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Side-by-side financial comparison of CARLSMED, INC. (CARL) and FREQUENCY ELECTRONICS INC (FEIM). Click either name above to swap in a different company.
FREQUENCY ELECTRONICS INC is the larger business by last-quarter revenue ($17.1M vs $16.1M, roughly 1.1× CARLSMED, INC.). FREQUENCY ELECTRONICS INC runs the higher net margin — 10.5% vs 0.3%, a 10.2% gap on every dollar of revenue. On growth, CARLSMED, INC. posted the faster year-over-year revenue change (58.2% vs 8.3%).
Ultra Electronics Holdings is a British defence and security company. It was listed on the London Stock Exchange and was a constituent of the FTSE 250 Index until it was acquired by Cobham, which is itself owned by Advent International.
CARL vs FEIM — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $16.1M | $17.1M |
| Net Profit | $51.8K | $1.8M |
| Gross Margin | 77.1% | 38.2% |
| Operating Margin | -34.7% | 10.0% |
| Net Margin | 0.3% | 10.5% |
| Revenue YoY | 58.2% | 8.3% |
| Net Profit YoY | — | -32.1% |
| EPS (diluted) | — | $0.18 |
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 | $16.1M | — | ||
| Q4 25 | $15.2M | $17.1M | ||
| Q3 25 | $13.1M | $13.8M | ||
| Q2 25 | $12.1M | $20.0M | ||
| Q1 25 | — | $18.9M | ||
| Q4 24 | — | $15.8M | ||
| Q3 24 | — | $15.1M | ||
| Q2 24 | — | $15.6M |
| Q1 26 | $51.8K | — | ||
| Q4 25 | $82.5K | $1.8M | ||
| Q3 25 | $-8.5M | $634.0K | ||
| Q2 25 | $-6.8M | $3.2M | ||
| Q1 25 | — | $15.4M | ||
| Q4 24 | — | $2.7M | ||
| Q3 24 | — | $2.4M | ||
| Q2 24 | — | $2.6M |
| Q1 26 | 77.1% | — | ||
| Q4 25 | 76.5% | 38.2% | ||
| Q3 25 | 75.9% | 36.8% | ||
| Q2 25 | 73.4% | 37.5% | ||
| Q1 25 | — | 43.8% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | — | 44.4% | ||
| Q2 24 | — | 40.3% |
| Q1 26 | -34.7% | — | ||
| Q4 25 | -38.0% | 10.0% | ||
| Q3 25 | -69.1% | 2.6% | ||
| Q2 25 | -53.8% | 16.4% | ||
| Q1 25 | — | 18.3% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | — | 15.7% | ||
| Q2 24 | — | 16.0% |
| Q1 26 | 0.3% | — | ||
| Q4 25 | 0.5% | 10.5% | ||
| Q3 25 | -65.2% | 4.6% | ||
| Q2 25 | -56.0% | 16.0% | ||
| Q1 25 | — | 81.4% | ||
| Q4 24 | — | 16.8% | ||
| Q3 24 | — | 16.1% | ||
| Q2 24 | — | 16.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | $0.18 | ||
| Q3 25 | $-0.40 | $0.07 | ||
| Q2 25 | $-1.47 | $0.33 | ||
| Q1 25 | — | $1.60 | ||
| Q4 24 | — | $0.28 | ||
| Q3 24 | — | $0.25 | ||
| Q2 24 | — | $0.28 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $97.0M | $3.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $58.5M |
| Total Assets | $118.8M | $92.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $97.0M | — | ||
| Q4 25 | $109.8M | $3.0M | ||
| Q3 25 | $115.4M | $4.5M | ||
| Q2 25 | $33.5M | $4.7M | ||
| Q1 25 | — | $5.5M | ||
| Q4 24 | — | $9.7M | ||
| Q3 24 | — | $16.2M | ||
| Q2 24 | — | $18.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $15.4M | — | ||
| Q2 25 | $15.4M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $58.5M | ||
| Q3 25 | $106.7M | $56.3M | ||
| Q2 25 | $-83.1M | $55.6M | ||
| Q1 25 | — | $51.8M | ||
| Q4 24 | — | $36.2M | ||
| Q3 24 | — | $33.2M | ||
| Q2 24 | — | $39.8M |
| Q1 26 | $118.8M | — | ||
| Q4 25 | $130.1M | $92.3M | ||
| Q3 25 | $134.9M | $93.2M | ||
| Q2 25 | $53.3M | $93.7M | ||
| Q1 25 | — | $86.4M | ||
| Q4 24 | — | $77.8M | ||
| Q3 24 | — | $84.3M | ||
| Q2 24 | — | $83.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.14× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| 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 | — | $-523.0K |
| Free Cash FlowOCF − Capex | — | $-1.1M |
| FCF MarginFCF / Revenue | — | -6.6% |
| Capex IntensityCapex / Revenue | — | 3.6% |
| Cash ConversionOCF / Net Profit | — | -0.29× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-5.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $-523.0K | ||
| Q3 25 | $-8.5M | $1.2M | ||
| Q2 25 | $-15.2M | $-155.0K | ||
| Q1 25 | — | $-3.6M | ||
| Q4 24 | — | $3.8M | ||
| Q3 24 | — | $-1.5M | ||
| Q2 24 | — | $7.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-1.1M | ||
| Q3 25 | $-8.6M | $385.0K | ||
| Q2 25 | $-15.6M | $-786.0K | ||
| Q1 25 | — | $-4.0M | ||
| Q4 24 | — | $3.3M | ||
| Q3 24 | — | $-1.8M | ||
| Q2 24 | — | $6.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | -6.6% | ||
| Q3 25 | -65.9% | 2.8% | ||
| Q2 25 | -129.2% | -3.9% | ||
| Q1 25 | — | -20.9% | ||
| Q4 24 | — | 20.8% | ||
| Q3 24 | — | -11.8% | ||
| Q2 24 | — | 42.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.6% | ||
| Q3 25 | 1.2% | 5.6% | ||
| Q2 25 | 3.4% | 3.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 5.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | -0.29× | ||
| Q3 25 | — | 1.83× | ||
| Q2 25 | — | -0.05× | ||
| Q1 25 | — | -0.24× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | -0.60× | ||
| Q2 24 | — | 2.85× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CARL
Segment breakdown not available.
FEIM
| POC Revenue | $14.8M | 86% |
| POT Revenue | $2.3M | 13% |
