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Side-by-side financial comparison of Enphase Energy (ENPH) and DOUGLAS DYNAMICS, INC (PLOW). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $184.5M, roughly 1.5× DOUGLAS DYNAMICS, INC). DOUGLAS DYNAMICS, INC runs the higher net margin — 7.0% vs -2.6%, a 9.6% gap on every dollar of revenue. On growth, DOUGLAS DYNAMICS, INC posted the faster year-over-year revenue change (28.6% vs -20.6%). DOUGLAS DYNAMICS, INC produced more free cash flow last quarter ($92.8M vs $83.0M). Over the past eight quarters, DOUGLAS DYNAMICS, INC's revenue compounded faster (38.9% 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.
General Dynamics Corporation (GD) is an American industrial and technology company based in Reston, Virginia. It is primarily a developer and producer of advanced military equipment of a wide variety, such as nuclear submarines, main battle tanks, and armoured fighting vehicles. It is also the manufacturer of the civilian aviation Gulfstream business jets and a provider of information technology services. The company is the 3rd largest of the top 100 contractors of the U.S. federal government...
ENPH vs PLOW — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $184.5M |
| Net Profit | $-7.4M | $12.8M |
| Gross Margin | 35.5% | 26.1% |
| Operating Margin | 54.0% | 10.5% |
| Net Margin | -2.6% | 7.0% |
| Revenue YoY | -20.6% | 28.6% |
| Net Profit YoY | -124.9% | 62.3% |
| EPS (diluted) | $-0.06 | $0.54 |
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 | $184.5M | ||
| Q3 25 | $410.4M | $162.1M | ||
| Q2 25 | $363.2M | $194.3M | ||
| Q1 25 | $356.1M | $115.1M | ||
| Q4 24 | $382.7M | $143.5M | ||
| Q3 24 | $380.9M | $129.4M | ||
| Q2 24 | $303.5M | $199.9M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $12.8M | ||
| Q3 25 | $66.6M | $8.0M | ||
| Q2 25 | $37.1M | $26.0M | ||
| Q1 25 | $29.7M | $148.0K | ||
| Q4 24 | $62.2M | $7.9M | ||
| Q3 24 | $45.8M | $32.3M | ||
| Q2 24 | $10.8M | $24.3M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 26.1% | ||
| Q3 25 | 47.8% | 23.5% | ||
| Q2 25 | 46.9% | 31.0% | ||
| Q1 25 | 47.2% | 24.5% | ||
| Q4 24 | 51.8% | 24.9% | ||
| Q3 24 | 46.8% | 23.9% | ||
| Q2 24 | 45.2% | 30.7% |
| Q1 26 | 54.0% | — | ||
| Q4 25 | 6.5% | 10.5% | ||
| Q3 25 | 16.1% | 8.7% | ||
| Q2 25 | 10.2% | 19.0% | ||
| Q1 25 | 9.0% | 2.8% | ||
| Q4 24 | 14.3% | 9.0% | ||
| Q3 24 | 13.1% | 35.4% | ||
| Q2 24 | 0.6% | 18.2% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 7.0% | ||
| Q3 25 | 16.2% | 4.9% | ||
| Q2 25 | 10.2% | 13.4% | ||
| Q1 25 | 8.3% | 0.1% | ||
| Q4 24 | 16.2% | 5.5% | ||
| Q3 24 | 12.0% | 24.9% | ||
| Q2 24 | 3.6% | 12.2% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.54 | ||
| Q3 25 | $0.50 | $0.33 | ||
| Q2 25 | $0.28 | $1.09 | ||
| Q1 25 | $0.22 | $0.00 | ||
| Q4 24 | $0.46 | $0.35 | ||
| Q3 24 | $0.33 | $1.36 | ||
| Q2 24 | $0.08 | $1.02 |
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 | — |
| Total DebtLower is stronger | — | $144.0M |
| Stockholders' EquityBook value | $1.1B | $281.4M |
| Total Assets | $2.7B | $626.7M |
| Debt / EquityLower = less leverage | — | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.6B | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $144.0M | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | $147.5M | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $281.4M | ||
| Q3 25 | $995.0M | $275.3M | ||
| Q2 25 | $880.6M | $273.3M | ||
| Q1 25 | $810.7M | $258.9M | ||
| Q4 24 | $833.0M | $264.2M | ||
| Q3 24 | $931.4M | $260.8M | ||
| Q2 24 | $884.5M | $236.7M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $626.7M | ||
| Q3 25 | $3.3B | $694.9M | ||
| Q2 25 | $3.2B | $671.5M | ||
| Q1 25 | $3.1B | $621.0M | ||
| Q4 24 | $3.2B | $590.0M | ||
| Q3 24 | $3.3B | $665.6M | ||
| Q2 24 | $3.2B | $617.0M |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 0.51× | ||
| Q3 25 | 1.21× | — | ||
| Q2 25 | 1.37× | — | ||
| Q1 25 | 1.48× | — | ||
| Q4 24 | 1.56× | 0.56× | ||
| 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 | $95.9M |
| Free Cash FlowOCF − Capex | $83.0M | $92.8M |
| FCF MarginFCF / Revenue | 29.3% | 50.3% |
| Capex IntensityCapex / Revenue | — | 1.7% |
| Cash ConversionOCF / Net Profit | — | 7.47× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $63.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $95.9M | ||
| Q3 25 | $13.9M | $-8.5M | ||
| Q2 25 | $26.6M | $-11.4M | ||
| Q1 25 | $48.4M | $-1.3M | ||
| Q4 24 | $167.3M | $74.4M | ||
| Q3 24 | $170.1M | $-14.2M | ||
| Q2 24 | $127.1M | $2.5M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $92.8M | ||
| Q3 25 | $5.9M | $-11.4M | ||
| Q2 25 | $18.4M | $-14.3M | ||
| Q1 25 | $33.8M | $-3.5M | ||
| Q4 24 | $159.2M | $70.2M | ||
| Q3 24 | $161.6M | $-15.2M | ||
| Q2 24 | $117.4M | $836.0K |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 50.3% | ||
| Q3 25 | 1.4% | -7.1% | ||
| Q2 25 | 5.1% | -7.4% | ||
| Q1 25 | 9.5% | -3.0% | ||
| Q4 24 | 41.6% | 48.9% | ||
| Q3 24 | 42.4% | -11.8% | ||
| Q2 24 | 38.7% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 1.7% | ||
| Q3 25 | 2.0% | 1.8% | ||
| Q2 25 | 2.3% | 1.5% | ||
| Q1 25 | 4.1% | 1.9% | ||
| Q4 24 | 2.1% | 2.9% | ||
| Q3 24 | 2.2% | 0.8% | ||
| Q2 24 | 3.2% | 0.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 7.47× | ||
| Q3 25 | 0.21× | -1.07× | ||
| Q2 25 | 0.72× | -0.44× | ||
| Q1 25 | 1.63× | -9.03× | ||
| Q4 24 | 2.69× | 9.41× | ||
| Q3 24 | 3.72× | -0.44× | ||
| Q2 24 | 11.73× | 0.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
