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Side-by-side financial comparison of Enphase Energy (ENPH) and Limbach Holdings, Inc. (LMB). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $186.9M, roughly 1.5× Limbach Holdings, Inc.). Limbach Holdings, Inc. runs the higher net margin — 6.6% vs -2.6%, a 9.2% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $27.9M). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% 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.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
ENPH vs LMB — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $186.9M |
| Net Profit | $-7.4M | $12.3M |
| Gross Margin | 35.5% | 25.7% |
| Operating Margin | 54.0% | 9.4% |
| Net Margin | -2.6% | 6.6% |
| Revenue YoY | -20.6% | 30.1% |
| Net Profit YoY | -124.9% | 25.0% |
| EPS (diluted) | $-0.06 | $1.01 |
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 | $186.9M | ||
| Q3 25 | $410.4M | $184.6M | ||
| Q2 25 | $363.2M | $142.2M | ||
| Q1 25 | $356.1M | $133.1M | ||
| Q4 24 | $382.7M | $143.7M | ||
| Q3 24 | $380.9M | $133.9M | ||
| Q2 24 | $303.5M | $122.2M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $12.3M | ||
| Q3 25 | $66.6M | $8.8M | ||
| Q2 25 | $37.1M | $7.8M | ||
| Q1 25 | $29.7M | $10.2M | ||
| Q4 24 | $62.2M | $9.8M | ||
| Q3 24 | $45.8M | $7.5M | ||
| Q2 24 | $10.8M | $6.0M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 25.7% | ||
| Q3 25 | 47.8% | 24.2% | ||
| Q2 25 | 46.9% | 28.0% | ||
| Q1 25 | 47.2% | 27.6% | ||
| Q4 24 | 51.8% | 30.3% | ||
| Q3 24 | 46.8% | 27.0% | ||
| Q2 24 | 45.2% | 27.4% |
| Q1 26 | 54.0% | — | ||
| Q4 25 | 6.5% | 9.4% | ||
| Q3 25 | 16.1% | 7.2% | ||
| Q2 25 | 10.2% | 7.5% | ||
| Q1 25 | 9.0% | 5.9% | ||
| Q4 24 | 14.3% | 9.1% | ||
| Q3 24 | 13.1% | 8.1% | ||
| Q2 24 | 0.6% | 6.7% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 6.6% | ||
| Q3 25 | 16.2% | 4.8% | ||
| Q2 25 | 10.2% | 5.5% | ||
| Q1 25 | 8.3% | 7.7% | ||
| Q4 24 | 16.2% | 6.9% | ||
| Q3 24 | 12.0% | 5.6% | ||
| Q2 24 | 3.6% | 4.9% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $1.01 | ||
| Q3 25 | $0.50 | $0.73 | ||
| Q2 25 | $0.28 | $0.64 | ||
| Q1 25 | $0.22 | $0.85 | ||
| Q4 24 | $0.46 | $0.81 | ||
| Q3 24 | $0.33 | $0.62 | ||
| Q2 24 | $0.08 | $0.50 |
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 | $11.3M |
| Total DebtLower is stronger | — | $30.5M |
| Stockholders' EquityBook value | $1.1B | $195.7M |
| Total Assets | $2.7B | $381.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $11.3M | ||
| Q3 25 | $1.5B | $9.8M | ||
| Q2 25 | $1.5B | $38.9M | ||
| Q1 25 | $1.5B | $38.1M | ||
| Q4 24 | $1.6B | $44.9M | ||
| Q3 24 | $1.8B | $51.2M | ||
| Q2 24 | $1.6B | $59.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $30.5M | ||
| Q3 25 | $1.2B | $56.3M | ||
| Q2 25 | $1.2B | $28.4M | ||
| Q1 25 | $1.2B | $23.7M | ||
| Q4 24 | $1.3B | $23.6M | ||
| Q3 24 | $1.3B | $20.5M | ||
| Q2 24 | $1.3B | $19.7M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $195.7M | ||
| Q3 25 | $995.0M | $181.6M | ||
| Q2 25 | $880.6M | $170.5M | ||
| Q1 25 | $810.7M | $161.1M | ||
| Q4 24 | $833.0M | $153.5M | ||
| Q3 24 | $931.4M | $142.2M | ||
| Q2 24 | $884.5M | $133.0M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $381.1M | ||
| Q3 25 | $3.3B | $409.1M | ||
| Q2 25 | $3.2B | $343.0M | ||
| Q1 25 | $3.1B | $336.4M | ||
| Q4 24 | $3.2B | $352.1M | ||
| Q3 24 | $3.3B | $324.4M | ||
| Q2 24 | $3.2B | $303.9M |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 0.16× | ||
| Q3 25 | 1.21× | 0.31× | ||
| Q2 25 | 1.37× | 0.17× | ||
| Q1 25 | 1.48× | 0.15× | ||
| Q4 24 | 1.56× | 0.15× | ||
| Q3 24 | 1.40× | 0.14× | ||
| Q2 24 | 1.47× | 0.15× |
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 | $28.1M |
| Free Cash FlowOCF − Capex | $83.0M | $27.9M |
| FCF MarginFCF / Revenue | 29.3% | 14.9% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $28.1M | ||
| Q3 25 | $13.9M | $13.3M | ||
| Q2 25 | $26.6M | $2.0M | ||
| Q1 25 | $48.4M | $2.2M | ||
| Q4 24 | $167.3M | $19.3M | ||
| Q3 24 | $170.1M | $4.9M | ||
| Q2 24 | $127.1M | $16.5M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $27.9M | ||
| Q3 25 | $5.9M | $12.8M | ||
| Q2 25 | $18.4M | $1.2M | ||
| Q1 25 | $33.8M | $11.0K | ||
| Q4 24 | $159.2M | $18.0M | ||
| Q3 24 | $161.6M | $4.6M | ||
| Q2 24 | $117.4M | $13.2M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 14.9% | ||
| Q3 25 | 1.4% | 7.0% | ||
| Q2 25 | 5.1% | 0.8% | ||
| Q1 25 | 9.5% | 0.0% | ||
| Q4 24 | 41.6% | 12.5% | ||
| Q3 24 | 42.4% | 3.4% | ||
| Q2 24 | 38.7% | 10.8% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 0.1% | ||
| Q3 25 | 2.0% | 0.3% | ||
| Q2 25 | 2.3% | 0.6% | ||
| Q1 25 | 4.1% | 1.7% | ||
| Q4 24 | 2.1% | 0.9% | ||
| Q3 24 | 2.2% | 0.3% | ||
| Q2 24 | 3.2% | 2.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 2.29× | ||
| Q3 25 | 0.21× | 1.52× | ||
| Q2 25 | 0.72× | 0.26× | ||
| Q1 25 | 1.63× | 0.22× | ||
| Q4 24 | 2.69× | 1.96× | ||
| Q3 24 | 3.72× | 0.66× | ||
| Q2 24 | 11.73× | 2.77× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
