.3B | $7.0B | ||
| Q2 25 | $3.2B | $6.9B | ||
| Q1 25 | $3.1B | $6.8B | ||
| Q4 24 | $3.2B | $6.7B | ||
| Q3 24 | $3.3B | $7.0B |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 0.45× | ||
| Q3 25 | 1.21× | 0.48× | ||
| Q2 25 | 1.37× | 0.46× | ||
| Q1 25 | 1.48× | 0.50× | ||
| Q4 24 | 1.56× | 0.52× | ||
| Q3 24 | 1.40× | 0.55× |
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 | $86.0M |
| FCF MarginFCF / Revenue | 29.3% | 21.6% |
| Capex IntensityCapex / Revenue | — | 4.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $654.3M |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | — | — | ||
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $209.5M | ||
| Q3 25 | $13.9M | $203.5M | ||
| Q2 25 | $26.6M | $161.7M | ||
| Q1 25 | $48.4M | $105.7M | ||
| Q4 24 | $167.3M | $172.6M | ||
| Q3 24 | $170.1M | $205.3M |
| Q2 26 | — | $86.0M | ||
| Q1 26 | $83.0M | $189.8M | ||
| Q4 25 | $37.8M | $189.8M | ||
| Q3 25 | $5.9M | $188.7M | ||
| Q2 25 | $18.4M | $146.9M | ||
| Q1 25 | $33.8M | $91.4M | ||
| Q4 24 | $159.2M | $157.1M | ||
| Q3 24 | $161.6M | $191.6M |
| Q2 26 | — | 21.6% | ||
| Q1 26 | 29.3% | 46.6% | ||
| Q4 25 | 11.0% | 21.1% | ||
| Q3 25 | 1.4% | 21.5% | ||
| Q2 25 | 5.1% | 17.0% | ||
| Q1 25 | 9.5% | 11.2% | ||
| Q4 24 | 41.6% | 18.2% | ||
| Q3 24 | 42.4% | 24.0% |
| Q2 26 | — | 4.4% | ||
| Q1 26 | — | 15.6% | ||
| Q4 25 | 2.8% | 2.2% | ||
| Q3 25 | 2.0% | 1.7% | ||
| Q2 25 | 2.3% | 1.7% | ||
| Q1 25 | 4.1% | 1.8% | ||
| Q4 24 | 2.1% | 1.8% | ||
| Q3 24 | 2.2% | 1.7% |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 1.63× | ||
| Q3 25 | 0.21× | 1.59× | ||
| Q2 25 | 0.72× | 1.23× | ||
| Q1 25 | 1.63× | 1.11× | ||
| Q4 24 | 2.69× | 1.40× | ||
| Q3 24 | 3.72× | 1.72× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
