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Side-by-side financial comparison of Enphase Energy (ENPH) and BRC Group Holdings, Inc. (RILY). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $188.3M, roughly 1.5× BRC Group Holdings, Inc.). BRC Group Holdings, Inc. runs the higher net margin — 47.9% vs -2.6%, a 50.6% gap on every dollar of revenue. On growth, Enphase Energy posted the faster year-over-year revenue change (-20.6% vs -21.9%). Over the past eight quarters, Enphase Energy's revenue compounded faster (-3.4% CAGR vs -15.4%).
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 RILY — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $188.3M |
| Net Profit | $-7.4M | $90.3M |
| Gross Margin | 35.5% | 79.5% |
| Operating Margin | 54.0% | 32.3% |
| Net Margin | -2.6% | 47.9% |
| Revenue YoY | -20.6% | -21.9% |
| Net Profit YoY | -124.9% | 1710.8% |
| EPS (diluted) | $-0.06 | $2.78 |
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 | $188.3M | ||
| Q3 25 | $410.4M | $215.3M | ||
| Q2 25 | $363.2M | $188.2M | ||
| Q1 25 | $356.1M | $197.2M | ||
| Q4 24 | $382.7M | $241.0M | ||
| Q3 24 | $380.9M | $225.5M | ||
| Q2 24 | $303.5M | $256.0M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $90.3M | ||
| Q3 25 | $66.6M | $91.1M | ||
| Q2 25 | $37.1M | $139.5M | ||
| Q1 25 | $29.7M | $-10.0M | ||
| Q4 24 | $62.2M | $-5.6M | ||
| Q3 24 | $45.8M | $-284.4M | ||
| Q2 24 | $10.8M | $-433.6M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 79.5% | ||
| Q3 25 | 47.8% | 83.7% | ||
| Q2 25 | 46.9% | 81.3% | ||
| Q1 25 | 47.2% | 81.4% | ||
| Q4 24 | 51.8% | 79.8% | ||
| Q3 24 | 46.8% | 82.1% | ||
| Q2 24 | 45.2% | 84.5% |
| Q1 26 | 54.0% | — | ||
| Q4 25 | 6.5% | 32.3% | ||
| Q3 25 | 16.1% | 30.4% | ||
| Q2 25 | 10.2% | 5.7% | ||
| Q1 25 | 9.0% | -31.2% | ||
| Q4 24 | 14.3% | -69.2% | ||
| Q3 24 | 13.1% | -36.4% | ||
| Q2 24 | 0.6% | -90.8% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 47.9% | ||
| Q3 25 | 16.2% | 42.3% | ||
| Q2 25 | 10.2% | 74.1% | ||
| Q1 25 | 8.3% | -5.1% | ||
| Q4 24 | 16.2% | -2.3% | ||
| Q3 24 | 12.0% | -126.1% | ||
| Q2 24 | 3.6% | -169.4% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $2.78 | ||
| Q3 25 | $0.50 | $2.91 | ||
| Q2 25 | $0.28 | $4.50 | ||
| Q1 25 | $0.22 | $-0.39 | ||
| Q4 24 | $0.46 | $-0.01 | ||
| Q3 24 | $0.33 | $-9.39 | ||
| Q2 24 | $0.08 | $-14.35 |
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 | $226.6M |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $1.1B | $-171.5M |
| Total Assets | $2.7B | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $226.6M | ||
| Q3 25 | $1.5B | $184.2M | ||
| Q2 25 | $1.5B | $267.4M | ||
| Q1 25 | $1.5B | $138.3M | ||
| Q4 24 | $1.6B | $146.9M | ||
| Q3 24 | $1.8B | $159.2M | ||
| Q2 24 | $1.6B | $236.9M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | $1.3B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.3B | $1.5B | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $-171.5M | ||
| Q3 25 | $995.0M | $-260.5M | ||
| Q2 25 | $880.6M | $-351.7M | ||
| Q1 25 | $810.7M | $-496.8M | ||
| Q4 24 | $833.0M | $-488.2M | ||
| Q3 24 | $931.4M | $-497.6M | ||
| Q2 24 | $884.5M | $-218.3M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $1.7B | ||
| Q3 25 | $3.3B | $1.7B | ||
| Q2 25 | $3.2B | $1.5B | ||
| Q1 25 | $3.1B | $1.5B | ||
| Q4 24 | $3.2B | $1.8B | ||
| Q3 24 | $3.3B | $2.2B | ||
| Q2 24 | $3.2B | $3.2B |
| 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 | $26.2M |
| Free Cash FlowOCF − Capex | $83.0M | — |
| FCF MarginFCF / Revenue | 29.3% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 0.29× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $26.2M | ||
| Q3 25 | $13.9M | $-60.6M | ||
| Q2 25 | $26.6M | $-25.6M | ||
| Q1 25 | $48.4M | $184.0K | ||
| Q4 24 | $167.3M | $-2.7M | ||
| Q3 24 | $170.1M | $19.5M | ||
| Q2 24 | $127.1M | $111.5M |
| 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× | 0.29× | ||
| Q3 25 | 0.21× | -0.66× | ||
| Q2 25 | 0.72× | -0.18× | ||
| 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.
RILY
| Transferred At Point In Time | $101.4M | 54% |
| Wealth Management Segment | $30.7M | 16% |
| Corporate Finance Consulting And Investment Banking Fees | $27.1M | 14% |
| Services And Fees | $24.8M | 13% |
| Commissions Fees And Reimbursed Expenses | $4.8M | 3% |
