vs
Side-by-side financial comparison of ALPHA PRO TECH LTD (APT) and Forward Industries, Inc. (FWDI). Click either name above to swap in a different company.
Forward Industries, Inc. is the larger business by last-quarter revenue ($21.4M vs $13.9M, roughly 1.5× ALPHA PRO TECH LTD). ALPHA PRO TECH LTD runs the higher net margin — 5.0% vs -2732.2%, a 2737.2% gap on every dollar of revenue. On growth, Forward Industries, Inc. posted the faster year-over-year revenue change (224.0% vs 0.3%). Over the past eight quarters, Forward Industries, Inc.'s revenue compounded faster (74.6% CAGR vs 1.4%).
Alpha Pro Tech Ltd is a leading developer, manufacturer and marketer of disposable protective apparel, face masks, and building supply products including weather-resistant barriers. It primarily serves the healthcare, industrial, and construction sectors, with core operating markets concentrated in North America.
Melrose Industries plc is a British aerospace manufacturing company based in Birmingham, England. It is the parent company of GKN Aerospace. The company's shares are listed on the London Stock Exchange as a constituent of the FTSE 100 Index.
APT vs FWDI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $13.9M | $21.4M |
| Net Profit | $698.0K | $-585.7M |
| Gross Margin | 37.1% | 78.6% |
| Operating Margin | 6.9% | -2722.8% |
| Net Margin | 5.0% | -2732.2% |
| Revenue YoY | 0.3% | 224.0% |
| Net Profit YoY | -17.6% | -82611.5% |
| EPS (diluted) | $0.06 | $-5.91 |
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 | $13.9M | $21.4M | ||
| Q3 25 | $14.8M | $7.9M | ||
| Q2 25 | $16.7M | $2.5M | ||
| Q1 25 | $13.8M | $3.1M | ||
| Q4 24 | $13.8M | $6.6M | ||
| Q3 24 | $14.3M | — | ||
| Q2 24 | $16.3M | $7.8M | ||
| Q1 24 | $13.5M | $5.1M |
| Q4 25 | $698.0K | $-585.7M | ||
| Q3 25 | $976.0K | $-164.0M | ||
| Q2 25 | $1.2M | $-850.0K | ||
| Q1 25 | $613.0K | $-1.5M | ||
| Q4 24 | $847.0K | $-708.1K | ||
| Q3 24 | $862.0K | — | ||
| Q2 24 | $1.6M | $-399.6K | ||
| Q1 24 | $576.0K | $-553.2K |
| Q4 25 | 37.1% | 78.6% | ||
| Q3 25 | 39.7% | 61.1% | ||
| Q2 25 | 36.8% | — | ||
| Q1 25 | 39.0% | -5.7% | ||
| Q4 24 | 37.6% | 17.1% | ||
| Q3 24 | 38.5% | — | ||
| Q2 24 | 42.0% | 16.8% | ||
| Q1 24 | 40.2% | 26.2% |
| Q4 25 | 6.9% | -2722.8% | ||
| Q3 25 | 7.4% | -39.2% | ||
| Q2 25 | 8.0% | -102.6% | ||
| Q1 25 | 3.3% | -58.3% | ||
| Q4 24 | 4.9% | -13.6% | ||
| Q3 24 | 5.2% | — | ||
| Q2 24 | 10.5% | -5.9% | ||
| Q1 24 | 2.4% | -12.2% |
| Q4 25 | 5.0% | -2732.2% | ||
| Q3 25 | 6.6% | -2063.6% | ||
| Q2 25 | 7.5% | -34.1% | ||
| Q1 25 | 4.4% | -46.5% | ||
| Q4 24 | 6.1% | -10.7% | ||
| Q3 24 | 6.0% | — | ||
| Q2 24 | 10.1% | -5.1% | ||
| Q1 24 | 4.3% | -10.9% |
