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Side-by-side financial comparison of Enphase Energy (ENPH) and Mid-America Apartment Communities (MAA). Click either name above to swap in a different company.
Mid-America Apartment Communities is the larger business by last-quarter revenue ($555.6M vs $282.9M, roughly 2.0× Enphase Energy). Mid-America Apartment Communities runs the higher net margin — 10.4% vs -2.6%, a 13.0% gap on every dollar of revenue. On growth, Mid-America Apartment Communities posted the faster year-over-year revenue change (1.0% vs -20.6%). Mid-America Apartment Communities produced more free cash flow last quarter ($158.6M vs $83.0M). Over the past eight quarters, Mid-America Apartment Communities's revenue compounded faster (1.1% 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.
Mid-America Apartment Communities, Inc. (MAA) is a publicly traded real estate investment trust based in Memphis, Tennessee that invests in apartments in the Southeastern United States and the Southwestern United States.
ENPH vs MAA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $555.6M |
| Net Profit | $-7.4M | $57.6M |
| Gross Margin | 35.5% | — |
| Operating Margin | — | 10.4% |
| Net Margin | -2.6% | 10.4% |
| Revenue YoY | -20.6% | 1.0% |
| Net Profit YoY | -124.9% | -65.5% |
| EPS (diluted) | $-0.06 | $0.48 |
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 | $555.6M | ||
| Q3 25 | $410.4M | $554.4M | ||
| Q2 25 | $363.2M | $549.9M | ||
| Q1 25 | $356.1M | $549.3M | ||
| Q4 24 | $382.7M | $549.8M | ||
| Q3 24 | $380.9M | $551.1M | ||
| Q2 24 | $303.5M | $546.4M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $57.6M | ||
| Q3 25 | $66.6M | $99.5M | ||
| Q2 25 | $37.1M | $108.1M | ||
| Q1 25 | $29.7M | $181.7M | ||
| Q4 24 | $62.2M | $166.6M | ||
| Q3 24 | $45.8M | $115.2M | ||
| Q2 24 | $10.8M | $102.0M |
| 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% | 10.4% | ||
| Q3 25 | 16.1% | 18.7% | ||
| Q2 25 | 10.2% | 20.2% | ||
| Q1 25 | 9.0% | 34.0% | ||
| Q4 24 | 14.3% | 31.3% | ||
| Q3 24 | 13.1% | 21.5% | ||
| Q2 24 | 0.6% | 19.3% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 10.4% | ||
| Q3 25 | 16.2% | 18.0% | ||
| Q2 25 | 10.2% | 19.7% | ||
| Q1 25 | 8.3% | 33.1% | ||
| Q4 24 | 16.2% | 30.3% | ||
| Q3 24 | 12.0% | 20.9% | ||
| Q2 24 | 3.6% | 18.7% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.48 | ||
| Q3 25 | $0.50 | $0.84 | ||
| Q2 25 | $0.28 | $0.92 | ||
| Q1 25 | $0.22 | $1.54 | ||
| Q4 24 | $0.46 | $1.43 | ||
| Q3 24 | $0.33 | $0.98 | ||
| Q2 24 | $0.08 | $0.86 |
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 | $60.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $5.7B |
| Total Assets | $2.7B | $12.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $60.3M | ||
| Q3 25 | $1.5B | $32.2M | ||
| Q2 25 | $1.5B | $54.5M | ||
| Q1 25 | $1.5B | $55.8M | ||
| Q4 24 | $1.6B | $43.0M | ||
| Q3 24 | $1.8B | $50.2M | ||
| Q2 24 | $1.6B | $62.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $5.7B | ||
| Q3 25 | $995.0M | $5.8B | ||
| Q2 25 | $880.6M | $5.9B | ||
| Q1 25 | $810.7M | $5.9B | ||
| Q4 24 | $833.0M | $5.9B | ||
| Q3 24 | $931.4M | $5.9B | ||
| Q2 24 | $884.5M | $6.0B |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $12.0B | ||
| Q3 25 | $3.3B | $11.9B | ||
| Q2 25 | $3.2B | $11.8B | ||
| Q1 25 | $3.1B | $11.8B | ||
| Q4 24 | $3.2B | $11.8B | ||
| Q3 24 | $3.3B | $11.8B | ||
| Q2 24 | $3.2B | $11.6B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | — | ||
| Q3 25 | 1.21× | — | ||
| Q2 25 | 1.37× | — | ||
| Q1 25 | 1.48× | — | ||
| Q4 24 | 1.56× | — | ||
| 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 | $261.7M |
| Free Cash FlowOCF − Capex | $83.0M | $158.6M |
| FCF MarginFCF / Revenue | 29.3% | 28.5% |
| Capex IntensityCapex / Revenue | — | 18.6% |
| Cash ConversionOCF / Net Profit | — | 4.55× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $717.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $261.7M | ||
| Q3 25 | $13.9M | $266.4M | ||
| Q2 25 | $26.6M | $353.4M | ||
| Q1 25 | $48.4M | $196.6M | ||
| Q4 24 | $167.3M | $239.1M | ||
| Q3 24 | $170.1M | $309.5M | ||
| Q2 24 | $127.1M | $349.4M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $158.6M | ||
| Q3 25 | $5.9M | $170.8M | ||
| Q2 25 | $18.4M | $264.5M | ||
| Q1 25 | $33.8M | $124.0M | ||
| Q4 24 | $159.2M | $152.6M | ||
| Q3 24 | $161.6M | $215.5M | ||
| Q2 24 | $117.4M | $259.7M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 28.5% | ||
| Q3 25 | 1.4% | 30.8% | ||
| Q2 25 | 5.1% | 48.1% | ||
| Q1 25 | 9.5% | 22.6% | ||
| Q4 24 | 41.6% | 27.8% | ||
| Q3 24 | 42.4% | 39.1% | ||
| Q2 24 | 38.7% | 47.5% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 18.6% | ||
| Q3 25 | 2.0% | 17.2% | ||
| Q2 25 | 2.3% | 16.2% | ||
| Q1 25 | 4.1% | 13.2% | ||
| Q4 24 | 2.1% | 15.7% | ||
| Q3 24 | 2.2% | 17.1% | ||
| Q2 24 | 3.2% | 16.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 4.55× | ||
| Q3 25 | 0.21× | 2.68× | ||
| Q2 25 | 0.72× | 3.27× | ||
| Q1 25 | 1.63× | 1.08× | ||
| Q4 24 | 2.69× | 1.43× | ||
| Q3 24 | 3.72× | 2.69× | ||
| Q2 24 | 11.73× | 3.43× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
MAA
| Same Store | $515.5M | 93% |
| Non Same Store And Other | $36.8M | 7% |
