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Side-by-side financial comparison of ADTRAN Holdings, Inc. (ADTN) and CSW INDUSTRIALS, INC. (CSW). Click either name above to swap in a different company.
ADTRAN Holdings, Inc. is the larger business by last-quarter revenue ($291.6M vs $233.0M, roughly 1.3× CSW INDUSTRIALS, INC.). CSW INDUSTRIALS, INC. runs the higher net margin — 4.4% vs -1.2%, a 5.6% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 20.1%). ADTRAN Holdings, Inc. produced more free cash flow last quarter ($30.6M vs $22.7M). Over the past eight quarters, ADTRAN Holdings, Inc.'s revenue compounded faster (13.5% CAGR vs 5.1%).
Adtran, Inc. is an American fiber networking and telecommunications company headquartered in Huntsville, Alabama. It is a vendor of both residential and enterprise networking equipment, along with administrative software for network management and deployment. Its customers include communications service providers, governments, enterprises and utilities.
ADTN vs CSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $291.6M | $233.0M |
| Net Profit | $-3.6M | $10.3M |
| Gross Margin | 39.0% | 39.7% |
| Operating Margin | 1.5% | 7.4% |
| Net Margin | -1.2% | 4.4% |
| Revenue YoY | 20.1% | 20.3% |
| Net Profit YoY | 92.2% | -61.9% |
| EPS (diluted) | $-0.02 | $0.62 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $291.6M | $233.0M | ||
| Q3 25 | $279.4M | $277.0M | ||
| Q2 25 | $265.1M | $263.6M | ||
| Q1 25 | $247.7M | $230.5M | ||
| Q4 24 | $242.9M | $193.6M | ||
| Q3 24 | $227.7M | $227.9M | ||
| Q2 24 | $226.0M | $226.2M | ||
| Q1 24 | $226.2M | $210.9M |
| Q4 25 | $-3.6M | $10.3M | ||
| Q3 25 | $-10.3M | $40.7M | ||
| Q2 25 | $-20.5M | $40.9M | ||
| Q1 25 | $-11.3M | $35.1M | ||
| Q4 24 | $-46.1M | $26.9M | ||
| Q3 24 | $-33.3M | $36.1M | ||
| Q2 24 | $-49.7M | $38.6M | ||
| Q1 24 | $-330.8M | $31.8M |
| Q4 25 | 39.0% | 39.7% | ||
| Q3 25 | 38.3% | 43.0% | ||
| Q2 25 | 37.3% | 43.8% | ||
| Q1 25 | 38.4% | 44.2% | ||
| Q4 24 | 36.9% | 41.4% | ||
| Q3 24 | 36.5% | 45.6% | ||
| Q2 24 | 36.0% | 47.5% | ||
| Q1 24 | 31.1% | 44.4% |
| Q4 25 | 1.5% | 7.4% | ||
| Q3 25 | -1.0% | 20.5% | ||
| Q2 25 | -5.0% | 20.8% | ||
| Q1 25 | -1.6% | 19.5% | ||
| Q4 24 | -6.9% | 15.3% | ||
| Q3 24 | -11.5% | 22.6% | ||
| Q2 24 | -17.0% | 24.3% | ||
| Q1 24 | -153.1% | 21.0% |
| Q4 25 | -1.2% | 4.4% | ||
| Q3 25 | -3.7% | 14.7% | ||
| Q2 25 | -7.7% | 15.5% | ||
| Q1 25 | -4.5% | 15.2% | ||
| Q4 24 | -19.0% | 13.9% | ||
| Q3 24 | -14.6% | 15.8% | ||
| Q2 24 | -22.0% | 17.1% | ||
| Q1 24 | -146.2% | 15.1% |
| Q4 25 | $-0.02 | $0.62 | ||
| Q3 25 | $-0.12 | $2.41 | ||
| Q2 25 | $-0.24 | $2.43 | ||
| Q1 25 | $-0.14 | $2.05 | ||
| Q4 24 | $-0.58 | $1.60 | ||
| Q3 24 | $-0.38 | $2.26 | ||
| Q2 24 | $-0.63 | $2.47 | ||
