vs
Side-by-side financial comparison of Enphase Energy (ENPH) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $142.9M, roughly 2.0× Piedmont Realty Trust, Inc.). Enphase Energy runs the higher net margin — -2.6% vs -30.3%, a 27.7% gap on every dollar of revenue. On growth, Piedmont Realty Trust, Inc. posted the faster year-over-year revenue change (-0.3% vs -20.6%). Over the past eight quarters, Piedmont Realty Trust, Inc.'s revenue compounded faster (-0.6% 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.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
ENPH vs PDM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $142.9M |
| Net Profit | $-7.4M | $-43.2M |
| Gross Margin | 35.5% | — |
| Operating Margin | 54.0% | — |
| Net Margin | -2.6% | -30.3% |
| Revenue YoY | -20.6% | -0.3% |
| Net Profit YoY | -124.9% | -44.3% |
| EPS (diluted) | $-0.06 | $-0.34 |
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 | $142.9M | ||
| Q3 25 | $410.4M | $139.2M | ||
| Q2 25 | $363.2M | $140.3M | ||
| Q1 25 | $356.1M | $142.7M | ||
| Q4 24 | $382.7M | $143.2M | ||
| Q3 24 | $380.9M | $139.3M | ||
| Q2 24 | $303.5M | $143.3M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $-43.2M | ||
| Q3 25 | $66.6M | $-13.5M | ||
| Q2 25 | $37.1M | $-16.8M | ||
| Q1 25 | $29.7M | $-10.1M | ||
| Q4 24 | $62.2M | $-30.0M | ||
| Q3 24 | $45.8M | $-11.5M | ||
| Q2 24 | $10.8M | $-9.8M |
| 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% | — | ||
| Q3 25 | 16.1% | — | ||
| Q2 25 | 10.2% | — | ||
| Q1 25 | 9.0% | — | ||
| Q4 24 | 14.3% | — | ||
| Q3 24 | 13.1% | — | ||
| Q2 24 | 0.6% | — |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | -30.3% | ||
| Q3 25 | 16.2% | -9.7% | ||
| Q2 25 | 10.2% | -12.0% | ||
| Q1 25 | 8.3% | -7.1% | ||
| Q4 24 | 16.2% | -20.9% | ||
| Q3 24 | 12.0% | -8.3% | ||
| Q2 24 | 3.6% | -6.8% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $-0.34 | ||
| Q3 25 | $0.50 | $-0.11 | ||
| Q2 25 | $0.28 | $-0.14 | ||
| Q1 25 | $0.22 | $-0.08 | ||
| Q4 24 | $0.46 | $-0.25 | ||
| Q3 24 | $0.33 | $-0.09 | ||
| Q2 24 | $0.08 | $-0.08 |
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 | $731.0K |
| Total DebtLower is stronger | — | $2.2B |
| Stockholders' EquityBook value | $1.1B | $1.5B |
| Total Assets | $2.7B | $4.0B |
| Debt / EquityLower = less leverage | — | 1.49× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $731.0K | ||
| Q3 25 | $1.5B | $3.0M | ||
| Q2 25 | $1.5B | $3.3M | ||
| Q1 25 | $1.5B | $2.9M | ||
| Q4 24 | $1.6B | $109.6M | ||
| Q3 24 | $1.8B | $133.6M | ||
| Q2 24 | $1.6B | $138.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $2.2B | ||
| Q3 25 | $1.2B | $2.2B | ||
| Q2 25 | $1.2B | $2.2B | ||
| Q1 25 | $1.2B | $2.2B | ||
| Q4 24 | $1.3B | $2.2B | ||
| Q3 24 | $1.3B | $2.2B | ||
| Q2 24 | $1.3B | $2.2B |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $995.0M | $1.5B | ||
| Q2 25 | $880.6M | $1.5B | ||
| Q1 25 | $810.7M | $1.6B | ||
| Q4 24 | $833.0M | $1.6B | ||
| Q3 24 | $931.4M | $1.6B | ||
| Q2 24 | $884.5M | $1.7B |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $4.0B | ||
| Q3 25 | $3.3B | $4.0B | ||
| Q2 25 | $3.2B | $4.0B | ||
| Q1 25 | $3.1B | $4.0B | ||
| Q4 24 | $3.2B | $4.1B | ||
| Q3 24 | $3.3B | $4.1B | ||
| Q2 24 | $3.2B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 1.49× | ||
| Q3 25 | 1.21× | 1.43× | ||
| Q2 25 | 1.37× | 1.41× | ||
| Q1 25 | 1.48× | 1.40× | ||
| Q4 24 | 1.56× | 1.40× | ||
| Q3 24 | 1.40× | 1.36× | ||
| Q2 24 | 1.47× | 1.34× |
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 | $140.6M |
| Free Cash FlowOCF − Capex | $83.0M | — |
| FCF MarginFCF / Revenue | 29.3% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $140.6M | ||
| Q3 25 | $13.9M | $35.8M | ||
| Q2 25 | $26.6M | $50.1M | ||
| Q1 25 | $48.4M | $3.7M | ||
| Q4 24 | $167.3M | $198.1M | ||
| Q3 24 | $170.1M | $42.9M | ||
| Q2 24 | $127.1M | $66.8M |
| 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× | — | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | 2.69× | — | ||
| Q3 24 | 3.72× | — | ||
| Q2 24 | 11.73× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
PDM
| Atlanta GA | $45.7M | 32% |
| Dallas TX | $24.1M | 17% |
| Orlando FL | $19.3M | 13% |
| New York NY | $14.7M | 10% |
| Northern Virginia Washington D.C. | $12.9M | 9% |
| Minneapolis MN | $11.4M | 8% |
| Boston MA | $9.8M | 7% |
| Real Estate Other | $7.8M | 5% |
