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Side-by-side financial comparison of Andersons, Inc. (ANDE) and APOGEE ENTERPRISES, INC. (APOG). Click either name above to swap in a different company.
APOGEE ENTERPRISES, INC. is the larger business by last-quarter revenue ($351.4M vs $329.5M, roughly 1.1× Andersons, Inc.). Andersons, Inc. runs the higher net margin — 20.5% vs 4.7%, a 15.7% gap on every dollar of revenue. On growth, APOGEE ENTERPRISES, INC. posted the faster year-over-year revenue change (1.6% vs -2.4%). Over the past eight quarters, APOGEE ENTERPRISES, INC.'s revenue compounded faster (2.9% CAGR vs -1.8%).
The Andersons, Inc. is an American agribusiness established in 1947, that began as Andersons Truck Terminal (ATT) in the 1940s for the grain industry, headquartered in Maumee, Ohio. It is a diversified company rooted in agriculture that conducts business in the commodity merchandising, renewables, and plant nutrient sectors.
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
ANDE vs APOG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2026
| Metric | | |
|---|---|---|
| Revenue | $329.5M | $351.4M |
| Net Profit | $67.4M | $16.6M |
| Gross Margin | 70.3% | 22.4% |
| Operating Margin | 26.6% | 7.3% |
| Net Margin | 20.5% | 4.7% |
| Revenue YoY | -2.4% | 1.6% |
| Net Profit YoY | 49.6% | 568.8% |
| EPS (diluted) | — | $0.78 |
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.
| Q1 26 | — | $351.4M | ||
| Q4 25 | $329.5M | $348.6M | ||
| Q3 25 | $295.8M | $358.2M | ||
| Q2 25 | $535.0M | $346.6M | ||
| Q1 25 | $370.8M | $345.7M | ||
| Q4 24 | $337.5M | $341.3M | ||
| Q3 24 | $231.9M | $342.4M | ||
| Q2 24 | $492.5M | $331.5M |
| Q1 26 | — | $16.6M | ||
| Q4 25 | $67.4M | $16.5M | ||
| Q3 25 | $20.1M | $23.6M | ||
| Q2 25 | $7.9M | $-2.7M | ||
| Q1 25 | $284.0K | $2.5M | ||
| Q4 24 | $45.1M | $21.0M | ||
| Q3 24 | $27.4M | $30.6M | ||
| Q2 24 | $36.0M | $31.0M |
| Q1 26 | — | 22.4% | ||
| Q4 25 | 70.3% | 23.8% | ||
| Q3 25 | 57.8% | 23.1% | ||
| Q2 25 | 29.6% | 21.7% | ||
| Q1 25 | 41.2% | 21.6% | ||
| Q4 24 | 63.1% | 26.1% | ||
| Q3 24 | 76.4% | 28.4% | ||
| Q2 24 | 35.6% | 29.8% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 26.6% | 7.1% | ||
| Q3 25 | 8.7% | 7.5% | ||
| Q2 25 | 4.6% | 2.0% | ||
| Q1 25 | 0.9% | 1.8% | ||
| Q4 24 | 19.9% | 8.4% | ||
| Q3 24 | 26.8% | 12.3% | ||
| Q2 24 | 11.6% | 12.5% |
| Q1 26 | — | 4.7% | ||
| Q4 25 | 20.5% | 4.7% | ||
| Q3 25 | 6.8% | 6.6% | ||
| Q2 25 | 1.5% | -0.8% | ||
| Q1 25 | 0.1% | 0.7% | ||
| Q4 24 | 13.4% | 6.1% | ||
| Q3 24 | 11.8% | 8.9% | ||
| Q2 24 | 7.3% | 9.4% |
| Q1 26 | — | $0.78 | ||
| Q4 25 | — | $0.77 | ||
| Q3 25 | $0.59 | $1.10 | ||
| Q2 25 | $0.23 | $-0.13 | ||
| Q1 25 | $0.01 | $0.12 | ||
| Q4 24 | $1.31 | $0.96 | ||
| Q3 24 | $0.80 | $1.40 | ||
| Q2 24 | $1.05 | $1.41 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $98.3M | $39.5M |
| Total DebtLower is stronger | $560.0M | $232.3M |
| Stockholders' EquityBook value | $1.2B | $511.8M |
