vs
Enphase Energy（ENPH）与Udemy, Inc.（UDMY）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Udemy, Inc.的1.5倍（$282.9M vs $194.0M），Udemy, Inc.净利率更高（-1.2% vs -2.6%，领先1.4%），Udemy, Inc.同比增速更快（-3.0% vs -20.6%），Enphase Energy自由现金流更多（$83.0M vs $15.0M），过去两年Udemy, Inc.的营收复合增速更高（-0.7% 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。
Udemy是一家总部位于美国的教育科技企业，2010年成立，最初定位为大规模开放在线课程提供商，目前核心办公地点位于加州旧金山，在美、澳、印、爱、墨、土多国均设有分支机构。它主打在线教育平台，支持用户自主创建并分享课程，平台课程以按需点播的视频内容为主，截至2025年初已拥有数百万个人用户。
ENPH vs UDMY — 直观对比
营收规模更大
ENPH
是对方的1.5倍
$194.0M
营收增速更快
UDMY
高出17.6%
-20.6%
净利率更高
UDMY
高出1.4%
-2.6%
自由现金流更多
ENPH
多$68.0M
$15.0M
两年增速更快
UDMY
近两年复合增速
-3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $282.9M | $194.0M |
| 净利润 | $-7.4M | $-2.3M |
| 毛利率 | 35.5% | 66.0% |
| 营业利润率 | — | -1.8% |
| 净利率 | -2.6% | -1.2% |
| 营收同比 | -20.6% | -3.0% |
| 净利润同比 | -124.9% | 76.4% |
| 每股收益（稀释后） | $-0.06 | $-0.01 |
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ENPHUDMY
| Q1 26 | $282.9M | — | ||
| Q4 25 | $343.3M | $194.0M | ||
| Q3 25 | $410.4M | $195.7M | ||
| Q2 25 | $363.2M | $199.9M | ||
| Q1 25 | $356.1M | $200.3M | ||
| Q4 24 | $382.7M | $199.9M | ||
| Q3 24 | $380.9M | $195.4M | ||
| Q2 24 | $303.5M | $194.4M |
净利润ENPHUDMY
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $-2.3M | ||
| Q3 25 | $66.6M | $1.6M | ||
| Q2 25 | $37.1M | $6.3M | ||
| Q1 25 | $29.7M | $-1.8M | ||
| Q4 24 | $62.2M | $-9.9M | ||
| Q3 24 | $45.8M | $-25.3M | ||
| Q2 24 | $10.8M | $-31.8M |
毛利率ENPHUDMY
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 66.0% | ||
| Q3 25 | 47.8% | 65.9% | ||
| Q2 25 | 46.9% | 66.1% | ||
| Q1 25 | 47.2% | 64.6% | ||
| Q4 24 | 51.8% | 63.6% | ||
| Q3 24 | 46.8% | 63.0% | ||
| Q2 24 | 45.2% | 62.3% |
营业利润率ENPHUDMY
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | -1.8% | ||
| Q3 25 | 16.1% | -0.1% | ||
| Q2 25 | 10.2% | 2.0% | ||
| Q1 25 | 9.0% | -2.2% | ||
| Q4 24 | 14.3% | -5.8% | ||
| Q3 24 | 13.1% | -15.1% | ||
| Q2 24 | 0.6% | -13.1% |
净利率ENPHUDMY
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | -1.2% | ||
| Q3 25 | 16.2% | 0.8% | ||
| Q2 25 | 10.2% | 3.1% | ||
| Q1 25 | 8.3% | -0.9% | ||
| Q4 24 | 16.2% | -4.9% | ||
| Q3 24 | 12.0% | -12.9% | ||
| Q2 24 | 3.6% | -16.4% |
每股收益（稀释后）ENPHUDMY
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $-0.01 | ||
| Q3 25 | $0.50 | $0.01 | ||
| Q2 25 | $0.28 | $0.04 | ||
| Q1 25 | $0.22 | $-0.01 | ||
| Q4 24 | $0.46 | $-0.06 | ||
| Q3 24 | $0.33 | $-0.17 | ||
| Q2 24 | $0.08 | $-0.21 |
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 | $358.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.1B | $210.5M |
| 总资产 | $2.7B | $617.7M |
| 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ENPHUDMY
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $358.7M | ||
| Q3 25 | $1.5B | $371.2M | ||
| Q2 25 | $1.5B | $392.0M | ||
| Q1 25 | $1.5B | $357.0M | ||
| Q4 24 | $1.6B | $354.4M | ||
| Q3 24 | $1.8B | $357.1M | ||
| Q2 24 | $1.6B | $420.9M |
总债务ENPHUDMY
| 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ENPHUDMY
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $210.5M | ||
| Q3 25 | $995.0M | $221.8M | ||
| Q2 25 | $880.6M | $233.4M | ||
| Q1 25 | $810.7M | $209.4M | ||
| Q4 24 | $833.0M | $197.4M | ||
| Q3 24 | $931.4M | $196.3M | ||
| Q2 24 | $884.5M | $252.3M |
总资产ENPHUDMY
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $617.7M | ||
| Q3 25 | $3.3B | $618.9M | ||
| Q2 25 | $3.2B | $644.0M | ||
| Q1 25 | $3.1B | $639.0M | ||
| Q4 24 | $3.2B | $605.6M | ||
| Q3 24 | $3.3B | $608.9M | ||
| Q2 24 | $3.2B | $671.9M |
负债/权益比ENPHUDMY
| 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 | $15.5M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | $15.0M |
| 自由现金流率自由现金流/营收 | 29.3% | 7.7% |
| 资本支出强度资本支出/营收 | — | 0.3% |
| 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 | $81.9M |
8季度趋势，按日历期对齐
经营现金流ENPHUDMY
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $15.5M | ||
| Q3 25 | $13.9M | $15.7M | ||
| Q2 25 | $26.6M | $44.2M | ||
| Q1 25 | $48.4M | $12.2M | ||
| Q4 24 | $167.3M | $9.6M | ||
| Q3 24 | $170.1M | $-6.1M | ||
| Q2 24 | $127.1M | $28.6M |
自由现金流ENPHUDMY
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $15.0M | ||
| Q3 25 | $5.9M | $15.1M | ||
| Q2 25 | $18.4M | $41.9M | ||
| Q1 25 | $33.8M | $9.8M | ||
| Q4 24 | $159.2M | $8.4M | ||
| Q3 24 | $161.6M | $-6.7M | ||
| Q2 24 | $117.4M | $28.2M |
自由现金流率ENPHUDMY
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 7.7% | ||
| Q3 25 | 1.4% | 7.7% | ||
| Q2 25 | 5.1% | 21.0% | ||
| Q1 25 | 9.5% | 4.9% | ||
| Q4 24 | 41.6% | 4.2% | ||
| Q3 24 | 42.4% | -3.4% | ||
| Q2 24 | 38.7% | 14.5% |
资本支出强度ENPHUDMY
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 0.3% | ||
| Q3 25 | 2.0% | 0.3% | ||
| Q2 25 | 2.3% | 1.1% | ||
| Q1 25 | 4.1% | 1.2% | ||
| Q4 24 | 2.1% | 0.6% | ||
| Q3 24 | 2.2% | 0.3% | ||
| Q2 24 | 3.2% | 0.2% |
现金转化率ENPHUDMY
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | 0.21× | 9.58× | ||
| Q2 25 | 0.72× | 7.06× | ||
| 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
