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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and AeroVironment Inc (AVAV). Click either name above to swap in a different company.
AeroVironment Inc is the larger business by last-quarter revenue ($472.5M vs $351.4M, roughly 1.3× APOGEE ENTERPRISES, INC.). APOGEE ENTERPRISES, INC. runs the higher net margin — 4.7% vs -3.6%, a 8.3% gap on every dollar of revenue. On growth, AeroVironment Inc posted the faster year-over-year revenue change (181.9% vs 1.6%). Over the past eight quarters, AeroVironment Inc's revenue compounded faster (59.1% CAGR vs 2.9%).
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
AeroVironment, Inc., also known as AV, is an American defense technology company headquartered in Arlington, Virginia that designs and manufactures autonomous systems, counter-UAS systems, and space systems. The company was founded in 1971 by Paul B. MacCready Jr., a designer of human-powered aircraft. The company provides the US Department of Defense and foreign militaries with small and medium-sized drones—notably the Raven, Switchblade, Wasp, and Puma. Through its acquisition of BlueHalo i...
APOG vs AVAV — Head-to-Head
Income Statement — Q4 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $351.4M | $472.5M |
| Net Profit | $16.6M | $-17.1M |
| Gross Margin | 22.4% | 22.0% |
| Operating Margin | 7.3% | -6.4% |
| Net Margin | 4.7% | -3.6% |
| Revenue YoY | 1.6% | 181.9% |
| Net Profit YoY | 568.8% | -875.1% |
| EPS (diluted) | $0.78 | $-0.34 |
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 | $348.6M | $472.5M | ||
| Q3 25 | $358.2M | $454.7M | ||
| Q2 25 | $346.6M | $275.1M | ||
| Q1 25 | $345.7M | $167.6M | ||
| Q4 24 | $341.3M | $188.5M | ||
| Q3 24 | $342.4M | $189.5M | ||
| Q2 24 | $331.5M | $197.0M |
| Q1 26 | $16.6M | — | ||
| Q4 25 | $16.5M | $-17.1M | ||
| Q3 25 | $23.6M | $-67.4M | ||
| Q2 25 | $-2.7M | $16.7M | ||
| Q1 25 | $2.5M | $-1.8M | ||
| Q4 24 | $21.0M | $7.5M | ||
| Q3 24 | $30.6M | $21.2M | ||
| Q2 24 | $31.0M | $6.0M |
| Q1 26 | 22.4% | — | ||
| Q4 25 | 23.8% | 22.0% | ||
| Q3 25 | 23.1% | 20.9% | ||
| Q2 25 | 21.7% | 36.5% | ||
| Q1 25 | 21.6% | 37.7% | ||
| Q4 24 | 26.1% | 39.1% | ||
| Q3 24 | 28.4% | 43.0% | ||
| Q2 24 | 29.8% | 38.4% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.1% | -6.4% | ||
| Q3 25 | 7.5% | -15.2% | ||
| Q2 25 | 2.0% | 5.0% | ||
| Q1 25 | 1.8% | -1.8% | ||
| Q4 24 | 8.4% | 3.7% | ||
| Q3 24 | 12.3% | 12.2% | ||
| Q2 24 | 12.5% | 3.0% |
| Q1 26 | 4.7% | — | ||
| Q4 25 | 4.7% | -3.6% | ||
| Q3 25 | 6.6% | -14.8% | ||
| Q2 25 | -0.8% | 6.1% | ||
| Q1 25 | 0.7% | -1.0% | ||
| Q4 24 | 6.1% | 4.0% | ||
| Q3 24 | 8.9% | 11.2% | ||
| Q2 24 | 9.4% | 3.1% |
| Q1 26 | $0.78 | — | ||
| Q4 25 | $0.77 | $-0.34 | ||
| Q3 25 | $1.10 | $-1.44 | ||
| Q2 25 | $-0.13 | $0.59 | ||
| Q1 25 | $0.12 | $-0.06 | ||
| Q4 24 | $0.96 | $0.27 | ||
| Q3 24 | $1.40 | $0.75 | ||
| Q2 24 | $1.41 | $0.18 |
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 | $588.5M |
| Total DebtLower is stronger | $232.3M | $747.5M |
| Stockholders' EquityBook value | $511.8M | $4.4B |
