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Side-by-side financial comparison of Enphase Energy (ENPH) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $183.8M, roughly 1.5× Wheels Up Experience Inc.). Enphase Energy runs the higher net margin — -2.6% vs -15.7%, a 13.1% gap on every dollar of revenue. On growth, Wheels Up Experience Inc. posted the faster year-over-year revenue change (-10.2% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $-58.3M). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% 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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
ENPH vs UP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $183.8M |
| Net Profit | $-7.4M | $-28.9M |
| Gross Margin | 35.5% | 14.3% |
| Operating Margin | 54.0% | -0.9% |
| Net Margin | -2.6% | -15.7% |
| Revenue YoY | -20.6% | -10.2% |
| Net Profit YoY | -124.9% | 67.0% |
| EPS (diluted) | $-0.06 | $-0.04 |
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 | $183.8M | ||
| Q3 25 | $410.4M | $185.5M | ||
| Q2 25 | $363.2M | $189.6M | ||
| Q1 25 | $356.1M | $177.5M | ||
| Q4 24 | $382.7M | $204.8M | ||
| Q3 24 | $380.9M | $193.9M | ||
| Q2 24 | $303.5M | $196.3M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $-28.9M | ||
| Q3 25 | $66.6M | $-83.7M | ||
| Q2 25 | $37.1M | $-82.3M | ||
| Q1 25 | $29.7M | $-99.3M | ||
| Q4 24 | $62.2M | $-87.5M | ||
| Q3 24 | $45.8M | $-57.7M | ||
| Q2 24 | $10.8M | $-97.0M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 14.3% | ||
| Q3 25 | 47.8% | 6.8% | ||
| Q2 25 | 46.9% | 8.3% | ||
| Q1 25 | 47.2% | 10.8% | ||
| Q4 24 | 51.8% | 13.9% | ||
| Q3 24 | 46.8% | 13.9% | ||
| Q2 24 | 45.2% | 2.3% |
| Q1 26 | 54.0% | — | ||
| Q4 25 | 6.5% | -0.9% | ||
| Q3 25 | 16.1% | -33.1% | ||
| Q2 25 | 10.2% | -31.4% | ||
| Q1 25 | 9.0% | -45.5% | ||
| Q4 24 | 14.3% | -26.0% | ||
| Q3 24 | 13.1% | -21.6% | ||
| Q2 24 | 0.6% | -40.3% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | -15.7% | ||
| Q3 25 | 16.2% | -45.1% | ||
| Q2 25 | 10.2% | -43.4% | ||
| Q1 25 | 8.3% | -55.9% | ||
| Q4 24 | 16.2% | -42.7% | ||
| Q3 24 | 12.0% | -29.8% | ||
| Q2 24 | 3.6% | -49.4% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $-0.04 | ||
| Q3 25 | $0.50 | $-0.12 | ||
| Q2 25 | $0.28 | $-0.12 | ||
| Q1 25 | $0.22 | $-0.14 | ||
| Q4 24 | $0.46 | $-0.13 | ||
| Q3 24 | $0.33 | $-0.08 | ||
| Q2 24 | $0.08 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $1.1B | $-392.1M |
| Total Assets | $2.7B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $133.9M | ||
| Q3 25 | $1.5B | $125.3M | ||
| Q2 25 | $1.5B | $107.0M | ||
| Q1 25 | $1.5B | $171.8M | ||
| Q4 24 | $1.6B | $216.4M | ||
| Q3 24 | $1.8B | $115.9M | ||
| Q2 24 | $1.6B | $141.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $671.3M | ||
| Q3 25 | $1.2B | $766.5M | ||
| Q2 25 | $1.2B | $770.5M | ||
| Q1 25 | $1.2B | $765.8M | ||
| Q4 24 | $1.3B | $761.3M | ||
| Q3 24 | $1.3B | $596.9M | ||
| Q2 24 | $1.3B | $597.4M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $-392.1M | ||
| Q3 25 | $995.0M | $-374.5M | ||
| Q2 25 | $880.6M | $-347.8M | ||
| Q1 25 | $810.7M | $-288.1M | ||
| Q4 24 | $833.0M | $-202.1M | ||
| Q3 24 | $931.4M | $-117.7M | ||
| Q2 24 | $884.5M | $-72.2M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $968.8M | ||
| Q3 25 | $3.3B | $973.0M | ||
| Q2 25 | $3.2B | $1.0B | ||
| Q1 25 | $3.1B | $1.1B | ||
| Q4 24 | $3.2B | $1.2B | ||
| Q3 24 | $3.3B | $1.0B | ||
| Q2 24 | $3.2B | $1.1B |
| 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 | $-18.4M |
| Free Cash FlowOCF − Capex | $83.0M | $-58.3M |
| FCF MarginFCF / Revenue | 29.3% | -31.7% |
| Capex IntensityCapex / Revenue | — | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $-18.4M | ||
| Q3 25 | $13.9M | $-37.1M | ||
| Q2 25 | $26.6M | $-62.9M | ||
| Q1 25 | $48.4M | $-47.9M | ||
| Q4 24 | $167.3M | $37.9M | ||
| Q3 24 | $170.1M | $-16.9M | ||
| Q2 24 | $127.1M | $-25.2M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $-58.3M | ||
| Q3 25 | $5.9M | $-60.4M | ||
| Q2 25 | $18.4M | $-78.6M | ||
| Q1 25 | $33.8M | $-62.6M | ||
| Q4 24 | $159.2M | $-70.2M | ||
| Q3 24 | $161.6M | $-21.9M | ||
| Q2 24 | $117.4M | $-30.8M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | -31.7% | ||
| Q3 25 | 1.4% | -32.6% | ||
| Q2 25 | 5.1% | -41.5% | ||
| Q1 25 | 9.5% | -35.3% | ||
| Q4 24 | 41.6% | -34.3% | ||
| Q3 24 | 42.4% | -11.3% | ||
| Q2 24 | 38.7% | -15.7% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 21.7% | ||
| Q3 25 | 2.0% | 12.5% | ||
| Q2 25 | 2.3% | 8.3% | ||
| Q1 25 | 4.1% | 8.3% | ||
| Q4 24 | 2.1% | 52.8% | ||
| Q3 24 | 2.2% | 2.6% | ||
| Q2 24 | 3.2% | 2.9% |
| 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.
