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Side-by-side financial comparison of Enphase Energy (ENPH) and loanDepot, Inc. (LDI). Click either name above to swap in a different company.
loanDepot, Inc. is the larger business by last-quarter revenue ($310.3M vs $282.9M, roughly 1.1× Enphase Energy). Enphase Energy runs the higher net margin — -2.6% vs -7.2%, a 4.6% gap on every dollar of revenue. On growth, loanDepot, Inc. posted the faster year-over-year revenue change (20.5% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $-648.0M). Over the past eight quarters, loanDepot, Inc.'s revenue compounded faster (18.0% 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.
LoanDepot, sometimes stylized as loanDepot, is an Irvine, California-based nonbank holding company which sells mortgage and non-mortgage lending products.
ENPH vs LDI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $310.3M |
| Net Profit | $-7.4M | $-22.5M |
| Gross Margin | 35.5% | — |
| Operating Margin | — | -10.3% |
| Net Margin | -2.6% | -7.2% |
| Revenue YoY | -20.6% | 20.5% |
| Net Profit YoY | -124.9% | 32.4% |
| 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 | — | ||
| Q4 25 | $343.3M | $310.3M | ||
| Q3 25 | $410.4M | $323.3M | ||
| Q2 25 | $363.2M | $282.5M | ||
| Q1 25 | $356.1M | $273.6M | ||
| Q4 24 | $382.7M | $257.5M | ||
| Q3 24 | $380.9M | $314.6M | ||
| Q2 24 | $303.5M | $265.4M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $-22.5M | ||
| Q3 25 | $66.6M | $-4.9M | ||
| Q2 25 | $37.1M | $-13.4M | ||
| Q1 25 | $29.7M | $-21.9M | ||
| Q4 24 | $62.2M | $-33.2M | ||
| Q3 24 | $45.8M | $1.4M | ||
| Q2 24 | $10.8M | $-32.2M |
| 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% | -10.3% | ||
| Q3 25 | 16.1% | -3.2% | ||
| Q2 25 | 10.2% | -11.4% | ||
| Q1 25 | 9.0% | -16.8% | ||
| Q4 24 | 14.3% | -32.7% | ||
| Q3 24 | 13.1% | 1.1% | ||
| Q2 24 | 0.6% | -29.1% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | -7.2% | ||
| Q3 25 | 16.2% | -1.5% | ||
| Q2 25 | 10.2% | -4.7% | ||
| Q1 25 | 8.3% | -8.0% | ||
| Q4 24 | 16.2% | -12.9% | ||
| Q3 24 | 12.0% | 0.4% | ||
| Q2 24 | 3.6% | -12.1% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | — | ||
| Q3 25 | $0.50 | — | ||
| Q2 25 | $0.28 | — | ||
| Q1 25 | $0.22 | — | ||
| Q4 24 | $0.46 | — | ||
| Q3 24 | $0.33 | $0.01 | ||
| Q2 24 | $0.08 | $-0.18 |
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 | $337.2M |
| Total DebtLower is stronger | — | $2.1B |
| Stockholders' EquityBook value | $1.1B | $386.0M |
| Total Assets | $2.7B | $6.9B |
| Debt / EquityLower = less leverage | — | 5.44× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $337.2M | ||
| Q3 25 | $1.5B | $459.2M | ||
| Q2 25 | $1.5B | $408.6M | ||
| Q1 25 | $1.5B | $371.5M | ||
| Q4 24 | $1.6B | $421.6M | ||
| Q3 24 | $1.8B | $483.0M | ||
| Q2 24 | $1.6B | $533.2M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $2.1B | ||
| Q3 25 | $1.2B | $2.1B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $1.2B | $2.0B | ||
| Q4 24 | $1.3B | $2.0B | ||
| Q3 24 | $1.3B | $2.0B | ||
| Q2 24 | $1.3B | $2.0B |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $386.0M | ||
| Q3 25 | $995.0M | $433.3M | ||
| Q2 25 | $880.6M | $439.1M | ||
| Q1 25 | $810.7M | $469.3M | ||
| Q4 24 | $833.0M | $506.6M | ||
| Q3 24 | $931.4M | $592.0M | ||
| Q2 24 | $884.5M | $578.9M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $6.9B | ||
| Q3 25 | $3.3B | $6.2B | ||
| Q2 25 | $3.2B | $6.2B | ||
| Q1 25 | $3.1B | $6.4B | ||
| Q4 24 | $3.2B | $6.3B | ||
| Q3 24 | $3.3B | $6.4B | ||
| Q2 24 | $3.2B | $5.9B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 5.44× | ||
| Q3 25 | 1.21× | 4.83× | ||
| Q2 25 | 1.37× | 4.70× | ||
| Q1 25 | 1.48× | 4.30× | ||
| Q4 24 | 1.56× | 4.00× | ||
| Q3 24 | 1.40× | 3.31× | ||
| Q2 24 | 1.47× | 3.41× |
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 | $-638.7M |
| Free Cash FlowOCF − Capex | $83.0M | $-648.0M |
| FCF MarginFCF / Revenue | 29.3% | -208.9% |
| Capex IntensityCapex / Revenue | — | 3.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $-734.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $-638.7M | ||
| Q3 25 | $13.9M | $43.4M | ||
| Q2 25 | $26.6M | $67.6M | ||
| Q1 25 | $48.4M | $-179.9M | ||
| Q4 24 | $167.3M | $47.7M | ||
| Q3 24 | $170.1M | $-349.2M | ||
| Q2 24 | $127.1M | $-278.3M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $-648.0M | ||
| Q3 25 | $5.9M | $38.7M | ||
| Q2 25 | $18.4M | $61.4M | ||
| Q1 25 | $33.8M | $-186.7M | ||
| Q4 24 | $159.2M | $40.8M | ||
| Q3 24 | $161.6M | $-356.4M | ||
| Q2 24 | $117.4M | $-285.7M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | -208.9% | ||
| Q3 25 | 1.4% | 12.0% | ||
| Q2 25 | 5.1% | 21.7% | ||
| Q1 25 | 9.5% | -68.2% | ||
| Q4 24 | 41.6% | 15.8% | ||
| Q3 24 | 42.4% | -113.3% | ||
| Q2 24 | 38.7% | -107.7% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 3.0% | ||
| Q3 25 | 2.0% | 1.5% | ||
| Q2 25 | 2.3% | 2.2% | ||
| Q1 25 | 4.1% | 2.5% | ||
| Q4 24 | 2.1% | 2.7% | ||
| Q3 24 | 2.2% | 2.3% | ||
| Q2 24 | 3.2% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | 2.69× | — | ||
| Q3 24 | 3.72× | -255.05× | ||
| Q2 24 | 11.73× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
