vs
Enphase Energy（ENPH）与MATERION Corp（MTRN）财务数据对比。点击上方公司名可切换其他公司
MATERION Corp的季度营收约是Enphase Energy的1.7倍（$489.8M vs $282.9M），MATERION Corp净利率更高（1.3% vs -2.6%，领先4.0%），MATERION Corp同比增速更快（12.1% vs -20.6%），过去两年MATERION Corp的营收复合增速更高（12.7% 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。
Materion是一家专注于高性能先进材料领域的跨国企业，核心产品涵盖先进铍金属、薄膜沉积材料、高性能合金及复合材料、特种工程铍、工程金属、工业陶瓷、钽、铌等各类贵金属与非贵金属，同时提供无机化学品及特种涂层解决方案，广泛应用于高端制造领域。
ENPH vs MTRN — 直观对比
营收规模更大
MTRN
是对方的1.7倍
$282.9M
营收增速更快
MTRN
高出32.7%
-20.6%
净利率更高
MTRN
高出4.0%
-2.6%
两年增速更快
MTRN
近两年复合增速
-3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $282.9M | $489.8M |
| 净利润 | $-7.4M | $6.6M |
| 毛利率 | 35.5% | 13.0% |
| 营业利润率 | — | 2.2% |
| 净利率 | -2.6% | 1.3% |
| 营收同比 | -20.6% | 12.1% |
| 净利润同比 | -124.9% | 113.5% |
| 每股收益（稀释后） | $-0.06 | $0.30 |
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ENPHMTRN
| Q1 26 | $282.9M | — | ||
| Q4 25 | $343.3M | $489.8M | ||
| Q3 25 | $410.4M | $444.8M | ||
| Q2 25 | $363.2M | $431.7M | ||
| Q1 25 | $356.1M | $420.3M | ||
| Q4 24 | $382.7M | $436.9M | ||
| Q3 24 | $380.9M | $436.7M | ||
| Q2 24 | $303.5M | $425.9M |
净利润ENPHMTRN
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $6.6M | ||
| Q3 25 | $66.6M | $25.4M | ||
| Q2 25 | $37.1M | $25.1M | ||
| Q1 25 | $29.7M | $17.7M | ||
| Q4 24 | $62.2M | $-48.9M | ||
| Q3 24 | $45.8M | $22.3M | ||
| Q2 24 | $10.8M | $19.0M |
毛利率ENPHMTRN
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 13.0% | ||
| Q3 25 | 47.8% | 19.4% | ||
| Q2 25 | 46.9% | 19.1% | ||
| Q1 25 | 47.2% | 18.1% | ||
| Q4 24 | 51.8% | 21.3% | ||
| Q3 24 | 46.8% | 18.5% | ||
| Q2 24 | 45.2% | 19.0% |
营业利润率ENPHMTRN
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 2.2% | ||
| Q3 25 | 16.1% | 7.9% | ||
| Q2 25 | 10.2% | 8.5% | ||
| Q1 25 | 9.0% | 6.5% | ||
| Q4 24 | 14.3% | -8.8% | ||
| Q3 24 | 13.1% | 7.2% | ||
| Q2 24 | 0.6% | 7.5% |
净利率ENPHMTRN
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 1.3% | ||
| Q3 25 | 16.2% | 5.7% | ||
| Q2 25 | 10.2% | 5.8% | ||
| Q1 25 | 8.3% | 4.2% | ||
| Q4 24 | 16.2% | -11.2% | ||
| Q3 24 | 12.0% | 5.1% | ||
| Q2 24 | 3.6% | 4.5% |
每股收益（稀释后）ENPHMTRN
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.30 | ||
| Q3 25 | $0.50 | $1.22 | ||
| Q2 25 | $0.28 | $1.21 | ||
| Q1 25 | $0.22 | $0.85 | ||
| Q4 24 | $0.46 | $-2.34 | ||
| Q3 24 | $0.33 | $1.07 | ||
| Q2 24 | $0.08 | $0.91 |
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 | $13.7M |
| 总债务越低越好 | — | $460.6M |
| 股东权益账面价值 | $1.1B | $943.3M |
| 总资产 | $2.7B | $1.8B |
| 负债/权益比越低杠杆越低 | — | 0.49× |
8季度趋势，按日历期对齐
现金及短期投资ENPHMTRN
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $13.7M | ||
| Q3 25 | $1.5B | $16.4M | ||
| Q2 25 | $1.5B | $12.6M | ||
| Q1 25 | $1.5B | $15.6M | ||
| Q4 24 | $1.6B | $16.7M | ||
| Q3 24 | $1.8B | $17.9M | ||
| Q2 24 | $1.6B | $17.1M |
