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Side-by-side financial comparison of Enphase Energy (ENPH) and Iridium Communications Inc. (IRDM). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $219.1M, roughly 1.3× Iridium Communications Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs -2.6%, a 12.5% gap on every dollar of revenue. On growth, Iridium Communications Inc. posted the faster year-over-year revenue change (1.9% vs -20.6%). Over the past eight quarters, Iridium Communications Inc.'s revenue compounded faster (4.4% 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.
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
ENPH vs IRDM — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $219.1M |
| Net Profit | $-7.4M | $21.6M |
| Gross Margin | 35.5% | — |
| Operating Margin | 54.0% | 23.2% |
| Net Margin | -2.6% | 9.9% |
| Revenue YoY | -20.6% | 1.9% |
| Net Profit YoY | -124.9% | — |
| 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 | $219.1M | ||
| Q4 25 | $343.3M | $212.9M | ||
| Q3 25 | $410.4M | $226.9M | ||
| Q2 25 | $363.2M | $216.9M | ||
| Q1 25 | $356.1M | $214.9M | ||
| Q4 24 | $382.7M | $213.0M | ||
| Q3 24 | $380.9M | $212.8M | ||
| Q2 24 | $303.5M | $201.1M |
| Q1 26 | $-7.4M | $21.6M | ||
| Q4 25 | $38.7M | $24.9M | ||
| Q3 25 | $66.6M | $37.1M | ||
| Q2 25 | $37.1M | $22.0M | ||
| Q1 25 | $29.7M | $30.4M | ||
| Q4 24 | $62.2M | $36.3M | ||
| Q3 24 | $45.8M | $24.4M | ||
| Q2 24 | $10.8M | $32.3M |
| 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 | 54.0% | 23.2% | ||
| Q4 25 | 6.5% | 25.9% | ||
| Q3 25 | 16.1% | 30.9% | ||
| Q2 25 | 10.2% | 23.2% | ||
| Q1 25 | 9.0% | 28.1% | ||
| Q4 24 | 14.3% | 24.5% | ||
| Q3 24 | 13.1% | 25.8% | ||
| Q2 24 | 0.6% | 21.7% |
| Q1 26 | -2.6% | 9.9% | ||
| Q4 25 | 11.3% | 11.7% | ||
| Q3 25 | 16.2% | 16.4% | ||
| Q2 25 | 10.2% | 10.1% | ||
| Q1 25 | 8.3% | 14.2% | ||
| Q4 24 | 16.2% | 17.1% | ||
| Q3 24 | 12.0% | 11.5% | ||
| Q2 24 | 3.6% | 16.1% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.24 | ||
| Q3 25 | $0.50 | $0.35 | ||
| Q2 25 | $0.28 | $0.20 | ||
| Q1 25 | $0.22 | $0.27 | ||
| Q4 24 | $0.46 | $0.30 | ||
| Q3 24 | $0.33 | $0.21 | ||
| Q2 24 | $0.08 | $0.27 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | — |
| Total Assets | $2.7B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $96.5M | ||
| Q3 25 | $1.5B | $88.5M | ||
| Q2 25 | $1.5B | $79.3M | ||
| Q1 25 | $1.5B | $50.9M | ||
| Q4 24 | $1.6B | $93.5M | ||
| Q3 24 | $1.8B | $159.6M | ||
| Q2 24 | $1.6B | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $462.6M | ||
| Q3 25 | $995.0M | $450.5M | ||
| Q2 25 | $880.6M | $473.6M | ||
| Q1 25 | $810.7M | $518.4M | ||
| Q4 24 | $833.0M | $576.6M | ||
| Q3 24 | $931.4M | $663.8M | ||
| Q2 24 | $884.5M | $786.7M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $2.5B | ||
| Q3 25 | $3.3B | $2.6B | ||
| Q2 25 | $3.2B | $2.6B | ||
| Q1 25 | $3.1B | $2.6B | ||
| Q4 24 | $3.2B | $2.7B | ||
| Q3 24 | $3.3B | $2.8B | ||
| Q2 24 | $3.2B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 3.80× | ||
| Q3 25 | 1.21× | — | ||
| Q2 25 | 1.37× | — | ||
| Q1 25 | 1.48× | — | ||
| Q4 24 | 1.56× | 3.05× | ||
| 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 | — |
| Free Cash FlowOCF − Capex | $83.0M | — |
| FCF MarginFCF / Revenue | 29.3% | — |
| Capex IntensityCapex / Revenue | — | 13.7% |
| 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 | $108.6M | ||
| Q3 25 | $13.9M | $100.8M | ||
| Q2 25 | $26.6M | $129.6M | ||
| Q1 25 | $48.4M | $61.1M | ||
| Q4 24 | $167.3M | $104.8M | ||
| Q3 24 | $170.1M | $118.6M | ||
| Q2 24 | $127.1M | $81.1M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $75.1M | ||
| Q3 25 | $5.9M | $79.2M | ||
| Q2 25 | $18.4M | $108.9M | ||
| Q1 25 | $33.8M | $36.5M | ||
| Q4 24 | $159.2M | $80.5M | ||
| Q3 24 | $161.6M | $100.0M | ||
| Q2 24 | $117.4M | $68.7M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 35.3% | ||
| Q3 25 | 1.4% | 34.9% | ||
| Q2 25 | 5.1% | 50.2% | ||
| Q1 25 | 9.5% | 17.0% | ||
| Q4 24 | 41.6% | 37.8% | ||
| Q3 24 | 42.4% | 47.0% | ||
| Q2 24 | 38.7% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 2.8% | 15.7% | ||
| Q3 25 | 2.0% | 9.5% | ||
| Q2 25 | 2.3% | 9.5% | ||
| Q1 25 | 4.1% | 11.4% | ||
| Q4 24 | 2.1% | 11.4% | ||
| Q3 24 | 2.2% | 8.7% | ||
| Q2 24 | 3.2% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 4.37× | ||
| Q3 25 | 0.21× | 2.71× | ||
| Q2 25 | 0.72× | 5.90× | ||
| Q1 25 | 1.63× | 2.01× | ||
| Q4 24 | 2.69× | 2.88× | ||
| Q3 24 | 3.72× | 4.85× | ||
| Q2 24 | 11.73× | 2.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