| Total Assets | $1.1B | $5.6B |
| Debt / EquityLower = less leverage | 0.45× | 0.17× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $39.5M | — | ||
| Q4 25 | $41.3M | $588.5M | ||
| Q3 25 | $39.5M | $685.8M | ||
| Q2 25 | $32.8M | $40.9M | ||
| Q1 25 | $41.4M | $47.0M | ||
| Q4 24 | $43.9M | $69.0M | ||
| Q3 24 | $51.0M | $81.2M | ||
| Q2 24 | $30.4M | $73.3M |
| Q1 26 | $232.3M | — | ||
| Q4 25 | — | $747.5M | ||
| Q3 25 | — | $747.5M | ||
| Q2 25 | — | $30.0M | ||
| Q1 25 | $285.0M | $25.0M | ||
| Q4 24 | — | $15.0M | ||
| Q3 24 | — | $17.5M | ||
| Q2 24 | — | $28.0M |
| Q1 26 | $511.8M | — | ||
| Q4 25 | $512.3M | $4.4B | ||
| Q3 25 | $500.2M | $4.4B | ||
| Q2 25 | $481.8M | $886.5M | ||
| Q1 25 | $487.9M | $861.1M | ||
| Q4 24 | $522.1M | $858.4M | ||
| Q3 24 | $506.4M | $845.5M | ||
| Q2 24 | $480.0M | $822.7M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $5.6B | ||
| Q3 25 | $1.2B | $5.6B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.2B | $1.0B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $917.1M | $999.2M | ||
| Q2 24 | $889.0M | $1.0B |
| Q1 26 | 0.45× | — | ||
| Q4 25 | — | 0.17× | ||
| Q3 25 | — | 0.17× | ||
| Q2 25 | — | 0.03× | ||
| Q1 25 | 0.58× | 0.03× | ||
| Q4 24 | — | 0.02× | ||
| Q3 24 | — | 0.02× | ||
| Q2 24 | — | 0.03× |
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 | $-45.1M |
| Free Cash FlowOCF − Capex | — | $-55.9M |
| FCF MarginFCF / Revenue | — | -11.8% |
| Capex IntensityCapex / Revenue | 7.8% | 2.3% |
| Cash ConversionOCF / Net Profit | 7.37× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-240.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.5M | — | ||
| Q4 25 | $29.3M | $-45.1M | ||
| Q3 25 | $57.1M | $-123.7M | ||
| Q2 25 | $-19.8M | $-264.0K | ||
| Q1 25 | $30.0M | $-25.8M | ||
| Q4 24 | $31.0M | $-3.6M | ||
| Q3 24 | $58.7M | $28.4M | ||
| Q2 24 | $5.5M | $-11.7M |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | $-55.9M | ||
| Q3 25 | $52.4M | $-146.5M | ||
| Q2 25 | $-26.9M | $-8.8M | ||
| Q1 25 | $19.1M | $-29.6M | ||
| Q4 24 | $22.0M | $-8.7M | ||
| Q3 24 | $50.2M | $22.9M | ||
| Q2 24 | $-1.8M | $-20.8M |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | -11.8% | ||
| Q3 25 | 14.6% | -32.2% | ||
| Q2 25 | -7.8% | -3.2% | ||
| Q1 25 | 5.5% | -17.7% | ||
| Q4 24 | 6.4% | -4.6% | ||
| Q3 24 | 14.7% | 12.1% | ||
| Q2 24 | -0.5% | -10.5% |
| Q1 26 | 7.8% | — | ||
| Q4 25 | 1.9% | 2.3% | ||
| Q3 25 | 1.3% | 5.0% | ||
| Q2 25 | 2.1% | 3.1% | ||
| Q1 25 | 3.2% | 2.3% | ||
| Q4 24 | 2.6% | 2.7% | ||
| Q3 24 | 2.5% | 2.9% | ||
| Q2 24 | 2.2% | 4.6% |
| Q1 26 | 7.37× | — | ||
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.41× | — | ||
| Q2 25 | — | -0.02× | ||
| Q1 25 | 12.08× | — | ||
| Q4 24 | 1.48× | -0.48× | ||
| Q3 24 | 1.92× | 1.34× | ||
| Q2 24 | 0.18× | -1.93× |
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% |
AVAV
| Services | $130.2M | 28% |
| Cost Plus | $95.8M | 20% |
| Uncrewed Aircraft Systems | $89.8M | 19% |
| Space And Directed Energy | $53.2M | 11% |
| Non U.s.Government | $42.2M | 9% |
| TM | $31.9M | 7% |
| Other | $30.7M | 7% |
