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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and TIDEWATER INC (TDW). Click either name above to swap in a different company.
APOGEE ENTERPRISES, INC. is the larger business by last-quarter revenue ($348.6M vs $336.8M, roughly 1.0× TIDEWATER INC). TIDEWATER INC runs the higher net margin — 65.3% vs 4.7%, a 60.5% gap on every dollar of revenue. On growth, APOGEE ENTERPRISES, INC. posted the faster year-over-year revenue change (2.1% vs -2.4%). TIDEWATER INC produced more free cash flow last quarter ($147.8M vs $22.9M). Over the past eight quarters, TIDEWATER INC's revenue compounded faster (2.4% CAGR vs -1.9%).
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
Tidewater, Inc. is a publicly traded international petroleum service company headquartered in Houston, Texas, U.S. It operates a fleet of ships, primarily providing vessels and marine services to the offshore petroleum and offshore wind industries.
APOG vs TDW — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $348.6M | $336.8M |
| Net Profit | $16.5M | $219.9M |
| Gross Margin | 23.8% | — |
| Operating Margin | 7.1% | 19.0% |
| Net Margin | 4.7% | 65.3% |
| Revenue YoY | 2.1% | -2.4% |
| Net Profit YoY | -21.2% | 495.8% |
| EPS (diluted) | $0.77 | $4.37 |
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.
| Q4 25 | $348.6M | $336.8M | ||
| Q3 25 | $358.2M | $341.1M | ||
| Q2 25 | $346.6M | $341.4M | ||
| Q1 25 | $345.7M | $333.4M | ||
| Q4 24 | $341.3M | $345.1M | ||
| Q3 24 | $342.4M | $340.4M | ||
| Q2 24 | $331.5M | $339.2M | ||
| Q1 24 | $361.8M | $321.2M |
| Q4 25 | $16.5M | $219.9M | ||
| Q3 25 | $23.6M | $-806.0K | ||
| Q2 25 | $-2.7M | $72.9M | ||
| Q1 25 | $2.5M | $42.7M | ||
| Q4 24 | $21.0M | $36.9M | ||
| Q3 24 | $30.6M | $46.4M | ||
| Q2 24 | $31.0M | $50.4M | ||
| Q1 24 | $15.7M | $47.0M |
| 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 24 | 24.4% | — |
| Q4 25 | 7.1% | 19.0% | ||
| Q3 25 | 7.5% | 18.4% | ||
| Q2 25 | 2.0% | 23.7% | ||
| Q1 25 | 1.8% | 22.5% | ||
| Q4 24 | 8.4% | 23.6% | ||
| Q3 24 | 12.3% | 20.6% | ||
| Q2 24 | 12.5% | 23.0% | ||
| Q1 24 | 6.0% | 25.5% |
| Q4 25 | 4.7% | 65.3% | ||
| Q3 25 | 6.6% | -0.2% | ||
| Q2 25 | -0.8% | 21.4% | ||
| Q1 25 | 0.7% | 12.8% | ||
| Q4 24 | 6.1% | 10.7% | ||
| Q3 24 | 8.9% | 13.6% | ||
| Q2 24 | 9.4% | 14.8% | ||
| Q1 24 | 4.3% | 14.6% |
| Q4 25 | $0.77 | $4.37 | ||
| Q3 25 | $1.10 | $-0.02 | ||
| Q2 25 | $-0.13 | $1.46 | ||
| Q1 25 | $0.12 | $0.83 | ||
| Q4 24 | $0.96 | $0.70 | ||
| Q3 24 | $1.40 | $0.87 | ||
| Q2 24 | $1.41 | $0.94 | ||
| Q1 24 | $0.71 | $0.89 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $41.3M | $578.8M |
| Total DebtLower is stronger | — | $670.1M |
| Stockholders' EquityBook value | $512.3M | $1.4B |
| Total Assets | $1.1B | $2.4B |
| Debt / EquityLower = less leverage | — | 0.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $41.3M | $578.8M | ||
