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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and Alexandria Real Estate Equities (ARE). Click either name above to swap in a different company.
Alexandria Real Estate Equities is the larger business by last-quarter revenue ($671.0M vs $351.4M, roughly 1.9× APOGEE ENTERPRISES, INC.). Alexandria Real Estate Equities runs the higher net margin — 59.4% vs 4.7%, a 54.6% gap on every dollar of revenue. On growth, APOGEE ENTERPRISES, INC. posted the faster year-over-year revenue change (1.6% vs -11.5%). Over the past eight quarters, APOGEE ENTERPRISES, INC.'s revenue compounded faster (2.9% CAGR vs -6.4%).
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office real estate investment trust (REIT), is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech campuses in AAA innovation cluster locations, with a total market capitalization of $31.9 billion as of December 31, 2020, and an asset base in North America of 49.7 million square feet (SF). The asset base in North America includes 31.9...
APOG vs ARE — Head-to-Head
Income Statement — Q4 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $351.4M | $671.0M |
| Net Profit | $16.6M | $398.4M |
| Gross Margin | 22.4% | — |
| Operating Margin | 7.3% | — |
| Net Margin | 4.7% | 59.4% |
| Revenue YoY | 1.6% | -11.5% |
| Net Profit YoY | 568.8% | 740.6% |
| EPS (diluted) | $0.78 | $2.10 |
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 | $671.0M | ||
| Q4 25 | $348.6M | $754.4M | ||
| Q3 25 | $358.2M | $751.9M | ||
| Q2 25 | $346.6M | $762.0M | ||
| Q1 25 | $345.7M | $758.2M | ||
| Q4 24 | $341.3M | $788.9M | ||
| Q3 24 | $342.4M | $791.6M | ||
| Q2 24 | $331.5M | $766.7M |
| Q1 26 | $16.6M | $398.4M | ||
| Q4 25 | $16.5M | $-1.1B | ||
| Q3 25 | $23.6M | $-232.8M | ||
| Q2 25 | $-2.7M | $-107.0M | ||
| Q1 25 | $2.5M | $-8.9M | ||
| Q4 24 | $21.0M | $-62.2M | ||
| Q3 24 | $30.6M | $167.9M | ||
| Q2 24 | $31.0M | $46.7M |
| Q1 26 | 22.4% | — | ||
| Q4 25 | 23.8% | — | ||
| Q3 25 | 23.1% | — | ||
| Q2 25 | 21.7% | — | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 26.1% | — | ||
| Q3 24 | 28.4% | — | ||
| Q2 24 | 29.8% | — |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.1% | — | ||
| Q3 25 | 7.5% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 8.4% | — | ||
| Q3 24 | 12.3% | — | ||
| Q2 24 | 12.5% | — |
| Q1 26 | 4.7% | 59.4% | ||
| Q4 25 | 4.7% | -143.3% | ||
| Q3 25 | 6.6% | -31.0% | ||
| Q2 25 | -0.8% | -14.0% | ||
| Q1 25 | 0.7% | -1.2% | ||
| Q4 24 | 6.1% | -7.9% | ||
| Q3 24 | 8.9% | 21.2% | ||
| Q2 24 | 9.4% | 6.1% |
| Q1 26 | $0.78 | $2.10 | ||
| Q4 25 | $0.77 | $-6.35 | ||
| Q3 25 | $1.10 | $-1.38 | ||
| Q2 25 | $-0.13 | $-0.64 | ||
| Q1 25 | $0.12 | $-0.07 | ||
| Q4 24 | $0.96 | $-0.38 | ||
| Q3 24 | $1.40 | $0.96 | ||
| Q2 24 | $1.41 | $0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $39.5M | $418.7M |
