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Side-by-side financial comparison of Enphase Energy (ENPH) and T1 Energy Inc. (TE). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $210.5M, roughly 1.3× T1 Energy Inc.). Enphase Energy runs the higher net margin — -2.6% vs -62.0%, a 59.4% gap on every dollar of revenue. Enphase Energy produced more free cash flow last quarter ($83.0M vs $55.0M).
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.
Sony Energy Devices Corporation , is a Japanese multinational company specializing in a variety of areas in the energy industry, and is a wholly owned subsidiary and part of the Devices Group of Sony. The company was established in February 1975 in Fukushima, Japan.
ENPH vs TE — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $210.5M |
| Net Profit | $-7.4M | $-130.6M |
| Gross Margin | 35.5% | 10.0% |
| Operating Margin | — | -45.0% |
| Net Margin | -2.6% | -62.0% |
| Revenue YoY | -20.6% | — |
| Net Profit YoY | -124.9% | -375.2% |
| EPS (diluted) | $-0.06 | $-0.87 |
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 | — | ||
| Q3 25 | $410.4M | $210.5M | ||
| Q2 25 | $363.2M | $132.8M | ||
| Q1 25 | $356.1M | $53.5M | ||
| Q4 24 | $382.7M | — | ||
| Q3 24 | $380.9M | $0 | ||
| Q2 24 | $303.5M | $0 |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | — | ||
| Q3 25 | $66.6M | $-130.6M | ||
| Q2 25 | $37.1M | $-31.9M | ||
| Q1 25 | $29.7M | $-16.2M | ||
| Q4 24 | $62.2M | — | ||
| Q3 24 | $45.8M | $-27.5M | ||
| Q2 24 | $10.8M | $-27.0M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | — | ||
| Q3 25 | 47.8% | 10.0% | ||
| Q2 25 | 46.9% | 24.7% | ||
| Q1 25 | 47.2% | 33.3% | ||
| Q4 24 | 51.8% | — | ||
| Q3 24 | 46.8% | — | ||
| Q2 24 | 45.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | — | ||
| Q3 25 | 16.1% | -45.0% | ||
| Q2 25 | 10.2% | -22.0% | ||
| Q1 25 | 9.0% | -44.2% | ||
| Q4 24 | 14.3% | — | ||
| Q3 24 | 13.1% | — | ||
| Q2 24 | 0.6% | — |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | — | ||
| Q3 25 | 16.2% | -62.0% | ||
| Q2 25 | 10.2% | -24.0% | ||
| Q1 25 | 8.3% | -30.4% | ||
| Q4 24 | 16.2% | — | ||
| Q3 24 | 12.0% | — | ||
| Q2 24 | 3.6% | — |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | — | ||
| Q3 25 | $0.50 | $-0.87 | ||
| Q2 25 | $0.28 | $-0.21 | ||
| Q1 25 | $0.22 | $-0.11 | ||
| Q4 24 | $0.46 | — | ||
| Q3 24 | $0.33 | $-0.20 | ||
| Q2 24 | $0.08 | $-0.19 |
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 | $34.1M |
| Total DebtLower is stronger | — | $547.3M |
| Stockholders' EquityBook value | $1.1B | $96.9M |
| Total Assets | $2.7B | $1.4B |
| Debt / EquityLower = less leverage | — | 5.65× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | $34.1M | ||
| Q2 25 | $1.5B | $8.5M | ||
| Q1 25 | $1.5B | $48.9M | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.8B | $181.9M | ||
| Q2 24 | $1.6B | $219.6M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $547.3M | ||
| Q2 25 | $1.2B | $591.2M | ||
| Q1 25 | $1.2B | $603.2M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $995.0M | $96.9M | ||
| Q2 25 | $880.6M | $183.9M | ||
| Q1 25 | $810.7M | $201.9M | ||
| Q4 24 | $833.0M | — | ||
| Q3 24 | $931.4M | $538.7M | ||
| Q2 24 | $884.5M | $561.6M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $1.4B | ||
| Q2 25 | $3.2B | $1.4B | ||
| Q1 25 | $3.1B | $1.4B | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.3B | $615.0M | ||
| Q2 24 | $3.2B | $644.4M |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | — | ||
| Q3 25 | 1.21× | 5.65× | ||
| Q2 25 | 1.37× | 3.21× | ||
| Q1 25 | 1.48× | 2.99× | ||
| 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 | $63.9M |
| Free Cash FlowOCF − Capex | $83.0M | $55.0M |
| FCF MarginFCF / Revenue | 29.3% | 26.1% |
| Capex IntensityCapex / Revenue | — | 4.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $-42.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | — | ||
| Q3 25 | $13.9M | $63.9M | ||
| Q2 25 | $26.6M | $33.4M | ||
| Q1 25 | $48.4M | $-44.8M | ||
| Q4 24 | $167.3M | — | ||
| Q3 24 | $170.1M | $-28.4M | ||
| Q2 24 | $127.1M | $-28.0M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | — | ||
| Q3 25 | $5.9M | $55.0M | ||
| Q2 25 | $18.4M | $10.6M | ||
| Q1 25 | $33.8M | $-74.0M | ||
| Q4 24 | $159.2M | — | ||
| Q3 24 | $161.6M | $-34.0M | ||
| Q2 24 | $117.4M | $-35.6M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | — | ||
| Q3 25 | 1.4% | 26.1% | ||
| Q2 25 | 5.1% | 8.0% | ||
| Q1 25 | 9.5% | -138.4% | ||
| Q4 24 | 41.6% | — | ||
| Q3 24 | 42.4% | — | ||
| Q2 24 | 38.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | — | ||
| Q3 25 | 2.0% | 4.2% | ||
| Q2 25 | 2.3% | 17.2% | ||
| Q1 25 | 4.1% | 54.5% | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 2.2% | — | ||
| Q2 24 | 3.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.72× | — | ||
| 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.
TE
| Related Party | $120.1M | 57% |
| Nonrelated Party | $90.4M | 43% |
