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Side-by-side financial comparison of Enphase Energy (ENPH) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Walker & Dunlop, Inc. is the larger business by last-quarter revenue ($340.0M vs $282.9M, roughly 1.2× Enphase Energy). Enphase Energy runs the higher net margin — -2.6% vs -12.9%, a 10.3% gap on every dollar of revenue. On growth, Walker & Dunlop, Inc. posted the faster year-over-year revenue change (-0.4% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $-680.1M). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% 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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
ENPH vs WD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $340.0M |
| Net Profit | $-7.4M | $-13.9M |
| Gross Margin | 35.5% | — |
| Operating Margin | 54.0% | -17.2% |
| Net Margin | -2.6% | -12.9% |
| Revenue YoY | -20.6% | -0.4% |
| Net Profit YoY | -124.9% | -131.0% |
| EPS (diluted) | $-0.06 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $410.4M | $337.7M | ||
| Q2 25 | $363.2M | $319.2M | ||
| Q1 25 | $356.1M | $237.4M | ||
| Q4 24 | $382.7M | $341.5M | ||
| Q3 24 | $380.9M | $292.3M | ||
| Q2 24 | $303.5M | $270.7M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $-13.9M | ||
| Q3 25 | $66.6M | $33.5M | ||
| Q2 25 | $37.1M | $34.0M | ||
| Q1 25 | $29.7M | $2.8M | ||
| Q4 24 | $62.2M | $44.8M | ||
| Q3 24 | $45.8M | $28.8M | ||
| Q2 24 | $10.8M | $22.7M |
| 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% | -17.2% | ||
| Q3 25 | 16.1% | 13.6% | ||
| Q2 25 | 10.2% | 14.5% | ||
| Q1 25 | 9.0% | 2.2% | ||
| Q4 24 | 14.3% | 15.3% | ||
| Q3 24 | 13.1% | 12.8% | ||
| Q2 24 | 0.6% | 10.4% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | -12.9% | ||
| Q3 25 | 16.2% | 9.9% | ||
| Q2 25 | 10.2% | 10.6% | ||
| Q1 25 | 8.3% | 1.2% | ||
| Q4 24 | 16.2% | 13.1% | ||
| Q3 24 | 12.0% | 9.9% | ||
| Q2 24 | 3.6% | 8.4% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $-0.41 | ||
| Q3 25 | $0.50 | $0.98 | ||
| Q2 25 | $0.28 | $0.99 | ||
| Q1 25 | $0.22 | $0.08 | ||
| Q4 24 | $0.46 | $1.32 | ||
| Q3 24 | $0.33 | $0.85 | ||
| Q2 24 | $0.08 | $0.67 |
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 | $299.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $1.7B |
| Total Assets | $2.7B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $299.3M | ||
| Q3 25 | $1.5B | $274.8M | ||
| Q2 25 | $1.5B | $233.7M | ||
| Q1 25 | $1.5B | $181.0M | ||
| Q4 24 | $1.6B | $279.3M | ||
| Q3 24 | $1.8B | $179.8M | ||
| Q2 24 | $1.6B | $208.1M |
| 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 | $1.7B | ||
| Q3 25 | $995.0M | $1.8B | ||
| Q2 25 | $880.6M | $1.8B | ||
| Q1 25 | $810.7M | $1.7B | ||
| Q4 24 | $833.0M | $1.7B | ||
| Q3 24 | $931.4M | $1.7B | ||
| Q2 24 | $884.5M | $1.7B |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $5.1B | ||
| Q3 25 | $3.3B | $5.8B | ||
| Q2 25 | $3.2B | $4.7B | ||
| Q1 25 | $3.1B | $4.5B | ||
| Q4 24 | $3.2B | $4.4B | ||
| Q3 24 | $3.3B | $4.6B | ||
| Q2 24 | $3.2B | $4.2B |
| 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 | $-664.3M |
| Free Cash FlowOCF − Capex | $83.0M | $-680.1M |
| FCF MarginFCF / Revenue | 29.3% | -200.0% |
| Capex IntensityCapex / Revenue | — | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $-664.3M | ||
| Q3 25 | $13.9M | $-948.1M | ||
| Q2 25 | $26.6M | $-238.5M | ||
| Q1 25 | $48.4M | $-281.1M | ||
| Q4 24 | $167.3M | $129.4M | ||
| Q3 24 | $170.1M | $-202.0M | ||
| Q2 24 | $127.1M | $-237.8M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $-680.1M | ||
| Q3 25 | $5.9M | $-950.4M | ||
| Q2 25 | $18.4M | $-241.0M | ||
| Q1 25 | $33.8M | $-284.7M | ||
| Q4 24 | $159.2M | $116.4M | ||
| Q3 24 | $161.6M | $-204.0M | ||
| Q2 24 | $117.4M | $-241.7M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | -200.0% | ||
| Q3 25 | 1.4% | -281.5% | ||
| Q2 25 | 5.1% | -75.5% | ||
| Q1 25 | 9.5% | -120.0% | ||
| Q4 24 | 41.6% | 34.1% | ||
| Q3 24 | 42.4% | -69.8% | ||
| Q2 24 | 38.7% | -89.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 4.6% | ||
| Q3 25 | 2.0% | 0.7% | ||
| Q2 25 | 2.3% | 0.8% | ||
| Q1 25 | 4.1% | 1.5% | ||
| Q4 24 | 2.1% | 3.8% | ||
| Q3 24 | 2.2% | 0.7% | ||
| Q2 24 | 3.2% | 1.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | 0.21× | -28.34× | ||
| Q2 25 | 0.72× | -7.02× | ||
| Q1 25 | 1.63× | -102.07× | ||
| Q4 24 | 2.69× | 2.89× | ||
| Q3 24 | 3.72× | -7.01× | ||
| Q2 24 | 11.73× | -10.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
