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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and COMMERCE BANCSHARES INC (CBSH). Click either name above to swap in a different company.
COMMERCE BANCSHARES INC is the larger business by last-quarter revenue ($475.7M vs $351.4M, roughly 1.4× APOGEE ENTERPRISES, INC.). COMMERCE BANCSHARES INC runs the higher net margin — 29.8% vs 4.7%, a 25.0% gap on every dollar of revenue. On growth, COMMERCE BANCSHARES INC posted the faster year-over-year revenue change (11.1% vs 1.6%). Over the past eight quarters, COMMERCE BANCSHARES INC's revenue compounded faster (7.1% 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.
Commerce Bancshares, Inc. is a regional bank holding company headquartered in Missouri, with principal offices in Kansas City and St. Louis. It is the corporate parent of Commerce Bank, which offers a diversified line of financial services, including business and personal banking, wealth management and investments through its affiliated companies.
APOG vs CBSH — Head-to-Head
Income Statement — Q4 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $351.4M | $475.7M |
| Net Profit | $16.6M | $141.6M |
| Gross Margin | 22.4% | — |
| Operating Margin | 7.3% | — |
| Net Margin | 4.7% | 29.8% |
| Revenue YoY | 1.6% | 11.1% |
| Net Profit YoY | 568.8% | 10.5% |
| EPS (diluted) | $0.78 | $0.96 |
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 | $475.7M | ||
| Q4 25 | $348.6M | $449.4M | ||
| Q3 25 | $358.2M | $441.0M | ||
| Q2 25 | $346.6M | $445.8M | ||
| Q1 25 | $345.7M | $428.1M | ||
| Q4 24 | $341.3M | $422.1M | ||
| Q3 24 | $342.4M | $421.4M | ||
| Q2 24 | $331.5M | $414.5M |
| Q1 26 | $16.6M | $141.6M | ||
| Q4 25 | $16.5M | $140.7M | ||
| Q3 25 | $23.6M | $141.5M | ||
| Q2 25 | $-2.7M | $152.5M | ||
| Q1 25 | $2.5M | $131.6M | ||
| Q4 24 | $21.0M | $136.1M | ||
| Q3 24 | $30.6M | $138.0M | ||
| Q2 24 | $31.0M | $139.6M |
| 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% | 40.8% | ||
| Q3 25 | 7.5% | 41.9% | ||
| Q2 25 | 2.0% | 44.0% | ||
| Q1 25 | 1.8% | 39.2% | ||
| Q4 24 | 8.4% | 41.2% | ||
| Q3 24 | 12.3% | 42.4% | ||
| Q2 24 | 12.5% | 43.4% |
| Q1 26 | 4.7% | 29.8% | ||
| Q4 25 | 4.7% | 31.3% | ||
| Q3 25 | 6.6% | 32.1% | ||
| Q2 25 | -0.8% | 34.2% | ||
| Q1 25 | 0.7% | 30.7% | ||
| Q4 24 | 6.1% | 32.2% | ||
| Q3 24 | 8.9% | 32.8% | ||
| Q2 24 | 9.4% | 33.7% |
| Q1 26 | $0.78 | $0.96 | ||
| Q4 25 | $0.77 | $0.86 | ||
| Q3 25 | $1.10 | $1.06 | ||
| Q2 25 | $-0.13 | $1.14 | ||
| Q1 25 | $0.12 | $0.98 | ||
| Q4 24 | $0.96 | $0.83 | ||
| Q3 24 | $1.40 | $1.01 | ||
| Q2 24 | $1.41 | $1.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $39.5M | — |
| Total DebtLower is stronger | $232.3M | — |
| Stockholders' EquityBook value | $511.8M | $4.3B |
| Total Assets | $1.1B | $35.7B |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $39.5M | — | ||
| Q4 25 | $41.3M | — | ||
| Q3 25 | $39.5M | — | ||
| Q2 25 | $32.8M | — | ||
| Q1 25 | $41.4M | — | ||
| Q4 24 | $43.9M | — | ||
| Q3 24 | $51.0M | — | ||
| Q2 24 | $30.4M | — |
| Q1 26 | $232.3M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $285.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $511.8M | $4.3B | ||
| Q4 25 | $512.3M | $3.8B | ||
| Q3 25 | $500.2M | $3.8B | ||
| Q2 25 | $481.8M | $3.6B | ||
| Q1 25 | $487.9M | $3.5B | ||
| Q4 24 | $522.1M | $3.3B | ||
| Q3 24 | $506.4M | $3.4B | ||
| Q2 24 | $480.0M | $3.1B |
| Q1 26 | $1.1B | $35.7B | ||
| Q4 25 | $1.1B | $32.9B | ||
| Q3 25 | $1.2B | $32.3B | ||
| Q2 25 | $1.2B | $32.3B | ||
| Q1 25 | $1.2B | $32.4B | ||
| Q4 24 | $1.2B | $32.0B | ||
| Q3 24 | $917.1M | $31.5B | ||
| Q2 24 | $889.0M | $30.6B |
| Q1 26 | 0.45× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | — | — | ||
| 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 | $122.5M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 7.8% | — |
| Cash ConversionOCF / Net Profit | 7.37× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.5M | — | ||
| Q4 25 | $29.3M | $645.1M | ||
| Q3 25 | $57.1M | $129.0M | ||
| Q2 25 | $-19.8M | $111.2M | ||
| Q1 25 | $30.0M | $138.6M | ||
| Q4 24 | $31.0M | $577.9M | ||
| Q3 24 | $58.7M | $431.7M | ||
| Q2 24 | $5.5M | $147.4M |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | $592.4M | ||
| Q3 25 | $52.4M | $113.3M | ||
| Q2 25 | $-26.9M | $100.5M | ||
| Q1 25 | $19.1M | $126.0M | ||
| Q4 24 | $22.0M | $531.7M | ||
| Q3 24 | $50.2M | $419.1M | ||
| Q2 24 | $-1.8M | $138.9M |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 131.8% | ||
| Q3 25 | 14.6% | 25.7% | ||
| Q2 25 | -7.8% | 22.5% | ||
| Q1 25 | 5.5% | 29.4% | ||
| Q4 24 | 6.4% | 126.0% | ||
| Q3 24 | 14.7% | 99.5% | ||
| Q2 24 | -0.5% | 33.5% |
| Q1 26 | 7.8% | — | ||
| Q4 25 | 1.9% | 11.7% | ||
| Q3 25 | 1.3% | 3.6% | ||
| Q2 25 | 2.1% | 2.4% | ||
| Q1 25 | 3.2% | 2.9% | ||
| Q4 24 | 2.6% | 10.9% | ||
| Q3 24 | 2.5% | 3.0% | ||
| Q2 24 | 2.2% | 2.1% |
| Q1 26 | 7.37× | — | ||
| Q4 25 | 1.77× | 4.59× | ||
| Q3 25 | 2.41× | 0.91× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | 12.08× | 1.05× | ||
| Q4 24 | 1.48× | 4.25× | ||
| Q3 24 | 1.92× | 3.13× | ||
| Q2 24 | 0.18× | 1.06× |
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% |
CBSH
Segment breakdown not available.
