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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and Barnes & Noble Education, Inc. (BNED). Click either name above to swap in a different company.
Barnes & Noble Education, Inc. is the larger business by last-quarter revenue ($598.2M vs $348.6M, roughly 1.7× APOGEE ENTERPRISES, INC.). APOGEE ENTERPRISES, INC. runs the higher net margin — 4.7% vs 4.2%, a 0.6% gap on every dollar of revenue. On growth, Barnes & Noble Education, Inc. posted the faster year-over-year revenue change (6.9% vs 2.1%). Barnes & Noble Education, Inc. produced more free cash flow last quarter ($61.9M vs $22.9M). Over the past eight quarters, Barnes & Noble Education, Inc.'s revenue compounded faster (20.0% CAGR vs -1.9%).
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
Barnes & Noble Booksellers is an American bookseller with the largest number of retail outlets in the United States. The company operates approximately 700+ retail stores across the United States.
APOG vs BNED — Head-to-Head
Income Statement — Q3 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $348.6M | $598.2M |
| Net Profit | $16.5M | $25.0M |
| Gross Margin | 23.8% | 21.7% |
| Operating Margin | 7.1% | 6.8% |
| Net Margin | 4.7% | 4.2% |
| Revenue YoY | 2.1% | 6.9% |
| Net Profit YoY | -21.2% | -49.7% |
| EPS (diluted) | $0.77 | $0.72 |
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 | $348.6M | $598.2M | ||
| Q3 25 | $358.2M | $274.2M | ||
| Q2 25 | $346.6M | $233.0M | ||
| Q1 25 | $345.7M | $419.7M | ||
| Q4 24 | $341.3M | $559.7M | ||
| Q3 24 | $342.4M | $250.9M | ||
| Q2 24 | $331.5M | $192.7M | ||
| Q1 24 | $361.8M | $415.4M |
| Q4 25 | $16.5M | $25.0M | ||
| Q3 25 | $23.6M | $-18.3M | ||
| Q2 25 | $-2.7M | $-23.0M | ||
| Q1 25 | $2.5M | $17.9M | ||
| Q4 24 | $21.0M | $43.2M | ||
| Q3 24 | $30.6M | $-103.9M | ||
| Q2 24 | $31.0M | $-41.9M | ||
| Q1 24 | $15.7M | $-9.3M |
| Q4 25 | 23.8% | 21.7% | ||
| Q3 25 | 23.1% | 20.2% | ||
| Q2 25 | 21.7% | 30.3% | ||
| Q1 25 | 21.6% | 22.3% | ||
| Q4 24 | 26.1% | 23.0% | ||
| Q3 24 | 28.4% | 17.9% | ||
| Q2 24 | 29.8% | 28.7% | ||
| Q1 24 | 24.4% | 24.2% |
| Q4 25 | 7.1% | 6.8% | ||
| Q3 25 | 7.5% | -8.4% | ||
| Q2 25 | 2.0% | -4.9% | ||
| Q1 25 | 1.8% | 4.5% | ||
| Q4 24 | 8.4% | 8.4% | ||
| Q3 24 | 12.3% | -15.4% | ||
| Q2 24 | 12.5% | -16.3% | ||
| Q1 24 | 6.0% | 0.4% |
| Q4 25 | 4.7% | 4.2% | ||
| Q3 25 | 6.6% | -6.7% | ||
| Q2 25 | -0.8% | -9.9% | ||
| Q1 25 | 0.7% | 4.3% | ||
| Q4 24 | 6.1% | 7.7% | ||
| Q3 24 | 8.9% | -41.4% | ||
| Q2 24 | 9.4% | -21.7% | ||
| Q1 24 | 4.3% | -2.2% |
| Q4 25 | $0.77 | $0.72 | ||
| Q3 25 | $1.10 | $-0.54 | ||
| Q2 25 | $-0.13 | $2.97 | ||
| Q1 25 | $0.12 | $0.59 | ||
| Q4 24 | $0.96 | $1.63 | ||
| Q3 24 | $1.40 | $-7.69 | ||
| Q2 24 | $1.41 | $-15.68 | ||
| Q1 24 | $0.71 | $-3.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $41.3M | $11.7M |
| Total DebtLower is stronger | — | $122.5M |
| Stockholders' EquityBook value | $512.3M | $283.2M |
| Total Assets | $1.1B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.43× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $41.3M | $11.7M | ||