| Q3 25 | $39.5M | $428.2M | ||
| Q2 25 | $32.8M | $369.4M | ||
| Q1 25 | $41.4M | $341.8M | ||
| Q4 24 | $43.9M | $324.9M | ||
| Q3 24 | $51.0M | $280.8M | ||
| Q2 24 | $30.4M | $315.9M | ||
| Q1 24 | $37.2M | $280.9M |
| Q4 25 | — | $670.1M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $285.0M | — | ||
| Q4 24 | — | $647.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $62.0M | — |
| Q4 25 | $512.3M | $1.4B | ||
| Q3 25 | $500.2M | $1.1B | ||
| Q2 25 | $481.8M | $1.1B | ||
| Q1 25 | $487.9M | $1.1B | ||
| Q4 24 | $522.1M | $1.1B | ||
| Q3 24 | $506.4M | $1.1B | ||
| Q2 24 | $480.0M | $1.1B | ||
| Q1 24 | $471.0M | $1.1B |
| Q4 25 | $1.1B | $2.4B | ||
| Q3 25 | $1.2B | $2.1B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $1.2B | $2.1B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $917.1M | $2.0B | ||
| Q2 24 | $889.0M | $2.1B | ||
| Q1 24 | $884.1M | $2.1B |
| Q4 25 | — | 0.49× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | — | 0.58× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.13× | — |
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 | $29.3M | $153.0M |
| Free Cash FlowOCF − Capex | $22.9M | $147.8M |
| FCF MarginFCF / Revenue | 6.6% | 43.9% |
| Capex IntensityCapex / Revenue | 1.9% | 1.5% |
| Cash ConversionOCF / Net Profit | 1.77× | 0.70× |
| TTM Free Cash FlowTrailing 4 quarters | $67.4M | $353.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.3M | $153.0M | ||
| Q3 25 | $57.1M | $54.7M | ||
| Q2 25 | $-19.8M | $85.4M | ||
| Q1 25 | $30.0M | $86.0M | ||
| Q4 24 | $31.0M | $100.0M | ||
| Q3 24 | $58.7M | $49.0M | ||
| Q2 24 | $5.5M | $78.6M | ||
| Q1 24 | $74.9M | $54.8M |
| Q4 25 | $22.9M | $147.8M | ||
| Q3 25 | $52.4M | $49.6M | ||
| Q2 25 | $-26.9M | $80.2M | ||
| Q1 25 | $19.1M | $75.7M | ||
| Q4 24 | $22.0M | $95.5M | ||
| Q3 24 | $50.2M | $43.3M | ||
| Q2 24 | $-1.8M | $72.3M | ||
| Q1 24 | $58.7M | $43.8M |
| Q4 25 | 6.6% | 43.9% | ||
| Q3 25 | 14.6% | 14.5% | ||
| Q2 25 | -7.8% | 23.5% | ||
| Q1 25 | 5.5% | 22.7% | ||
| Q4 24 | 6.4% | 27.7% | ||
| Q3 24 | 14.7% | 12.7% | ||
| Q2 24 | -0.5% | 21.3% | ||
| Q1 24 | 16.2% | 13.6% |
| Q4 25 | 1.9% | 1.5% | ||
| Q3 25 | 1.3% | 1.5% | ||
| Q2 25 | 2.1% | 1.5% | ||
| Q1 25 | 3.2% | 3.1% | ||
| Q4 24 | 2.6% | 1.3% | ||
| Q3 24 | 2.5% | 1.7% | ||
| Q2 24 | 2.2% | 1.9% | ||
| Q1 24 | 4.5% | 3.4% |
| Q4 25 | 1.77× | 0.70× | ||
| Q3 25 | 2.41× | — | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | 12.08× | 2.02× | ||
| Q4 24 | 1.48× | 2.71× | ||
| Q3 24 | 1.92× | 1.06× | ||
| Q2 24 | 0.18× | 1.56× | ||
| Q1 24 | 4.76× | 1.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APOG
| Transferred At Point In Time | $163.0M | 47% |
| Architectural Services Segment | $105.2M | 30% |
| Performance Surfaces | $53.0M | 15% |
| UW Interco LLC | $27.9M | 8% |
TDW
Segment breakdown not available.
