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Enphase Energy（ENPH）与NNN REIT, INC.（NNN）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NNN REIT, INC.的1.2倍（$282.9M vs $238.4M），NNN REIT, INC.净利率更高（40.2% vs -2.6%，领先42.9%），NNN REIT, INC.同比增速更快（9.1% vs -20.6%），过去两年NNN REIT, INC.的营收复合增速更高（5.2% 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。
NNN REIT是一家专业房地产投资信托机构，主要投资附带长期三净租约的餐饮类物业，交易多采用售后回租模式。公司注册地为美国马里兰州，总部位于佛罗里达州奥兰多市。
ENPH vs NNN — 直观对比
营收规模更大
ENPH
是对方的1.2倍
$238.4M
营收增速更快
NNN
高出29.7%
-20.6%
净利率更高
NNN
高出42.9%
-2.6%
两年增速更快
NNN
近两年复合增速
-3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $282.9M | $238.4M |
| 净利润 | $-7.4M | $96.0M |
| 毛利率 | 35.5% | — |
| 营业利润率 | — | 62.3% |
| 净利率 | -2.6% | 40.2% |
| 营收同比 | -20.6% | 9.1% |
| 净利润同比 | -124.9% | -2.0% |
| 每股收益（稀释后） | $-0.06 | $0.51 |
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ENPHNNN
| Q1 26 | $282.9M | — | ||
| Q4 25 | $343.3M | $238.4M | ||
| Q3 25 | $410.4M | $230.2M | ||
| Q2 25 | $363.2M | $226.8M | ||
| Q1 25 | $356.1M | $230.9M | ||
| Q4 24 | $382.7M | $218.5M | ||
| Q3 24 | $380.9M | $218.6M | ||
| Q2 24 | $303.5M | $216.8M |
净利润ENPHNNN
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $96.0M | ||
| Q3 25 | $66.6M | $96.8M | ||
| Q2 25 | $37.1M | $100.5M | ||
| Q1 25 | $29.7M | $96.5M | ||
| Q4 24 | $62.2M | $97.9M | ||
| Q3 24 | $45.8M | $97.9M | ||
| Q2 24 | $10.8M | $106.7M |
毛利率ENPHNNN
| 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ENPHNNN
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 62.3% | ||
| Q3 25 | 16.1% | 64.0% | ||
| Q2 25 | 10.2% | 66.0% | ||
| Q1 25 | 9.0% | 62.3% | ||
| Q4 24 | 14.3% | 65.8% | ||
| Q3 24 | 13.1% | 65.7% | ||
| Q2 24 | 0.6% | 70.2% |
净利率ENPHNNN
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 40.2% | ||
| Q3 25 | 16.2% | 42.1% | ||
| Q2 25 | 10.2% | 44.3% | ||
| Q1 25 | 8.3% | 41.8% | ||
| Q4 24 | 16.2% | 44.8% | ||
| Q3 24 | 12.0% | 44.8% | ||
| Q2 24 | 3.6% | 49.2% |
每股收益（稀释后）ENPHNNN
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.51 | ||
| Q3 25 | $0.50 | $0.51 | ||
| Q2 25 | $0.28 | $0.54 | ||
| Q1 25 | $0.22 | $0.51 | ||
| Q4 24 | $0.46 | $0.52 | ||
| Q3 24 | $0.33 | $0.53 | ||
| Q2 24 | $0.08 | $0.58 |
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 | $5.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.1B | $4.4B |
| 总资产 | $2.7B | $9.4B |
| 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ENPHNNN
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $5.0M | ||
| Q3 25 | $1.5B | $157.9M | ||
| Q2 25 | $1.5B | $6.0M | ||
| Q1 25 | $1.5B | $5.1M | ||
| Q4 24 | $1.6B | $8.7M | ||
| Q3 24 | $1.8B | $173.5M | ||
| Q2 24 | $1.6B | $2.1M |
总债务ENPHNNN
| 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ENPHNNN
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $4.4B | ||
| Q3 25 | $995.0M | $4.4B | ||
| Q2 25 | $880.6M | $4.4B | ||
| Q1 25 | $810.7M | $4.4B | ||
| Q4 24 | $833.0M | $4.4B | ||
| Q3 24 | $931.4M | $4.4B | ||
| Q2 24 | $884.5M | $4.2B |
总资产ENPHNNN
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $9.4B | ||
| Q3 25 | $3.3B | $9.5B | ||
| Q2 25 | $3.2B | $9.1B | ||
| Q1 25 | $3.1B | $9.0B | ||
| Q4 24 | $3.2B | $8.9B | ||
| Q3 24 | $3.3B | $8.9B | ||
| Q2 24 | $3.2B | $8.7B |
负债/权益比ENPHNNN
| 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 | $667.1M |
| 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 | — | 6.95× |
| 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ENPHNNN
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $667.1M | ||
| Q3 25 | $13.9M | $218.3M | ||
| Q2 25 | $26.6M | $119.4M | ||
| Q1 25 | $48.4M | $203.3M | ||
| Q4 24 | $167.3M | $635.5M | ||
| Q3 24 | $170.1M | $206.6M | ||
| Q2 24 | $127.1M | $120.5M |
自由现金流ENPHNNN
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | — | ||
| Q3 25 | $5.9M | — | ||
| Q2 25 | $18.4M | — | ||
| Q1 25 | $33.8M | — | ||
| Q4 24 | $159.2M | — | ||
| Q3 24 | $161.6M | — | ||
| Q2 24 | $117.4M | — |
自由现金流率ENPHNNN
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 5.1% | — | ||
| Q1 25 | 9.5% | — | ||
| Q4 24 | 41.6% | — | ||
| Q3 24 | 42.4% | — | ||
| Q2 24 | 38.7% | — |
资本支出强度ENPHNNN
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | — | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 4.1% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 2.2% | — | ||
| Q2 24 | 3.2% | — |
现金转化率ENPHNNN
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 6.95× | ||
| Q3 25 | 0.21× | 2.25× | ||
| Q2 25 | 0.72× | 1.19× | ||
| Q1 25 | 1.63× | 2.11× | ||
| Q4 24 | 2.69× | 6.49× | ||
| Q3 24 | 3.72× | 2.11× | ||
| Q2 24 | 11.73× | 1.13× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
