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Side-by-side financial comparison of CSP INC (CSPI) 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 $12.0M, roughly 1.4× CSP INC). FREQUENCY ELECTRONICS INC runs the higher net margin — 10.5% vs 0.8%, a 9.8% gap on every dollar of revenue. On growth, FREQUENCY ELECTRONICS INC posted the faster year-over-year revenue change (8.3% vs -23.2%). FREQUENCY ELECTRONICS INC produced more free cash flow last quarter ($-1.1M vs $-3.0M). Over the past eight quarters, FREQUENCY ELECTRONICS INC's revenue compounded faster (11.8% CAGR vs -6.3%).
CSP Inc. is a U.S.-based technology firm offering cybersecurity solutions, managed IT services, high-performance computing systems, and IT consulting support. It serves enterprises across healthcare, finance, manufacturing, and public sectors in North America and select global markets.
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.
CSPI vs FEIM — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $12.0M | $17.1M |
| Net Profit | $91.0K | $1.8M |
| Gross Margin | 39.3% | 38.2% |
| Operating Margin | -0.9% | 10.0% |
| Net Margin | 0.8% | 10.5% |
| Revenue YoY | -23.2% | 8.3% |
| Net Profit YoY | -80.7% | -32.1% |
| EPS (diluted) | $0.01 | $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.
| Q4 25 | $12.0M | $17.1M | ||
| Q3 25 | $14.5M | $13.8M | ||
| Q2 25 | $15.4M | $20.0M | ||
| Q1 25 | $13.1M | $18.9M | ||
| Q4 24 | $15.7M | $15.8M | ||
| Q3 24 | $13.0M | $15.1M | ||
| Q2 24 | $13.1M | $15.6M | ||
| Q1 24 | $13.7M | $13.7M |
| Q4 25 | $91.0K | $1.8M | ||
| Q3 25 | $-191.0K | $634.0K | ||
| Q2 25 | $-264.0K | $3.2M | ||
| Q1 25 | $-108.0K | $15.4M | ||
| Q4 24 | $472.0K | $2.7M | ||
| Q3 24 | $-1.7M | $2.4M | ||
| Q2 24 | $-185.0K | $2.6M | ||
| Q1 24 | $1.6M | $130.0K |
| Q4 25 | 39.3% | 38.2% | ||
| Q3 25 | 36.6% | 36.8% | ||
| Q2 25 | 28.8% | 37.5% | ||
| Q1 25 | 32.0% | 43.8% | ||
| Q4 24 | 29.1% | 48.2% | ||
| Q3 24 | 28.4% | 44.4% | ||
| Q2 24 | 35.0% | 40.3% | ||
| Q1 24 | 47.3% | 22.6% |
| Q4 25 | -0.9% | 10.0% | ||
| Q3 25 | -3.7% | 2.6% | ||
| Q2 25 | -7.9% | 16.4% | ||
| Q1 25 | -7.6% | 18.3% | ||
| Q4 24 | -2.3% | 16.5% | ||
| Q3 24 | -15.7% | 15.7% | ||
| Q2 24 | -5.5% | 16.0% | ||
| Q1 24 | 9.0% | -3.4% |
| Q4 25 | 0.8% | 10.5% | ||
| Q3 25 | -1.3% | 4.6% | ||
| Q2 25 | -1.7% | 16.0% | ||
| Q1 25 | -0.8% | 81.4% | ||
| Q4 24 | 3.0% | 16.8% | ||
| Q3 24 | -12.7% | 16.1% | ||
| Q2 24 | -1.4% | 16.9% | ||
| Q1 24 | 11.6% | 0.9% |
| Q4 25 | $0.01 | $0.18 | ||
| Q3 25 | $-0.02 | $0.07 | ||
| Q2 25 | $-0.03 | $0.33 | ||
| Q1 25 | $-0.01 | $1.60 | ||
| Q4 24 | $0.05 | $0.28 | ||
| Q3 24 | $-0.17 | $0.25 | ||
