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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and Pangaea Logistics Solutions Ltd. (PANL). Click either name above to swap in a different company.
APOGEE ENTERPRISES, INC. is the larger business by last-quarter revenue ($351.4M vs $183.9M, roughly 1.9× Pangaea Logistics Solutions Ltd.). Pangaea Logistics Solutions Ltd. runs the higher net margin — 6.5% vs 4.7%, a 1.7% gap on every dollar of revenue. On growth, Pangaea Logistics Solutions Ltd. posted the faster year-over-year revenue change (24.9% vs 1.6%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% 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.
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
APOG vs PANL — Head-to-Head
Income Statement — Q4 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $351.4M | $183.9M |
| Net Profit | $16.6M | $11.9M |
| Gross Margin | 22.4% | — |
| Operating Margin | 7.3% | 9.5% |
| Net Margin | 4.7% | 6.5% |
| Revenue YoY | 1.6% | 24.9% |
| Net Profit YoY | 568.8% | 40.9% |
| EPS (diluted) | $0.78 | $0.18 |
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 | $183.9M | ||
| Q3 25 | $358.2M | $168.7M | ||
| Q2 25 | $346.6M | $156.7M | ||
| Q1 25 | $345.7M | $122.8M | ||
| Q4 24 | $341.3M | $147.2M | ||
| Q3 24 | $342.4M | $153.1M | ||
| Q2 24 | $331.5M | $131.5M |
| Q1 26 | $16.6M | — | ||
| Q4 25 | $16.5M | $11.9M | ||
| Q3 25 | $23.6M | $12.2M | ||
| Q2 25 | $-2.7M | $-2.7M | ||
| Q1 25 | $2.5M | $-2.0M | ||
| Q4 24 | $21.0M | $8.4M | ||
| Q3 24 | $30.6M | $5.1M | ||
| Q2 24 | $31.0M | $3.7M |
| 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% | 9.5% | ||
| Q3 25 | 7.5% | 10.0% | ||
| Q2 25 | 2.0% | 2.3% | ||
| Q1 25 | 1.8% | 2.4% | ||
| Q4 24 | 8.4% | 10.1% | ||
| Q3 24 | 12.3% | 9.8% | ||
| Q2 24 | 12.5% | 5.8% |
| Q1 26 | 4.7% | — | ||
| Q4 25 | 4.7% | 6.5% | ||
| Q3 25 | 6.6% | 7.2% | ||
| Q2 25 | -0.8% | -1.8% | ||
| Q1 25 | 0.7% | -1.6% | ||
| Q4 24 | 6.1% | 5.7% | ||
| Q3 24 | 8.9% | 3.3% | ||
| Q2 24 | 9.4% | 2.8% |
| Q1 26 | $0.78 | — | ||
| Q4 25 | $0.77 | $0.18 | ||
| Q3 25 | $1.10 | $0.19 | ||
| Q2 25 | $-0.13 | $-0.04 | ||
| Q1 25 | $0.12 | $-0.03 | ||
| Q4 24 | $0.96 | $0.19 | ||
| Q3 24 | $1.40 | $0.11 | ||
| Q2 24 | $1.41 | $0.08 |
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 | $103.1M |
| Total DebtLower is stronger | $232.3M | $249.6M |
| Stockholders' EquityBook value | $511.8M | $429.3M |
| Total Assets | $1.1B | $928.1M |
| Debt / EquityLower = less leverage | 0.45× | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $39.5M | — | ||
| Q4 25 | $41.3M | $103.1M | ||
| Q3 25 | $39.5M | $94.0M | ||
| Q2 25 | $32.8M | $59.3M | ||
| Q1 25 | $41.4M | $63.9M | ||
| Q4 24 | $43.9M | $86.8M | ||
| Q3 24 | $51.0M | $93.1M | ||
| Q2 24 | $30.4M | $77.9M |
| Q1 26 | $232.3M | — | ||
| Q4 25 | — | $249.6M | ||
| Q3 25 | — | $256.2M | ||
| Q2 25 | — | $244.7M | ||
| Q1 25 | $285.0M | $251.0M | ||
| Q4 24 | — | $257.2M | ||
| Q3 24 | — | $133.6M | ||
| Q2 24 | — | $90.5M |
| Q1 26 | $511.8M | — | ||
| Q4 25 | $512.3M | $429.3M | ||
| Q3 25 | $500.2M | $420.3M | ||
| Q2 25 | $481.8M | $414.4M | ||
| Q1 25 | $487.9M | $420.8M | ||
| Q4 24 | $522.1M | $427.8M | ||
| Q3 24 | $506.4M | $332.6M | ||
| Q2 24 | $480.0M | $331.5M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $928.1M | ||
| Q3 25 | $1.2B | $932.1M | ||
| Q2 25 | $1.2B | $916.0M | ||
| Q1 25 | $1.2B | $918.0M | ||
| Q4 24 | $1.2B | $936.5M | ||
| Q3 24 | $917.1M | $749.2M | ||
| Q2 24 | $889.0M | $692.9M |
| Q1 26 | 0.45× | — | ||
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.59× | ||
| Q1 25 | 0.58× | 0.60× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.27× |
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 | $15.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 7.8% | — |
| Cash ConversionOCF / Net Profit | 7.37× | 1.27× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.5M | — | ||
| Q4 25 | $29.3M | $15.1M | ||
| Q3 25 | $57.1M | $28.6M | ||
| Q2 25 | $-19.8M | $14.4M | ||
| Q1 25 | $30.0M | $-4.4M | ||
| Q4 24 | $31.0M | $19.3M | ||
| Q3 24 | $58.7M | $28.5M | ||
| Q2 24 | $5.5M | $9.0M |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | — | ||
| Q3 25 | $52.4M | — | ||
| Q2 25 | $-26.9M | — | ||
| Q1 25 | $19.1M | — | ||
| Q4 24 | $22.0M | — | ||
| Q3 24 | $50.2M | — | ||
| Q2 24 | $-1.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | — | ||
| Q3 25 | 14.6% | — | ||
| Q2 25 | -7.8% | — | ||
| Q1 25 | 5.5% | — | ||
| Q4 24 | 6.4% | — | ||
| Q3 24 | 14.7% | — | ||
| Q2 24 | -0.5% | — |
| Q1 26 | 7.8% | — | ||
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 2.2% | — |
| Q1 26 | 7.37× | — | ||
| Q4 25 | 1.77× | 1.27× | ||
| Q3 25 | 2.41× | 2.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | 12.08× | — | ||
| Q4 24 | 1.48× | 2.29× | ||
| Q3 24 | 1.92× | 5.57× | ||
| Q2 24 | 0.18× | 2.43× |
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% |
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
