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Enphase Energy（ENPH）与SOLAREDGE TECHNOLOGIES, INC.（SEDG）财务数据对比。点击上方公司名可切换其他公司
SOLAREDGE TECHNOLOGIES, INC.的季度营收约是Enphase Energy的1.2倍（$335.4M vs $282.9M），Enphase Energy净利率更高（-2.6% vs -39.4%，领先36.8%），SOLAREDGE TECHNOLOGIES, INC.同比增速更快（70.9% vs -20.6%），Enphase Energy自由现金流更多（$83.0M vs $43.3M），过去两年SOLAREDGE TECHNOLOGIES, INC.的营收复合增速更高（28.1% 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。
SolarEdge Technologies是一家以色列新能源科技企业，核心研发并推出了直流优化逆变器系统，该方案可提升光伏发电的能效表现，助力光伏系统实现更稳定、高效的电力转换，在全球分布式光伏领域拥有广泛的应用场景和市场认可度。
ENPH vs SEDG — 直观对比
营收规模更大
SEDG
是对方的1.2倍
$282.9M
营收增速更快
SEDG
高出91.5%
-20.6%
净利率更高
ENPH
高出36.8%
-39.4%
自由现金流更多
ENPH
多$39.6M
$43.3M
两年增速更快
SEDG
近两年复合增速
-3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $282.9M | $335.4M |
| 净利润 | $-7.4M | $-132.1M |
| 毛利率 | 35.5% | 22.2% |
| 营业利润率 | — | -14.4% |
| 净利率 | -2.6% | -39.4% |
| 营收同比 | -20.6% | 70.9% |
| 净利润同比 | -124.9% | 54.0% |
| 每股收益（稀释后） | $-0.06 | $-2.21 |
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ENPHSEDG
| Q1 26 | $282.9M | — | ||
| Q4 25 | $343.3M | $335.4M | ||
| Q3 25 | $410.4M | $340.2M | ||
| Q2 25 | $363.2M | $289.4M | ||
| Q1 25 | $356.1M | $219.5M | ||
| Q4 24 | $382.7M | $196.2M | ||
| Q3 24 | $380.9M | $235.4M | ||
| Q2 24 | $303.5M | $265.4M |
净利润ENPHSEDG
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $-132.1M | ||
| Q3 25 | $66.6M | $-50.1M | ||
| Q2 25 | $37.1M | $-124.7M | ||
| Q1 25 | $29.7M | $-98.5M | ||
| Q4 24 | $62.2M | $-287.4M | ||
| Q3 24 | $45.8M | $-1.2B | ||
| Q2 24 | $10.8M | $-130.8M |
毛利率ENPHSEDG
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 22.2% | ||
| Q3 25 | 47.8% | 21.2% | ||
| Q2 25 | 46.9% | 11.1% | ||
| Q1 25 | 47.2% | 8.0% | ||
| Q4 24 | 51.8% | -57.2% | ||
| Q3 24 | 46.8% | -309.1% | ||
| Q2 24 | 45.2% | -4.1% |
营业利润率ENPHSEDG
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | -14.4% | ||
| Q3 25 | 16.1% | -10.3% | ||
| Q2 25 | 10.2% | -39.9% | ||
| Q1 25 | 9.0% | -46.8% | ||
| Q4 24 | 14.3% | -134.4% | ||
| Q3 24 | 13.1% | -471.8% | ||
| Q2 24 | 0.6% | -60.4% |
净利率ENPHSEDG
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | -39.4% | ||
| Q3 25 | 16.2% | -14.7% | ||
| Q2 25 | 10.2% | -43.1% | ||
| Q1 25 | 8.3% | -44.9% | ||
| Q4 24 | 16.2% | -146.5% | ||
| Q3 24 | 12.0% | -522.8% | ||
| Q2 24 | 3.6% | -49.3% |
每股收益（稀释后）ENPHSEDG
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $-2.21 | ||
| Q3 25 | $0.50 | $-0.84 | ||
| Q2 25 | $0.28 | $-2.13 | ||
| Q1 25 | $0.22 | $-1.70 | ||
| Q4 24 | $0.46 | $-5.00 | ||
| Q3 24 | $0.33 | $-21.58 | ||
| Q2 24 | $0.08 | $-2.31 |
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 | $493.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.1B | $427.5M |
| 总资产 | $2.7B | $2.2B |
| 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ENPHSEDG
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $493.2M | ||
| Q3 25 | $1.5B | $498.6M | ||
| Q2 25 | $1.5B | $758.0M | ||
| Q1 25 | $1.5B | $651.6M | ||
| Q4 24 | $1.6B | $585.9M | ||
| Q3 24 | $1.8B | $678.8M | ||
| Q2 24 | $1.6B | $689.8M |
总债务ENPHSEDG
| 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ENPHSEDG
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $427.5M | ||
| Q3 25 | $995.0M | $479.8M | ||
| Q2 25 | $880.6M | $513.2M | ||
| Q1 25 | $810.7M | $594.2M | ||
| Q4 24 | $833.0M | $658.3M | ||
| Q3 24 | $931.4M | $930.9M | ||
| Q2 24 | $884.5M | $2.1B |
总资产ENPHSEDG
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $2.2B | ||
| Q3 25 | $3.3B | $2.2B | ||
| Q2 25 | $3.2B | $2.5B | ||
| Q1 25 | $3.1B | $2.5B | ||
| Q4 24 | $3.2B | $2.6B | ||
| Q3 24 | $3.3B | $2.8B | ||
| Q2 24 | $3.2B | $3.9B |
负债/权益比ENPHSEDG
| 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 | $52.6M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | $43.3M |
| 自由现金流率自由现金流/营收 | 29.3% | 12.9% |
| 资本支出强度资本支出/营收 | — | 2.8% |
| 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 | $80.8M |
8季度趋势，按日历期对齐
经营现金流ENPHSEDG
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $52.6M | ||
| Q3 25 | $13.9M | $25.6M | ||
| Q2 25 | $26.6M | $-7.8M | ||
| Q1 25 | $48.4M | $33.8M | ||
| Q4 24 | $167.3M | $37.8M | ||
| Q3 24 | $170.1M | $-89.3M | ||
| Q2 24 | $127.1M | $-44.8M |
自由现金流ENPHSEDG
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $43.3M | ||
| Q3 25 | $5.9M | $22.8M | ||
| Q2 25 | $18.4M | $-9.1M | ||
| Q1 25 | $33.8M | $23.7M | ||
| Q4 24 | $159.2M | $25.5M | ||
| Q3 24 | $161.6M | $-136.7M | ||
| Q2 24 | $117.4M | $-67.0M |
自由现金流率ENPHSEDG
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 12.9% | ||
| Q3 25 | 1.4% | 6.7% | ||
| Q2 25 | 5.1% | -3.1% | ||
| Q1 25 | 9.5% | 10.8% | ||
| Q4 24 | 41.6% | 13.0% | ||
| Q3 24 | 42.4% | -58.1% | ||
| Q2 24 | 38.7% | -25.2% |
资本支出强度ENPHSEDG
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 2.8% | ||
| Q3 25 | 2.0% | 0.8% | ||
| Q2 25 | 2.3% | 0.4% | ||
| Q1 25 | 4.1% | 4.6% | ||
| Q4 24 | 2.1% | 6.2% | ||
| Q3 24 | 2.2% | 20.1% | ||
| Q2 24 | 3.2% | 8.4% |
现金转化率ENPHSEDG
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | 2.69× | — | ||
| 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
SEDG
| Other | $197.7M | 59% |
| Europe Except Netherlands | $99.4M | 30% |
| Others | $38.2M | 11% |
