vs
Enphase Energy（ENPH）与Mativ Holdings, Inc.（MATV）财务数据对比。点击上方公司名可切换其他公司
Mativ Holdings, Inc.的季度营收约是Enphase Energy的1.6倍（$463.1M vs $282.9M），Mativ Holdings, Inc.净利率更高（21.8% vs -2.6%，领先24.4%），Mativ Holdings, Inc.同比增速更快（1.0% vs -20.6%），Enphase Energy自由现金流更多（$83.0M vs $8.0M），过去两年Enphase Energy的营收复合增速更高（-3.4% vs -3.8%）
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。
Mativ Holdings是一家全球特种材料制造商，主要生产高性能先进聚合物、无纺布、过滤解决方案及功能性涂层材料，服务医疗、工业、消费品、航空航天、能源等领域，业务遍及北美、欧洲及亚太地区。
ENPH vs MATV — 直观对比
营收规模更大
MATV
是对方的1.6倍
$282.9M
营收增速更快
MATV
高出21.5%
-20.6%
净利率更高
MATV
高出24.4%
-2.6%
自由现金流更多
ENPH
多$75.0M
$8.0M
两年增速更快
ENPH
近两年复合增速
-3.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $282.9M | $463.1M |
| 净利润 | $-7.4M | $100.8M |
| 毛利率 | 35.5% | 18.8% |
| 营业利润率 | — | 2.2% |
| 净利率 | -2.6% | 21.8% |
| 营收同比 | -20.6% | 1.0% |
| 净利润同比 | -124.9% | 6620.0% |
| 每股收益（稀释后） | $-0.06 | $1.87 |
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ENPHMATV
| Q1 26 | $282.9M | — | ||
| Q4 25 | $343.3M | $463.1M | ||
| Q3 25 | $410.4M | $513.7M | ||
| Q2 25 | $363.2M | $525.4M | ||
| Q1 25 | $356.1M | $484.8M | ||
| Q4 24 | $382.7M | $458.6M | ||
| Q3 24 | $380.9M | $498.5M | ||
| Q2 24 | $303.5M | $523.8M |
净利润ENPHMATV
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $100.8M | ||
| Q3 25 | $66.6M | $-3.2M | ||
| Q2 25 | $37.1M | $-9.5M | ||
| Q1 25 | $29.7M | $-425.5M | ||
| Q4 24 | $62.2M | $1.5M | ||
| Q3 24 | $45.8M | $-20.8M | ||
| Q2 24 | $10.8M | $-1.4M |
毛利率ENPHMATV
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 18.8% | ||
| Q3 25 | 47.8% | 19.3% | ||
| Q2 25 | 46.9% | 19.7% | ||
| Q1 25 | 47.2% | 15.0% | ||
| Q4 24 | 51.8% | 16.9% | ||
| Q3 24 | 46.8% | 18.8% | ||
| Q2 24 | 45.2% | 20.8% |
营业利润率ENPHMATV
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 2.2% | ||
| Q3 25 | 16.1% | 3.1% | ||
| Q2 25 | 10.2% | 3.8% | ||
| Q1 25 | 9.0% | -88.8% | ||
| Q4 24 | 14.3% | 0.6% | ||
| Q3 24 | 13.1% | 1.4% | ||
| Q2 24 | 0.6% | 2.0% |
净利率ENPHMATV
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 21.8% | ||
| Q3 25 | 16.2% | -0.6% | ||
| Q2 25 | 10.2% | -1.8% | ||
| Q1 25 | 8.3% | -87.8% | ||
| Q4 24 | 16.2% | 0.3% | ||
| Q3 24 | 12.0% | -4.2% | ||
| Q2 24 | 3.6% | -0.3% |
每股收益（稀释后）ENPHMATV
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $1.87 | ||
| Q3 25 | $0.50 | $-0.06 | ||
| Q2 25 | $0.28 | $-0.18 | ||
| Q1 25 | $0.22 | $-7.82 | ||
| Q4 24 | $0.46 | $0.03 | ||
| Q3 24 | $0.33 | $-0.38 | ||
| Q2 24 | $0.08 | $-0.03 |
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 | $84.2M |
| 总债务越低越好 | — | $1.0B |
| 股东权益账面价值 | $1.1B | $498.7M |
| 总资产 | $2.7B | $2.1B |
| 负债/权益比越低杠杆越低 | — | 2.07× |
8季度趋势，按日历期对齐
现金及短期投资ENPHMATV
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $84.2M | ||
