vs
Enphase Energy（ENPH）与MERIT MEDICAL SYSTEMS INC（MMSI）财务数据对比。点击上方公司名可切换其他公司
MERIT MEDICAL SYSTEMS INC的季度营收约是Enphase Energy的1.4倍（$393.9M vs $282.9M），MERIT MEDICAL SYSTEMS INC净利率更高（9.6% vs -2.6%，领先12.3%），MERIT MEDICAL SYSTEMS INC同比增速更快（10.9% vs -20.6%），Enphase Energy自由现金流更多（$83.0M vs $74.0M），过去两年MERIT MEDICAL SYSTEMS INC的营收复合增速更高（10.3% 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。
梅里特医疗系统公司是一家全球性医疗设备企业，设计、生产和销售适用于心脏病学、放射学、肿瘤学、内窥镜及重症监护领域的介入和诊断产品，为全球医院及医疗机构提供微创医疗解决方案，助力提升患者疗效和临床操作效率。
ENPH vs MMSI — 直观对比
营收规模更大
MMSI
是对方的1.4倍
$282.9M
营收增速更快
MMSI
高出31.5%
-20.6%
净利率更高
MMSI
高出12.3%
-2.6%
自由现金流更多
ENPH
多$8.9M
$74.0M
两年增速更快
MMSI
近两年复合增速
-3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $282.9M | $393.9M |
| 净利润 | $-7.4M | $38.0M |
| 毛利率 | 35.5% | 49.6% |
| 营业利润率 | — | 13.8% |
| 净利率 | -2.6% | 9.6% |
| 营收同比 | -20.6% | 10.9% |
| 净利润同比 | -124.9% | 36.0% |
| 每股收益（稀释后） | $-0.06 | $0.64 |
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ENPHMMSI
| Q1 26 | $282.9M | — | ||
| Q4 25 | $343.3M | $393.9M | ||
| Q3 25 | $410.4M | $384.2M | ||
| Q2 25 | $363.2M | $382.5M | ||
| Q1 25 | $356.1M | $355.4M | ||
| Q4 24 | $382.7M | $355.2M | ||
| Q3 24 | $380.9M | $339.8M | ||
| Q2 24 | $303.5M | $338.0M |
净利润ENPHMMSI
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $38.0M | ||
| Q3 25 | $66.6M | $27.8M | ||
| Q2 25 | $37.1M | $32.6M | ||
| Q1 25 | $29.7M | $30.1M | ||
| Q4 24 | $62.2M | $27.9M | ||
| Q3 24 | $45.8M | $28.4M | ||
| Q2 24 | $10.8M | $35.7M |
毛利率ENPHMMSI
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 49.6% | ||
| Q3 25 | 47.8% | 48.5% | ||
| Q2 25 | 46.9% | 48.2% | ||
| Q1 25 | 47.2% | 48.4% | ||
| Q4 24 | 51.8% | 48.7% | ||
| Q3 24 | 46.8% | 46.4% | ||
| Q2 24 | 45.2% | 47.7% |
营业利润率ENPHMMSI
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 13.8% | ||
| Q3 25 | 16.1% | 11.1% | ||
| Q2 25 | 10.2% | 12.3% | ||
| Q1 25 | 9.0% | 11.5% | ||
| Q4 24 | 14.3% | 10.3% | ||
| Q3 24 | 13.1% | 11.0% | ||
| Q2 24 | 0.6% | 13.6% |
净利率ENPHMMSI
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 9.6% | ||
| Q3 25 | 16.2% | 7.2% | ||
| Q2 25 | 10.2% | 8.5% | ||
| Q1 25 | 8.3% | 8.5% | ||
| Q4 24 | 16.2% | 7.9% | ||
| Q3 24 | 12.0% | 8.4% | ||
| Q2 24 | 3.6% | 10.6% |
每股收益（稀释后）ENPHMMSI
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.64 | ||
| Q3 25 | $0.50 | $0.46 | ||
| Q2 25 | $0.28 | $0.54 | ||
| Q1 25 | $0.22 | $0.49 | ||
| Q4 24 | $0.46 | $0.46 | ||
| Q3 24 | $0.33 | $0.48 | ||
| Q2 24 | $0.08 | $0.61 |
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 | $446.4M |
| 总债务越低越好 | — | $734.0M |
| 股东权益账面价值 | $1.1B | $1.6B |
| 总资产 | $2.7B | $2.7B |
| 负债/权益比越低杠杆越低 | — | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资ENPHMMSI
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $446.4M | ||
| Q3 25 | $1.5B | $392.5M | ||
| Q2 25 | $1.5B | $341.8M | ||
| Q1 25 | $1.5B | $395.5M | ||
| Q4 24 | $1.6B | $376.7M | ||
