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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $351.4M, roughly 1.2× APOGEE ENTERPRISES, INC.). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 4.7%, a 31.0% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (1.7% vs 1.6%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% 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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
APOG vs NFG — Head-to-Head
Income Statement — Q4 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $351.4M | $425.9M |
| Net Profit | $16.6M | $152.0M |
| Gross Margin | 22.4% | — |
| Operating Margin | 7.3% | 81.5% |
| Net Margin | 4.7% | 35.7% |
| Revenue YoY | 1.6% | 1.7% |
| Net Profit YoY | 568.8% | — |
| EPS (diluted) | $0.78 | $1.59 |
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 | $425.9M | ||
| Q4 25 | $348.6M | $637.9M | ||
| Q3 25 | $358.2M | $443.1M | ||
| Q2 25 | $346.6M | $527.4M | ||
| Q1 25 | $345.7M | $734.8M | ||
| Q4 24 | $341.3M | $513.8M | ||
| Q3 24 | $342.4M | $310.0M | ||
| Q2 24 | $331.5M | $338.6M |
| Q1 26 | $16.6M | $152.0M | ||
| Q4 25 | $16.5M | $181.6M | ||
| Q3 25 | $23.6M | $107.3M | ||
| Q2 25 | $-2.7M | $149.8M | ||
| Q1 25 | $2.5M | $216.4M | ||
| Q4 24 | $21.0M | $45.0M | ||
| Q3 24 | $30.6M | $-167.6M | ||
| Q2 24 | $31.0M | $-54.2M |
| Q1 26 | 22.4% | — | ||
| Q4 25 | 23.8% | 86.6% | ||
| Q3 25 | 23.1% | — | ||
| Q2 25 | 21.7% | 94.7% | ||
| Q1 25 | 21.6% | 81.6% | ||
| Q4 24 | 26.1% | 87.3% | ||
| Q3 24 | 28.4% | — | ||
| Q2 24 | 29.8% | 98.5% |
| Q1 26 | 7.3% | 81.5% | ||
| Q4 25 | 7.1% | 43.3% | ||
| Q3 25 | 7.5% | 40.6% | ||
| Q2 25 | 2.0% | 43.7% | ||
| Q1 25 | 1.8% | 43.2% | ||
| Q4 24 | 8.4% | 16.8% | ||
| Q3 24 | 12.3% | -63.4% | ||
| Q2 24 | 12.5% | -15.2% |
| Q1 26 | 4.7% | 35.7% | ||
| Q4 25 | 4.7% | 28.5% | ||
| Q3 25 | 6.6% | 24.2% | ||
| Q2 25 | -0.8% | 28.4% | ||
| Q1 25 | 0.7% | 29.4% | ||
| Q4 24 | 6.1% | 8.8% | ||
| Q3 24 | 8.9% | -54.1% | ||
| Q2 24 | 9.4% | -16.0% |
| Q1 26 | $0.78 | $1.59 | ||
| Q4 25 | $0.77 | $1.98 | ||
| Q3 25 | $1.10 | $1.18 | ||
| Q2 25 | $-0.13 | $1.64 | ||
| Q1 25 | $0.12 | $2.37 | ||
| Q4 24 | $0.96 | $0.49 | ||
| Q3 24 | $1.40 | $-1.81 | ||
| Q2 24 | $1.41 | $-0.59 |
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 | $300.0M |
| Stockholders' EquityBook value | $511.8M | — |
| Total Assets | $1.1B | $9.1B |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $39.5M | — | ||
| Q4 25 | $41.3M | $271.4M | ||
| Q3 25 | $39.5M | $43.2M | ||
| Q2 25 | $32.8M | $39.3M | ||
| Q1 25 | $41.4M | $40.0M | ||
| Q4 24 | $43.9M | $48.7M | ||
| Q3 24 | $51.0M | $38.2M | ||
| Q2 24 | $30.4M | $81.4M |
| Q1 26 | $232.3M | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | $285.0M | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | $511.8M | — | ||
| Q4 25 | $512.3M | $3.6B | ||
| Q3 25 | $500.2M | $3.1B | ||
| Q2 25 | $481.8M | $3.0B | ||
| Q1 25 | $487.9M | $2.8B | ||
| Q4 24 | $522.1M | $-76.2M | ||
| Q3 24 | $506.4M | $-15.5M | ||
| Q2 24 | $480.0M | $5.0M |
| Q1 26 | $1.1B | $9.1B | ||
| Q4 25 | $1.1B | $9.2B | ||
| Q3 25 | $1.2B | $8.7B | ||
| Q2 25 | $1.2B | $8.4B | ||
| Q1 25 | $1.2B | $8.5B | ||
| Q4 24 | $1.2B | $8.3B | ||
| Q3 24 | $917.1M | $8.3B | ||
| Q2 24 | $889.0M | $8.5B |
| Q1 26 | 0.45× | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | 0.58× | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 7.8% | 117.0% |
| Cash ConversionOCF / Net Profit | 7.37× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.5M | $657.3M | ||
| Q4 25 | $29.3M | $274.9M | ||
| Q3 25 | $57.1M | $237.8M | ||
| Q2 25 | $-19.8M | $388.4M | ||
| Q1 25 | $30.0M | $253.8M | ||
| Q4 24 | $31.0M | $220.1M | ||
| Q3 24 | $58.7M | $197.9M | ||
| Q2 24 | $5.5M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | $-2.7M | ||
| Q3 25 | $52.4M | $-47.8M | ||
| Q2 25 | $-26.9M | $195.3M | ||
| Q1 25 | $19.1M | $59.9M | ||
| Q4 24 | $22.0M | $-20.3M | ||
| Q3 24 | $50.2M | $-49.1M | ||
| Q2 24 | $-1.8M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | -0.4% | ||
| Q3 25 | 14.6% | -10.8% | ||
| Q2 25 | -7.8% | 37.0% | ||
| Q1 25 | 5.5% | 8.2% | ||
| Q4 24 | 6.4% | -4.0% | ||
| Q3 24 | 14.7% | -15.8% | ||
| Q2 24 | -0.5% | 23.5% |
| Q1 26 | 7.8% | 117.0% | ||
| Q4 25 | 1.9% | 43.5% | ||
| Q3 25 | 1.3% | 64.4% | ||
| Q2 25 | 2.1% | 36.6% | ||
| Q1 25 | 3.2% | 26.4% | ||
| Q4 24 | 2.6% | 46.8% | ||
| Q3 24 | 2.5% | 79.7% | ||
| Q2 24 | 2.2% | 59.7% |
| Q1 26 | 7.37× | 4.32× | ||
| Q4 25 | 1.77× | 1.51× | ||
| Q3 25 | 2.41× | 2.21× | ||
| Q2 25 | — | 2.59× | ||
| Q1 25 | 12.08× | 1.17× | ||
| Q4 24 | 1.48× | 4.89× | ||
| 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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
