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Side-by-side financial comparison of Enphase Energy (ENPH) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $282.9M, roughly 1.4× Enphase Energy). INNOVATE Corp. runs the higher net margin — -1.9% vs -2.6%, a 0.7% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -20.6%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% 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.
Innovate Corp. is an American public financial services company founded in 1994.
ENPH vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $382.7M |
| Net Profit | $-7.4M | $-7.4M |
| Gross Margin | 35.5% | 15.4% |
| Operating Margin | 54.0% | 3.7% |
| Net Margin | -2.6% | -1.9% |
| Revenue YoY | -20.6% | 61.7% |
| Net Profit YoY | -124.9% | 55.4% |
| 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 | $382.7M | ||
| Q3 25 | $410.4M | $347.1M | ||
| Q2 25 | $363.2M | $242.0M | ||
| Q1 25 | $356.1M | $274.2M | ||
| Q4 24 | $382.7M | $236.6M | ||
| Q3 24 | $380.9M | $242.2M | ||
| Q2 24 | $303.5M | $313.1M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $-7.4M | ||
| Q3 25 | $66.6M | $-8.9M | ||
| Q2 25 | $37.1M | $-19.8M | ||
| Q1 25 | $29.7M | $-24.5M | ||
| Q4 24 | $62.2M | $-16.6M | ||
| Q3 24 | $45.8M | $-15.0M | ||
| Q2 24 | $10.8M | $14.4M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 15.4% | ||
| Q3 25 | 47.8% | 14.3% | ||
| Q2 25 | 46.9% | 18.8% | ||
| Q1 25 | 47.2% | 16.6% | ||
| Q4 24 | 51.8% | 19.6% | ||
| Q3 24 | 46.8% | 19.9% | ||
| Q2 24 | 45.2% | 21.0% |
| Q1 26 | 54.0% | — | ||
| Q4 25 | 6.5% | 3.7% | ||
| Q3 25 | 16.1% | 1.8% | ||
| Q2 25 | 10.2% | 2.0% | ||
| Q1 25 | 9.0% | 1.2% | ||
| Q4 24 | 14.3% | 1.1% | ||
| Q3 24 | 13.1% | 2.4% | ||
| Q2 24 | 0.6% | 9.2% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | -1.9% | ||
| Q3 25 | 16.2% | -2.6% | ||
| Q2 25 | 10.2% | -8.2% | ||
| Q1 25 | 8.3% | -8.9% | ||
| Q4 24 | 16.2% | -7.0% | ||
| Q3 24 | 12.0% | -6.2% | ||
| Q2 24 | 3.6% | 4.6% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $-0.57 | ||
| Q3 25 | $0.50 | $-0.71 | ||
| Q2 25 | $0.28 | $-1.67 | ||
| Q1 25 | $0.22 | $-1.89 | ||
| Q4 24 | $0.46 | $-0.72 | ||
| Q3 24 | $0.33 | $-1.18 | ||
| Q2 24 | $0.08 | $1.03 |
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 | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $1.1B | $-240.1M |
| Total Assets | $2.7B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $112.1M | ||
| Q3 25 | $1.5B | $35.5M | ||
| Q2 25 | $1.5B | $33.4M | ||
| Q1 25 | $1.5B | $33.3M | ||
| Q4 24 | $1.6B | $48.8M | ||
| Q3 24 | $1.8B | $51.0M | ||
| Q2 24 | $1.6B | $80.2M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $80.3M | ||
| Q3 25 | $1.2B | $97.3M | ||
| Q2 25 | $1.2B | $160.1M | ||
| Q1 25 | $1.2B | $139.9M | ||
| Q4 24 | $1.3B | $500.6M | ||
| Q3 24 | $1.3B | $502.4M | ||
| Q2 24 | $1.3B | $638.3M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $-240.1M | ||
| Q3 25 | $995.0M | $-233.3M | ||
| Q2 25 | $880.6M | $-224.8M | ||
| Q1 25 | $810.7M | $-204.2M | ||
| Q4 24 | $833.0M | $-180.4M | ||
| Q3 24 | $931.4M | $-163.1M | ||
| Q2 24 | $884.5M | $-149.0M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $950.1M | ||
| Q3 25 | $3.3B | $913.2M | ||
| Q2 25 | $3.2B | $890.9M | ||
| Q1 25 | $3.1B | $868.0M | ||
| Q4 24 | $3.2B | $891.1M | ||
| Q3 24 | $3.3B | $897.2M | ||
| Q2 24 | $3.2B | $898.9M |
| 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 | $101.1M |
| Free Cash FlowOCF − Capex | $83.0M | — |
| FCF MarginFCF / Revenue | 29.3% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $101.1M | ||
| Q3 25 | $13.9M | $19.2M | ||
| Q2 25 | $26.6M | $40.4M | ||
| Q1 25 | $48.4M | $-14.1M | ||
| Q4 24 | $167.3M | $41.4M | ||
| Q3 24 | $170.1M | $-28.4M | ||
| Q2 24 | $127.1M | $21.5M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | — | ||
| Q3 25 | $5.9M | $19.0M | ||
| Q2 25 | $18.4M | — | ||
| Q1 25 | $33.8M | $-18.8M | ||
| Q4 24 | $159.2M | $34.2M | ||
| Q3 24 | $161.6M | $-31.5M | ||
| Q2 24 | $117.4M | $18.4M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | — | ||
| Q3 25 | 1.4% | 5.5% | ||
| Q2 25 | 5.1% | — | ||
| Q1 25 | 9.5% | -6.9% | ||
| Q4 24 | 41.6% | 14.5% | ||
| Q3 24 | 42.4% | -13.0% | ||
| Q2 24 | 38.7% | 5.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | — | ||
| Q3 25 | 2.0% | 0.1% | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 4.1% | 1.7% | ||
| Q4 24 | 2.1% | 3.0% | ||
| Q3 24 | 2.2% | 1.3% | ||
| Q2 24 | 3.2% | 1.0% |
| 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× | 1.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
