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Side-by-side financial comparison of Enphase Energy (ENPH) and Smith Douglas Homes Corp. (SDHC). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $260.4M, roughly 1.1× Smith Douglas Homes Corp.). Smith Douglas Homes Corp. runs the higher net margin — 1.4% vs -2.6%, a 4.0% gap on every dollar of revenue. On growth, Smith Douglas Homes Corp. posted the faster year-over-year revenue change (-9.4% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $8.7M). Over the past eight quarters, Smith Douglas Homes Corp.'s revenue compounded faster (17.3% 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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
ENPH vs SDHC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $260.4M |
| Net Profit | $-7.4M | $3.5M |
| Gross Margin | 35.5% | 19.9% |
| Operating Margin | 54.0% | 6.5% |
| Net Margin | -2.6% | 1.4% |
| Revenue YoY | -20.6% | -9.4% |
| Net Profit YoY | -124.9% | -14.3% |
| EPS (diluted) | $-0.06 | $0.39 |
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 | $260.4M | ||
| Q3 25 | $410.4M | $262.0M | ||
| Q2 25 | $363.2M | $223.9M | ||
| Q1 25 | $356.1M | $224.7M | ||
| Q4 24 | $382.7M | $287.5M | ||
| Q3 24 | $380.9M | $277.8M | ||
| Q2 24 | $303.5M | $220.9M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $3.5M | ||
| Q3 25 | $66.6M | $2.1M | ||
| Q2 25 | $37.1M | $2.4M | ||
| Q1 25 | $29.7M | $2.7M | ||
| Q4 24 | $62.2M | $4.1M | ||
| Q3 24 | $45.8M | $5.3M | ||
| Q2 24 | $10.8M | $3.6M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 19.9% | ||
| Q3 25 | 47.8% | 21.0% | ||
| Q2 25 | 46.9% | 23.2% | ||
| Q1 25 | 47.2% | 23.8% | ||
| Q4 24 | 51.8% | 25.5% | ||
| Q3 24 | 46.8% | 26.5% | ||
| Q2 24 | 45.2% | 26.7% |
| Q1 26 | 54.0% | — | ||
| Q4 25 | 6.5% | 6.5% | ||
| Q3 25 | 16.1% | 6.6% | ||
| Q2 25 | 10.2% | 7.7% | ||
| Q1 25 | 9.0% | 8.7% | ||
| Q4 24 | 14.3% | 10.4% | ||
| Q3 24 | 13.1% | 14.2% | ||
| Q2 24 | 0.6% | 11.7% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 1.4% | ||
| Q3 25 | 16.2% | 0.8% | ||
| Q2 25 | 10.2% | 1.1% | ||
| Q1 25 | 8.3% | 1.2% | ||
| Q4 24 | 16.2% | 1.4% | ||
| Q3 24 | 12.0% | 1.9% | ||
| Q2 24 | 3.6% | 1.7% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.39 | ||
| Q3 25 | $0.50 | $0.24 | ||
| Q2 25 | $0.28 | $0.26 | ||
| Q1 25 | $0.22 | $0.30 | ||
| Q4 24 | $0.46 | $0.50 | ||
| Q3 24 | $0.33 | $0.58 | ||
| Q2 24 | $0.08 | $0.40 |
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 | $12.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $86.7M |
| Total Assets | $2.7B | $557.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $12.7M | ||
| Q3 25 | $1.5B | $14.8M | ||
| Q2 25 | $1.5B | $16.8M | ||
| Q1 25 | $1.5B | $12.7M | ||
| Q4 24 | $1.6B | $22.4M | ||
| Q3 24 | $1.8B | $23.7M | ||
| Q2 24 | $1.6B | $17.3M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $86.7M | ||
| Q3 25 | $995.0M | $82.2M | ||
| Q2 25 | $880.6M | $80.0M | ||
| Q1 25 | $810.7M | $76.9M | ||
| Q4 24 | $833.0M | $73.6M | ||
| Q3 24 | $931.4M | $68.4M | ||
| Q2 24 | $884.5M | $62.1M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $557.6M | ||
| Q3 25 | $3.3B | $571.6M | ||
| Q2 25 | $3.2B | $570.2M | ||
| Q1 25 | $3.1B | $513.9M | ||
| Q4 24 | $3.2B | $475.9M | ||
| Q3 24 | $3.3B | $460.1M | ||
| Q2 24 | $3.2B | $429.3M |
| 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 | $9.8M |
| Free Cash FlowOCF − Capex | $83.0M | $8.7M |
| FCF MarginFCF / Revenue | 29.3% | 3.4% |
| Capex IntensityCapex / Revenue | — | 0.4% |
| Cash ConversionOCF / Net Profit | — | 2.77× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $-36.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $9.8M | ||
| Q3 25 | $13.9M | $22.8M | ||
| Q2 25 | $26.6M | $-28.9M | ||
| Q1 25 | $48.4M | $-34.9M | ||
| Q4 24 | $167.3M | $5.5M | ||
| Q3 24 | $170.1M | $22.9M | ||
| Q2 24 | $127.1M | $39.0K |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $8.7M | ||
| Q3 25 | $5.9M | $21.4M | ||
| Q2 25 | $18.4M | $-31.1M | ||
| Q1 25 | $33.8M | $-35.9M | ||
| Q4 24 | $159.2M | $4.8M | ||
| Q3 24 | $161.6M | $22.3M | ||
| Q2 24 | $117.4M | $-2.1M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 3.4% | ||
| Q3 25 | 1.4% | 8.2% | ||
| Q2 25 | 5.1% | -13.9% | ||
| Q1 25 | 9.5% | -16.0% | ||
| Q4 24 | 41.6% | 1.7% | ||
| Q3 24 | 42.4% | 8.0% | ||
| Q2 24 | 38.7% | -1.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 0.4% | ||
| Q3 25 | 2.0% | 0.5% | ||
| Q2 25 | 2.3% | 0.9% | ||
| Q1 25 | 4.1% | 0.5% | ||
| Q4 24 | 2.1% | 0.2% | ||
| Q3 24 | 2.2% | 0.2% | ||
| Q2 24 | 3.2% | 1.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 2.77× | ||
| Q3 25 | 0.21× | 10.70× | ||
| Q2 25 | 0.72× | -12.24× | ||
| Q1 25 | 1.63× | -13.01× | ||
| Q4 24 | 2.69× | 1.33× | ||
| Q3 24 | 3.72× | 4.28× | ||
| Q2 24 | 11.73× | 0.01× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
SDHC
| Southeast | $164.7M | 63% |
| Central | $95.8M | 37% |
