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Side-by-side financial comparison of Enphase Energy (ENPH) and Xometry, Inc. (XMTR). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $192.4M, roughly 1.5× Xometry, Inc.). Enphase Energy runs the higher net margin — -2.6% vs -4.5%, a 1.9% gap on every dollar of revenue. On growth, Xometry, Inc. posted the faster year-over-year revenue change (29.5% vs -20.6%). Over the past eight quarters, Xometry, Inc.'s revenue compounded faster (25.2% 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.
Xometry is an online marketplace for sourcing on-demand manufactured parts for prototyping and large-scale production.
ENPH vs XMTR — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $192.4M |
| Net Profit | $-7.4M | $-8.6M |
| Gross Margin | 35.5% | 39.1% |
| Operating Margin | 54.0% | -4.6% |
| Net Margin | -2.6% | -4.5% |
| Revenue YoY | -20.6% | 29.5% |
| Net Profit YoY | -124.9% | 12.7% |
| EPS (diluted) | $-0.06 | — |
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 | $192.4M | ||
| Q3 25 | $410.4M | $180.7M | ||
| Q2 25 | $363.2M | $162.5M | ||
| Q1 25 | $356.1M | $151.0M | ||
| Q4 24 | $382.7M | $148.5M | ||
| Q3 24 | $380.9M | $141.7M | ||
| Q2 24 | $303.5M | $132.6M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $-8.6M | ||
| Q3 25 | $66.6M | $-11.6M | ||
| Q2 25 | $37.1M | $-26.4M | ||
| Q1 25 | $29.7M | $-15.1M | ||
| Q4 24 | $62.2M | $-9.9M | ||
| Q3 24 | $45.8M | $-10.2M | ||
| Q2 24 | $10.8M | $-13.7M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 39.1% | ||
| Q3 25 | 47.8% | 39.9% | ||
| Q2 25 | 46.9% | 40.1% | ||
| Q1 25 | 47.2% | 37.3% | ||
| Q4 24 | 51.8% | 39.7% | ||
| Q3 24 | 46.8% | 39.4% | ||
| Q2 24 | 45.2% | 39.9% |
| Q1 26 | 54.0% | — | ||
| Q4 25 | 6.5% | -4.6% | ||
| Q3 25 | 16.1% | -6.1% | ||
| Q2 25 | 10.2% | -6.3% | ||
| Q1 25 | 9.0% | -10.2% | ||
| Q4 24 | 14.3% | -7.8% | ||
| Q3 24 | 13.1% | -8.1% | ||
| Q2 24 | 0.6% | -11.5% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | -4.5% | ||
| Q3 25 | 16.2% | -6.4% | ||
| Q2 25 | 10.2% | -16.3% | ||
| Q1 25 | 8.3% | -10.0% | ||
| Q4 24 | 16.2% | -6.7% | ||
| Q3 24 | 12.0% | -7.2% | ||
| Q2 24 | 3.6% | -10.3% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | — | ||
| Q3 25 | $0.50 | — | ||
| Q2 25 | $0.28 | — | ||
| Q1 25 | $0.22 | — | ||
| Q4 24 | $0.46 | — | ||
| Q3 24 | $0.33 | — | ||
| Q2 24 | $0.08 | — |
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 | $219.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $275.6M |
| Total Assets | $2.7B | $703.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $219.1M | ||
| Q3 25 | $1.5B | $224.5M | ||
| Q2 25 | $1.5B | $225.8M | ||
| Q1 25 | $1.5B | $231.4M | ||
| Q4 24 | $1.6B | $239.8M | ||
| Q3 24 | $1.8B | $234.0M | ||
| Q2 24 | $1.6B | $240.9M |
| 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 | $275.6M | ||
| Q3 25 | $995.0M | $272.0M | ||
| Q2 25 | $880.6M | $270.4M | ||
| Q1 25 | $810.7M | $309.9M | ||
| Q4 24 | $833.0M | $314.5M | ||
| Q3 24 | $931.4M | $315.2M | ||
| Q2 24 | $884.5M | $315.8M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $703.7M | ||
| Q3 25 | $3.3B | $698.9M | ||
| Q2 25 | $3.2B | $687.0M | ||
| Q1 25 | $3.1B | $690.1M | ||
| Q4 24 | $3.2B | $680.1M | ||
| Q3 24 | $3.3B | $678.2M | ||
| Q2 24 | $3.2B | $678.6M |
| 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 | $4.4M |
| Free Cash FlowOCF − Capex | — | $-5.9M |
| FCF MarginFCF / Revenue | — | -3.0% |
| Capex IntensityCapex / Revenue | — | 5.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-24.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $4.4M | ||
| Q3 25 | $13.9M | $5.8M | ||
| Q2 25 | $26.6M | $-427.0K | ||
| Q1 25 | $48.4M | $-3.7M | ||
| Q4 24 | $167.3M | $9.1M | ||
| Q3 24 | $170.1M | $-3.6M | ||
| Q2 24 | $127.1M | $-9.1M |
| Q1 26 | — | — | ||
| Q4 25 | $37.8M | $-5.9M | ||
| Q3 25 | $5.9M | $-1.7M | ||
| Q2 25 | $18.4M | $-7.4M | ||
| Q1 25 | $33.8M | $-9.2M | ||
| Q4 24 | $159.2M | $4.5M | ||
| Q3 24 | $161.6M | $-8.4M | ||
| Q2 24 | $117.4M | $-13.5M |
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | -3.0% | ||
| Q3 25 | 1.4% | -0.9% | ||
| Q2 25 | 5.1% | -4.5% | ||
| Q1 25 | 9.5% | -6.1% | ||
| Q4 24 | 41.6% | 3.1% | ||
| Q3 24 | 42.4% | -6.0% | ||
| Q2 24 | 38.7% | -10.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 5.3% | ||
| Q3 25 | 2.0% | 4.1% | ||
| Q2 25 | 2.3% | 4.3% | ||
| Q1 25 | 4.1% | 3.6% | ||
| Q4 24 | 2.1% | 3.1% | ||
| Q3 24 | 2.2% | 3.4% | ||
| Q2 24 | 3.2% | 3.3% |
| 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× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
XMTR
| US | $159.1M | 83% |
| Non Us | $33.3M | 17% |
