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Side-by-side financial comparison of Enphase Energy (ENPH) and NNN REIT, INC. (NNN). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $238.4M, roughly 1.2× NNN REIT, INC.). NNN REIT, INC. runs the higher net margin — 40.2% vs -2.6%, a 42.9% gap on every dollar of revenue. On growth, NNN REIT, INC. posted the faster year-over-year revenue change (9.1% vs -20.6%). Over the past eight quarters, NNN REIT, INC.'s revenue compounded faster (5.2% 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.
NNN Reit, Inc. is a real estate investment trust that invests primarily in restaurant properties that are subject to long-term triple net leases, usually under leaseback arrangements. It is organized in Maryland with its principal office in Orlando, Florida.
ENPH vs NNN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $238.4M |
| Net Profit | $-7.4M | $96.0M |
| Gross Margin | 35.5% | — |
| Operating Margin | — | 62.3% |
| Net Margin | -2.6% | 40.2% |
| Revenue YoY | -20.6% | 9.1% |
| Net Profit YoY | -124.9% | -2.0% |
| EPS (diluted) | $-0.06 | $0.51 |
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 | $238.4M | ||
| Q3 25 | $410.4M | $230.2M | ||
| Q2 25 | $363.2M | $226.8M | ||
| Q1 25 | $356.1M | $230.9M | ||
| Q4 24 | $382.7M | $218.5M | ||
| Q3 24 | $380.9M | $218.6M | ||
| Q2 24 | $303.5M | $216.8M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $96.0M | ||
| Q3 25 | $66.6M | $96.8M | ||
| Q2 25 | $37.1M | $100.5M | ||
| Q1 25 | $29.7M | $96.5M | ||
| Q4 24 | $62.2M | $97.9M | ||
| Q3 24 | $45.8M | $97.9M | ||
| Q2 24 | $10.8M | $106.7M |
| 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% | 62.3% | ||
| Q3 25 | 16.1% | 64.0% | ||
| Q2 25 | 10.2% | 66.0% | ||
| Q1 25 | 9.0% | 62.3% | ||
| Q4 24 | 14.3% | 65.8% | ||
| Q3 24 | 13.1% | 65.7% | ||
| Q2 24 | 0.6% | 70.2% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 40.2% | ||
| Q3 25 | 16.2% | 42.1% | ||
| Q2 25 | 10.2% | 44.3% | ||
| Q1 25 | 8.3% | 41.8% | ||
| Q4 24 | 16.2% | 44.8% | ||
| Q3 24 | 12.0% | 44.8% | ||
| Q2 24 | 3.6% | 49.2% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.51 | ||
| Q3 25 | $0.50 | $0.51 | ||
| Q2 25 | $0.28 | $0.54 | ||
| Q1 25 | $0.22 | $0.51 | ||
| Q4 24 | $0.46 | $0.52 | ||
| Q3 24 | $0.33 | $0.53 | ||
| Q2 24 | $0.08 | $0.58 |
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 | $5.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $4.4B |
| Total Assets | $2.7B | $9.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $5.0M | ||
| Q3 25 | $1.5B | $157.9M | ||
| Q2 25 | $1.5B | $6.0M | ||
| Q1 25 | $1.5B | $5.1M | ||
| Q4 24 | $1.6B | $8.7M | ||
| Q3 24 | $1.8B | $173.5M | ||
| Q2 24 | $1.6B | $2.1M |
| 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 | $4.4B | ||
| Q3 25 | $995.0M | $4.4B | ||
| Q2 25 | $880.6M | $4.4B | ||
| Q1 25 | $810.7M | $4.4B | ||
| Q4 24 | $833.0M | $4.4B | ||
| Q3 24 | $931.4M | $4.4B | ||
| Q2 24 | $884.5M | $4.2B |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $9.4B | ||
| Q3 25 | $3.3B | $9.5B | ||
| Q2 25 | $3.2B | $9.1B | ||
| Q1 25 | $3.1B | $9.0B | ||
| Q4 24 | $3.2B | $8.9B | ||
| Q3 24 | $3.3B | $8.9B | ||
| Q2 24 | $3.2B | $8.7B |
| 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 | $667.1M |
| Free Cash FlowOCF − Capex | $83.0M | — |
| FCF MarginFCF / Revenue | 29.3% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 6.95× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $667.1M | ||
| Q3 25 | $13.9M | $218.3M | ||
| Q2 25 | $26.6M | $119.4M | ||
| Q1 25 | $48.4M | $203.3M | ||
| Q4 24 | $167.3M | $635.5M | ||
| Q3 24 | $170.1M | $206.6M | ||
| Q2 24 | $127.1M | $120.5M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | — | ||
| Q3 25 | $5.9M | — | ||
| Q2 25 | $18.4M | — | ||
| Q1 25 | $33.8M | — | ||
| Q4 24 | $159.2M | — | ||
| Q3 24 | $161.6M | — | ||
| Q2 24 | $117.4M | — |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 5.1% | — | ||
| Q1 25 | 9.5% | — | ||
| Q4 24 | 41.6% | — | ||
| Q3 24 | 42.4% | — | ||
| Q2 24 | 38.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | — | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 4.1% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 2.2% | — | ||
| Q2 24 | 3.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 6.95× | ||
| Q3 25 | 0.21× | 2.25× | ||
| Q2 25 | 0.72× | 1.19× | ||
| Q1 25 | 1.63× | 2.11× | ||
| Q4 24 | 2.69× | 6.49× | ||
| Q3 24 | 3.72× | 2.11× | ||
| Q2 24 | 11.73× | 1.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
