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Side-by-side financial comparison of enCore Energy Corp. (EU) and Zeo Energy Corp. (ZEO). Click either name above to swap in a different company.
Zeo Energy Corp. is the larger business by last-quarter revenue ($18.6M vs $12.4M, roughly 1.5× enCore Energy Corp.). Zeo Energy Corp. runs the higher net margin — -10.8% vs -173.9%, a 163.1% gap on every dollar of revenue. enCore Energy Corp. produced more free cash flow last quarter ($7.2M vs $2.3M).
Devon Energy Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware with operational headquarters in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. Its operations are in the Delaware Basin, Eagle Ford Group, and the Rocky Mountains.
EU vs ZEO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.4M | $18.6M |
| Net Profit | $-21.5M | $-2.0M |
| Gross Margin | 37.9% | — |
| Operating Margin | -135.9% | -11.8% |
| Net Margin | -173.9% | -10.8% |
| Revenue YoY | — | -0.4% |
| Net Profit YoY | — | -360.9% |
| EPS (diluted) | $-0.11 | — |
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.
| Q4 25 | $12.4M | $18.6M | ||
| Q3 25 | $8.9M | $23.9M | ||
| Q2 25 | $3.7M | $18.1M | ||
| Q1 25 | $18.2M | $8.8M | ||
| Q4 24 | — | $18.6M | ||
| Q3 24 | — | $19.7M | ||
| Q2 24 | — | $14.8M | ||
| Q1 24 | — | $20.1M |
| Q4 25 | $-21.5M | $-2.0M | ||
| Q3 25 | $-4.8M | $-3.2M | ||
| Q2 25 | $-6.3M | $-2.4M | ||
| Q1 25 | $-24.2M | $-6.4M | ||
| Q4 24 | — | $-435.3K | ||
| Q3 24 | — | $-424.3K | ||
| Q2 24 | — | $-277.8K | ||
| Q1 24 | — | $-1.5M |
| Q4 25 | 37.9% | — | ||
| Q3 25 | 43.8% | 57.9% | ||
| Q2 25 | 30.8% | 59.8% | ||
| Q1 25 | -0.1% | 99.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 50.2% | ||
| Q2 24 | — | 52.3% | ||
| Q1 24 | — | — |
| Q4 25 | -135.9% | -11.8% | ||
| Q3 25 | -158.2% | -8.3% | ||
| Q2 25 | -526.1% | -15.8% | ||
| Q1 25 | -85.7% | -153.8% | ||
| Q4 24 | — | -6.0% | ||
| Q3 24 | — | -15.2% | ||
| Q2 24 | — | -18.0% | ||
| Q1 24 | — | -20.1% |
| Q4 25 | -173.9% | -10.8% | ||
| Q3 25 | -53.7% | -13.5% | ||
| Q2 25 | -172.7% | -13.3% | ||
| Q1 25 | -132.9% | -72.4% | ||
| Q4 24 | — | -2.3% | ||
| Q3 24 | — | -2.2% | ||
| Q2 24 | — | -1.9% | ||
| Q1 24 | — | -7.6% |
| Q4 25 | $-0.11 | — | ||
| Q3 25 | $-0.03 | — | ||
| Q2 25 | $-0.03 | — | ||
| Q1 25 | $-0.13 | $-0.48 | ||
| Q4 24 | — | $1.11 | ||
| Q3 24 | — | $-0.08 | ||
| Q2 24 | — | $0.03 | ||
| Q1 24 | — | $-1.54 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $52.4M | $6.1M |
| Total DebtLower is stronger | $110.0M | $79.1K |
| Stockholders' EquityBook value | $229.2M | $5.3M |
| Total Assets | $430.4M | $56.9M |
| Debt / EquityLower = less leverage | 0.48× | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.4M | $6.1M | ||
| Q3 25 | $91.9M | $3.9M | ||
| Q2 25 | $26.9M | $68.7K | ||
| Q1 25 | $29.7M | $2.9M | ||
| Q4 24 | — | $5.6M | ||
| Q3 24 | — | $4.3M | ||
| Q2 24 | — | $5.3M | ||
| Q1 24 | — | — |
| Q4 25 | $110.0M | $79.1K | ||
| Q3 25 | $109.3M | $84.6K | ||
| Q2 25 | — | $642.8K | ||
| Q1 25 | — | $715.4K | ||
| Q4 24 | — | $787.7K | ||
| Q3 24 | — | $858.6K | ||
| Q2 24 | — | $1.6M | ||
| Q1 24 | — | $748.8K |
| Q4 25 | $229.2M | $5.3M | ||
| Q3 25 | $248.6M | $-1.7M | ||
| Q2 25 | $264.7M | $-59.4M | ||
| Q1 25 | $267.9M | $-23.1M | ||
| Q4 24 | — | $-88.9M | ||
| Q3 24 | — | $-39.3M | ||
| Q2 24 | — | $-53.0M | ||
| Q1 24 | — | $-173.0M |
| Q4 25 | $430.4M | $56.9M | ||
| Q3 25 | $441.9M | $58.5M | ||
| Q2 25 | $359.4M | $46.2M | ||
| Q1 25 | $362.6M | $47.4M | ||
| Q4 24 | — | $61.0M | ||
| Q3 24 | — | $47.1M | ||
| Q2 24 | — | $49.1M | ||
| Q1 24 | — | $50.1M |
| Q4 25 | 0.48× | 0.01× | ||
| Q3 25 | 0.44× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $12.9M | $2.4M |
| Free Cash FlowOCF − Capex | $7.2M | $2.3M |
| FCF MarginFCF / Revenue | 57.8% | 12.2% |
| Capex IntensityCapex / Revenue | 46.7% | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-45.0M | $-9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.9M | $2.4M | ||
| Q3 25 | $-20.3M | $-6.6M | ||
| Q2 25 | $-9.9M | $-2.3M | ||
| Q1 25 | $-7.7M | $-2.3M | ||
| Q4 24 | — | $3.5M | ||
| Q3 24 | — | $162.2K | ||
| Q2 24 | — | $-2.2M | ||
| Q1 24 | — | $-10.2M |
| Q4 25 | $7.2M | $2.3M | ||
| Q3 25 | $-26.3M | $-6.8M | ||
| Q2 25 | $-14.1M | $-2.7M | ||
| Q1 25 | $-11.7M | $-2.6M | ||
| Q4 24 | — | $3.4M | ||
| Q3 24 | — | $116.5K | ||
| Q2 24 | — | $-2.3M | ||
| Q1 24 | — | $-10.4M |
| Q4 25 | 57.8% | 12.2% | ||
| Q3 25 | -296.6% | -28.6% | ||
| Q2 25 | -385.2% | -15.0% | ||
| Q1 25 | -64.1% | -30.0% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | -15.6% | ||
| Q1 24 | — | -51.5% |
| Q4 25 | 46.7% | 0.9% | ||
| Q3 25 | 68.0% | 1.0% | ||
| Q2 25 | 115.1% | 2.4% | ||
| Q1 25 | 21.7% | 4.2% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.1% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EU
Segment breakdown not available.
ZEO
| Nonrelated Party | $18.1M | 98% |
| Related Party | $432.1K | 2% |
