vs
Side-by-side financial comparison of Enphase Energy (ENPH) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
P3 Health Partners Inc. is the larger business by last-quarter revenue ($384.8M vs $282.9M, roughly 1.4× Enphase Energy). Enphase Energy runs the higher net margin — -2.6% vs -19.6%, a 17.0% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs -20.6%). Over the past eight quarters, P3 Health Partners Inc.'s revenue compounded faster (-0.5% 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.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
ENPH vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $384.8M |
| Net Profit | $-7.4M | $-75.5M |
| Gross Margin | 35.5% | — |
| Operating Margin | 54.0% | -40.0% |
| Net Margin | -2.6% | -19.6% |
| Revenue YoY | -20.6% | 3.8% |
| Net Profit YoY | -124.9% | -28.8% |
| EPS (diluted) | $-0.06 | $-23.08 |
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 | $384.8M | ||
| Q3 25 | $410.4M | $345.3M | ||
| Q2 25 | $363.2M | $355.8M | ||
| Q1 25 | $356.1M | $373.2M | ||
| Q4 24 | $382.7M | $370.7M | ||
| Q3 24 | $380.9M | $362.1M | ||
| Q2 24 | $303.5M | $379.2M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $-75.5M | ||
| Q3 25 | $66.6M | $-31.6M | ||
| Q2 25 | $37.1M | $-20.4M | ||
| Q1 25 | $29.7M | $-20.5M | ||
| Q4 24 | $62.2M | $-58.6M | ||
| Q3 24 | $45.8M | $-46.5M | ||
| Q2 24 | $10.8M | $-12.0M |
| 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% | -40.0% | ||
| Q3 25 | 16.1% | -12.8% | ||
| Q2 25 | 10.2% | -9.6% | ||
| Q1 25 | 9.0% | -10.2% | ||
| Q4 24 | 14.3% | -37.4% | ||
| Q3 24 | 13.1% | -29.5% | ||
| Q2 24 | 0.6% | -8.3% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | -19.6% | ||
| Q3 25 | 16.2% | -9.1% | ||
| Q2 25 | 10.2% | -5.7% | ||
| Q1 25 | 8.3% | -5.5% | ||
| Q4 24 | 16.2% | -15.8% | ||
| Q3 24 | 12.0% | -12.8% | ||
| Q2 24 | 3.6% | -3.2% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $-23.08 | ||
| Q3 25 | $0.50 | $-9.67 | ||
| Q2 25 | $0.28 | $-6.23 | ||
| Q1 25 | $0.22 | $-6.28 | ||
| Q4 24 | $0.46 | $-23.13 | ||
| Q3 24 | $0.33 | $-15.70 | ||
| Q2 24 | $0.08 | $-7.37 |
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 | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $1.1B | $-155.2M |
| Total Assets | $2.7B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $25.0M | ||
| Q3 25 | $1.5B | $37.7M | ||
| Q2 25 | $1.5B | $38.6M | ||
| Q1 25 | $1.5B | $40.1M | ||
| Q4 24 | $1.6B | $38.8M | ||
| Q3 24 | $1.8B | $63.0M | ||
| Q2 24 | $1.6B | $73.1M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $228.4M | ||
| Q3 25 | $1.2B | $252.8M | ||
| Q2 25 | $1.2B | $182.0M | ||
| Q1 25 | $1.2B | $171.1M | ||
| Q4 24 | $1.3B | $108.9M | ||
| Q3 24 | $1.3B | $133.2M | ||
| Q2 24 | $1.3B | $133.1M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $-155.2M | ||
| Q3 25 | $995.0M | $-18.7M | ||
| Q2 25 | $880.6M | $44.5M | ||
| Q1 25 | $810.7M | $63.3M | ||
| Q4 24 | $833.0M | $75.9M | ||
| Q3 24 | $931.4M | $120.5M | ||
| Q2 24 | $884.5M | $166.8M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $656.6M | ||
| Q3 25 | $3.3B | $683.6M | ||
| Q2 25 | $3.2B | $731.6M | ||
| Q1 25 | $3.1B | $783.9M | ||
| Q4 24 | $3.2B | $783.4M | ||
| Q3 24 | $3.3B | $833.3M | ||
| Q2 24 | $3.2B | $892.8M |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | — | ||
| Q3 25 | 1.21× | — | ||
| Q2 25 | 1.37× | 4.09× | ||
| Q1 25 | 1.48× | 2.71× | ||
| Q4 24 | 1.56× | 1.43× | ||
| Q3 24 | 1.40× | 1.11× | ||
| Q2 24 | 1.47× | 0.80× |
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 | $-25.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $-25.7M | ||
| Q3 25 | $13.9M | $-15.4M | ||
| Q2 25 | $26.6M | $-16.6M | ||
| Q1 25 | $48.4M | $-33.5M | ||
| Q4 24 | $167.3M | $-57.2M | ||
| Q3 24 | $170.1M | $-22.6M | ||
| Q2 24 | $127.1M | $-10.2M |
| Q1 26 | — | — | ||
| 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 | — | — | ||
| 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% | 0.0% | ||
| Q3 24 | 2.2% | 0.0% | ||
| Q2 24 | 3.2% | 0.0% |
| 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.
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
