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Enphase Energy（ENPH）与Inspire Medical Systems, Inc.（INSP）财务数据对比。点击上方公司名可切换其他公司
Enphase Energy的季度营收约是Inspire Medical Systems, Inc.的1.1倍（$282.9M vs $269.1M），Inspire Medical Systems, Inc.净利率更高（50.6% vs -2.6%，领先53.2%），Inspire Medical Systems, Inc.同比增速更快（12.2% vs -20.6%），Enphase Energy自由现金流更多（$83.0M vs $41.8M），过去两年Inspire Medical Systems, Inc.的营收复合增速更高（28.1% vs -3.4%）
Enphase Energy是总部位于美国加利福尼亚州弗里蒙特的能源科技企业，成立于2006年，是全球首家成功实现光伏微型逆变器商业化的企业，主要面向住宅用户研发生产光伏微型逆变器、储能电池及电动汽车充电桩。
Inspire Medical Systems是一家专注于阻塞性睡眠呼吸暂停治疗的医疗科技企业，研发、生产并销售植入式神经刺激设备，面向无法耐受持续气道正压通气治疗的患者，核心市场覆盖北美、欧洲及部分亚太地区，服务睡眠医学、耳鼻喉科等临床领域。
ENPH vs INSP — 直观对比
营收规模更大
ENPH
是对方的1.1倍
$269.1M
营收增速更快
INSP
高出32.8%
-20.6%
净利率更高
INSP
高出53.2%
-2.6%
自由现金流更多
ENPH
多$41.2M
$41.8M
两年增速更快
INSP
近两年复合增速
-3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $282.9M | $269.1M |
| 净利润 | $-7.4M | $136.1M |
| 毛利率 | 35.5% | 86.6% |
| 营业利润率 | — | 17.1% |
| 净利率 | -2.6% | 50.6% |
| 营收同比 | -20.6% | 12.2% |
| 净利润同比 | -124.9% | 286.4% |
| 每股收益（稀释后） | $-0.06 | $4.57 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ENPHINSP
| Q1 26 | $282.9M | — | ||
| Q4 25 | $343.3M | $269.1M | ||
| Q3 25 | $410.4M | $224.5M | ||
| Q2 25 | $363.2M | $217.1M | ||
| Q1 25 | $356.1M | $201.3M | ||
| Q4 24 | $382.7M | $239.7M | ||
| Q3 24 | $380.9M | $203.2M | ||
| Q2 24 | $303.5M | $195.9M |
净利润ENPHINSP
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $136.1M | ||
| Q3 25 | $66.6M | $9.9M | ||
| Q2 25 | $37.1M | $-3.6M | ||
| Q1 25 | $29.7M | $3.0M | ||
| Q4 24 | $62.2M | $35.2M | ||
| Q3 24 | $45.8M | $18.5M | ||
| Q2 24 | $10.8M | $9.8M |
毛利率ENPHINSP
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 86.6% | ||
| Q3 25 | 47.8% | 85.8% | ||
| Q2 25 | 46.9% | 84.0% | ||
| Q1 25 | 47.2% | 84.7% | ||
| Q4 24 | 51.8% | 85.0% | ||
| Q3 24 | 46.8% | 84.1% | ||
| Q2 24 | 45.2% | 84.8% |
营业利润率ENPHINSP
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 17.1% | ||
| Q3 25 | 16.1% | 4.3% | ||
| Q2 25 | 10.2% | -1.5% | ||
| Q1 25 | 9.0% | -0.7% | ||
| Q4 24 | 14.3% | 13.3% | ||
| Q3 24 | 13.1% | 7.0% | ||
| Q2 24 | 0.6% | 2.6% |
净利率ENPHINSP
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 50.6% | ||
| Q3 25 | 16.2% | 4.4% | ||
| Q2 25 | 10.2% | -1.7% | ||
| Q1 25 | 8.3% | 1.5% | ||
| Q4 24 | 16.2% | 14.7% | ||
| Q3 24 | 12.0% | 9.1% | ||
| Q2 24 | 3.6% | 5.0% |
每股收益（稀释后）ENPHINSP
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $4.57 | ||
| Q3 25 | $0.50 | $0.34 | ||
| Q2 25 | $0.28 | $-0.12 | ||
| Q1 25 | $0.22 | $0.10 | ||
| Q4 24 | $0.46 | $1.17 | ||
| Q3 24 | $0.33 | $0.60 | ||
| Q2 24 | $0.08 | $0.32 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $497.5M | $308.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.1B | $781.2M |
