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Side-by-side financial comparison of Enphase Energy (ENPH) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $187.0M, roughly 1.5× National Storage Affiliates Trust). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -2.6%, a 14.9% gap on every dollar of revenue. On growth, National Storage Affiliates Trust posted the faster year-over-year revenue change (-1.6% vs -20.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $83.0M). Over the past eight quarters, National Storage Affiliates Trust's revenue compounded faster (-2.4% 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.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
ENPH vs NSA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $187.0M |
| Net Profit | $-7.4M | $22.9M |
| Gross Margin | 35.5% | 72.5% |
| Operating Margin | 54.0% | 20.2% |
| Net Margin | -2.6% | 12.2% |
| Revenue YoY | -20.6% | -1.6% |
| Net Profit YoY | -124.9% | 36.8% |
| EPS (diluted) | $-0.06 | $0.23 |
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 | $187.0M | ||
| Q3 25 | $410.4M | $188.7M | ||
| Q2 25 | $363.2M | $188.8M | ||
| Q1 25 | $356.1M | $188.4M | ||
| Q4 24 | $382.7M | $190.1M | ||
| Q3 24 | $380.9M | $193.6M | ||
| Q2 24 | $303.5M | $190.4M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $22.9M | ||
| Q3 25 | $66.6M | $18.4M | ||
| Q2 25 | $37.1M | $19.5M | ||
| Q1 25 | $29.7M | $13.0M | ||
| Q4 24 | $62.2M | $16.7M | ||
| Q3 24 | $45.8M | $18.7M | ||
| Q2 24 | $10.8M | $17.1M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 72.5% | ||
| Q3 25 | 47.8% | 70.7% | ||
| Q2 25 | 46.9% | 70.5% | ||
| Q1 25 | 47.2% | 70.7% | ||
| Q4 24 | 51.8% | 72.5% | ||
| Q3 24 | 46.8% | 72.8% | ||
| Q2 24 | 45.2% | 72.6% |
| Q1 26 | 54.0% | — | ||
| Q4 25 | 6.5% | 20.2% | ||
| Q3 25 | 16.1% | 15.8% | ||
| Q2 25 | 10.2% | 16.5% | ||
| Q1 25 | 9.0% | 11.0% | ||
| Q4 24 | 14.3% | 14.5% | ||
| Q3 24 | 13.1% | 15.8% | ||
| Q2 24 | 0.6% | 17.2% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 12.2% | ||
| Q3 25 | 16.2% | 9.8% | ||
| Q2 25 | 10.2% | 10.3% | ||
| Q1 25 | 8.3% | 6.9% | ||
| Q4 24 | 16.2% | 8.8% | ||
| Q3 24 | 12.0% | 9.7% | ||
| Q2 24 | 3.6% | 9.0% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.23 | ||
| Q3 25 | $0.50 | $0.17 | ||
| Q2 25 | $0.28 | $0.19 | ||
| Q1 25 | $0.22 | $0.10 | ||
| Q4 24 | $0.46 | $0.19 | ||
| Q3 24 | $0.33 | $0.18 | ||
| Q2 24 | $0.08 | $0.16 |
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 | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $946.0M |
| Total Assets | $2.7B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $23.3M | ||
| Q3 25 | $1.5B | $26.3M | ||
| Q2 25 | $1.5B | $26.1M | ||
| Q1 25 | $1.5B | $19.3M | ||
| Q4 24 | $1.6B | $50.4M | ||
| Q3 24 | $1.8B | $69.9M | ||
| Q2 24 | $1.6B | $59.0M |
| 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 | $946.0M | ||
| Q3 25 | $995.0M | $973.1M | ||
| Q2 25 | $880.6M | $1.0B | ||
| Q1 25 | $810.7M | $1.0B | ||
| Q4 24 | $833.0M | $1.1B | ||
| Q3 24 | $931.4M | $986.9M | ||
| Q2 24 | $884.5M | $1.2B |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $5.1B | ||
| Q3 25 | $3.3B | $5.1B | ||
| Q2 25 | $3.2B | $5.2B | ||
| Q1 25 | $3.1B | $5.3B | ||
| Q4 24 | $3.2B | $5.4B | ||
| Q3 24 | $3.3B | $5.4B | ||
| Q2 24 | $3.2B | $5.3B |
| 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 | $338.5M |
| Free Cash FlowOCF − Capex | $83.0M | $299.8M |
| FCF MarginFCF / Revenue | 29.3% | 160.3% |
| Capex IntensityCapex / Revenue | — | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $338.5M | ||
| Q3 25 | $13.9M | $100.2M | ||
| Q2 25 | $26.6M | $79.9M | ||
| Q1 25 | $48.4M | $85.6M | ||
| Q4 24 | $167.3M | $363.1M | ||
| Q3 24 | $170.1M | $105.7M | ||
| Q2 24 | $127.1M | $83.2M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $299.8M | ||
| Q3 25 | $5.9M | $88.0M | ||
| Q2 25 | $18.4M | $73.8M | ||
| Q1 25 | $33.8M | $79.9M | ||
| Q4 24 | $159.2M | $344.4M | ||
| Q3 24 | $161.6M | $101.8M | ||
| Q2 24 | $117.4M | $79.5M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 160.3% | ||
| Q3 25 | 1.4% | 46.6% | ||
| Q2 25 | 5.1% | 39.1% | ||
| Q1 25 | 9.5% | 42.4% | ||
| Q4 24 | 41.6% | 181.2% | ||
| Q3 24 | 42.4% | 52.6% | ||
| Q2 24 | 38.7% | 41.7% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 20.7% | ||
| Q3 25 | 2.0% | 6.5% | ||
| Q2 25 | 2.3% | 3.2% | ||
| Q1 25 | 4.1% | 3.0% | ||
| Q4 24 | 2.1% | 9.8% | ||
| Q3 24 | 2.2% | 2.0% | ||
| Q2 24 | 3.2% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 14.79× | ||
| Q3 25 | 0.21× | 5.44× | ||
| Q2 25 | 0.72× | 4.10× | ||
| Q1 25 | 1.63× | 6.59× | ||
| Q4 24 | 2.69× | 21.70× | ||
| Q3 24 | 3.72× | 5.65× | ||
| Q2 24 | 11.73× | 4.88× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
