vs
Enphase Energy（ENPH）与REPLIGEN CORP（RGEN）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REPLIGEN CORP的1.4倍（$282.9M vs $197.9M），REPLIGEN CORP净利率更高（6.7% vs -2.6%，领先9.3%），REPLIGEN CORP同比增速更快（13.6% vs -20.6%），Enphase Energy自由现金流更多（$83.0M vs $17.6M），过去两年REPLIGEN CORP的营收复合增速更高（14.4% 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。
Repligen是一家全球生命科学企业，专注于创新生物工艺技术与系统的研发及商业化，助力提升生物药生产效率。公司1981年成立，总部位于美国马萨诸塞州沃尔瑟姆，于纳斯达克挂牌上市，股票代码RGEN，截至2025年全球员工超1900人，主要服务生物制药领域客户。
ENPH vs RGEN — 直观对比
营收规模更大
ENPH
是对方的1.4倍
$197.9M
营收增速更快
RGEN
高出34.2%
-20.6%
净利率更高
RGEN
高出9.3%
-2.6%
自由现金流更多
ENPH
多$65.4M
$17.6M
两年增速更快
RGEN
近两年复合增速
-3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $282.9M | $197.9M |
| 净利润 | $-7.4M | $13.3M |
| 毛利率 | 35.5% | 52.5% |
| 营业利润率 | 54.0% | 9.0% |
| 净利率 | -2.6% | 6.7% |
| 营收同比 | -20.6% | 13.6% |
| 净利润同比 | -124.9% | 143.9% |
| 每股收益（稀释后） | $-0.06 | $0.24 |
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ENPHRGEN
| Q1 26 | $282.9M | — | ||
| Q4 25 | $343.3M | $197.9M | ||
| Q3 25 | $410.4M | $188.8M | ||
| Q2 25 | $363.2M | $182.4M | ||
| Q1 25 | $356.1M | $169.2M | ||
| Q4 24 | $382.7M | $174.1M | ||
| Q3 24 | $380.9M | $154.9M | ||
| Q2 24 | $303.5M | $154.1M |
净利润ENPHRGEN
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $13.3M | ||
| Q3 25 | $66.6M | $14.9M | ||
| Q2 25 | $37.1M | $14.9M | ||
| Q1 25 | $29.7M | $5.8M | ||
| Q4 24 | $62.2M | $-30.3M | ||
| Q3 24 | $45.8M | $-654.0K | ||
| Q2 24 | $10.8M | $3.3M |
毛利率ENPHRGEN
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 52.5% | ||
| Q3 25 | 47.8% | 53.2% | ||
| Q2 25 | 46.9% | 50.0% | ||
| Q1 25 | 47.2% | 53.6% | ||
| Q4 24 | 51.8% | 26.1% | ||
| Q3 24 | 46.8% | 50.0% | ||
| Q2 24 | 45.2% | 49.8% |
营业利润率ENPHRGEN
| Q1 26 | 54.0% | — | ||
| Q4 25 | 6.5% | 9.0% | ||
| Q3 25 | 16.1% | 8.9% | ||
| Q2 25 | 10.2% | 7.6% | ||
| Q1 25 | 9.0% | 3.9% | ||
| Q4 24 | 14.3% | -17.7% | ||
| Q3 24 | 13.1% | -5.1% | ||
| Q2 24 | 0.6% | 1.0% |
净利率ENPHRGEN
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 6.7% | ||
| Q3 25 | 16.2% | 7.9% | ||
| Q2 25 | 10.2% | 8.2% | ||
| Q1 25 | 8.3% | 3.4% | ||
| Q4 24 | 16.2% | -17.4% | ||
| Q3 24 | 12.0% | -0.4% | ||
| Q2 24 | 3.6% | 2.2% |
每股收益（稀释后）ENPHRGEN
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.24 | ||
| Q3 25 | $0.50 | $0.26 | ||
| Q2 25 | $0.28 | $0.26 | ||
| Q1 25 | $0.22 | $0.10 | ||
| Q4 24 | $0.46 | $-0.55 | ||
| Q3 24 | $0.33 | $-0.01 | ||
| Q2 24 | $0.08 | $0.06 |
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 | $767.6M |
| 总债务越低越好 | — | $542.2M |
| 股东权益账面价值 | $1.1B | $2.1B |
| 总资产 | $2.7B | $2.9B |
| 负债/权益比越低杠杆越低 | — | 0.26× |
8季度趋势，按日历期对齐
现金及短期投资ENPHRGEN
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $767.6M | ||