| Q3 25 | $39.5M | $7.3M | ||
| Q2 25 | $32.8M | $9.1M | ||
| Q1 25 | $41.4M | $9.2M | ||
| Q4 24 | $43.9M | $11.6M | ||
| Q3 24 | $51.0M | $8.2M | ||
| Q2 24 | $30.4M | $10.5M | ||
| Q1 24 | $37.2M | $8.1M |
| Q4 25 | — | $122.5M | ||
| Q3 25 | — | $170.0M | ||
| Q2 25 | — | $103.1M | ||
| Q1 25 | $285.0M | $141.2M | ||
| Q4 24 | — | $177.6M | ||
| Q3 24 | — | $221.9M | ||
| Q2 24 | — | $196.3M | ||
| Q1 24 | $62.0M | $30.2M |
| Q4 25 | $512.3M | $283.2M | ||
| Q3 25 | $500.2M | $256.5M | ||
| Q2 25 | $481.8M | $272.2M | ||
| Q1 25 | $487.9M | $292.9M | ||
| Q4 24 | $522.1M | $211.4M | ||
| Q3 24 | $506.4M | $149.8M | ||
| Q2 24 | $480.0M | $80.4M | ||
| Q1 24 | $471.0M | $121.5M |
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $1.2B | $950.8M | ||
| Q2 25 | $1.2B | $790.3M | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $917.1M | $973.2M | ||
| Q2 24 | $889.0M | $909.9M | ||
| Q1 24 | $884.1M | $1.2B |
| Q4 25 | — | 0.43× | ||
| Q3 25 | — | 0.66× | ||
| Q2 25 | — | 0.38× | ||
| Q1 25 | 0.58× | 0.48× | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | 1.48× | ||
| Q2 24 | — | 2.44× | ||
| Q1 24 | 0.13× | 0.25× |
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 | $29.3M | $66.2M |
| Free Cash FlowOCF − Capex | $22.9M | $61.9M |
| FCF MarginFCF / Revenue | 6.6% | 10.4% |
| Capex IntensityCapex / Revenue | 1.9% | 0.7% |
| Cash ConversionOCF / Net Profit | 1.77× | 2.65× |
| TTM Free Cash FlowTrailing 4 quarters | $67.4M | $-4.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.3M | $66.2M | ||
| Q3 25 | $57.1M | $-67.6M | ||
| Q2 25 | $-19.8M | $52.6M | ||
| Q1 25 | $30.0M | $-41.9M | ||
| Q4 24 | $31.0M | $47.4M | ||
| Q3 24 | $58.7M | $-143.5M | ||
| Q2 24 | $5.5M | $81.7M | ||
| Q1 24 | $74.9M | $-35.8M |
| Q4 25 | $22.9M | $61.9M | ||
| Q3 25 | $52.4M | $-71.3M | ||
| Q2 25 | $-26.9M | $49.5M | ||
| Q1 25 | $19.1M | $-44.7M | ||
| Q4 24 | $22.0M | $44.4M | ||
| Q3 24 | $50.2M | $-147.5M | ||
| Q2 24 | $-1.8M | $79.1M | ||
| Q1 24 | $58.7M | $-39.0M |
| Q4 25 | 6.6% | 10.4% | ||
| Q3 25 | 14.6% | -26.0% | ||
| Q2 25 | -7.8% | 21.3% | ||
| Q1 25 | 5.5% | -10.7% | ||
| Q4 24 | 6.4% | 7.9% | ||
| Q3 24 | 14.7% | -58.8% | ||
| Q2 24 | -0.5% | 41.1% | ||
| Q1 24 | 16.2% | -9.4% |
| Q4 25 | 1.9% | 0.7% | ||
| Q3 25 | 1.3% | 1.4% | ||
| Q2 25 | 2.1% | 1.3% | ||
| Q1 25 | 3.2% | 0.7% | ||
| Q4 24 | 2.6% | 0.5% | ||
| Q3 24 | 2.5% | 1.6% | ||
| Q2 24 | 2.2% | 1.4% | ||
| Q1 24 | 4.5% | 0.8% |
| Q4 25 | 1.77× | 2.65× | ||
| Q3 25 | 2.41× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 12.08× | -2.34× | ||
| Q4 24 | 1.48× | 1.10× | ||
| Q3 24 | 1.92× | — | ||
| Q2 24 | 0.18× | — | ||
| Q1 24 | 4.76× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APOG
| Transferred At Point In Time | $163.0M | 47% |
| Architectural Services Segment | $105.2M | 30% |
| Performance Surfaces | $53.0M | 15% |
| UW Interco LLC | $27.9M | 8% |
BNED
| Course Materials Product | $459.3M | 77% |
| General Merchandise Product | $112.9M | 19% |
| Serviceand Other | $26.1M | 4% |
