vs
Side-by-side financial comparison of Enphase Energy (ENPH) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $208.0M, roughly 1.4× VIRTUS INVESTMENT PARTNERS, INC.). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 16.3% vs -2.6%, a 18.9% gap on every dollar of revenue. On growth, VIRTUS INVESTMENT PARTNERS, INC. posted the faster year-over-year revenue change (-10.9% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $-74.1M). Over the past eight quarters, VIRTUS INVESTMENT PARTNERS, INC.'s revenue compounded faster (-3.2% 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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
ENPH vs VRTS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $208.0M |
| Net Profit | $-7.4M | $33.9M |
| Gross Margin | 35.5% | — |
| Operating Margin | 54.0% | 19.1% |
| Net Margin | -2.6% | 16.3% |
| Revenue YoY | -20.6% | -10.9% |
| Net Profit YoY | -124.9% | -14.2% |
| EPS (diluted) | $-0.06 | $5.15 |
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 | $208.0M | ||
| Q3 25 | $410.4M | $216.4M | ||
| Q2 25 | $363.2M | $210.5M | ||
| Q1 25 | $356.1M | $217.9M | ||
| Q4 24 | $382.7M | $233.5M | ||
| Q3 24 | $380.9M | $227.0M | ||
| Q2 24 | $303.5M | $224.4M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $33.9M | ||
| Q3 25 | $66.6M | $31.3M | ||
| Q2 25 | $37.1M | $42.7M | ||
| Q1 25 | $29.7M | $28.1M | ||
| Q4 24 | $62.2M | $39.5M | ||
| Q3 24 | $45.8M | $49.1M | ||
| Q2 24 | $10.8M | $26.0M |
| 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% | 19.1% | ||
| Q3 25 | 16.1% | 21.7% | ||
| Q2 25 | 10.2% | 21.5% | ||
| Q1 25 | 9.0% | 16.8% | ||
| Q4 24 | 14.3% | 21.7% | ||
| Q3 24 | 13.1% | 24.3% | ||
| Q2 24 | 0.6% | 19.7% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 16.3% | ||
| Q3 25 | 16.2% | 14.5% | ||
| Q2 25 | 10.2% | 20.3% | ||
| Q1 25 | 8.3% | 12.9% | ||
| Q4 24 | 16.2% | 16.9% | ||
| Q3 24 | 12.0% | 21.6% | ||
| Q2 24 | 3.6% | 11.6% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $5.15 | ||
| Q3 25 | $0.50 | $4.65 | ||
| Q2 25 | $0.28 | $6.12 | ||
| Q1 25 | $0.22 | $4.05 | ||
| Q4 24 | $0.46 | $4.65 | ||
| Q3 24 | $0.33 | $5.71 | ||
| Q2 24 | $0.08 | $2.43 |
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 | — |
| Total DebtLower is stronger | — | $390.0M |
| Stockholders' EquityBook value | $1.1B | $934.0M |
| Total Assets | $2.7B | $4.3B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.6B | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $390.0M | ||
| Q3 25 | $1.2B | $390.6M | ||
| Q2 25 | $1.2B | $231.3M | ||
| Q1 25 | $1.2B | $231.7M | ||
| Q4 24 | $1.3B | $232.1M | ||
| Q3 24 | $1.3B | $237.5M | ||
| Q2 24 | $1.3B | $247.6M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $934.0M | ||
| Q3 25 | $995.0M | $918.7M | ||
| Q2 25 | $880.6M | $896.4M | ||
| Q1 25 | $810.7M | $893.7M | ||
| Q4 24 | $833.0M | $897.5M | ||
| Q3 24 | $931.4M | $889.0M | ||
| Q2 24 | $884.5M | $868.7M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $4.3B | ||
| Q3 25 | $3.3B | $3.9B | ||
| Q2 25 | $3.2B | $3.7B | ||
| Q1 25 | $3.1B | $3.7B | ||
| Q4 24 | $3.2B | $4.0B | ||
| Q3 24 | $3.3B | $3.6B | ||
| Q2 24 | $3.2B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 0.42× | ||
| Q3 25 | 1.21× | 0.43× | ||
| Q2 25 | 1.37× | 0.26× | ||
| Q1 25 | 1.48× | 0.26× | ||
| Q4 24 | 1.56× | 0.26× | ||
| Q3 24 | 1.40× | 0.27× | ||
| Q2 24 | 1.47× | 0.29× |
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 | $-67.2M |
| Free Cash FlowOCF − Capex | $83.0M | $-74.1M |
| FCF MarginFCF / Revenue | 29.3% | -35.6% |
| Capex IntensityCapex / Revenue | — | 3.3% |
| Cash ConversionOCF / Net Profit | — | -1.99× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $100.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $-67.2M | ||
| Q3 25 | $13.9M | $108.3M | ||
| Q2 25 | $26.6M | $75.8M | ||
| Q1 25 | $48.4M | $-3.8M | ||
| Q4 24 | $167.3M | $1.8M | ||
| Q3 24 | $170.1M | $69.1M | ||
| Q2 24 | $127.1M | $70.0M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $-74.1M | ||
| Q3 25 | $5.9M | $106.9M | ||
| Q2 25 | $18.4M | $74.2M | ||
| Q1 25 | $33.8M | $-6.8M | ||
| Q4 24 | $159.2M | $-3.8M | ||
| Q3 24 | $161.6M | $68.7M | ||
| Q2 24 | $117.4M | $68.6M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | -35.6% | ||
| Q3 25 | 1.4% | 49.4% | ||
| Q2 25 | 5.1% | 35.2% | ||
| Q1 25 | 9.5% | -3.1% | ||
| Q4 24 | 41.6% | -1.6% | ||
| Q3 24 | 42.4% | 30.3% | ||
| Q2 24 | 38.7% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 3.3% | ||
| Q3 25 | 2.0% | 0.7% | ||
| Q2 25 | 2.3% | 0.7% | ||
| Q1 25 | 4.1% | 1.4% | ||
| Q4 24 | 2.1% | 2.4% | ||
| Q3 24 | 2.2% | 0.2% | ||
| Q2 24 | 3.2% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | -1.99× | ||
| Q3 25 | 0.21× | 3.45× | ||
| Q2 25 | 0.72× | 1.77× | ||
| Q1 25 | 1.63× | -0.13× | ||
| Q4 24 | 2.69× | 0.04× | ||
| Q3 24 | 3.72× | 1.41× | ||
| Q2 24 | 11.73× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
VRTS
| Open End Funds | $68.9M | 33% |
| Retail Separate Accounts | $51.3M | 25% |
| Institutional Accounts | $39.6M | 19% |
| Administration And Shareholder Service Fees | $18.4M | 9% |
| Closed End Funds | $15.9M | 8% |
| Distribution And Service Fees | $12.3M | 6% |