| Q4 25 | $0.06 | $-5.91 | ||
| Q3 25 | $0.09 | $-21.86 | ||
| Q2 25 | $0.12 | $-0.77 | ||
| Q1 25 | $0.06 | $-1.32 | ||
| Q4 24 | $0.07 | $-0.64 | ||
| Q3 24 | $0.08 | — | ||
| Q2 24 | $0.15 | $-0.36 | ||
| Q1 24 | $0.05 | $-0.50 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $17.0M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $62.5M | $880.9M |
| Total Assets | $74.1M | $892.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.0M | — | ||
| Q3 25 | $17.7M | — | ||
| Q2 25 | $14.5M | — | ||
| Q1 25 | $13.4M | — | ||
| Q4 24 | $18.6M | — | ||
| Q3 24 | $18.4M | — | ||
| Q2 24 | $16.2M | — | ||
| Q1 24 | $18.5M | — |
| Q4 25 | $62.5M | $880.9M | ||
| Q3 25 | $62.5M | $1.5B | ||
| Q2 25 | $62.2M | $3.4M | ||
| Q1 25 | $61.7M | $3.6M | ||
| Q4 24 | $62.2M | $2.3M | ||
| Q3 24 | $62.1M | — | ||
| Q2 24 | $62.0M | $1.4M | ||
| Q1 24 | $61.6M | $1.8M |
| Q4 25 | $74.1M | $892.9M | ||
| Q3 25 | $73.9M | $1.5B | ||
| Q2 25 | $73.2M | $8.3M | ||
| Q1 25 | $72.2M | $12.3M | ||
| Q4 24 | $73.7M | — | ||
| Q3 24 | $73.3M | — | ||
| Q2 24 | $72.7M | $15.2M | ||
| Q1 24 | $72.7M | $15.2M |
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 | $318.0K | $-7.9M |
| Free Cash FlowOCF − Capex | $51.0K | — |
| FCF MarginFCF / Revenue | 0.4% | — |
| Capex IntensityCapex / Revenue | 1.9% | 0.0% |
| Cash ConversionOCF / Net Profit | 0.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $318.0K | $-7.9M | ||
| Q3 25 | $3.9M | $-4.5M | ||
| Q2 25 | $2.1M | $-1.2M | ||
| Q1 25 | $-4.0M | $-537.6K | ||
| Q4 24 | $2.4M | $-434.3K | ||
| Q3 24 | $5.3M | — | ||
| Q2 24 | $-873.0K | $436.0K | ||
| Q1 24 | $-1.2M | — |
| Q4 25 | $51.0K | — | ||
| Q3 25 | $3.8M | $-4.5M | ||
| Q2 25 | $1.9M | $-1.2M | ||
| Q1 25 | $-4.1M | $-539.0K | ||
| Q4 24 | $970.0K | $-439.7K | ||
| Q3 24 | $3.2M | — | ||
| Q2 24 | $-1.0M | $426.8K | ||
| Q1 24 | $-1.3M | — |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 25.9% | -57.0% | ||
| Q2 25 | 11.7% | -50.0% | ||
| Q1 25 | -29.6% | -17.3% | ||
| Q4 24 | 7.0% | -6.6% | ||
| Q3 24 | 22.3% | — | ||
| Q2 24 | -6.2% | 5.5% | ||
| Q1 24 | -9.3% | — |
| Q4 25 | 1.9% | 0.0% | ||
| Q3 25 | 0.7% | 0.3% | ||
| Q2 25 | 0.8% | 0.8% | ||
| Q1 25 | 1.0% | 0.0% | ||
| Q4 24 | 10.4% | 0.1% | ||
| Q3 24 | 15.1% | — | ||
| Q2 24 | 0.8% | 0.1% | ||
| Q1 24 | 0.6% | — |
| Q4 25 | 0.46× | — | ||
| Q3 25 | 4.02× | — | ||
| Q2 25 | 1.68× | — | ||
| Q1 25 | -6.46× | — | ||
| Q4 24 | 2.85× | — | ||
| Q3 24 | 6.18× | — | ||
| Q2 24 | -0.53× | — | ||
| Q1 24 | -2.03× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APT
| Other | $7.3M | 53% |
| Disposable Protective Apparel | $6.6M | 47% |
FWDI
| CODM | $17.4M | 81% |
| Design Segment | $4.1M | 19% |
