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Side-by-side financial comparison of Enphase Energy (ENPH) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Natural Grocers by Vitamin Cottage, Inc. is the larger business by last-quarter revenue ($335.6M vs $282.9M, roughly 1.2× Enphase Energy). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs -2.6%, a 6.0% gap on every dollar of revenue. On growth, Natural Grocers by Vitamin Cottage, Inc. posted the faster year-over-year revenue change (1.6% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $11.6M). Over the past eight quarters, Natural Grocers by Vitamin Cottage, Inc.'s revenue compounded faster (4.4% 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.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
ENPH vs NGVC — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $335.6M |
| Net Profit | $-7.4M | $11.3M |
| Gross Margin | 35.5% | 29.5% |
| Operating Margin | 54.0% | 4.4% |
| Net Margin | -2.6% | 3.4% |
| Revenue YoY | -20.6% | 1.6% |
| Net Profit YoY | -124.9% | 14.0% |
| EPS (diluted) | $-0.06 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $410.4M | $336.1M | ||
| Q2 25 | $363.2M | $328.7M | ||
| Q1 25 | $356.1M | $335.8M | ||
| Q4 24 | $382.7M | $330.2M | ||
| Q3 24 | $380.9M | $322.7M | ||
| Q2 24 | $303.5M | $309.1M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $11.3M | ||
| Q3 25 | $66.6M | $11.8M | ||
| Q2 25 | $37.1M | $11.6M | ||
| Q1 25 | $29.7M | $13.1M | ||
| Q4 24 | $62.2M | $9.9M | ||
| Q3 24 | $45.8M | $9.0M | ||
| Q2 24 | $10.8M | $9.2M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 29.5% | ||
| Q3 25 | 47.8% | 29.5% | ||
| Q2 25 | 46.9% | 29.9% | ||
| Q1 25 | 47.2% | 30.3% | ||
| Q4 24 | 51.8% | 29.9% | ||
| Q3 24 | 46.8% | 29.6% | ||
| Q2 24 | 45.2% | 29.2% |
| Q1 26 | 54.0% | — | ||
| Q4 25 | 6.5% | 4.4% | ||
| Q3 25 | 16.1% | 4.6% | ||
| Q2 25 | 10.2% | 4.7% | ||
| Q1 25 | 9.0% | 5.2% | ||
| Q4 24 | 14.3% | 4.0% | ||
| Q3 24 | 13.1% | 3.7% | ||
| Q2 24 | 0.6% | 4.2% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 3.4% | ||
| Q3 25 | 16.2% | 3.5% | ||
| Q2 25 | 10.2% | 3.5% | ||
| Q1 25 | 8.3% | 3.9% | ||
| Q4 24 | 16.2% | 3.0% | ||
| Q3 24 | 12.0% | 2.8% | ||
| Q2 24 | 3.6% | 3.0% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.49 | ||
| Q3 25 | $0.50 | $0.51 | ||
| Q2 25 | $0.28 | $0.50 | ||
| Q1 25 | $0.22 | $0.56 | ||
| Q4 24 | $0.46 | $0.43 | ||
| Q3 24 | $0.33 | $0.38 | ||
| Q2 24 | $0.08 | $0.40 |
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 | $23.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $220.0M |
| Total Assets | $2.7B | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $23.2M | ||
| Q3 25 | $1.5B | $17.1M | ||
| Q2 25 | $1.5B | $13.2M | ||
| Q1 25 | $1.5B | $21.2M | ||
| Q4 24 | $1.6B | $6.3M | ||
| Q3 24 | $1.8B | $8.9M | ||
| Q2 24 | $1.6B | $13.9M |
| 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 | $220.0M | ||
| Q3 25 | $995.0M | $212.4M | ||
| Q2 25 | $880.6M | $202.5M | ||
| Q1 25 | $810.7M | $193.0M | ||
| Q4 24 | $833.0M | $181.9M | ||
| Q3 24 | $931.4M | $174.3M | ||
| Q2 24 | $884.5M | $167.8M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $668.6M | ||
| Q3 25 | $3.3B | $670.5M | ||
| Q2 25 | $3.2B | $659.0M | ||
| Q1 25 | $3.1B | $664.6M | ||
| Q4 24 | $3.2B | $648.9M | ||
| Q3 24 | $3.3B | $655.5M | ||
| Q2 24 | $3.2B | $654.4M |
| 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 | $21.1M |
| Free Cash FlowOCF − Capex | $83.0M | $11.6M |
| FCF MarginFCF / Revenue | 29.3% | 3.4% |
| Capex IntensityCapex / Revenue | — | 2.9% |
| Cash ConversionOCF / Net Profit | — | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $21.1M | ||
| Q3 25 | $13.9M | $15.6M | ||
| Q2 25 | $26.6M | $2.9M | ||
| Q1 25 | $48.4M | $34.1M | ||
| Q4 24 | $167.3M | $2.7M | ||
| Q3 24 | $170.1M | $24.5M | ||
| Q2 24 | $127.1M | $12.4M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $11.6M | ||
| Q3 25 | $5.9M | $7.5M | ||
| Q2 25 | $18.4M | $-4.2M | ||
| Q1 25 | $33.8M | $27.6M | ||
| Q4 24 | $159.2M | $-6.9M | ||
| Q3 24 | $161.6M | $18.0M | ||
| Q2 24 | $117.4M | $3.6M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 3.4% | ||
| Q3 25 | 1.4% | 2.2% | ||
| Q2 25 | 5.1% | -1.3% | ||
| Q1 25 | 9.5% | 8.2% | ||
| Q4 24 | 41.6% | -2.1% | ||
| Q3 24 | 42.4% | 5.6% | ||
| Q2 24 | 38.7% | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 2.9% | ||
| Q3 25 | 2.0% | 2.4% | ||
| Q2 25 | 2.3% | 2.2% | ||
| Q1 25 | 4.1% | 1.9% | ||
| Q4 24 | 2.1% | 2.9% | ||
| Q3 24 | 2.2% | 2.0% | ||
| Q2 24 | 3.2% | 2.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 1.86× | ||
| Q3 25 | 0.21× | 1.32× | ||
| Q2 25 | 0.72× | 0.25× | ||
| Q1 25 | 1.63× | 2.60× | ||
| Q4 24 | 2.69× | 0.27× | ||
| Q3 24 | 3.72× | 2.72× | ||
| Q2 24 | 11.73× | 1.35× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
