vs
Enphase Energy（ENPH）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
美世的季度营收约是Enphase Energy的1.6倍（$449.5M vs $282.9M），Enphase Energy净利率更高（-2.6% vs -68.7%，领先66.1%），美世同比增速更快（-8.0% vs -20.6%），Enphase Energy自由现金流更多（$83.0M vs $32.0M），过去两年Enphase Energy的营收复合增速更高（-3.4% vs -9.9%）
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。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
ENPH vs MERC — 直观对比
营收规模更大
MERC
是对方的1.6倍
$282.9M
营收增速更快
MERC
高出12.6%
-20.6%
净利率更高
ENPH
高出66.1%
-68.7%
自由现金流更多
ENPH
多$51.0M
$32.0M
两年增速更快
ENPH
近两年复合增速
-9.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $282.9M | $449.5M |
| 净利润 | $-7.4M | $-308.7M |
| 毛利率 | 35.5% | — |
| 营业利润率 | — | -62.0% |
| 净利率 | -2.6% | -68.7% |
| 营收同比 | -20.6% | -8.0% |
| 净利润同比 | -124.9% | -1947.7% |
| 每股收益（稀释后） | $-0.06 | $-4.61 |
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ENPHMERC
| Q1 26 | $282.9M | — | ||
| Q4 25 | $343.3M | $449.5M | ||
| Q3 25 | $410.4M | $458.1M | ||
| Q2 25 | $363.2M | $453.5M | ||
| Q1 25 | $356.1M | $507.0M | ||
| Q4 24 | $382.7M | $488.4M | ||
| Q3 24 | $380.9M | $502.1M | ||
| Q2 24 | $303.5M | $499.4M |
净利润ENPHMERC
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $-308.7M | ||
| Q3 25 | $66.6M | $-80.8M | ||
| Q2 25 | $37.1M | $-86.1M | ||
| Q1 25 | $29.7M | $-22.3M | ||
| Q4 24 | $62.2M | $16.7M | ||
| Q3 24 | $45.8M | $-17.6M | ||
| Q2 24 | $10.8M | $-67.6M |
毛利率ENPHMERC
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | — | ||
| Q3 25 | 47.8% | — | ||
| Q2 25 | 46.9% | — | ||
| Q1 25 | 47.2% | — | ||
| Q4 24 | 51.8% | — | ||
| Q3 24 | 46.8% | — | ||
| Q2 24 | 45.2% | — |
营业利润率ENPHMERC
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | -62.0% | ||
| Q3 25 | 16.1% | -14.8% | ||
| Q2 25 | 10.2% | -12.9% | ||
| Q1 25 | 9.0% | 1.3% | ||
| Q4 24 | 14.3% | 10.3% | ||
| Q3 24 | 13.1% | 1.8% | ||
| Q2 24 | 0.6% | -8.8% |
净利率ENPHMERC
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | -68.7% | ||
| Q3 25 | 16.2% | -17.6% | ||
| Q2 25 | 10.2% | -19.0% | ||
| Q1 25 | 8.3% | -4.4% | ||
| Q4 24 | 16.2% | 3.4% | ||
| Q3 24 | 12.0% | -3.5% | ||
| Q2 24 | 3.6% | -13.5% |
每股收益（稀释后）ENPHMERC
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $-4.61 | ||
| Q3 25 | $0.50 | $-1.21 | ||
| Q2 25 | $0.28 | $-1.29 | ||
| Q1 25 | $0.22 | $-0.33 | ||
| Q4 24 | $0.46 | $0.25 | ||
| Q3 24 | $0.33 | $-0.26 | ||
| Q2 24 | $0.08 | $-1.01 |
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 | $186.8M |
| 总债务越低越好 | — | $1.6B |
| 股东权益账面价值 | $1.1B | $68.1M |
| 总资产 | $2.7B | $2.0B |
| 负债/权益比越低杠杆越低 | — | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资ENPHMERC
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $186.8M | ||
| Q3 25 | $1.5B | $98.1M | ||
| Q2 25 | $1.5B | $146.5M | ||
| Q1 25 | $1.5B | $181.5M | ||
| Q4 24 | $1.6B | $184.9M | ||
| Q3 24 | $1.8B | $239.0M | ||
| Q2 24 | $1.6B | $263.2M |
总债务ENPHMERC
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.6B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.3B | $1.5B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $1.3B | $1.6B |
股东权益ENPHMERC
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $68.1M | ||
| Q3 25 | $995.0M | $359.5M | ||
| Q2 25 | $880.6M | $446.5M | ||
| Q1 25 | $810.7M | $437.4M | ||
| Q4 24 | $833.0M | $429.8M | ||
| Q3 24 | $931.4M | $516.8M | ||
| Q2 24 | $884.5M | $487.7M |
总资产ENPHMERC
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $2.0B | ||
| Q3 25 | $3.3B | $2.3B | ||
| Q2 25 | $3.2B | $2.4B | ||
| Q1 25 | $3.1B | $2.3B | ||
| Q4 24 | $3.2B | $2.3B | ||
| Q3 24 | $3.3B | $2.5B | ||
| Q2 24 | $3.2B | $2.5B |
负债/权益比ENPHMERC
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 23.58× | ||
| Q3 25 | 1.21× | 4.30× | ||
| Q2 25 | 1.37× | 3.42× | ||
| Q1 25 | 1.48× | 3.44× | ||
| Q4 24 | 1.56× | 3.43× | ||
| Q3 24 | 1.40× | 3.09× | ||
| Q2 24 | 1.47× | 3.22× |
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 | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | $32.0M |
| 自由现金流率自由现金流/营收 | 29.3% | 7.1% |
| 资本支出强度资本支出/营收 | — | 3.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $145.1M | $-80.0M |
8季度趋势，按日历期对齐
经营现金流ENPHMERC
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $46.2M | ||
| Q3 25 | $13.9M | $-30.1M | ||
| Q2 25 | $26.6M | $-4.5M | ||
| Q1 25 | $48.4M | $-3.0M | ||
| Q4 24 | $167.3M | $71.2M | ||
| Q3 24 | $170.1M | $-13.9M | ||
| Q2 24 | $127.1M | $62.2M |
自由现金流ENPHMERC
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $32.0M | ||
| Q3 25 | $5.9M | $-60.1M | ||
| Q2 25 | $18.4M | $-28.9M | ||
| Q1 25 | $33.8M | $-23.1M | ||
| Q4 24 | $159.2M | $50.4M | ||
| Q3 24 | $161.6M | $-41.2M | ||
| Q2 24 | $117.4M | $44.3M |
自由现金流率ENPHMERC
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 7.1% | ||
| Q3 25 | 1.4% | -13.1% | ||
| Q2 25 | 5.1% | -6.4% | ||
| Q1 25 | 9.5% | -4.6% | ||
| Q4 24 | 41.6% | 10.3% | ||
| Q3 24 | 42.4% | -8.2% | ||
| Q2 24 | 38.7% | 8.9% |
资本支出强度ENPHMERC
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 3.1% | ||
| Q3 25 | 2.0% | 6.6% | ||
| Q2 25 | 2.3% | 5.4% | ||
| Q1 25 | 4.1% | 4.0% | ||
| Q4 24 | 2.1% | 4.2% | ||
| Q3 24 | 2.2% | 5.4% | ||
| Q2 24 | 3.2% | 3.6% |
现金转化率ENPHMERC
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | 2.69× | 4.26× | ||
| 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
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