| Q1 24 | $-4.20 | $2.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $95.7M | $40.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $145.8M | $1.1B |
| Total Assets | $1.2B | $2.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $95.7M | $40.2M | ||
| Q3 25 | $93.7M | $31.5M | ||
| Q2 25 | $106.3M | $38.0M | ||
| Q1 25 | $101.3M | $225.8M | ||
| Q4 24 | $76.0M | $213.8M | ||
| Q3 24 | $88.5M | $273.2M | ||
| Q2 24 | $111.2M | $18.9M | ||
| Q1 24 | $106.8M | $22.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $800.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $166.0M |
| Q4 25 | $145.8M | $1.1B | ||
| Q3 25 | $141.6M | $1.1B | ||
| Q2 25 | $169.6M | $1.1B | ||
| Q1 25 | $138.9M | $1.1B | ||
| Q4 24 | $127.0M | $1.0B | ||
| Q3 24 | $205.6M | $1.0B | ||
| Q2 24 | $213.6M | $650.2M | ||
| Q1 24 | $260.8M | $615.7M |
| Q4 25 | $1.2B | $2.3B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $1.3B | $1.4B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.3B | $1.0B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.27× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $42.2M | $28.9M |
| Free Cash FlowOCF − Capex | $30.6M | $22.7M |
| FCF MarginFCF / Revenue | 10.5% | 9.8% |
| Capex IntensityCapex / Revenue | 4.0% | 2.6% |
| Cash ConversionOCF / Net Profit | — | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | $98.0M | $162.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.2M | $28.9M | ||
| Q3 25 | $12.2M | $61.8M | ||
| Q2 25 | $32.2M | $60.6M | ||
| Q1 25 | $43.2M | $27.3M | ||
| Q4 24 | $2.4M | $11.6M | ||
| Q3 24 | $43.3M | $66.8M | ||
| Q2 24 | $19.9M | $62.7M | ||
| Q1 24 | $37.9M | $22.4M |
| Q4 25 | $30.6M | $22.7M | ||
| Q3 25 | $4.2M | $58.7M | ||
| Q2 25 | $27.5M | $57.7M | ||
| Q1 25 | $35.8M | $22.8M | ||
| Q4 24 | $-895.0K | $8.5M | ||
| Q3 24 | $37.1M | $61.3M | ||
| Q2 24 | $8.4M | $59.6M | ||
| Q1 24 | $24.4M | $17.5M |
| Q4 25 | 10.5% | 9.8% | ||
| Q3 25 | 1.5% | 21.2% | ||
| Q2 25 | 10.4% | 21.9% | ||
| Q1 25 | 14.4% | 9.9% | ||
| Q4 24 | -0.4% | 4.4% | ||
| Q3 24 | 16.3% | 26.9% | ||
| Q2 24 | 3.7% | 26.3% | ||
| Q1 24 | 10.8% | 8.3% |
| Q4 25 | 4.0% | 2.6% | ||
| Q3 25 | 2.9% | 1.1% | ||
| Q2 25 | 1.8% | 1.1% | ||
| Q1 25 | 3.0% | 2.0% | ||
| Q4 24 | 1.4% | 1.6% | ||
| Q3 24 | 2.7% | 2.4% | ||
| Q2 24 | 5.1% | 1.4% | ||
| Q1 24 | 6.0% | 2.3% |
| Q4 25 | — | 2.81× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 1.48× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 1.85× | ||
| Q2 24 | — | 1.62× | ||
| Q1 24 | — | 0.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADTN
| Subscriber Solutions | $96.2M | 33% |
| Optical Networking Solutions | $81.8M | 28% |
| Access Aggregation Solutions | $64.6M | 22% |
| Services And Support | $48.9M | 17% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
