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Side-by-side financial comparison of Enphase Energy (ENPH) and Skyward Specialty Insurance Group, Inc. (SKWD). Click either name above to swap in a different company.
Skyward Specialty Insurance Group, Inc. is the larger business by last-quarter revenue ($385.6M vs $282.9M, roughly 1.4× Enphase Energy). Skyward Specialty Insurance Group, Inc. runs the higher net margin — 11.2% vs -2.6%, a 13.8% gap on every dollar of revenue. On growth, Skyward Specialty Insurance Group, Inc. posted the faster year-over-year revenue change (26.7% vs -20.6%). Skyward Specialty Insurance Group, Inc. produced more free cash flow last quarter ($402.6M vs $83.0M). Over the past eight quarters, Skyward Specialty Insurance Group, Inc.'s revenue compounded faster (20.6% 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.
Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurance provider offering tailored coverage solutions including commercial auto, general liability, professional indemnity, and specialty property policies. It primarily serves small-to-medium enterprises and niche industry segments across the United States, focusing on underwriting complex, hard-to-place risks for underserved client groups.
ENPH vs SKWD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $385.6M |
| Net Profit | $-7.4M | $43.2M |
| Gross Margin | 35.5% | — |
| Operating Margin | — | 14.2% |
| Net Margin | -2.6% | 11.2% |
| Revenue YoY | -20.6% | 26.7% |
| Net Profit YoY | -124.9% | 200.1% |
| EPS (diluted) | $-0.06 | $1.03 |
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 | $385.6M | ||
| Q3 25 | $410.4M | $382.5M | ||
| Q2 25 | $363.2M | $319.9M | ||
| Q1 25 | $356.1M | $328.5M | ||
| Q4 24 | $382.7M | $304.4M | ||
| Q3 24 | $380.9M | $300.9M | ||
| Q2 24 | $303.5M | $279.9M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $43.2M | ||
| Q3 25 | $66.6M | $45.9M | ||
| Q2 25 | $37.1M | $38.8M | ||
| Q1 25 | $29.7M | $42.1M | ||
| Q4 24 | $62.2M | $14.4M | ||
| Q3 24 | $45.8M | $36.7M | ||
| Q2 24 | $10.8M | $31.0M |
| 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 | — | — | ||
| Q4 25 | 6.5% | 14.2% | ||
| Q3 25 | 16.1% | 15.8% | ||
| Q2 25 | 10.2% | 15.6% | ||
| Q1 25 | 9.0% | 15.7% | ||
| Q4 24 | 14.3% | 6.1% | ||
| Q3 24 | 13.1% | 15.6% | ||
| Q2 24 | 0.6% | 14.4% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 11.2% | ||
| Q3 25 | 16.2% | 12.0% | ||
| Q2 25 | 10.2% | 12.1% | ||
| Q1 25 | 8.3% | 12.8% | ||
| Q4 24 | 16.2% | 4.7% | ||
| Q3 24 | 12.0% | 12.2% | ||
| Q2 24 | 3.6% | 11.1% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $1.03 | ||
| Q3 25 | $0.50 | $1.10 | ||
| Q2 25 | $0.28 | $0.93 | ||
| Q1 25 | $0.22 | $1.01 | ||
| Q4 24 | $0.46 | $0.33 | ||
| Q3 24 | $0.33 | $0.89 | ||
| Q2 24 | $0.08 | $0.75 |
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 | $168.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $1.0B |
| Total Assets | $2.7B | $4.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $168.5M | ||
| Q3 25 | $1.5B | $160.1M | ||
| Q2 25 | $1.5B | $136.6M | ||
| Q1 25 | $1.5B | $112.9M | ||
| Q4 24 | $1.6B | $121.6M | ||
| Q3 24 | $1.8B | $105.6M | ||
| Q2 24 | $1.6B | $73.0M |
| 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 | $1.0B | ||
| Q3 25 | $995.0M | $961.4M | ||
| Q2 25 | $880.6M | $899.9M | ||
| Q1 25 | $810.7M | $850.7M | ||
| Q4 24 | $833.0M | $794.0M | ||
| Q3 24 | $931.4M | $797.5M | ||
| Q2 24 | $884.5M | $723.6M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $4.8B | ||
| Q3 25 | $3.3B | $4.6B | ||
| Q2 25 | $3.2B | $4.3B | ||
| Q1 25 | $3.1B | $4.0B | ||
| Q4 24 | $3.2B | $3.7B | ||
| Q3 24 | $3.3B | $3.6B | ||
| Q2 24 | $3.2B | $3.4B |
| 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 | $408.1M |
| Free Cash FlowOCF − Capex | $83.0M | $402.6M |
| FCF MarginFCF / Revenue | 29.3% | 104.4% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | — | 9.44× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $755.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $408.1M | ||
| Q3 25 | $13.9M | $171.4M | ||
| Q2 25 | $26.6M | $88.2M | ||
| Q1 25 | $48.4M | $96.8M | ||
| Q4 24 | $167.3M | $305.1M | ||
| Q3 24 | $170.1M | $168.0M | ||
| Q2 24 | $127.1M | $21.0M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $402.6M | ||
| Q3 25 | $5.9M | $168.9M | ||
| Q2 25 | $18.4M | $87.1M | ||
| Q1 25 | $33.8M | $96.6M | ||
| Q4 24 | $159.2M | $300.9M | ||
| Q3 24 | $161.6M | $167.6M | ||
| Q2 24 | $117.4M | $18.4M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 104.4% | ||
| Q3 25 | 1.4% | 44.2% | ||
| Q2 25 | 5.1% | 27.2% | ||
| Q1 25 | 9.5% | 29.4% | ||
| Q4 24 | 41.6% | 98.8% | ||
| Q3 24 | 42.4% | 55.7% | ||
| Q2 24 | 38.7% | 6.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 1.4% | ||
| Q3 25 | 2.0% | 0.6% | ||
| Q2 25 | 2.3% | 0.3% | ||
| Q1 25 | 4.1% | 0.1% | ||
| Q4 24 | 2.1% | 1.4% | ||
| Q3 24 | 2.2% | 0.1% | ||
| Q2 24 | 3.2% | 0.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 9.44× | ||
| Q3 25 | 0.21× | 3.73× | ||
| Q2 25 | 0.72× | 2.27× | ||
| Q1 25 | 1.63× | 2.30× | ||
| Q4 24 | 2.69× | 21.18× | ||
| Q3 24 | 3.72× | 4.58× | ||
| Q2 24 | 11.73× | 0.68× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