| Q3 25 | $1.5B | $748.7M | ||
| Q2 25 | $1.5B | $708.9M | ||
| Q1 25 | $1.5B | $697.2M | ||
| Q4 24 | $1.6B | $757.4M | ||
| Q3 24 | $1.8B | $784.0M | ||
| Q2 24 | $1.6B | $809.1M |
总债务ENPHRGEN
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $542.2M | ||
| Q3 25 | $1.2B | $537.9M | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | $525.6M | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
股东权益ENPHRGEN
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $2.1B | ||
| Q3 25 | $995.0M | $2.1B | ||
| Q2 25 | $880.6M | $2.1B | ||
| Q1 25 | $810.7M | $2.0B | ||
| Q4 24 | $833.0M | $2.0B | ||
| Q3 24 | $931.4M | $2.0B | ||
| Q2 24 | $884.5M | $2.0B |
总资产ENPHRGEN
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $2.9B | ||
| Q3 25 | $3.3B | $2.9B | ||
| Q2 25 | $3.2B | $2.9B | ||
| Q1 25 | $3.1B | $2.9B | ||
| Q4 24 | $3.2B | $2.8B | ||
| Q3 24 | $3.3B | $2.8B | ||
| Q2 24 | $3.2B | $2.9B |
负债/权益比ENPHRGEN
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 0.26× | ||
| Q3 25 | 1.21× | 0.26× | ||
| Q2 25 | 1.37× | — | ||
| Q1 25 | 1.48× | — | ||
| Q4 24 | 1.56× | 0.27× | ||
| 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 | $25.7M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | $17.6M |
| 自由现金流率自由现金流/营收 | 29.3% | 8.9% |
| 资本支出强度资本支出/营收 | — | 4.1% |
| 现金转化率经营现金流/净利润 | — | 1.93× |
| 过去12个月自由现金流最近4个季度 | $145.1M | $93.9M |
8季度趋势，按日历期对齐
经营现金流ENPHRGEN
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $25.7M | ||
| Q3 25 | $13.9M | $48.1M | ||
| Q2 25 | $26.6M | $28.6M | ||
| Q1 25 | $48.4M | $15.0M | ||
| Q4 24 | $167.3M | $39.2M | ||
| Q3 24 | $170.1M | $49.3M | ||
| Q2 24 | $127.1M | $42.2M |
自由现金流ENPHRGEN
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $17.6M | ||
| Q3 25 | $5.9M | $43.4M | ||
| Q2 25 | $18.4M | $21.5M | ||
| Q1 25 | $33.8M | $11.4M | ||
| Q4 24 | $159.2M | $33.6M | ||
| Q3 24 | $161.6M | $42.3M | ||
| Q2 24 | $117.4M | $37.4M |
自由现金流率ENPHRGEN
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 8.9% | ||
| Q3 25 | 1.4% | 23.0% | ||
| Q2 25 | 5.1% | 11.8% | ||
| Q1 25 | 9.5% | 6.8% | ||
| Q4 24 | 41.6% | 19.3% | ||
| Q3 24 | 42.4% | 27.3% | ||
| Q2 24 | 38.7% | 24.3% |
资本支出强度ENPHRGEN
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 4.1% | ||
| Q3 25 | 2.0% | 2.5% | ||
| Q2 25 | 2.3% | 3.9% | ||
| Q1 25 | 4.1% | 2.1% | ||
| Q4 24 | 2.1% | 3.2% | ||
| Q3 24 | 2.2% | 4.5% | ||
| Q2 24 | 3.2% | 3.1% |
现金转化率ENPHRGEN
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 1.93× | ||
| Q3 25 | 0.21× | 3.23× | ||
| Q2 25 | 0.72× | 1.92× | ||
| Q1 25 | 1.63× | 2.57× | ||
| Q4 24 | 2.69× | — | ||
| Q3 24 | 3.72× | — | ||
| Q2 24 | 11.73× | 12.70× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
