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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
APOGEE ENTERPRISES, INC. is the larger business by last-quarter revenue ($351.4M vs $209.6M, roughly 1.7× Varex Imaging Corp). APOGEE ENTERPRISES, INC. runs the higher net margin — 4.7% vs 1.1%, a 3.6% gap on every dollar of revenue. On growth, Varex Imaging Corp posted the faster year-over-year revenue change (4.9% vs 1.6%). Over the past eight quarters, APOGEE ENTERPRISES, INC.'s revenue compounded faster (2.9% CAGR vs 0.8%).
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
APOG vs VREX — Head-to-Head
Income Statement — Q4 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $351.4M | $209.6M |
| Net Profit | $16.6M | $2.3M |
| Gross Margin | 22.4% | 33.3% |
| Operating Margin | 7.3% | 7.3% |
| Net Margin | 4.7% | 1.1% |
| Revenue YoY | 1.6% | 4.9% |
| Net Profit YoY | 568.8% | 866.7% |
| EPS (diluted) | $0.78 | $0.05 |
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 | $209.6M | ||
| Q4 25 | $348.6M | $228.9M | ||
| Q3 25 | $358.2M | $203.0M | ||
| Q2 25 | $346.6M | $212.9M | ||
| Q1 25 | $345.7M | $199.8M | ||
| Q4 24 | $341.3M | — | ||
| Q3 24 | $342.4M | $205.7M | ||
| Q2 24 | $331.5M | $209.1M |
| Q1 26 | $16.6M | $2.3M | ||
| Q4 25 | $16.5M | $12.2M | ||
| Q3 25 | $23.6M | $-89.1M | ||
| Q2 25 | $-2.7M | $6.9M | ||
| Q1 25 | $2.5M | $-300.0K | ||
| Q4 24 | $21.0M | — | ||
| Q3 24 | $30.6M | $-51.1M | ||
| Q2 24 | $31.0M | $1.4M |
| Q1 26 | 22.4% | 33.3% | ||
| Q4 25 | 23.8% | 34.0% | ||
| Q3 25 | 23.1% | 33.3% | ||
| Q2 25 | 21.7% | 36.0% | ||
| Q1 25 | 21.6% | 34.3% | ||
| Q4 24 | 26.1% | — | ||
| Q3 24 | 28.4% | 32.6% | ||
| Q2 24 | 29.8% | 32.0% |
| Q1 26 | 7.3% | 7.3% | ||
| Q4 25 | 7.1% | 8.6% | ||
| Q3 25 | 7.5% | -39.8% | ||
| Q2 25 | 2.0% | 10.4% | ||
| Q1 25 | 1.8% | 5.6% | ||
| Q4 24 | 8.4% | — | ||
| Q3 24 | 12.3% | 5.3% | ||
| Q2 24 | 12.5% | 4.4% |
| Q1 26 | 4.7% | 1.1% | ||
| Q4 25 | 4.7% | 5.3% | ||
| Q3 25 | 6.6% | -43.9% | ||
| Q2 25 | -0.8% | 3.2% | ||
| Q1 25 | 0.7% | -0.2% | ||
| Q4 24 | 6.1% | — | ||
| Q3 24 | 8.9% | -24.8% | ||
| Q2 24 | 9.4% | 0.7% |
| Q1 26 | $0.78 | $0.05 | ||
| Q4 25 | $0.77 | $0.29 | ||
| Q3 25 | $1.10 | $-2.15 | ||
| Q2 25 | $-0.13 | $0.17 | ||
| Q1 25 | $0.12 | $-0.01 | ||
| Q4 24 | $0.96 | — | ||
| Q3 24 | $1.40 | $-1.25 | ||
| Q2 24 | $1.41 | $0.03 |
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 | $125.6M |
| Total DebtLower is stronger | $232.3M | $367.6M |
| Stockholders' EquityBook value | $511.8M | $476.9M |
| Total Assets | $1.1B | $1.1B |
| Debt / EquityLower = less leverage | 0.45× | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $39.5M | $125.6M | ||
| Q4 25 | $41.3M | $155.1M | ||
| Q3 25 | $39.5M | $152.6M | ||
| Q2 25 | $32.8M | $223.0M | ||
| Q1 25 | $41.4M | $212.6M | ||
| Q4 24 | $43.9M | — | ||
| Q3 24 | $51.0M | $200.5M | ||
| Q2 24 | $30.4M | $190.0M |
| Q1 26 | $232.3M | $367.6M | ||
| Q4 25 | — | $367.5M | ||
| Q3 25 | — | $367.5M | ||
| Q2 25 | — | $567.2M | ||
| Q1 25 | $285.0M | $567.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $443.4M | ||
| Q2 24 | — | $443.1M |
| Q1 26 | $511.8M | $476.9M | ||
| Q4 25 | $512.3M | $472.6M | ||
| Q3 25 | $500.2M | $455.3M | ||
| Q2 25 | $481.8M | $549.7M | ||
| Q1 25 | $487.9M | $540.2M | ||
| Q4 24 | $522.1M | — | ||
| Q3 24 | $506.4M | $529.1M | ||
| Q2 24 | $480.0M | $581.2M |
| Q1 26 | $1.1B | $1.1B | ||
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $917.1M | $1.2B | ||
| Q2 24 | $889.0M | $1.3B |
| Q1 26 | 0.45× | 0.77× | ||
| Q4 25 | — | 0.78× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | 0.58× | 1.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.76× |
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 | $-16.1M |
| Free Cash FlowOCF − Capex | — | $-26.8M |
| FCF MarginFCF / Revenue | — | -12.8% |
| Capex IntensityCapex / Revenue | 7.8% | 5.1% |
| Cash ConversionOCF / Net Profit | 7.37× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.5M | $-16.1M | ||
| Q4 25 | $29.3M | $7.9M | ||
| Q3 25 | $57.1M | $7.7M | ||
| Q2 25 | $-19.8M | $16.6M | ||
| Q1 25 | $30.0M | $9.5M | ||
| Q4 24 | $31.0M | — | ||
| Q3 24 | $58.7M | $25.9M | ||
| Q2 24 | $5.5M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $22.9M | $2.3M | ||
| Q3 25 | $52.4M | $1.4M | ||
| Q2 25 | $-26.9M | $9.8M | ||
| Q1 25 | $19.1M | $5.3M | ||
| Q4 24 | $22.0M | — | ||
| Q3 24 | $50.2M | $19.9M | ||
| Q2 24 | $-1.8M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | 6.6% | 1.0% | ||
| Q3 25 | 14.6% | 0.7% | ||
| Q2 25 | -7.8% | 4.6% | ||
| Q1 25 | 5.5% | 2.7% | ||
| Q4 24 | 6.4% | — | ||
| Q3 24 | 14.7% | 9.7% | ||
| Q2 24 | -0.5% | 1.6% |
| Q1 26 | 7.8% | 5.1% | ||
| Q4 25 | 1.9% | 2.4% | ||
| Q3 25 | 1.3% | 3.1% | ||
| Q2 25 | 2.1% | 3.2% | ||
| Q1 25 | 3.2% | 2.1% | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 2.5% | 2.9% | ||
| Q2 24 | 2.2% | 2.2% |
| Q1 26 | 7.37× | -7.00× | ||
| Q4 25 | 1.77× | 0.65× | ||
| Q3 25 | 2.41× | — | ||
| Q2 25 | — | 2.41× | ||
| Q1 25 | 12.08× | — | ||
| Q4 24 | 1.48× | — | ||
| Q3 24 | 1.92× | — | ||
| Q2 24 | 0.18× | 5.71× |
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% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