| Q3 24 | $1.8B | $523.1M | ||
| Q2 24 | $1.6B | $636.7M |
总债务ENPHMMSI
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $734.0M | ||
| Q3 25 | $1.2B | $732.9M | ||
| Q2 25 | $1.2B | $731.8M | ||
| Q1 25 | $1.2B | $730.7M | ||
| Q4 24 | $1.3B | $729.6M | ||
| Q3 24 | $1.3B | $750.5M | ||
| Q2 24 | $1.3B | $801.3M |
股东权益ENPHMMSI
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $1.6B | ||
| Q3 25 | $995.0M | $1.5B | ||
| Q2 25 | $880.6M | $1.5B | ||
| Q1 25 | $810.7M | $1.4B | ||
| Q4 24 | $833.0M | $1.4B | ||
| Q3 24 | $931.4M | $1.3B | ||
| Q2 24 | $884.5M | $1.3B |
总资产ENPHMMSI
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $2.7B | ||
| Q3 25 | $3.3B | $2.6B | ||
| Q2 25 | $3.2B | $2.6B | ||
| Q1 25 | $3.1B | $2.5B | ||
| Q4 24 | $3.2B | $2.4B | ||
| Q3 24 | $3.3B | $2.4B | ||
| Q2 24 | $3.2B | $2.4B |
负债/权益比ENPHMMSI
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 0.46× | ||
| Q3 25 | 1.21× | 0.48× | ||
| Q2 25 | 1.37× | 0.49× | ||
| Q1 25 | 1.48× | 0.51× | ||
| Q4 24 | 1.56× | 0.53× | ||
| Q3 24 | 1.40× | 0.57× | ||
| Q2 24 | 1.47× | 0.62× |
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 | $98.5M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | $74.0M |
| 自由现金流率自由现金流/营收 | 29.3% | 18.8% |
| 资本支出强度资本支出/营收 | — | 6.2% |
| 现金转化率经营现金流/净利润 | — | 2.59× |
| 过去12个月自由现金流最近4个季度 | $145.1M | $215.7M |
8季度趋势，按日历期对齐
经营现金流ENPHMMSI
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $98.5M | ||
| Q3 25 | $13.9M | $75.0M | ||
| Q2 25 | $26.6M | $83.3M | ||
| Q1 25 | $48.4M | $40.6M | ||
| Q4 24 | $167.3M | $68.7M | ||
| Q3 24 | $170.1M | $47.3M | ||
| Q2 24 | $127.1M | $68.5M |
自由现金流ENPHMMSI
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $74.0M | ||
| Q3 25 | $5.9M | $52.5M | ||
| Q2 25 | $18.4M | $69.6M | ||
| Q1 25 | $33.8M | $19.5M | ||
| Q4 24 | $159.2M | $65.3M | ||
| Q3 24 | $161.6M | $38.0M | ||
| Q2 24 | $117.4M | $57.9M |
自由现金流率ENPHMMSI
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 18.8% | ||
| Q3 25 | 1.4% | 13.7% | ||
| Q2 25 | 5.1% | 18.2% | ||
| Q1 25 | 9.5% | 5.5% | ||
| Q4 24 | 41.6% | 18.4% | ||
| Q3 24 | 42.4% | 11.2% | ||
| Q2 24 | 38.7% | 17.1% |
资本支出强度ENPHMMSI
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 6.2% | ||
| Q3 25 | 2.0% | 5.8% | ||
| Q2 25 | 2.3% | 3.6% | ||
| Q1 25 | 4.1% | 5.9% | ||
| Q4 24 | 2.1% | 1.0% | ||
| Q3 24 | 2.2% | 2.8% | ||
| Q2 24 | 3.2% | 3.1% |
现金转化率ENPHMMSI
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 2.59× | ||
| Q3 25 | 0.21× | 2.70× | ||
| Q2 25 | 0.72× | 2.56× | ||
| Q1 25 | 1.63× | 1.35× | ||
| Q4 24 | 2.69× | 2.46× | ||
| Q3 24 | 3.72× | 1.66× | ||
| Q2 24 | 11.73× | 1.92× |
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
MMSI
| Other | $154.6M | 39% |
| Peripheral Intervention | $93.2M | 24% |
| Cardiac Intervention | $50.2M | 13% |
| OEM | $42.6M | 11% |
| Custom Procedural Solutions | $33.1M | 8% |
| Endoscopy Segment | $20.1M | 5% |
