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Side-by-side financial comparison of Enphase Energy (ENPH) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $242.1M, roughly 1.2× ONESPAWORLD HOLDINGS Ltd). ONESPAWORLD HOLDINGS Ltd runs the higher net margin — 5.0% vs -2.6%, a 7.6% gap on every dollar of revenue. On growth, ONESPAWORLD HOLDINGS Ltd posted the faster year-over-year revenue change (11.5% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $14.9M). Over the past eight quarters, ONESPAWORLD HOLDINGS Ltd's revenue compounded faster (7.1% 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.
ENPH vs OSW — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $242.1M |
| Net Profit | $-7.4M | $12.1M |
| Gross Margin | 35.5% | — |
| Operating Margin | 54.0% | 6.8% |
| Net Margin | -2.6% | 5.0% |
| Revenue YoY | -20.6% | 11.5% |
| Net Profit YoY | -124.9% | -16.2% |
| EPS (diluted) | $-0.06 | $0.12 |
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 | $242.1M | ||
| Q3 25 | $410.4M | $258.5M | ||
| Q2 25 | $363.2M | $240.7M | ||
| Q1 25 | $356.1M | $219.6M | ||
| Q4 24 | $382.7M | $217.2M | ||
| Q3 24 | $380.9M | $241.7M | ||
| Q2 24 | $303.5M | $224.9M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $12.1M | ||
| Q3 25 | $66.6M | $24.3M | ||
| Q2 25 | $37.1M | $19.9M | ||
| Q1 25 | $29.7M | $15.3M | ||
| Q4 24 | $62.2M | $14.4M | ||
| Q3 24 | $45.8M | $21.6M | ||
| Q2 24 | $10.8M | $15.8M |
| 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 | 54.0% | — | ||
| Q4 25 | 6.5% | 6.8% | ||
| Q3 25 | 16.1% | 10.2% | ||
| Q2 25 | 10.2% | 9.2% | ||
| Q1 25 | 9.0% | 7.7% | ||
| Q4 24 | 14.3% | 7.9% | ||
| Q3 24 | 13.1% | 10.3% | ||
| Q2 24 | 0.6% | 8.4% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 5.0% | ||
| Q3 25 | 16.2% | 9.4% | ||
| Q2 25 | 10.2% | 8.3% | ||
| Q1 25 | 8.3% | 7.0% | ||
| Q4 24 | 16.2% | 6.6% | ||
| Q3 24 | 12.0% | 8.9% | ||
| Q2 24 | 3.6% | 7.0% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.12 | ||
| Q3 25 | $0.50 | $0.23 | ||
| Q2 25 | $0.28 | $0.19 | ||
| Q1 25 | $0.22 | $0.15 | ||
| Q4 24 | $0.46 | $0.13 | ||
| Q3 24 | $0.33 | $0.20 | ||
| Q2 24 | $0.08 | $0.15 |
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 | $16.3M |
| Total DebtLower is stronger | — | $84.0M |
| Stockholders' EquityBook value | $1.1B | $542.6M |
| Total Assets | $2.7B | $707.1M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $16.3M | ||
| Q3 25 | $1.5B | $29.6M | ||
| Q2 25 | $1.5B | $35.0M | ||
| Q1 25 | $1.5B | $22.6M | ||
| Q4 24 | $1.6B | $57.4M | ||
| Q3 24 | $1.8B | $48.8M | ||
| Q2 24 | $1.6B | $62.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $84.0M | ||
| Q3 25 | $1.2B | $85.2M | ||
| Q2 25 | $1.2B | $96.2M | ||
| Q1 25 | $1.2B | $97.4M | ||
| Q4 24 | $1.3B | $98.6M | ||
| Q3 24 | $1.3B | $98.7M | ||
| Q2 24 | $1.3B | $123.8M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $542.6M | ||
| Q3 25 | $995.0M | $552.8M | ||
| Q2 25 | $880.6M | $548.3M | ||
| Q1 25 | $810.7M | $530.6M | ||
| Q4 24 | $833.0M | $554.5M | ||
| Q3 24 | $931.4M | $540.1M | ||
| Q2 24 | $884.5M | $532.7M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $707.1M | ||
| Q3 25 | $3.3B | $732.6M | ||
| Q2 25 | $3.2B | $731.8M | ||
| Q1 25 | $3.1B | $708.7M | ||
| Q4 24 | $3.2B | $746.4M | ||
| Q3 24 | $3.3B | $734.0M | ||
| Q2 24 | $3.2B | $756.8M |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 0.15× | ||
| Q3 25 | 1.21× | 0.15× | ||
| Q2 25 | 1.37× | 0.18× | ||
| Q1 25 | 1.48× | 0.18× | ||
| Q4 24 | 1.56× | 0.18× | ||
| Q3 24 | 1.40× | 0.18× | ||
| Q2 24 | 1.47× | 0.23× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $83.0M | $14.9M |
| FCF MarginFCF / Revenue | 29.3% | 6.2% |
| Capex IntensityCapex / Revenue | — | 2.1% |
| Cash ConversionOCF / Net Profit | — | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $20.0M | ||
| Q3 25 | $13.9M | $33.2M | ||
| Q2 25 | $26.6M | $20.3M | ||
| Q1 25 | $48.4M | $10.1M | ||
| Q4 24 | $167.3M | $16.6M | ||
| Q3 24 | $170.1M | $28.6M | ||
| Q2 24 | $127.1M | $18.7M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $14.9M | ||
| Q3 25 | $5.9M | $27.6M | ||
| Q2 25 | $18.4M | $17.6M | ||
| Q1 25 | $33.8M | $8.4M | ||
| Q4 24 | $159.2M | $13.2M | ||
| Q3 24 | $161.6M | $27.5M | ||
| Q2 24 | $117.4M | $17.6M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 6.2% | ||
| Q3 25 | 1.4% | 10.7% | ||
| Q2 25 | 5.1% | 7.3% | ||
| Q1 25 | 9.5% | 3.8% | ||
| Q4 24 | 41.6% | 6.1% | ||
| Q3 24 | 42.4% | 11.4% | ||
| Q2 24 | 38.7% | 7.8% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 2.1% | ||
| Q3 25 | 2.0% | 2.2% | ||
| Q2 25 | 2.3% | 1.1% | ||
| Q1 25 | 4.1% | 0.8% | ||
| Q4 24 | 2.1% | 1.5% | ||
| Q3 24 | 2.2% | 0.5% | ||
| Q2 24 | 3.2% | 0.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 1.65× | ||
| Q3 25 | 0.21× | 1.36× | ||
| Q2 25 | 0.72× | 1.02× | ||
| Q1 25 | 1.63× | 0.66× | ||
| Q4 24 | 2.69× | 1.15× | ||
| Q3 24 | 3.72× | 1.33× | ||
| Q2 24 | 11.73× | 1.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
