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Side-by-side financial comparison of Enphase Energy (ENPH) and Nextpower Inc. (NXT). Click either name above to swap in a different company.
Nextpower Inc. is the larger business by last-quarter revenue ($909.4M vs $282.9M, roughly 3.2× Enphase Energy). Nextpower Inc. runs the higher net margin — 14.4% vs -2.6%, a 17.0% gap on every dollar of revenue. On growth, Nextpower Inc. posted the faster year-over-year revenue change (33.9% vs -20.6%). Nextpower Inc. produced more free cash flow last quarter ($118.5M vs $83.0M). Over the past eight quarters, Nextpower Inc.'s revenue compounded faster (11.1% 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.
Nextpower Inc. (NXT) is a global energy technology provider based in Fremont, California.
ENPH vs NXT — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $909.4M |
| Net Profit | $-7.4M | $131.2M |
| Gross Margin | 35.5% | 31.7% |
| Operating Margin | — | 19.4% |
| Net Margin | -2.6% | 14.4% |
| Revenue YoY | -20.6% | 33.9% |
| Net Profit YoY | -124.9% | 13.8% |
| EPS (diluted) | $-0.06 | $0.85 |
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 | $909.4M | ||
| Q3 25 | $410.4M | $905.3M | ||
| Q2 25 | $363.2M | $864.3M | ||
| Q1 25 | $356.1M | $924.3M | ||
| Q4 24 | $382.7M | $679.4M | ||
| Q3 24 | $380.9M | $635.6M | ||
| Q2 24 | $303.5M | $719.9M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $131.2M | ||
| Q3 25 | $66.6M | $146.9M | ||
| Q2 25 | $37.1M | $157.2M | ||
| Q1 25 | $29.7M | $156.8M | ||
| Q4 24 | $62.2M | $115.3M | ||
| Q3 24 | $45.8M | $115.4M | ||
| Q2 24 | $10.8M | $121.7M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 31.7% | ||
| Q3 25 | 47.8% | 32.4% | ||
| Q2 25 | 46.9% | 32.6% | ||
| Q1 25 | 47.2% | 33.1% | ||
| Q4 24 | 51.8% | 35.5% | ||
| Q3 24 | 46.8% | 35.4% | ||
| Q2 24 | 45.2% | 33.0% |
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 19.4% | ||
| Q3 25 | 16.1% | 20.0% | ||
| Q2 25 | 10.2% | 21.5% | ||
| Q1 25 | 9.0% | 21.1% | ||
| Q4 24 | 14.3% | 22.1% | ||
| Q3 24 | 13.1% | 21.0% | ||
| Q2 24 | 0.6% | 22.2% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 14.4% | ||
| Q3 25 | 16.2% | 16.2% | ||
| Q2 25 | 10.2% | 18.2% | ||
| Q1 25 | 8.3% | 17.0% | ||
| Q4 24 | 16.2% | 17.0% | ||
| Q3 24 | 12.0% | 18.2% | ||
| Q2 24 | 3.6% | 16.9% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.85 | ||
| Q3 25 | $0.50 | $0.97 | ||
| Q2 25 | $0.28 | $1.04 | ||
| Q1 25 | $0.22 | $1.05 | ||
| Q4 24 | $0.46 | $0.79 | ||
| Q3 24 | $0.33 | $0.79 | ||
| Q2 24 | $0.08 | $0.84 |
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 | $952.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $2.2B |
| Total Assets | $2.7B | $3.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $952.6M | ||
| Q3 25 | $1.5B | $845.3M | ||
| Q2 25 | $1.5B | $743.4M | ||
| Q1 25 | $1.5B | $766.1M | ||
| Q4 24 | $1.6B | $693.5M | ||
| Q3 24 | $1.8B | $561.9M | ||
| Q2 24 | $1.6B | $471.9M |
| 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 | $2.2B | ||
| Q3 25 | $995.0M | $2.0B | ||
| Q2 25 | $880.6M | $1.8B | ||
| Q1 25 | $810.7M | $1.6B | ||
| Q4 24 | $833.0M | $1.4B | ||
| Q3 24 | $931.4M | $1.3B | ||
| Q2 24 | $884.5M | $1.1B |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $3.8B | ||
| Q3 25 | $3.3B | $3.7B | ||
| Q2 25 | $3.2B | $3.4B | ||
| Q1 25 | $3.1B | $3.2B | ||
| Q4 24 | $3.2B | $3.0B | ||
| Q3 24 | $3.3B | $2.8B | ||
| Q2 24 | $3.2B | $2.6B |
| 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 | $123.3M |
| Free Cash FlowOCF − Capex | $83.0M | $118.5M |
| FCF MarginFCF / Revenue | 29.3% | 13.0% |
| Capex IntensityCapex / Revenue | — | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.94× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $587.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $123.3M | ||
| Q3 25 | $13.9M | $186.9M | ||
| Q2 25 | $26.6M | $81.3M | ||
| Q1 25 | $48.4M | $237.3M | ||
| Q4 24 | $167.3M | $143.8M | ||
| Q3 24 | $170.1M | $153.8M | ||
| Q2 24 | $127.1M | $120.8M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $118.5M | ||
| Q3 25 | $5.9M | $171.4M | ||
| Q2 25 | $18.4M | $70.1M | ||
| Q1 25 | $33.8M | $227.2M | ||
| Q4 24 | $159.2M | $134.9M | ||
| Q3 24 | $161.6M | $141.8M | ||
| Q2 24 | $117.4M | $118.0M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 13.0% | ||
| Q3 25 | 1.4% | 18.9% | ||
| Q2 25 | 5.1% | 8.1% | ||
| Q1 25 | 9.5% | 24.6% | ||
| Q4 24 | 41.6% | 19.9% | ||
| Q3 24 | 42.4% | 22.3% | ||
| Q2 24 | 38.7% | 16.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 0.5% | ||
| Q3 25 | 2.0% | 1.7% | ||
| Q2 25 | 2.3% | 1.3% | ||
| Q1 25 | 4.1% | 1.1% | ||
| Q4 24 | 2.1% | 1.3% | ||
| Q3 24 | 2.2% | 1.9% | ||
| Q2 24 | 3.2% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 0.94× | ||
| Q3 25 | 0.21× | 1.27× | ||
| Q2 25 | 0.72× | 0.52× | ||
| Q1 25 | 1.63× | 1.51× | ||
| Q4 24 | 2.69× | 1.25× | ||
| Q3 24 | 3.72× | 1.33× | ||
| Q2 24 | 11.73× | 0.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
NXT
| Transferred Over Time | $763.9M | 84% |
| Transferred At Point In Time | $145.4M | 16% |
