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Side-by-side financial comparison of Enphase Energy (ENPH) and MASIMO CORP (MASI). Click either name above to swap in a different company.
MASIMO CORP is the larger business by last-quarter revenue ($371.5M vs $282.9M, roughly 1.3× Enphase Energy). Enphase Energy runs the higher net margin — -2.6% vs -27.0%, a 24.4% gap on every dollar of revenue. On growth, Enphase Energy posted the faster year-over-year revenue change (-20.6% vs -26.4%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $50.9M). Over the past eight quarters, Enphase Energy's revenue compounded faster (-3.4% CAGR vs -17.7%).
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.
Masimo Corporation is an American health technology and consumer electronics company headquartered in Irvine, California. The company develops patient monitoring devices, non-invasive sensors, and related software platforms used in hospital and home settings. Masimo has also operated in the consumer audio and wearable device markets.
ENPH vs MASI — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $371.5M |
| Net Profit | $-7.4M | $-100.4M |
| Gross Margin | 35.5% | 62.1% |
| Operating Margin | 54.0% | 22.5% |
| Net Margin | -2.6% | -27.0% |
| Revenue YoY | -20.6% | -26.4% |
| Net Profit YoY | -124.9% | -1124.5% |
| EPS (diluted) | $-0.06 | $-1.84 |
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 | — | ||
| Q3 25 | $410.4M | $371.5M | ||
| Q2 25 | $363.2M | $370.9M | ||
| Q1 25 | $356.1M | $372.0M | ||
| Q4 24 | $382.7M | $600.7M | ||
| Q3 24 | $380.9M | $504.6M | ||
| Q2 24 | $303.5M | $496.3M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | — | ||
| Q3 25 | $66.6M | $-100.4M | ||
| Q2 25 | $37.1M | $51.3M | ||
| Q1 25 | $29.7M | $-170.7M | ||
| Q4 24 | $62.2M | $-349.6M | ||
| Q3 24 | $45.8M | $9.8M | ||
| Q2 24 | $10.8M | $16.0M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | — | ||
| Q3 25 | 47.8% | 62.1% | ||
| Q2 25 | 46.9% | 62.9% | ||
| Q1 25 | 47.2% | 62.9% | ||
| Q4 24 | 51.8% | 40.7% | ||
| Q3 24 | 46.8% | 52.2% | ||
| Q2 24 | 45.2% | 51.3% |
| Q1 26 | 54.0% | — | ||
| Q4 25 | 6.5% | — | ||
| Q3 25 | 16.1% | 22.5% | ||
| Q2 25 | 10.2% | 17.4% | ||
| Q1 25 | 9.0% | 21.0% | ||
| Q4 24 | 14.3% | -59.8% | ||
| Q3 24 | 13.1% | 6.0% | ||
| Q2 24 | 0.6% | 5.7% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | — | ||
| Q3 25 | 16.2% | -27.0% | ||
| Q2 25 | 10.2% | 13.8% | ||
| Q1 25 | 8.3% | -45.9% | ||
| Q4 24 | 16.2% | -58.2% | ||
| Q3 24 | 12.0% | 1.9% | ||
| Q2 24 | 3.6% | 3.2% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | — | ||
| Q3 25 | $0.50 | $-1.84 | ||
| Q2 25 | $0.28 | $0.94 | ||
| Q1 25 | $0.22 | $-3.12 | ||
| Q4 24 | $0.46 | $-6.54 | ||
| Q3 24 | $0.33 | $0.18 | ||
| Q2 24 | $0.08 | $0.29 |
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 | $312.3M |
| Total DebtLower is stronger | — | $559.1M |
| Stockholders' EquityBook value | $1.1B | $810.0M |
| Total Assets | $2.7B | $1.8B |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | $312.3M | ||
| Q2 25 | $1.5B | $149.6M | ||
| Q1 25 | $1.5B | $130.8M | ||
| Q4 24 | $1.6B | $177.6M | ||
| Q3 24 | $1.8B | $158.5M | ||
| Q2 24 | $1.6B | $129.6M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $559.1M | ||
| Q2 25 | $1.2B | $613.7M | ||
| Q1 25 | $1.2B | $651.0M | ||
| Q4 24 | $1.3B | $765.2M | ||
| Q3 24 | $1.3B | $772.6M | ||
| Q2 24 | $1.3B | $781.6M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $995.0M | $810.0M | ||
| Q2 25 | $880.6M | $1.0B | ||
| Q1 25 | $810.7M | $946.4M | ||
| Q4 24 | $833.0M | $1.1B | ||
| Q3 24 | $931.4M | $1.5B | ||
| Q2 24 | $884.5M | $1.4B |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $1.8B | ||
| Q2 25 | $3.2B | $2.4B | ||
| Q1 25 | $3.1B | $2.3B | ||
| Q4 24 | $3.2B | $2.6B | ||
| Q3 24 | $3.3B | $3.1B | ||
| Q2 24 | $3.2B | $2.9B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | — | ||
| Q3 25 | 1.21× | 0.69× | ||
| Q2 25 | 1.37× | 0.59× | ||
| Q1 25 | 1.48× | 0.69× | ||
| Q4 24 | 1.56× | 0.73× | ||
| Q3 24 | 1.40× | 0.53× | ||
| Q2 24 | 1.47× | 0.57× |
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 | $56.8M |
| Free Cash FlowOCF − Capex | $83.0M | $50.9M |
| FCF MarginFCF / Revenue | 29.3% | 13.7% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $191.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | — | ||
| Q3 25 | $13.9M | $56.8M | ||
| Q2 25 | $26.6M | $69.4M | ||
| Q1 25 | $48.4M | $31.1M | ||
| Q4 24 | $167.3M | $50.5M | ||
| Q3 24 | $170.1M | $25.6M | ||
| Q2 24 | $127.1M | $74.5M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | — | ||
| Q3 25 | $5.9M | $50.9M | ||
| Q2 25 | $18.4M | $65.6M | ||
| Q1 25 | $33.8M | $28.5M | ||
| Q4 24 | $159.2M | $46.0M | ||
| Q3 24 | $161.6M | $16.9M | ||
| Q2 24 | $117.4M | $66.9M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | — | ||
| Q3 25 | 1.4% | 13.7% | ||
| Q2 25 | 5.1% | 17.7% | ||
| Q1 25 | 9.5% | 7.7% | ||
| Q4 24 | 41.6% | 7.7% | ||
| Q3 24 | 42.4% | 3.3% | ||
| Q2 24 | 38.7% | 13.5% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | — | ||
| Q3 25 | 2.0% | 1.6% | ||
| Q2 25 | 2.3% | 1.0% | ||
| Q1 25 | 4.1% | 0.7% | ||
| Q4 24 | 2.1% | 0.7% | ||
| Q3 24 | 2.2% | 1.7% | ||
| Q2 24 | 3.2% | 1.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.72× | 1.35× | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | 2.69× | — | ||
| Q3 24 | 3.72× | 2.61× | ||
| Q2 24 | 11.73× | 4.66× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