| Total DebtLower is stronger | $232.3M | — |
| Stockholders' EquityBook value | $511.8M | $19.4B |
| Total Assets | $1.1B | $34.2B |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $39.5M | $418.7M | ||
| Q4 25 | $41.3M | $549.1M | ||
| Q3 25 | $39.5M | $579.5M | ||
| Q2 25 | $32.8M | $520.5M | ||
| Q1 25 | $41.4M | $476.4M | ||
| Q4 24 | $43.9M | $552.1M | ||
| Q3 24 | $51.0M | $562.6M | ||
| Q2 24 | $30.4M | $561.0M |
| Q1 26 | $232.3M | — | ||
| Q4 25 | — | $12.4B | ||
| Q3 25 | — | $13.6B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | $285.0M | $13.1B | ||
| Q4 24 | — | $12.2B | ||
| Q3 24 | — | $12.7B | ||
| Q2 24 | — | $12.4B |
| Q1 26 | $511.8M | $19.4B | ||
| Q4 25 | $512.3M | $15.5B | ||
| Q3 25 | $500.2M | $16.6B | ||
| Q2 25 | $481.8M | $17.2B | ||
| Q1 25 | $487.9M | $17.5B | ||
| Q4 24 | $522.1M | $17.9B | ||
| Q3 24 | $506.4M | $18.2B | ||
| Q2 24 | $480.0M | $18.3B |
| Q1 26 | $1.1B | $34.2B | ||
| Q4 25 | $1.1B | $34.1B | ||
| Q3 25 | $1.2B | $37.4B | ||
| Q2 25 | $1.2B | $37.6B | ||
| Q1 25 | $1.2B | $37.6B | ||
| Q4 24 | $1.2B | $37.5B | ||
| Q3 24 | $917.1M | $38.5B | ||
| Q2 24 | $889.0M | $37.8B |
| Q1 26 | 0.45× | — | ||
| Q4 25 | — | 0.80× | ||
| Q3 25 | — | 0.82× | ||
| Q2 25 | — | 0.77× | ||
| Q1 25 | 0.58× | 0.75× | ||
| Q4 24 | — | 0.68× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | — | 0.68× |
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 | $122.5M | $475.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 7.8% | 76.0% |
| Cash ConversionOCF / Net Profit | 7.37× | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.5M | $475.0M | ||
| Q4 25 | $29.3M | $312.4M | ||
| Q3 25 | $57.1M | $433.5M | ||
| Q2 25 | $-19.8M | $460.2M | ||
| Q1 25 | $30.0M | $207.9M | ||
| Q4 24 | $31.0M | $274.2M | ||
| Q3 24 | $58.7M | $477.4M | ||
| Q2 24 | $5.5M | $411.8M |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | — | ||
| Q3 25 | $52.4M | — | ||
| Q2 25 | $-26.9M | — | ||
| Q1 25 | $19.1M | — | ||
| Q4 24 | $22.0M | — | ||
| Q3 24 | $50.2M | — | ||
| Q2 24 | $-1.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | — | ||
| Q3 25 | 14.6% | — | ||
| Q2 25 | -7.8% | — | ||
| Q1 25 | 5.5% | — | ||
| Q4 24 | 6.4% | — | ||
| Q3 24 | 14.7% | — | ||
| Q2 24 | -0.5% | — |
| Q1 26 | 7.8% | 76.0% | ||
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 2.2% | — |
| Q1 26 | 7.37× | 1.19× | ||
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.41× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 12.08× | — | ||
| Q4 24 | 1.48× | — | ||
| Q3 24 | 1.92× | 2.84× | ||
| Q2 24 | 0.18× | 8.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APOG
| Architectural Services | $127.1M | 36% |
| Architectural Metals | $110.0M | 31% |
| Architectural Glass | $67.4M | 19% |
| Performance Surfaces | $54.3M | 15% |
ARE
| Same properties | $431.4M | 64% |
| Tenant recoveries | $178.2M | 27% |
| Non-same properties | $43.3M | 6% |
| Other | $18.0M | 3% |
