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Enphase Energy vs IPG Photonics: ENPH and IPGP compared
Enphase Energy is the larger company: $293M of revenue in its latest quarter (Q3 2026) against $288M for IPG Photonics (Q3 2026). IPG Photonics is growing faster (+15% against -28% a year earlier). IPG Photonics is more profitable, with an operating margin of 7.2% against 2.2%.
Where the money goes: ENPH and IPGP
Enphase Energy (ENPH) · Q3 2026
Enphase Energy, Q3 2026: revenue $293M (-28% year over year), operating margin 2.2%, net earnings $23.4M, operating cash flow $90K. The chart follows the revenue to costs, profit and cash.
IPG Photonics (IPGP) · Q3 2026
IPG Photonics, Q3 2026: revenue $288M (+15% year over year), operating margin 7.2%, net earnings $20.3M, operating cash flow $46.2M. The chart follows the revenue to costs, profit and cash.
| Enphase Energy (ENPH) | IPG Photonics (IPGP) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $293M | $288M |
| Revenue growth, Y/Y | -28% | +15% |
| Gross margin | — | 40.7% |
| Operating margin | 2.2% | 7.2% |
| Net earnings | $23.4M | $20.3M |
| Net margin | 8.0% | 7.1% |
| Operating cash flow | $90K | $46.2M |
| Free cash flow | — | $28.8M |
| Market value | $4.1B | $3.4B |
| P/E | 45.7× | 84.2× |
| Analysts’ mean target | $40.58 | $118.43 |
Where the revenue comes from
IPG Photonics
- Lasers and Components: $226M (79%)
- Systems: $61.5M (21%)
Questions
Which is bigger, Enphase Energy or IPG Photonics?
Enphase Energy is the larger company: $293M of revenue in its latest quarter (Q3 2026) against $288M for IPG Photonics (Q3 2026).
Is Enphase Energy or IPG Photonics growing faster?
IPG Photonics is growing faster (+15% against -28% a year earlier).
Which is more profitable, Enphase Energy or IPG Photonics?
IPG Photonics is more profitable, with an operating margin of 7.2% against 2.2%.
More: Enphase Energy earnings · how Enphase Energy makes money · IPG Photonics earnings · how IPG Photonics makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 27, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.