| Q2 24 | $-0.02 | $0.28 | ||
| Q1 24 | $0.16 | $0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $24.9M | $3.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $44.8M | $58.5M |
| Total Assets | $69.2M | $92.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.9M | $3.0M | ||
| Q3 25 | $27.4M | $4.5M | ||
| Q2 25 | $26.3M | $4.7M | ||
| Q1 25 | $29.5M | $5.5M | ||
| Q4 24 | $30.7M | $9.7M | ||
| Q3 24 | $30.6M | $16.2M | ||
| Q2 24 | $28.9M | $18.3M | ||
| Q1 24 | $27.1M | $11.7M |
| Q4 25 | $44.8M | $58.5M | ||
| Q3 25 | $44.6M | $56.3M | ||
| Q2 25 | $47.5M | $55.6M | ||
| Q1 25 | $47.5M | $51.8M | ||
| Q4 24 | $47.5M | $36.2M | ||
| Q3 24 | $47.3M | $33.2M | ||
| Q2 24 | $48.1M | $39.8M | ||
| Q1 24 | $48.2M | $36.7M |
| Q4 25 | $69.2M | $92.3M | ||
| Q3 25 | $71.2M | $93.2M | ||
| Q2 25 | $66.8M | $93.7M | ||
| Q1 25 | $67.1M | $86.4M | ||
| Q4 24 | $67.5M | $77.8M | ||
| Q3 24 | $69.4M | $84.3M | ||
| Q2 24 | $66.8M | $83.3M | ||
| Q1 24 | $64.2M | $77.7M |
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 | $-2.9M | $-523.0K |
| Free Cash FlowOCF − Capex | $-3.0M | $-1.1M |
| FCF MarginFCF / Revenue | -25.1% | -6.6% |
| Capex IntensityCapex / Revenue | 0.9% | 3.6% |
| Cash ConversionOCF / Net Profit | -32.04× | -0.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-2.8M | $-5.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.9M | $-523.0K | ||
| Q3 25 | $1.9M | $1.2M | ||
| Q2 25 | $-3.3M | $-155.0K | ||
| Q1 25 | $1.9M | $-3.6M | ||
| Q4 24 | $1.7M | $3.8M | ||
| Q3 24 | $-1.5M | $-1.5M | ||
| Q2 24 | $2.4M | $7.5M | ||
| Q1 24 | $1.7M | $4.2M |
| Q4 25 | $-3.0M | $-1.1M | ||
| Q3 25 | $1.7M | $385.0K | ||
| Q2 25 | $-3.3M | $-786.0K | ||
| Q1 25 | $1.9M | $-4.0M | ||
| Q4 24 | $1.7M | $3.3M | ||
| Q3 24 | $-1.5M | $-1.8M | ||
| Q2 24 | $2.4M | $6.7M | ||
| Q1 24 | $1.6M | $3.9M |
| Q4 25 | -25.1% | -6.6% | ||
| Q3 25 | 11.5% | 2.8% | ||
| Q2 25 | -21.7% | -3.9% | ||
| Q1 25 | 14.5% | -20.9% | ||
| Q4 24 | 10.8% | 20.8% | ||
| Q3 24 | -11.7% | -11.8% | ||
| Q2 24 | 17.9% | 42.8% | ||
| Q1 24 | 11.9% | 28.4% |
| Q4 25 | 0.9% | 3.6% | ||
| Q3 25 | 1.6% | 5.6% | ||
| Q2 25 | 0.4% | 3.2% | ||
| Q1 25 | 0.1% | 1.7% | ||
| Q4 24 | 0.3% | 3.3% | ||
| Q3 24 | 0.1% | 2.2% | ||
| Q2 24 | 0.3% | 5.3% | ||
| Q1 24 | 0.1% | 2.3% |
| Q4 25 | -32.04× | -0.29× | ||
| Q3 25 | — | 1.83× | ||
| Q2 25 | — | -0.05× | ||
| Q1 25 | — | -0.24× | ||
| Q4 24 | 3.69× | 1.44× | ||
| Q3 24 | — | -0.60× | ||
| Q2 24 | — | 2.85× | ||
| Q1 24 | 1.04× | 32.36× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSPI
| Products | $6.7M | 56% |
| Services | $5.3M | 44% |
FEIM
| POC Revenue | $14.8M | 86% |
| POT Revenue | $2.3M | 13% |