| Total Assets | $3.7B | $1.1B |
| Debt / EquityLower = less leverage | 0.45× | 0.45× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $39.5M | ||
| Q4 25 | $98.3M | $41.3M | ||
| Q3 25 | — | $39.5M | ||
| Q2 25 | — | $32.8M | ||
| Q1 25 | — | $41.4M | ||
| Q4 24 | $561.8M | $43.9M | ||
| Q3 24 | — | $51.0M | ||
| Q2 24 | — | $30.4M |
| Q1 26 | — | $232.3M | ||
| Q4 25 | $560.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $285.0M | ||
| Q4 24 | $608.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $511.8M | ||
| Q4 25 | $1.2B | $512.3M | ||
| Q3 25 | $1.2B | $500.2M | ||
| Q2 25 | $1.4B | $481.8M | ||
| Q1 25 | $1.4B | $487.9M | ||
| Q4 24 | $1.4B | $522.1M | ||
| Q3 24 | $1.3B | $506.4M | ||
| Q2 24 | $1.3B | $480.0M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $3.7B | $1.1B | ||
| Q3 25 | $3.3B | $1.2B | ||
| Q2 25 | $3.4B | $1.2B | ||
| Q1 25 | $3.8B | $1.2B | ||
| Q4 24 | $4.1B | $1.2B | ||
| Q3 24 | $3.4B | $917.1M | ||
| Q2 24 | $3.3B | $889.0M |
| Q1 26 | — | 0.45× | ||
| Q4 25 | 0.45× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.58× | ||
| Q4 24 | 0.45× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $-6.2M | $122.5M |
| Free Cash FlowOCF − Capex | $-77.1M | — |
| FCF MarginFCF / Revenue | -23.4% | — |
| Capex IntensityCapex / Revenue | 21.5% | 7.8% |
| Cash ConversionOCF / Net Profit | -0.09× | 7.37× |
| TTM Free Cash FlowTrailing 4 quarters | $-56.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $122.5M | ||
| Q4 25 | $-6.2M | $29.3M | ||
| Q3 25 | $233.9M | $57.1M | ||
| Q2 25 | $299.3M | $-19.8M | ||
| Q1 25 | $-350.0M | $30.0M | ||
| Q4 24 | $268.8M | $31.0M | ||
| Q3 24 | $-2.1M | $58.7M | ||
| Q2 24 | $304.4M | $5.5M |
| Q1 26 | — | — | ||
| Q4 25 | $-77.1M | $22.9M | ||
| Q3 25 | $167.0M | $52.4M | ||
| Q2 25 | $250.5M | $-26.9M | ||
| Q1 25 | $-396.6M | $19.1M | ||
| Q4 24 | $212.9M | $22.0M | ||
| Q3 24 | $-40.0M | $50.2M | ||
| Q2 24 | $275.8M | $-1.8M |
| Q1 26 | — | — | ||
| Q4 25 | -23.4% | 6.6% | ||
| Q3 25 | 56.5% | 14.6% | ||
| Q2 25 | 46.8% | -7.8% | ||
| Q1 25 | -106.9% | 5.5% | ||
| Q4 24 | 63.1% | 6.4% | ||
| Q3 24 | -17.2% | 14.7% | ||
| Q2 24 | 56.0% | -0.5% |
| Q1 26 | — | 7.8% | ||
| Q4 25 | 21.5% | 1.9% | ||
| Q3 25 | 22.6% | 1.3% | ||
| Q2 25 | 9.1% | 2.1% | ||
| Q1 25 | 12.6% | 3.2% | ||
| Q4 24 | 16.6% | 2.6% | ||
| Q3 24 | 16.3% | 2.5% | ||
| Q2 24 | 5.8% | 2.2% |
| Q1 26 | — | 7.37× | ||
| Q4 25 | -0.09× | 1.77× | ||
| Q3 25 | 11.61× | 2.41× | ||
| Q2 25 | 38.10× | — | ||
| Q1 25 | -1232.46× | 12.08× | ||
| Q4 24 | 5.96× | 1.48× | ||
| Q3 24 | -0.08× | 1.92× | ||
| Q2 24 | 8.46× | 0.18× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANDE
| Specialty And Primary Nutrients | $137.1M | 42% |
| Premium Ingredients | $66.1M | 20% |
| Segment Reporting Reconciling Item Other | $63.2M | 19% |
| Other | $63.1M | 19% |
APOG
| Architectural Services | $127.1M | 36% |
| Architectural Metals | $110.0M | 31% |
| Architectural Glass | $67.4M | 19% |
| Performance Surfaces | $54.3M | 15% |
