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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and DOUGLAS DYNAMICS, INC (PLOW). Click either name above to swap in a different company.
APOGEE ENTERPRISES, INC. is the larger business by last-quarter revenue ($351.4M vs $184.5M, roughly 1.9× DOUGLAS DYNAMICS, INC). DOUGLAS DYNAMICS, INC runs the higher net margin — 7.0% vs 4.7%, a 2.2% gap on every dollar of revenue. On growth, DOUGLAS DYNAMICS, INC posted the faster year-over-year revenue change (28.6% vs 1.6%). Over the past eight quarters, DOUGLAS DYNAMICS, INC's revenue compounded faster (38.9% 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.
General Dynamics Corporation (GD) is an American industrial and technology company based in Reston, Virginia. It is primarily a developer and producer of advanced military equipment of a wide variety, such as nuclear submarines, main battle tanks, and armoured fighting vehicles. It is also the manufacturer of the civilian aviation Gulfstream business jets and a provider of information technology services. The company is the 3rd largest of the top 100 contractors of the U.S. federal government...
APOG vs PLOW — Head-to-Head
Income Statement — Q4 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $351.4M | $184.5M |
| Net Profit | $16.6M | $12.8M |
| Gross Margin | 22.4% | 26.1% |
| Operating Margin | 7.3% | 10.5% |
| Net Margin | 4.7% | 7.0% |
| Revenue YoY | 1.6% | 28.6% |
| Net Profit YoY | 568.8% | 62.3% |
| EPS (diluted) | $0.78 | $0.54 |
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 | $184.5M | ||
| Q3 25 | $358.2M | $162.1M | ||
| Q2 25 | $346.6M | $194.3M | ||
| Q1 25 | $345.7M | $115.1M | ||
| Q4 24 | $341.3M | $143.5M | ||
| Q3 24 | $342.4M | $129.4M | ||
| Q2 24 | $331.5M | $199.9M |
| Q1 26 | $16.6M | — | ||
| Q4 25 | $16.5M | $12.8M | ||
| Q3 25 | $23.6M | $8.0M | ||
| Q2 25 | $-2.7M | $26.0M | ||
| Q1 25 | $2.5M | $148.0K | ||
| Q4 24 | $21.0M | $7.9M | ||
| Q3 24 | $30.6M | $32.3M | ||
| Q2 24 | $31.0M | $24.3M |
| Q1 26 | 22.4% | — | ||
| Q4 25 | 23.8% | 26.1% | ||
| Q3 25 | 23.1% | 23.5% | ||
| Q2 25 | 21.7% | 31.0% | ||
| Q1 25 | 21.6% | 24.5% | ||
| Q4 24 | 26.1% | 24.9% | ||
| Q3 24 | 28.4% | 23.9% | ||
| Q2 24 | 29.8% | 30.7% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.1% | 10.5% | ||
| Q3 25 | 7.5% | 8.7% | ||
| Q2 25 | 2.0% | 19.0% | ||
| Q1 25 | 1.8% | 2.8% | ||
| Q4 24 | 8.4% | 9.0% | ||
| Q3 24 | 12.3% | 35.4% | ||
| Q2 24 | 12.5% | 18.2% |
| Q1 26 | 4.7% | — | ||
| Q4 25 | 4.7% | 7.0% | ||
| Q3 25 | 6.6% | 4.9% | ||
| Q2 25 | -0.8% | 13.4% | ||
| Q1 25 | 0.7% | 0.1% | ||
| Q4 24 | 6.1% | 5.5% | ||
| Q3 24 | 8.9% | 24.9% | ||
| Q2 24 | 9.4% | 12.2% |
| Q1 26 | $0.78 | — | ||
| Q4 25 | $0.77 | $0.54 | ||
| Q3 25 | $1.10 | $0.33 | ||
| Q2 25 | $-0.13 | $1.09 | ||
| Q1 25 | $0.12 | $0.00 | ||
| Q4 24 | $0.96 | $0.35 | ||
| Q3 24 | $1.40 | $1.36 | ||
| Q2 24 | $1.41 | $1.02 |
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 | $144.0M |
| Stockholders' EquityBook value | $511.8M | $281.4M |
| Total Assets | $1.1B | $626.7M |
| Debt / EquityLower = less leverage | 0.45× | 0.51× |
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 | — | $144.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $285.0M | — | ||
| Q4 24 | — | $147.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $511.8M | — | ||
| Q4 25 | $512.3M | $281.4M | ||
| Q3 25 | $500.2M | $275.3M | ||
| Q2 25 | $481.8M | $273.3M | ||
| Q1 25 | $487.9M | $258.9M | ||
| Q4 24 | $522.1M | $264.2M | ||
| Q3 24 | $506.4M | $260.8M | ||
| Q2 24 | $480.0M | $236.7M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $626.7M | ||
| Q3 25 | $1.2B | $694.9M | ||
| Q2 25 | $1.2B | $671.5M | ||
| Q1 25 | $1.2B | $621.0M | ||
| Q4 24 | $1.2B | $590.0M | ||
| Q3 24 | $917.1M | $665.6M | ||
| Q2 24 | $889.0M | $617.0M |
| Q1 26 | 0.45× | — | ||
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | — | 0.56× | ||
| 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 | $95.9M |
| Free Cash FlowOCF − Capex | — | $92.8M |
| FCF MarginFCF / Revenue | — | 50.3% |
| Capex IntensityCapex / Revenue | 7.8% | 1.7% |
| Cash ConversionOCF / Net Profit | 7.37× | 7.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | $63.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.5M | — | ||
| Q4 25 | $29.3M | $95.9M | ||
| Q3 25 | $57.1M | $-8.5M | ||
| Q2 25 | $-19.8M | $-11.4M | ||
| Q1 25 | $30.0M | $-1.3M | ||
| Q4 24 | $31.0M | $74.4M | ||
| Q3 24 | $58.7M | $-14.2M | ||
| Q2 24 | $5.5M | $2.5M |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | $92.8M | ||
| Q3 25 | $52.4M | $-11.4M | ||
| Q2 25 | $-26.9M | $-14.3M | ||
| Q1 25 | $19.1M | $-3.5M | ||
| Q4 24 | $22.0M | $70.2M | ||
| Q3 24 | $50.2M | $-15.2M | ||
| Q2 24 | $-1.8M | $836.0K |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 50.3% | ||
| Q3 25 | 14.6% | -7.1% | ||
| Q2 25 | -7.8% | -7.4% | ||
| Q1 25 | 5.5% | -3.0% | ||
| Q4 24 | 6.4% | 48.9% | ||
| Q3 24 | 14.7% | -11.8% | ||
| Q2 24 | -0.5% | 0.4% |
| Q1 26 | 7.8% | — | ||
| Q4 25 | 1.9% | 1.7% | ||
| Q3 25 | 1.3% | 1.8% | ||
| Q2 25 | 2.1% | 1.5% | ||
| Q1 25 | 3.2% | 1.9% | ||
| Q4 24 | 2.6% | 2.9% | ||
| Q3 24 | 2.5% | 0.8% | ||
| Q2 24 | 2.2% | 0.8% |
| Q1 26 | 7.37× | — | ||
| Q4 25 | 1.77× | 7.47× | ||
| Q3 25 | 2.41× | -1.07× | ||
| Q2 25 | — | -0.44× | ||
| Q1 25 | 12.08× | -9.03× | ||
| Q4 24 | 1.48× | 9.41× | ||
| Q3 24 | 1.92× | -0.44× | ||
| Q2 24 | 0.18× | 0.10× |
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% |
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