| 总资产 | $2.7B | $907.3M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ENPHINSP
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $308.3M | ||
| Q3 25 | $1.5B | $322.6M | ||
| Q2 25 | $1.5B | $300.9M | ||
| Q1 25 | $1.5B | $369.2M | ||
| Q4 24 | $1.6B | $445.5M | ||
| Q3 24 | $1.8B | $411.0M | ||
| Q2 24 | $1.6B | $439.7M |
总债务ENPHINSP
| 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 | — |
股东权益ENPHINSP
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $781.2M | ||
| Q3 25 | $995.0M | $666.5M | ||
| Q2 25 | $880.6M | $677.8M | ||
| Q1 25 | $810.7M | $635.7M | ||
| Q4 24 | $833.0M | $689.7M | ||
| Q3 24 | $931.4M | $696.6M | ||
| Q2 24 | $884.5M | $638.1M |
总资产ENPHINSP
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $907.3M | ||
| Q3 25 | $3.3B | $807.7M | ||
| Q2 25 | $3.2B | $802.2M | ||
| Q1 25 | $3.1B | $730.8M | ||
| Q4 24 | $3.2B | $808.4M | ||
| Q3 24 | $3.3B | $796.2M | ||
| Q2 24 | $3.2B | $728.4M |
负债/权益比ENPHINSP
| 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× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $102.9M | $52.5M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | $41.8M |
| 自由现金流率自由现金流/营收 | 29.3% | 15.5% |
| 资本支出强度资本支出/营收 | — | 4.0% |
| 现金转化率经营现金流/净利润 | — | 0.39× |
| 过去12个月自由现金流最近4个季度 | $145.1M | $78.5M |
8季度趋势，按日历期对齐
经营现金流ENPHINSP
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $52.5M | ||
| Q3 25 | $13.9M | $68.5M | ||
| Q2 25 | $26.6M | $2.7M | ||
| Q1 25 | $48.4M | $-6.7M | ||
| Q4 24 | $167.3M | $69.2M | ||
| Q3 24 | $170.1M | $52.3M | ||
| Q2 24 | $127.1M | $-78.0K |
自由现金流ENPHINSP
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $41.8M | ||
| Q3 25 | $5.9M | $58.1M | ||
| Q2 25 | $18.4M | $-6.3M | ||
| Q1 25 | $33.8M | $-15.1M | ||
| Q4 24 | $159.2M | $62.2M | ||
| Q3 24 | $161.6M | $44.3M | ||
| Q2 24 | $117.4M | $-12.5M |
自由现金流率ENPHINSP
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 15.5% | ||
| Q3 25 | 1.4% | 25.9% | ||
| Q2 25 | 5.1% | -2.9% | ||
| Q1 25 | 9.5% | -7.5% | ||
| Q4 24 | 41.6% | 25.9% | ||
| Q3 24 | 42.4% | 21.8% | ||
| Q2 24 | 38.7% | -6.4% |
资本支出强度ENPHINSP
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 4.0% | ||
| Q3 25 | 2.0% | 4.6% | ||
| Q2 25 | 2.3% | 4.1% | ||
| Q1 25 | 4.1% | 4.2% | ||
| Q4 24 | 2.1% | 2.9% | ||
| Q3 24 | 2.2% | 3.9% | ||
| Q2 24 | 3.2% | 6.3% |
现金转化率ENPHINSP
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 0.39× | ||
| Q3 25 | 0.21× | 6.90× | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 1.63× | -2.24× | ||
| Q4 24 | 2.69× | 1.96× | ||
| Q3 24 | 3.72× | 2.83× | ||
| Q2 24 | 11.73× | -0.01× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
