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Side-by-side financial comparison of Enphase Energy (ENPH) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
Upstart Holdings, Inc. is the larger business by last-quarter revenue ($296.1M vs $282.9M, roughly 1.0× Enphase Energy). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -2.6%, a 8.9% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs -20.6%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $83.0M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% 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.
Upstart is an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness.
ENPH vs UPST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $296.1M |
| Net Profit | $-7.4M | $18.6M |
| Gross Margin | 35.5% | — |
| Operating Margin | 54.0% | 6.4% |
| Net Margin | -2.6% | 6.3% |
| Revenue YoY | -20.6% | 35.2% |
| Net Profit YoY | -124.9% | 776.4% |
| EPS (diluted) | $-0.06 | $0.20 |
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 | $296.1M | ||
| Q3 25 | $410.4M | $277.1M | ||
| Q2 25 | $363.2M | $257.3M | ||
| Q1 25 | $356.1M | $213.4M | ||
| Q4 24 | $382.7M | $219.0M | ||
| Q3 24 | $380.9M | $162.1M | ||
| Q2 24 | $303.5M | $127.6M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $18.6M | ||
| Q3 25 | $66.6M | $31.8M | ||
| Q2 25 | $37.1M | $5.6M | ||
| Q1 25 | $29.7M | $-2.4M | ||
| Q4 24 | $62.2M | $-2.8M | ||
| Q3 24 | $45.8M | $-6.8M | ||
| Q2 24 | $10.8M | $-54.5M |
| 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 | 54.0% | — | ||
| Q4 25 | 6.5% | 6.4% | ||
| Q3 25 | 16.1% | 8.5% | ||
| Q2 25 | 10.2% | 1.8% | ||
| Q1 25 | 9.0% | -2.1% | ||
| Q4 24 | 14.3% | -2.2% | ||
| Q3 24 | 13.1% | -27.8% | ||
| Q2 24 | 0.6% | -43.5% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 6.3% | ||
| Q3 25 | 16.2% | 11.5% | ||
| Q2 25 | 10.2% | 2.2% | ||
| Q1 25 | 8.3% | -1.1% | ||
| Q4 24 | 16.2% | -1.3% | ||
| Q3 24 | 12.0% | -4.2% | ||
| Q2 24 | 3.6% | -42.7% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.20 | ||
| Q3 25 | $0.50 | $0.23 | ||
| Q2 25 | $0.28 | $0.05 | ||
| Q1 25 | $0.22 | $-0.03 | ||
| Q4 24 | $0.46 | $-0.01 | ||
| Q3 24 | $0.33 | $-0.07 | ||
| Q2 24 | $0.08 | $-0.62 |
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 | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $798.8M |
| Total Assets | $2.7B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $652.4M | ||
| Q3 25 | $1.5B | $489.8M | ||
| Q2 25 | $1.5B | $395.9M | ||
| Q1 25 | $1.5B | $599.8M | ||
| Q4 24 | $1.6B | $788.4M | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.6B | — |
| 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 | $798.8M | ||
| Q3 25 | $995.0M | $743.7M | ||
| Q2 25 | $880.6M | $722.0M | ||
| Q1 25 | $810.7M | $676.6M | ||
| Q4 24 | $833.0M | $633.2M | ||
| Q3 24 | $931.4M | $595.5M | ||
| Q2 24 | $884.5M | $594.7M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $3.0B | ||
| Q3 25 | $3.3B | $2.9B | ||
| Q2 25 | $3.2B | $2.5B | ||
| Q1 25 | $3.1B | $2.3B | ||
| Q4 24 | $3.2B | $2.4B | ||
| Q3 24 | $3.3B | $1.8B | ||
| Q2 24 | $3.2B | $1.8B |
| 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 | $108.6M |
| Free Cash FlowOCF − Capex | $83.0M | $108.4M |
| FCF MarginFCF / Revenue | 29.3% | 36.6% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $108.6M | ||
| Q3 25 | $13.9M | $-122.6M | ||
| Q2 25 | $26.6M | $-120.2M | ||
| Q1 25 | $48.4M | $-13.5M | ||
| Q4 24 | $167.3M | $-110.9M | ||
| Q3 24 | $170.1M | $179.3M | ||
| Q2 24 | $127.1M | $65.3M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $108.4M | ||
| Q3 25 | $5.9M | $-122.7M | ||
| Q2 25 | $18.4M | $-120.3M | ||
| Q1 25 | $33.8M | — | ||
| Q4 24 | $159.2M | — | ||
| Q3 24 | $161.6M | $179.2M | ||
| Q2 24 | $117.4M | $65.3M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 36.6% | ||
| Q3 25 | 1.4% | -44.3% | ||
| Q2 25 | 5.1% | -46.7% | ||
| Q1 25 | 9.5% | — | ||
| Q4 24 | 41.6% | — | ||
| Q3 24 | 42.4% | 110.5% | ||
| Q2 24 | 38.7% | 51.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 0.1% | ||
| Q3 25 | 2.0% | 0.0% | ||
| Q2 25 | 2.3% | 0.0% | ||
| Q1 25 | 4.1% | 0.0% | ||
| Q4 24 | 2.1% | 0.0% | ||
| Q3 24 | 2.2% | 0.1% | ||
| Q2 24 | 3.2% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 5.82× | ||
| Q3 25 | 0.21× | -3.86× | ||
| Q2 25 | 0.72× | -21.43× | ||
| 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.
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
