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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
APOGEE ENTERPRISES, INC. is the larger business by last-quarter revenue ($351.4M vs $192.7M, roughly 1.8× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 4.7%, a 8.7% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 1.6%). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% 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.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
APOG vs SPSC — Head-to-Head
Income Statement — Q4 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $351.4M | $192.7M |
| Net Profit | $16.6M | $25.8M |
| Gross Margin | 22.4% | 70.4% |
| Operating Margin | 7.3% | 18.0% |
| Net Margin | 4.7% | 13.4% |
| Revenue YoY | 1.6% | 12.7% |
| Net Profit YoY | 568.8% | 47.2% |
| EPS (diluted) | $0.78 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $358.2M | $189.9M | ||
| Q2 25 | $346.6M | $187.4M | ||
| Q1 25 | $345.7M | $181.5M | ||
| Q4 24 | $341.3M | $170.9M | ||
| Q3 24 | $342.4M | $163.7M | ||
| Q2 24 | $331.5M | $153.6M |
| Q1 26 | $16.6M | — | ||
| Q4 25 | $16.5M | $25.8M | ||
| Q3 25 | $23.6M | $25.6M | ||
| Q2 25 | $-2.7M | $19.7M | ||
| Q1 25 | $2.5M | $22.2M | ||
| Q4 24 | $21.0M | $17.6M | ||
| Q3 24 | $30.6M | $23.5M | ||
| Q2 24 | $31.0M | $18.0M |
| Q1 26 | 22.4% | — | ||
| Q4 25 | 23.8% | 70.4% | ||
| Q3 25 | 23.1% | 69.5% | ||
| Q2 25 | 21.7% | 68.1% | ||
| Q1 25 | 21.6% | 68.7% | ||
| Q4 24 | 26.1% | 67.5% | ||
| Q3 24 | 28.4% | 68.5% | ||
| Q2 24 | 29.8% | 66.1% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.1% | 18.0% | ||
| Q3 25 | 7.5% | 16.4% | ||
| Q2 25 | 2.0% | 14.1% | ||
| Q1 25 | 1.8% | 14.3% | ||
| Q4 24 | 8.4% | 14.5% | ||
| Q3 24 | 12.3% | 15.6% | ||
| Q2 24 | 12.5% | 15.1% |
| Q1 26 | 4.7% | — | ||
| Q4 25 | 4.7% | 13.4% | ||
| Q3 25 | 6.6% | 13.5% | ||
| Q2 25 | -0.8% | 10.5% | ||
| Q1 25 | 0.7% | 12.2% | ||
| Q4 24 | 6.1% | 10.3% | ||
| Q3 24 | 8.9% | 14.3% | ||
| Q2 24 | 9.4% | 11.7% |
| Q1 26 | $0.78 | — | ||
| Q4 25 | $0.77 | $0.69 | ||
| Q3 25 | $1.10 | $0.67 | ||
| Q2 25 | $-0.13 | $0.52 | ||
| Q1 25 | $0.12 | $0.58 | ||
| Q4 24 | $0.96 | $0.46 | ||
| Q3 24 | $1.40 | $0.62 | ||
| Q2 24 | $1.41 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | $232.3M | — |
| Stockholders' EquityBook value | $511.8M | $973.9M |
| Total Assets | $1.1B | $1.2B |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $39.5M | — | ||
| Q4 25 | $41.3M | $151.4M | ||
| Q3 25 | $39.5M | $133.7M | ||
| Q2 25 | $32.8M | $107.6M | ||
| Q1 25 | $41.4M | $94.9M | ||
| Q4 24 | $43.9M | $241.0M | ||
| Q3 24 | $51.0M | $205.8M | ||
| Q2 24 | $30.4M | $271.8M |
| 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 | $973.9M | ||
| Q3 25 | $500.2M | $958.9M | ||
| Q2 25 | $481.8M | $949.8M | ||
| Q1 25 | $487.9M | $920.9M | ||
| Q4 24 | $522.1M | $854.7M | ||
| Q3 24 | $506.4M | $829.4M | ||
| Q2 24 | $480.0M | $703.4M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $917.1M | $1.0B | ||
| Q2 24 | $889.0M | $854.5M |
| 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 | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | 7.8% | 4.0% |
| Cash ConversionOCF / Net Profit | 7.37× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.5M | — | ||
| Q4 25 | $29.3M | $45.9M | ||
| Q3 25 | $57.1M | $60.6M | ||
| Q2 25 | $-19.8M | $32.3M | ||
| Q1 25 | $30.0M | $40.0M | ||
| Q4 24 | $31.0M | $40.6M | ||
| Q3 24 | $58.7M | $53.3M | ||
| Q2 24 | $5.5M | $29.4M |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | $38.2M | ||
| Q3 25 | $52.4M | $54.6M | ||
| Q2 25 | $-26.9M | $25.7M | ||
| Q1 25 | $19.1M | $33.8M | ||
| Q4 24 | $22.0M | $34.3M | ||
| Q3 24 | $50.2M | $48.1M | ||
| Q2 24 | $-1.8M | $24.4M |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 19.8% | ||
| Q3 25 | 14.6% | 28.7% | ||
| Q2 25 | -7.8% | 13.7% | ||
| Q1 25 | 5.5% | 18.6% | ||
| Q4 24 | 6.4% | 20.1% | ||
| Q3 24 | 14.7% | 29.4% | ||
| Q2 24 | -0.5% | 15.9% |
| Q1 26 | 7.8% | — | ||
| Q4 25 | 1.9% | 4.0% | ||
| Q3 25 | 1.3% | 3.2% | ||
| Q2 25 | 2.1% | 3.6% | ||
| Q1 25 | 3.2% | 3.4% | ||
| Q4 24 | 2.6% | 3.6% | ||
| Q3 24 | 2.5% | 3.2% | ||
| Q2 24 | 2.2% | 3.3% |
| Q1 26 | 7.37× | — | ||
| Q4 25 | 1.77× | 1.78× | ||
| Q3 25 | 2.41× | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | 12.08× | 1.80× | ||
| Q4 24 | 1.48× | 2.31× | ||
| Q3 24 | 1.92× | 2.27× | ||
| Q2 24 | 0.18× | 1.63× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
