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Side-by-side financial comparison of Enphase Energy (ENPH) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $148.3M, roughly 1.9× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -2.6%, a 8.1% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
ENPH vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $148.3M |
| Net Profit | $-7.4M | $8.1M |
| Gross Margin | 35.5% | 31.6% |
| Operating Margin | — | 11.7% |
| Net Margin | -2.6% | 5.5% |
| Revenue YoY | -20.6% | 38.6% |
| Net Profit YoY | -124.9% | 3.9% |
| EPS (diluted) | $-0.06 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $410.4M | $135.8M | ||
| Q2 25 | $363.2M | $110.8M | ||
| Q1 25 | $356.1M | $80.4M | ||
| Q4 24 | $382.7M | $107.0M | ||
| Q3 24 | $380.9M | $102.2M | ||
| Q2 24 | $303.5M | $99.2M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $8.1M | ||
| Q3 25 | $66.6M | $11.9M | ||
| Q2 25 | $37.1M | $13.9M | ||
| Q1 25 | $29.7M | $-282.0K | ||
| Q4 24 | $62.2M | $7.8M | ||
| Q3 24 | $45.8M | $-267.0K | ||
| Q2 24 | $10.8M | $11.8M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 31.6% | ||
| Q3 25 | 47.8% | 37.0% | ||
| Q2 25 | 46.9% | 37.2% | ||
| Q1 25 | 47.2% | 35.0% | ||
| Q4 24 | 51.8% | 37.6% | ||
| Q3 24 | 46.8% | 24.8% | ||
| Q2 24 | 45.2% | 40.3% |
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 11.7% | ||
| Q3 25 | 16.1% | 13.7% | ||
| Q2 25 | 10.2% | 14.4% | ||
| Q1 25 | 9.0% | 5.4% | ||
| Q4 24 | 14.3% | 15.4% | ||
| Q3 24 | 13.1% | 4.4% | ||
| Q2 24 | 0.6% | 18.7% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 5.5% | ||
| Q3 25 | 16.2% | 8.7% | ||
| Q2 25 | 10.2% | 12.5% | ||
| Q1 25 | 8.3% | -0.4% | ||
| Q4 24 | 16.2% | 7.3% | ||
| Q3 24 | 12.0% | -0.3% | ||
| Q2 24 | 3.6% | 11.9% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.05 | ||
| Q3 25 | $0.50 | $0.07 | ||
| Q2 25 | $0.28 | $0.08 | ||
| Q1 25 | $0.22 | $0.00 | ||
| Q4 24 | $0.46 | $0.04 | ||
| Q3 24 | $0.33 | $0.00 | ||
| Q2 24 | $0.08 | $0.07 |
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 | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $600.0M |
| Total Assets | $2.7B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $7.3M | ||
| Q3 25 | $1.5B | $8.6M | ||
| Q2 25 | $1.5B | $4.7M | ||
| Q1 25 | $1.5B | $35.6M | ||
| Q4 24 | $1.6B | $23.5M | ||
| Q3 24 | $1.8B | $11.1M | ||
| Q2 24 | $1.6B | $3.2M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | $141.8M | ||
| Q4 24 | $1.3B | $141.8M | ||
| Q3 24 | $1.3B | $141.8M | ||
| Q2 24 | $1.3B | $146.8M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $600.0M | ||
| Q3 25 | $995.0M | $589.6M | ||
| Q2 25 | $880.6M | $575.4M | ||
| Q1 25 | $810.7M | $558.9M | ||
| Q4 24 | $833.0M | $556.8M | ||
| Q3 24 | $931.4M | $545.2M | ||
| Q2 24 | $884.5M | $544.6M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $904.1M | ||
| Q3 25 | $3.3B | $851.8M | ||
| Q2 25 | $3.2B | $795.0M | ||
| Q1 25 | $3.1B | $788.4M | ||
| Q4 24 | $3.2B | $793.1M | ||
| Q3 24 | $3.3B | $801.3M | ||
| Q2 24 | $3.2B | $788.4M |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | — | ||
| Q3 25 | 1.21× | — | ||
| Q2 25 | 1.37× | — | ||
| Q1 25 | 1.48× | 0.25× | ||
| Q4 24 | 1.56× | 0.25× | ||
| Q3 24 | 1.40× | 0.26× | ||
| Q2 24 | 1.47× | 0.27× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $83.0M | $-11.3M |
| FCF MarginFCF / Revenue | 29.3% | -7.6% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $-4.1M | ||
| Q3 25 | $13.9M | $19.4M | ||
| Q2 25 | $26.6M | $-13.8M | ||
| Q1 25 | $48.4M | $15.6M | ||
| Q4 24 | $167.3M | $14.0M | ||
| Q3 24 | $170.1M | $15.7M | ||
| Q2 24 | $127.1M | $37.8M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $-11.3M | ||
| Q3 25 | $5.9M | $9.0M | ||
| Q2 25 | $18.4M | $-26.0M | ||
| Q1 25 | $33.8M | $12.3M | ||
| Q4 24 | $159.2M | $12.5M | ||
| Q3 24 | $161.6M | $13.3M | ||
| Q2 24 | $117.4M | $35.8M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | -7.6% | ||
| Q3 25 | 1.4% | 6.6% | ||
| Q2 25 | 5.1% | -23.5% | ||
| Q1 25 | 9.5% | 15.4% | ||
| Q4 24 | 41.6% | 11.6% | ||
| Q3 24 | 42.4% | 13.0% | ||
| Q2 24 | 38.7% | 36.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 4.8% | ||
| Q3 25 | 2.0% | 7.7% | ||
| Q2 25 | 2.3% | 11.0% | ||
| Q1 25 | 4.1% | 4.0% | ||
| Q4 24 | 2.1% | 1.4% | ||
| Q3 24 | 2.2% | 2.3% | ||
| Q2 24 | 3.2% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | -0.50× | ||
| Q3 25 | 0.21× | 1.63× | ||
| Q2 25 | 0.72× | -1.00× | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | 2.69× | 1.79× | ||
| Q3 24 | 3.72× | — | ||
| Q2 24 | 11.73× | 3.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
