vs
Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and IREN Ltd (IREN). Click either name above to swap in a different company.
APOGEE ENTERPRISES, INC. is the larger business by last-quarter revenue ($351.4M vs $184.7M, roughly 1.9× IREN Ltd). APOGEE ENTERPRISES, INC. runs the higher net margin — 4.7% vs -84.1%, a 88.9% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 1.6%).
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada.
APOG vs IREN — Head-to-Head
Income Statement — Q4 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $351.4M | $184.7M |
| Net Profit | $16.6M | $-155.4M |
| Gross Margin | 22.4% | 64.4% |
| Operating Margin | 7.3% | -63.0% |
| Net Margin | 4.7% | -84.1% |
| Revenue YoY | 1.6% | 59.0% |
| Net Profit YoY | 568.8% | -610.0% |
| EPS (diluted) | $0.78 | $-0.52 |
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 | $184.7M | ||
| Q3 25 | $358.2M | $240.3M | ||
| Q2 25 | $346.6M | — | ||
| Q1 25 | $345.7M | — | ||
| Q4 24 | $341.3M | $116.1M | ||
| Q3 24 | $342.4M | $52.8M | ||
| Q2 24 | $331.5M | — |
| Q1 26 | $16.6M | — | ||
| Q4 25 | $16.5M | $-155.4M | ||
| Q3 25 | $23.6M | $384.6M | ||
| Q2 25 | $-2.7M | — | ||
| Q1 25 | $2.5M | — | ||
| Q4 24 | $21.0M | $-21.9M | ||
| Q3 24 | $30.6M | $-51.7M | ||
| Q2 24 | $31.0M | — |
| Q1 26 | 22.4% | — | ||
| Q4 25 | 23.8% | 64.4% | ||
| Q3 25 | 23.1% | 66.4% | ||
| Q2 25 | 21.7% | — | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 26.1% | 72.2% | ||
| Q3 24 | 28.4% | 39.6% | ||
| Q2 24 | 29.8% | — |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.1% | -63.0% | ||
| Q3 25 | 7.5% | -31.8% | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 8.4% | 14.9% | ||
| Q3 24 | 12.3% | -89.2% | ||
| Q2 24 | 12.5% | — |
| Q1 26 | 4.7% | — | ||
| Q4 25 | 4.7% | -84.1% | ||
| Q3 25 | 6.6% | 160.1% | ||
| Q2 25 | -0.8% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 6.1% | -18.8% | ||
| Q3 24 | 8.9% | -98.0% | ||
| Q2 24 | 9.4% | — |
| Q1 26 | $0.78 | — | ||
| Q4 25 | $0.77 | $-0.52 | ||
| Q3 25 | $1.10 | $1.08 | ||
| Q2 25 | $-0.13 | — | ||
| Q1 25 | $0.12 | — | ||
| Q4 24 | $0.96 | $-0.10 | ||
| Q3 24 | $1.40 | $-0.27 | ||
| Q2 24 | $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 | $39.5M | $3.3B |
| Total DebtLower is stronger | $232.3M | — |
| Stockholders' EquityBook value | $511.8M | $2.5B |
| Total Assets | $1.1B | $7.0B |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $39.5M | — | ||
| Q4 25 | $41.3M | $3.3B | ||
| Q3 25 | $39.5M | $1.0B | ||
| Q2 25 | $32.8M | — | ||
| Q1 25 | $41.4M | — | ||
| Q4 24 | $43.9M | $427.3M | ||
| Q3 24 | $51.0M | $98.6M | ||
| 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 | — | ||
| Q4 25 | $512.3M | $2.5B | ||
| Q3 25 | $500.2M | $2.9B | ||
| Q2 25 | $481.8M | — | ||
| Q1 25 | $487.9M | — | ||
| Q4 24 | $522.1M | $1.2B | ||
| Q3 24 | $506.4M | $1.1B | ||
| Q2 24 | $480.0M | — |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $7.0B | ||
| Q3 25 | $1.2B | $4.3B | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | $1.9B | ||
| Q3 24 | $917.1M | $1.3B | ||
| Q2 24 | $889.0M | — |
| 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 | $71.7M |
| Free Cash FlowOCF − Capex | — | $-468.0M |
| FCF MarginFCF / Revenue | — | -253.4% |
| Capex IntensityCapex / Revenue | 7.8% | 292.2% |
| Cash ConversionOCF / Net Profit | 7.37× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.5M | — | ||
| Q4 25 | $29.3M | $71.7M | ||
| Q3 25 | $57.1M | $142.4M | ||
| Q2 25 | $-19.8M | — | ||
| Q1 25 | $30.0M | — | ||
| Q4 24 | $31.0M | $53.6M | ||
| Q3 24 | $58.7M | $-3.9M | ||
| Q2 24 | $5.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | $-468.0M | ||
| Q3 25 | $52.4M | $-38.0M | ||
| Q2 25 | $-26.9M | — | ||
| Q1 25 | $19.1M | — | ||
| Q4 24 | $22.0M | $-85.5M | ||
| Q3 24 | $50.2M | $-109.7M | ||
| Q2 24 | $-1.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | -253.4% | ||
| Q3 25 | 14.6% | -15.8% | ||
| Q2 25 | -7.8% | — | ||
| Q1 25 | 5.5% | — | ||
| Q4 24 | 6.4% | -73.6% | ||
| Q3 24 | 14.7% | -208.0% | ||
| Q2 24 | -0.5% | — |
| Q1 26 | 7.8% | — | ||
| Q4 25 | 1.9% | 292.2% | ||
| Q3 25 | 1.3% | 75.0% | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 2.6% | 119.7% | ||
| Q3 24 | 2.5% | 200.6% | ||
| Q2 24 | 2.2% | — |
| Q1 26 | 7.37× | — | ||
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.41× | 0.37× | ||
| Q2 25 | — | — | ||
| Q1 25 | 12.08× | — | ||
| Q4 24 | 1.48× | — | ||
| Q3 24 | 1.92× | — | ||
| Q2 24 | 0.18× | — |
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% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
