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Side-by-side financial comparison of Enphase Energy (ENPH) and Tecnoglass Inc. (TGLS). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $245.3M, roughly 1.2× Tecnoglass Inc.). Tecnoglass Inc. runs the higher net margin — 10.6% vs -2.6%, a 13.3% gap on every dollar of revenue. On growth, Tecnoglass Inc. posted the faster year-over-year revenue change (2.4% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $11.4M). Over the past eight quarters, Tecnoglass Inc.'s revenue compounded faster (12.8% 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.
Tecnoglass Inc. is a leading manufacturer of high-performance architectural glass, aluminum windows, doors, and associated building components. It primarily caters to residential and commercial construction sectors across North America and Latin America, offering custom, energy-efficient solutions for new construction and renovation projects.
ENPH vs TGLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $245.3M |
| Net Profit | $-7.4M | $26.1M |
| Gross Margin | 35.5% | 40.0% |
| Operating Margin | — | 18.3% |
| Net Margin | -2.6% | 10.6% |
| Revenue YoY | -20.6% | 2.4% |
| Net Profit YoY | -124.9% | -44.5% |
| EPS (diluted) | $-0.06 | $0.57 |
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 | $245.3M | ||
| Q3 25 | $410.4M | $260.5M | ||
| Q2 25 | $363.2M | $255.5M | ||
| Q1 25 | $356.1M | $222.3M | ||
| Q4 24 | $382.7M | $239.6M | ||
| Q3 24 | $380.9M | $238.3M | ||
| Q2 24 | $303.5M | $219.7M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $26.1M | ||
| Q3 25 | $66.6M | $47.2M | ||
| Q2 25 | $37.1M | $44.1M | ||
| Q1 25 | $29.7M | $42.2M | ||
| Q4 24 | $62.2M | $47.0M | ||
| Q3 24 | $45.8M | $49.5M | ||
| Q2 24 | $10.8M | $35.0M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 40.0% | ||
| Q3 25 | 47.8% | 42.7% | ||
| Q2 25 | 46.9% | 44.7% | ||
| Q1 25 | 47.2% | 43.9% | ||
| Q4 24 | 51.8% | 44.5% | ||
| Q3 24 | 46.8% | 45.8% | ||
| Q2 24 | 45.2% | 40.8% |
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 18.3% | ||
| Q3 25 | 16.1% | 25.1% | ||
| Q2 25 | 10.2% | 24.0% | ||
| Q1 25 | 9.0% | 26.7% | ||
| Q4 24 | 14.3% | 28.0% | ||
| Q3 24 | 13.1% | 28.4% | ||
| Q2 24 | 0.6% | 23.3% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 10.6% | ||
| Q3 25 | 16.2% | 18.1% | ||
| Q2 25 | 10.2% | 17.3% | ||
| Q1 25 | 8.3% | 19.0% | ||
| Q4 24 | 16.2% | 19.6% | ||
| Q3 24 | 12.0% | 20.8% | ||
| Q2 24 | 3.6% | 15.9% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.57 | ||
| Q3 25 | $0.50 | $1.01 | ||
| Q2 25 | $0.28 | $0.94 | ||
| Q1 25 | $0.22 | $0.90 | ||
| Q4 24 | $0.46 | $1.00 | ||
| Q3 24 | $0.33 | $1.05 | ||
| 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 | $104.1M |
| Total DebtLower is stronger | — | $174.4M |
| Stockholders' EquityBook value | $1.1B | $713.1M |
| Total Assets | $2.7B | $1.3B |
| Debt / EquityLower = less leverage | — | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $104.1M | ||
| Q3 25 | $1.5B | $127.1M | ||
| Q2 25 | $1.5B | $140.9M | ||
| Q1 25 | $1.5B | $160.2M | ||
| Q4 24 | $1.6B | $137.5M | ||
| Q3 24 | $1.8B | $124.8M | ||
| Q2 24 | $1.6B | $129.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $174.4M | ||
| Q3 25 | $1.2B | $114.7M | ||
| Q2 25 | $1.2B | $110.6M | ||
| Q1 25 | $1.2B | $110.6M | ||
| Q4 24 | $1.3B | $111.1M | ||
| Q3 24 | $1.3B | $126.8M | ||
| Q2 24 | $1.3B | $144.7M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $713.1M | ||
| Q3 25 | $995.0M | $764.0M | ||
| Q2 25 | $880.6M | $736.0M | ||
| Q1 25 | $810.7M | $685.1M | ||
| Q4 24 | $833.0M | $631.2M | ||
| Q3 24 | $931.4M | $613.3M | ||
| Q2 24 | $884.5M | $574.8M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $1.3B | ||
| Q3 25 | $3.3B | $1.2B | ||
| Q2 25 | $3.2B | $1.2B | ||
| Q1 25 | $3.1B | $1.1B | ||
| Q4 24 | $3.2B | $1.0B | ||
| Q3 24 | $3.3B | $996.3M | ||
| Q2 24 | $3.2B | $942.5M |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 0.24× | ||
| Q3 25 | 1.21× | 0.15× | ||
| Q2 25 | 1.37× | 0.15× | ||
| Q1 25 | 1.48× | 0.16× | ||
| Q4 24 | 1.56× | 0.18× | ||
| Q3 24 | 1.40× | 0.21× | ||
| Q2 24 | 1.47× | 0.25× |
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 | $31.0M |
| Free Cash FlowOCF − Capex | $83.0M | $11.4M |
| FCF MarginFCF / Revenue | 29.3% | 4.7% |
| Capex IntensityCapex / Revenue | — | 8.0% |
| Cash ConversionOCF / Net Profit | — | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $31.0M | ||
| Q3 25 | $13.9M | $40.0M | ||
| Q2 25 | $26.6M | $17.9M | ||
| Q1 25 | $48.4M | $46.9M | ||
| Q4 24 | $167.3M | $61.1M | ||
| Q3 24 | $170.1M | $41.5M | ||
| Q2 24 | $127.1M | $34.5M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $11.4M | ||
| Q3 25 | $5.9M | $21.2M | ||
| Q2 25 | $18.4M | $-14.7M | ||
| Q1 25 | $33.8M | $16.5M | ||
| Q4 24 | $159.2M | $35.4M | ||
| Q3 24 | $161.6M | $17.8M | ||
| Q2 24 | $117.4M | $14.2M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 4.7% | ||
| Q3 25 | 1.4% | 8.2% | ||
| Q2 25 | 5.1% | -5.7% | ||
| Q1 25 | 9.5% | 7.4% | ||
| Q4 24 | 41.6% | 14.8% | ||
| Q3 24 | 42.4% | 7.5% | ||
| Q2 24 | 38.7% | 6.5% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 8.0% | ||
| Q3 25 | 2.0% | 7.2% | ||
| Q2 25 | 2.3% | 12.7% | ||
| Q1 25 | 4.1% | 13.7% | ||
| Q4 24 | 2.1% | 10.7% | ||
| Q3 24 | 2.2% | 9.9% | ||
| Q2 24 | 3.2% | 9.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 1.19× | ||
| Q3 25 | 0.21× | 0.85× | ||
| Q2 25 | 0.72× | 0.41× | ||
| Q1 25 | 1.63× | 1.11× | ||
| Q4 24 | 2.69× | 1.30× | ||
| Q3 24 | 3.72× | 0.84× | ||
| Q2 24 | 11.73× | 0.98× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
