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Side-by-side financial comparison of Enphase Energy (ENPH) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $282.9M, roughly 1.5× Enphase Energy). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs -2.6%, a 38.3% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (1.7% vs -20.6%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% 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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
ENPH vs NFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $425.9M |
| Net Profit | $-7.4M | $152.0M |
| Gross Margin | 35.5% | — |
| Operating Margin | 54.0% | 81.5% |
| Net Margin | -2.6% | 35.7% |
| Revenue YoY | -20.6% | 1.7% |
| Net Profit YoY | -124.9% | — |
| EPS (diluted) | $-0.06 | $1.59 |
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 | $425.9M | ||
| Q4 25 | $343.3M | $637.9M | ||
| Q3 25 | $410.4M | $443.1M | ||
| Q2 25 | $363.2M | $527.4M | ||
| Q1 25 | $356.1M | $734.8M | ||
| Q4 24 | $382.7M | $513.8M | ||
| Q3 24 | $380.9M | $310.0M | ||
| Q2 24 | $303.5M | $338.6M |
| Q1 26 | $-7.4M | $152.0M | ||
| Q4 25 | $38.7M | $181.6M | ||
| Q3 25 | $66.6M | $107.3M | ||
| Q2 25 | $37.1M | $149.8M | ||
| Q1 25 | $29.7M | $216.4M | ||
| Q4 24 | $62.2M | $45.0M | ||
| Q3 24 | $45.8M | $-167.6M | ||
| Q2 24 | $10.8M | $-54.2M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 86.6% | ||
| Q3 25 | 47.8% | — | ||
| Q2 25 | 46.9% | 94.7% | ||
| Q1 25 | 47.2% | 81.6% | ||
| Q4 24 | 51.8% | 87.3% | ||
| Q3 24 | 46.8% | — | ||
| Q2 24 | 45.2% | 98.5% |
| Q1 26 | 54.0% | 81.5% | ||
| Q4 25 | 6.5% | 43.3% | ||
| Q3 25 | 16.1% | 40.6% | ||
| Q2 25 | 10.2% | 43.7% | ||
| Q1 25 | 9.0% | 43.2% | ||
| Q4 24 | 14.3% | 16.8% | ||
| Q3 24 | 13.1% | -63.4% | ||
| Q2 24 | 0.6% | -15.2% |
| Q1 26 | -2.6% | 35.7% | ||
| Q4 25 | 11.3% | 28.5% | ||
| Q3 25 | 16.2% | 24.2% | ||
| Q2 25 | 10.2% | 28.4% | ||
| Q1 25 | 8.3% | 29.4% | ||
| Q4 24 | 16.2% | 8.8% | ||
| Q3 24 | 12.0% | -54.1% | ||
| Q2 24 | 3.6% | -16.0% |
| Q1 26 | $-0.06 | $1.59 | ||
| Q4 25 | $0.29 | $1.98 | ||
| Q3 25 | $0.50 | $1.18 | ||
| Q2 25 | $0.28 | $1.64 | ||
| Q1 25 | $0.22 | $2.37 | ||
| Q4 24 | $0.46 | $0.49 | ||
| Q3 24 | $0.33 | $-1.81 | ||
| Q2 24 | $0.08 | $-0.59 |
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 | — | $300.0M |
| Stockholders' EquityBook value | $1.1B | — |
| Total Assets | $2.7B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $271.4M | ||
| Q3 25 | $1.5B | $43.2M | ||
| Q2 25 | $1.5B | $39.3M | ||
| Q1 25 | $1.5B | $40.0M | ||
| Q4 24 | $1.6B | $48.7M | ||
| Q3 24 | $1.8B | $38.2M | ||
| Q2 24 | $1.6B | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $1.2B | $2.7B | ||
| Q3 25 | $1.2B | $2.7B | ||
| Q2 25 | $1.2B | $2.7B | ||
| Q1 25 | $1.2B | $2.7B | ||
| Q4 24 | $1.3B | $2.7B | ||
| Q3 24 | $1.3B | $2.7B | ||
| Q2 24 | $1.3B | $2.7B |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $3.6B | ||
| Q3 25 | $995.0M | $3.1B | ||
| Q2 25 | $880.6M | $3.0B | ||
| Q1 25 | $810.7M | $2.8B | ||
| Q4 24 | $833.0M | $-76.2M | ||
| Q3 24 | $931.4M | $-15.5M | ||
| Q2 24 | $884.5M | $5.0M |
| Q1 26 | $2.7B | $9.1B | ||
| Q4 25 | $3.5B | $9.2B | ||
| Q3 25 | $3.3B | $8.7B | ||
| Q2 25 | $3.2B | $8.4B | ||
| Q1 25 | $3.1B | $8.5B | ||
| Q4 24 | $3.2B | $8.3B | ||
| Q3 24 | $3.3B | $8.3B | ||
| Q2 24 | $3.2B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 0.75× | ||
| Q3 25 | 1.21× | 0.87× | ||
| Q2 25 | 1.37× | 0.90× | ||
| Q1 25 | 1.48× | 0.99× | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 1.47× | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | $657.3M | ||
| Q4 25 | $47.6M | $274.9M | ||
| Q3 25 | $13.9M | $237.8M | ||
| Q2 25 | $26.6M | $388.4M | ||
| Q1 25 | $48.4M | $253.8M | ||
| Q4 24 | $167.3M | $220.1M | ||
| Q3 24 | $170.1M | $197.9M | ||
| Q2 24 | $127.1M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $37.8M | $-2.7M | ||
| Q3 25 | $5.9M | $-47.8M | ||
| Q2 25 | $18.4M | $195.3M | ||
| Q1 25 | $33.8M | $59.9M | ||
| Q4 24 | $159.2M | $-20.3M | ||
| Q3 24 | $161.6M | $-49.1M | ||
| Q2 24 | $117.4M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | -0.4% | ||
| Q3 25 | 1.4% | -10.8% | ||
| Q2 25 | 5.1% | 37.0% | ||
| Q1 25 | 9.5% | 8.2% | ||
| Q4 24 | 41.6% | -4.0% | ||
| Q3 24 | 42.4% | -15.8% | ||
| Q2 24 | 38.7% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 2.8% | 43.5% | ||
| Q3 25 | 2.0% | 64.4% | ||
| Q2 25 | 2.3% | 36.6% | ||
| Q1 25 | 4.1% | 26.4% | ||
| Q4 24 | 2.1% | 46.8% | ||
| Q3 24 | 2.2% | 79.7% | ||
| Q2 24 | 3.2% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 1.23× | 1.51× | ||
| Q3 25 | 0.21× | 2.21× | ||
| Q2 25 | 0.72× | 2.59× | ||
| Q1 25 | 1.63× | 1.17× | ||
| Q4 24 | 2.69× | 4.89× | ||
| Q3 24 | 3.72× | — | ||
| Q2 24 | 11.73× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