| Q3 25 | $1.5B | $97.1M | ||
| Q2 25 | $1.5B | $95.6M | ||
| Q1 25 | $1.5B | $84.0M | ||
| Q4 24 | $1.6B | $94.3M | ||
| Q3 24 | $1.8B | $162.2M | ||
| Q2 24 | $1.6B | $133.4M |
总债务ENPHMATV
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.0B | ||
| Q3 25 | $1.2B | $1.0B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B |
股东权益ENPHMATV
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $498.7M | ||
| Q3 25 | $995.0M | $397.4M | ||
| Q2 25 | $880.6M | $416.6M | ||
| Q1 25 | $810.7M | $428.2M | ||
| Q4 24 | $833.0M | $858.5M | ||
| Q3 24 | $931.4M | $882.3M | ||
| Q2 24 | $884.5M | $898.0M |
总资产ENPHMATV
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $2.1B | ||
| Q3 25 | $3.3B | $2.0B | ||
| Q2 25 | $3.2B | $2.1B | ||
| Q1 25 | $3.1B | $2.1B | ||
| Q4 24 | $3.2B | $2.4B | ||
| Q3 24 | $3.3B | $2.6B | ||
| Q2 24 | $3.2B | $2.6B |
负债/权益比ENPHMATV
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 2.07× | ||
| Q3 25 | 1.21× | 2.63× | ||
| Q2 25 | 1.37× | 2.66× | ||
| Q1 25 | 1.48× | 2.67× | ||
| Q4 24 | 1.56× | 1.30× | ||
| Q3 24 | 1.40× | 1.32× | ||
| Q2 24 | 1.47× | 1.29× |
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 | $19.3M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | $8.0M |
| 自由现金流率自由现金流/营收 | 29.3% | 1.7% |
| 资本支出强度资本支出/营收 | — | 2.4% |
| 现金转化率经营现金流/净利润 | — | 0.19× |
| 过去12个月自由现金流最近4个季度 | $145.1M | $93.8M |
8季度趋势，按日历期对齐
经营现金流ENPHMATV
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $19.3M | ||
| Q3 25 | $13.9M | $72.8M | ||
| Q2 25 | $26.6M | $57.6M | ||
| Q1 25 | $48.4M | $-15.9M | ||
| Q4 24 | $167.3M | $24.1M | ||
| Q3 24 | $170.1M | $37.6M | ||
| Q2 24 | $127.1M | $46.1M |
自由现金流ENPHMATV
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $8.0M | ||
| Q3 25 | $5.9M | $66.7M | ||
| Q2 25 | $18.4M | $48.9M | ||
| Q1 25 | $33.8M | $-29.8M | ||
| Q4 24 | $159.2M | $2.0M | ||
| Q3 24 | $161.6M | $25.5M | ||
| Q2 24 | $117.4M | $37.4M |
自由现金流率ENPHMATV
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 1.7% | ||
| Q3 25 | 1.4% | 13.0% | ||
| Q2 25 | 5.1% | 9.3% | ||
| Q1 25 | 9.5% | -6.1% | ||
| Q4 24 | 41.6% | 0.4% | ||
| Q3 24 | 42.4% | 5.1% | ||
| Q2 24 | 38.7% | 7.1% |
资本支出强度ENPHMATV
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 2.4% | ||
| Q3 25 | 2.0% | 1.2% | ||
| Q2 25 | 2.3% | 1.7% | ||
| Q1 25 | 4.1% | 2.9% | ||
| Q4 24 | 2.1% | 4.8% | ||
| Q3 24 | 2.2% | 2.4% | ||
| Q2 24 | 3.2% | 1.7% |
现金转化率ENPHMATV
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 0.19× | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | 2.69× | 16.07× | ||
| Q3 24 | 3.72× | — | ||
| Q2 24 | 11.73× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ENPH
暂无分部数据
MATV
| Other | $208.7M | 45% |
| SAS Segment | $157.4M | 34% |
| FAM Segment | $97.0M | 21% |
