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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
APOGEE ENTERPRISES, INC. is the larger business by last-quarter revenue ($351.4M vs $335.6M, roughly 1.0× Natural Grocers by Vitamin Cottage, Inc.). APOGEE ENTERPRISES, INC. runs the higher net margin — 4.7% vs 3.4%, a 1.4% gap on every dollar of revenue. On growth, Natural Grocers by Vitamin Cottage, Inc. posted the faster year-over-year revenue change (1.6% vs 1.6%). Over the past eight quarters, Natural Grocers by Vitamin Cottage, Inc.'s revenue compounded faster (4.4% 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.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
APOG vs NGVC — Head-to-Head
Income Statement — Q4 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $351.4M | $335.6M |
| Net Profit | $16.6M | $11.3M |
| Gross Margin | 22.4% | 29.5% |
| Operating Margin | 7.3% | 4.4% |
| Net Margin | 4.7% | 3.4% |
| Revenue YoY | 1.6% | 1.6% |
| Net Profit YoY | 568.8% | 14.0% |
| EPS (diluted) | $0.78 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $358.2M | $336.1M | ||
| Q2 25 | $346.6M | $328.7M | ||
| Q1 25 | $345.7M | $335.8M | ||
| Q4 24 | $341.3M | $330.2M | ||
| Q3 24 | $342.4M | $322.7M | ||
| Q2 24 | $331.5M | $309.1M |
| Q1 26 | $16.6M | — | ||
| Q4 25 | $16.5M | $11.3M | ||
| Q3 25 | $23.6M | $11.8M | ||
| Q2 25 | $-2.7M | $11.6M | ||
| Q1 25 | $2.5M | $13.1M | ||
| Q4 24 | $21.0M | $9.9M | ||
| Q3 24 | $30.6M | $9.0M | ||
| Q2 24 | $31.0M | $9.2M |
| Q1 26 | 22.4% | — | ||
| Q4 25 | 23.8% | 29.5% | ||
| Q3 25 | 23.1% | 29.5% | ||
| Q2 25 | 21.7% | 29.9% | ||
| Q1 25 | 21.6% | 30.3% | ||
| Q4 24 | 26.1% | 29.9% | ||
| Q3 24 | 28.4% | 29.6% | ||
| Q2 24 | 29.8% | 29.2% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.1% | 4.4% | ||
| Q3 25 | 7.5% | 4.6% | ||
| Q2 25 | 2.0% | 4.7% | ||
| Q1 25 | 1.8% | 5.2% | ||
| Q4 24 | 8.4% | 4.0% | ||
| Q3 24 | 12.3% | 3.7% | ||
| Q2 24 | 12.5% | 4.2% |
| Q1 26 | 4.7% | — | ||
| Q4 25 | 4.7% | 3.4% | ||
| Q3 25 | 6.6% | 3.5% | ||
| Q2 25 | -0.8% | 3.5% | ||
| Q1 25 | 0.7% | 3.9% | ||
| Q4 24 | 6.1% | 3.0% | ||
| Q3 24 | 8.9% | 2.8% | ||
| Q2 24 | 9.4% | 3.0% |
| Q1 26 | $0.78 | — | ||
| Q4 25 | $0.77 | $0.49 | ||
| Q3 25 | $1.10 | $0.51 | ||
| Q2 25 | $-0.13 | $0.50 | ||
| Q1 25 | $0.12 | $0.56 | ||
| Q4 24 | $0.96 | $0.43 | ||
| Q3 24 | $1.40 | $0.38 | ||
| Q2 24 | $1.41 | $0.40 |
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 | $23.2M |
| Total DebtLower is stronger | $232.3M | — |
| Stockholders' EquityBook value | $511.8M | $220.0M |
| Total Assets | $1.1B | $668.6M |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $39.5M | — | ||
| Q4 25 | $41.3M | $23.2M | ||
| Q3 25 | $39.5M | $17.1M | ||
| Q2 25 | $32.8M | $13.2M | ||
| Q1 25 | $41.4M | $21.2M | ||
| Q4 24 | $43.9M | $6.3M | ||
| Q3 24 | $51.0M | $8.9M | ||
| Q2 24 | $30.4M | $13.9M |
| 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 | $220.0M | ||
| Q3 25 | $500.2M | $212.4M | ||
| Q2 25 | $481.8M | $202.5M | ||
| Q1 25 | $487.9M | $193.0M | ||
| Q4 24 | $522.1M | $181.9M | ||
| Q3 24 | $506.4M | $174.3M | ||
| Q2 24 | $480.0M | $167.8M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $668.6M | ||
| Q3 25 | $1.2B | $670.5M | ||
| Q2 25 | $1.2B | $659.0M | ||
| Q1 25 | $1.2B | $664.6M | ||
| Q4 24 | $1.2B | $648.9M | ||
| Q3 24 | $917.1M | $655.5M | ||
| Q2 24 | $889.0M | $654.4M |
| 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 | $21.1M |
| Free Cash FlowOCF − Capex | — | $11.6M |
| FCF MarginFCF / Revenue | — | 3.4% |
| Capex IntensityCapex / Revenue | 7.8% | 2.9% |
| Cash ConversionOCF / Net Profit | 7.37× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | — | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.5M | — | ||
| Q4 25 | $29.3M | $21.1M | ||
| Q3 25 | $57.1M | $15.6M | ||
| Q2 25 | $-19.8M | $2.9M | ||
| Q1 25 | $30.0M | $34.1M | ||
| Q4 24 | $31.0M | $2.7M | ||
| Q3 24 | $58.7M | $24.5M | ||
| Q2 24 | $5.5M | $12.4M |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | $11.6M | ||
| Q3 25 | $52.4M | $7.5M | ||
| Q2 25 | $-26.9M | $-4.2M | ||
| Q1 25 | $19.1M | $27.6M | ||
| Q4 24 | $22.0M | $-6.9M | ||
| Q3 24 | $50.2M | $18.0M | ||
| Q2 24 | $-1.8M | $3.6M |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 3.4% | ||
| Q3 25 | 14.6% | 2.2% | ||
| Q2 25 | -7.8% | -1.3% | ||
| Q1 25 | 5.5% | 8.2% | ||
| Q4 24 | 6.4% | -2.1% | ||
| Q3 24 | 14.7% | 5.6% | ||
| Q2 24 | -0.5% | 1.2% |
| Q1 26 | 7.8% | — | ||
| Q4 25 | 1.9% | 2.9% | ||
| Q3 25 | 1.3% | 2.4% | ||
| Q2 25 | 2.1% | 2.2% | ||
| Q1 25 | 3.2% | 1.9% | ||
| Q4 24 | 2.6% | 2.9% | ||
| Q3 24 | 2.5% | 2.0% | ||
| Q2 24 | 2.2% | 2.9% |
| Q1 26 | 7.37× | — | ||
| Q4 25 | 1.77× | 1.86× | ||
| Q3 25 | 2.41× | 1.32× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | 12.08× | 2.60× | ||
| Q4 24 | 1.48× | 0.27× | ||
| Q3 24 | 1.92× | 2.72× | ||
| Q2 24 | 0.18× | 1.35× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