总债务ENPHMTRN
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $460.6M | ||
| Q3 25 | $1.2B | $458.9M | ||
| Q2 25 | $1.2B | $427.6M | ||
| Q1 25 | $1.2B | $453.0M | ||
| Q4 24 | $1.3B | $443.9M | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
股东权益ENPHMTRN
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $943.3M | ||
| Q3 25 | $995.0M | $934.6M | ||
| Q2 25 | $880.6M | $910.6M | ||
| Q1 25 | $810.7M | $887.9M | ||
| Q4 24 | $833.0M | $868.9M | ||
| Q3 24 | $931.4M | $931.9M | ||
| Q2 24 | $884.5M | $907.1M |
总资产ENPHMTRN
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $1.8B | ||
| Q3 25 | $3.3B | $1.8B | ||
| Q2 25 | $3.2B | $1.7B | ||
| Q1 25 | $3.1B | $1.8B | ||
| Q4 24 | $3.2B | $1.7B | ||
| Q3 24 | $3.3B | $1.9B | ||
| Q2 24 | $3.2B | $1.8B |
负债/权益比ENPHMTRN
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 0.49× | ||
| Q3 25 | 1.21× | 0.49× | ||
| Q2 25 | 1.37× | 0.47× | ||
| Q1 25 | 1.48× | 0.51× | ||
| Q4 24 | 1.56× | 0.51× | ||
| 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 | $19.5M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | — |
| 自由现金流率自由现金流/营收 | 29.3% | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 2.97× |
| 过去12个月自由现金流最近4个季度 | $145.1M | — |
8季度趋势，按日历期对齐
经营现金流ENPHMTRN
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $19.5M | ||
| Q3 25 | $13.9M | $18.3M | ||
| Q2 25 | $26.6M | $49.9M | ||
| Q1 25 | $48.4M | $15.5M | ||
| Q4 24 | $167.3M | $76.3M | ||
| Q3 24 | $170.1M | $5.1M | ||
| Q2 24 | $127.1M | $20.3M |
自由现金流ENPHMTRN
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | — | ||
| Q3 25 | $5.9M | — | ||
| Q2 25 | $18.4M | — | ||
| Q1 25 | $33.8M | $3.2M | ||
| Q4 24 | $159.2M | — | ||
| Q3 24 | $161.6M | $-24.3M | ||
| Q2 24 | $117.4M | — |
自由现金流率ENPHMTRN
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 5.1% | — | ||
| Q1 25 | 9.5% | 0.8% | ||
| Q4 24 | 41.6% | — | ||
| Q3 24 | 42.4% | -5.6% | ||
| Q2 24 | 38.7% | — |
资本支出强度ENPHMTRN
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | — | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 4.1% | 2.9% | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 2.2% | 6.7% | ||
| Q2 24 | 3.2% | — |
现金转化率ENPHMTRN
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 2.97× | ||
| Q3 25 | 0.21× | 0.72× | ||
| Q2 25 | 0.72× | 1.99× | ||
| Q1 25 | 1.63× | 0.88× | ||
| Q4 24 | 2.69× | — | ||
| Q3 24 | 3.72× | 0.23× | ||
| Q2 24 | 11.73× | 1.07× |
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
MTRN
| Electronic Materials | $313.9M | 64% |
| Aerospaceand Defense | $48.4M | 10% |
| Industrial Components | $34.3M | 7% |
| Precision Optics | $27.5M | 6% |
| Other End Market | $22.3M | 5% |
| Energy | $18.8M | 4% |
| Automotive Electronics | $18.5M | 4% |
| Semiconductor | $3.6M | 1% |
| Consumer Electronics | $362.0K | 0% |
