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Side-by-side financial comparison of Enphase Energy (ENPH) and Wingstop Inc. (WING). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $183.7M, roughly 1.5× Wingstop Inc.). Wingstop Inc. runs the higher net margin — 16.3% vs -2.6%, a 18.9% gap on every dollar of revenue. On growth, Wingstop Inc. posted the faster year-over-year revenue change (7.4% vs -20.6%). Over the past eight quarters, Wingstop Inc.'s revenue compounded faster (8.6% 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.
Wingstop Inc. is an American international fast food chain that primarily sells buffalo wings. Wingstop locations are decorated with a 1930s and 1940s pre-jet aviation theme.
ENPH vs WING — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $183.7M |
| Net Profit | $-7.4M | $29.9M |
| Gross Margin | 35.5% | 86.5% |
| Operating Margin | 54.0% | 27.4% |
| Net Margin | -2.6% | 16.3% |
| Revenue YoY | -20.6% | 7.4% |
| Net Profit YoY | -124.9% | — |
| EPS (diluted) | $-0.06 | $1.08 |
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 | $183.7M | ||
| Q4 25 | $343.3M | $175.7M | ||
| Q3 25 | $410.4M | $175.7M | ||
| Q2 25 | $363.2M | $174.3M | ||
| Q1 25 | $356.1M | $171.1M | ||
| Q4 24 | $382.7M | $161.8M | ||
| Q3 24 | $380.9M | $162.5M | ||
| Q2 24 | $303.5M | $155.7M |
| Q1 26 | $-7.4M | $29.9M | ||
| Q4 25 | $38.7M | $26.8M | ||
| Q3 25 | $66.6M | $28.5M | ||
| Q2 25 | $37.1M | $26.8M | ||
| Q1 25 | $29.7M | $92.3M | ||
| Q4 24 | $62.2M | $26.8M | ||
| Q3 24 | $45.8M | $25.7M | ||
| Q2 24 | $10.8M | $27.5M |
| Q1 26 | 35.5% | 86.5% | ||
| Q4 25 | 44.3% | — | ||
| Q3 25 | 47.8% | — | ||
| Q2 25 | 46.9% | — | ||
| Q1 25 | 47.2% | — | ||
| Q4 24 | 51.8% | 85.6% | ||
| Q3 24 | 46.8% | 85.0% | ||
| Q2 24 | 45.2% | 85.4% |
| Q1 26 | 54.0% | 27.4% | ||
| Q4 25 | 6.5% | 26.7% | ||
| Q3 25 | 16.1% | 27.9% | ||
| Q2 25 | 10.2% | 25.9% | ||
| Q1 25 | 9.0% | 22.4% | ||
| Q4 24 | 14.3% | 25.9% | ||
| Q3 24 | 13.1% | 24.5% | ||
| Q2 24 | 0.6% | 26.5% |
| Q1 26 | -2.6% | 16.3% | ||
| Q4 25 | 11.3% | 15.2% | ||
| Q3 25 | 16.2% | 16.2% | ||
| Q2 25 | 10.2% | 15.4% | ||
| Q1 25 | 8.3% | 53.9% | ||
| Q4 24 | 16.2% | 16.5% | ||
| Q3 24 | 12.0% | 15.8% | ||
| Q2 24 | 3.6% | 17.7% |
| Q1 26 | $-0.06 | $1.08 | ||
| Q4 25 | $0.29 | $0.99 | ||
| Q3 25 | $0.50 | $1.02 | ||
| Q2 25 | $0.28 | $0.96 | ||
| Q1 25 | $0.22 | $3.24 | ||
| Q4 24 | $0.46 | $0.91 | ||
| Q3 24 | $0.33 | $0.88 | ||
| Q2 24 | $0.08 | $0.93 |
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 | $128.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | — |
| Total Assets | $2.7B | $648.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | $128.8M | ||
| Q4 25 | $1.5B | $196.6M | ||
| Q3 25 | $1.5B | $237.6M | ||
| Q2 25 | $1.5B | $227.9M | ||
| Q1 25 | $1.5B | $251.4M | ||
| Q4 24 | $1.6B | $315.9M | ||
| Q3 24 | $1.8B | $84.0M | ||
| Q2 24 | $1.6B | $96.7M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $-736.8M | ||
| Q3 25 | $995.0M | $-702.6M | ||
| Q2 25 | $880.6M | $-686.0M | ||
| Q1 25 | $810.7M | $-715.0M | ||
| Q4 24 | $833.0M | $-675.6M | ||
| Q3 24 | $931.4M | $-447.5M | ||
| Q2 24 | $884.5M | $-437.5M |
| Q1 26 | $2.7B | $648.9M | ||
| Q4 25 | $3.5B | $693.4M | ||
| Q3 25 | $3.3B | $721.0M | ||
| Q2 25 | $3.2B | $708.3M | ||
| Q1 25 | $3.1B | $696.8M | ||
| Q4 24 | $3.2B | $716.2M | ||
| Q3 24 | $3.3B | $484.8M | ||
| Q2 24 | $3.2B | $451.8M |
| 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 | — |
| 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 | $57.3M | ||
| Q3 25 | $13.9M | $63.9M | ||
| Q2 25 | $26.6M | $6.6M | ||
| Q1 25 | $48.4M | $25.3M | ||
| Q4 24 | $167.3M | $7.7M | ||
| Q3 24 | $170.1M | $69.0M | ||
| Q2 24 | $127.1M | $36.2M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $34.5M | ||
| Q3 25 | $5.9M | $61.7M | ||
| Q2 25 | $18.4M | $-7.8M | ||
| Q1 25 | $33.8M | $17.3M | ||
| Q4 24 | $159.2M | $-8.6M | ||
| Q3 24 | $161.6M | $54.9M | ||
| Q2 24 | $117.4M | $25.9M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 19.6% | ||
| Q3 25 | 1.4% | 35.1% | ||
| Q2 25 | 5.1% | -4.5% | ||
| Q1 25 | 9.5% | 10.1% | ||
| Q4 24 | 41.6% | -5.3% | ||
| Q3 24 | 42.4% | 33.8% | ||
| Q2 24 | 38.7% | 16.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 13.0% | ||
| Q3 25 | 2.0% | 1.3% | ||
| Q2 25 | 2.3% | 8.2% | ||
| Q1 25 | 4.1% | 4.7% | ||
| Q4 24 | 2.1% | 10.1% | ||
| Q3 24 | 2.2% | 8.7% | ||
| Q2 24 | 3.2% | 6.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 2.14× | ||
| Q3 25 | 0.21× | 2.24× | ||
| Q2 25 | 0.72× | 0.25× | ||
| Q1 25 | 1.63× | 0.27× | ||
| Q4 24 | 2.69× | 0.29× | ||
| Q3 24 | 3.72× | 2.68× | ||
| Q2 24 | 11.73× | 1.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
WING
| Royalty revenue, franchise fees and other | $87.5M | 48% |
| Advertising fees | $63.3M | 34% |
| Company-owned restaurant sales | $33.0M | 18% |
