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Side-by-side financial comparison of CVRx, Inc. (CVRX) and ESPEY MFG & ELECTRONICS CORP (ESP). Click either name above to swap in a different company.
CVRx, Inc. is the larger business by last-quarter revenue ($16.0M vs $12.1M, roughly 1.3× ESPEY MFG & ELECTRONICS CORP). ESPEY MFG & ELECTRONICS CORP runs the higher net margin — 23.1% vs -74.5%, a 97.6% gap on every dollar of revenue. On growth, CVRx, Inc. posted the faster year-over-year revenue change (4.4% vs -10.8%). ESPEY MFG & ELECTRONICS CORP produced more free cash flow last quarter ($-4.1M vs $-9.8M). Over the past eight quarters, CVRx, Inc.'s revenue compounded faster (22.0% CAGR vs 21.3%).
CVRx, Inc. is a commercial-stage medical technology company specializing in neuromodulation therapies for chronic cardiovascular diseases. Its flagship Barostim system treats heart failure and resistant hypertension, with core markets across North America and Europe, serving patients unresponsive to conventional drug treatments.
ESPEY MFG & ELECTRONICS CORP is a US-based manufacturer specializing in high-reliability power supplies, power conversion systems and specialized electronic components. It serves aerospace, defense, industrial and transportation sectors, delivering custom solutions for harsh environments to OEMs and government contractors across North America and select global markets.
CVRX vs ESP — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $16.0M | $12.1M |
| Net Profit | $-11.9M | $2.8M |
| Gross Margin | 86.3% | 34.7% |
| Operating Margin | -69.8% | 25.3% |
| Net Margin | -74.5% | 23.1% |
| Revenue YoY | 4.4% | -10.8% |
| Net Profit YoY | -12.0% | 47.0% |
| EPS (diluted) | $-0.45 | $0.99 |
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 | $16.0M | $12.1M | ||
| Q3 25 | $14.7M | $9.1M | ||
| Q2 25 | $13.6M | $9.6M | ||
| Q1 25 | $12.3M | $10.3M | ||
| Q4 24 | $15.3M | $13.6M | ||
| Q3 24 | $13.4M | $10.4M | ||
| Q2 24 | $11.8M | $11.6M | ||
| Q1 24 | $10.8M | $8.3M |
| Q4 25 | $-11.9M | $2.8M | ||
| Q3 25 | $-12.9M | $2.2M | ||
| Q2 25 | $-14.7M | $2.9M | ||
| Q1 25 | $-13.8M | $1.7M | ||
| Q4 24 | $-10.7M | $1.9M | ||
| Q3 24 | $-13.1M | $1.6M | ||
| Q2 24 | $-14.0M | $1.9M | ||
| Q1 24 | $-22.2M | $1.0M |
| Q4 25 | 86.3% | 34.7% | ||
| Q3 25 | 86.8% | 35.4% | ||
| Q2 25 | 84.3% | 39.3% | ||
| Q1 25 | 83.5% | 28.6% | ||
| Q4 24 | 83.2% | 23.2% | ||
| Q3 24 | 83.2% | 26.8% | ||
| Q2 24 | 83.9% | 27.6% | ||
| Q1 24 | 85.0% | 25.0% |
| Q4 25 | -69.8% | 25.3% | ||
| Q3 25 | -83.5% | 22.7% | ||
| Q2 25 | -105.8% | 27.4% | ||
| Q1 25 | -108.8% | 17.0% | ||
| Q4 24 | -67.0% | 14.9% | ||
| Q3 24 | -97.3% | 16.5% | ||
| Q2 24 | -118.3% | 18.4% | ||
| Q1 24 | -206.4% | 13.2% |
| Q4 25 | -74.5% | 23.1% | ||
| Q3 25 | -87.6% | 23.9% | ||
| Q2 25 | -108.4% | 30.6% | ||
| Q1 25 | -111.5% | 16.5% | ||
| Q4 24 | -69.4% | 14.0% | ||
| Q3 24 | -98.0% | 15.3% | ||
| Q2 24 | -118.8% | 16.3% | ||
| Q1 24 | -206.0% | 12.5% |
| Q4 25 | $-0.45 | $0.99 | ||
| Q3 25 | $-0.49 | $0.76 | ||
| Q2 25 | $-0.57 | $1.07 | ||
| Q1 25 | $-0.53 | $0.63 | ||
| Q4 24 | $-0.39 | $0.71 | ||
| Q3 24 | $-0.57 | $0.61 | ||
| Q2 24 | $-0.65 | $0.73 | ||
| Q1 24 | $-1.04 | $0.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $75.7M | $17.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $39.3M | $53.2M |
| Total Assets | $104.8M | $85.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.7M | $17.8M | ||
| Q3 25 | $85.1M | $22.2M | ||
| Q2 25 | $95.0M | $18.9M | ||
| Q1 25 | $102.7M | $13.9M | ||
| Q4 24 | $105.9M | $8.0M | ||
| Q3 24 | $100.2M | $4.8M | ||
| Q2 24 | $70.4M | $4.4M | ||
| Q1 24 | $80.1M | $5.6M |
| Q4 25 | $39.3M | $53.2M | ||
| Q3 25 | $48.1M | $51.0M | ||
| Q2 25 | $57.9M | $50.8M | ||
| Q1 25 | $71.1M | $46.3M | ||
| Q4 24 | $71.1M | $44.8M | ||
| Q3 24 | $65.2M | $42.5M | ||
| Q2 24 | $55.2M | $41.3M | ||
| Q1 24 | $66.3M | $39.3M |
| Q4 25 | $104.8M | $85.2M | ||
| Q3 25 | $111.3M | $84.8M | ||
| Q2 25 | $119.6M | $79.1M | ||
| Q1 25 | $129.6M | $72.8M | ||
| Q4 24 | $133.4M | $60.2M | ||
| Q3 24 | $127.7M | $57.6M | ||
| Q2 24 | $96.0M | $56.5M | ||
| Q1 24 | $106.2M | $53.1M |
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 | $-9.8M | $-2.8M |
| Free Cash FlowOCF − Capex | $-9.8M | $-4.1M |
| FCF MarginFCF / Revenue | -61.3% | -34.1% |
| Capex IntensityCapex / Revenue | 0.4% | 10.9% |
| Cash ConversionOCF / Net Profit | — | -1.00× |
| TTM Free Cash FlowTrailing 4 quarters | $-40.8M | $11.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.8M | $-2.8M | ||
| Q3 25 | $-9.7M | $5.7M | ||
| Q2 25 | $-7.9M | $2.8M | ||
| Q1 25 | $-12.8M | $11.5M | ||
| Q4 24 | $-8.0M | $5.4M | ||
| Q3 24 | $-10.4M | $1.4M | ||
| Q2 24 | $-9.8M | $3.2M | ||
| Q1 24 | $-10.9M | $1.4M |
| Q4 25 | $-9.8M | $-4.1M | ||
| Q3 25 | $-10.0M | $4.4M | ||
| Q2 25 | $-8.0M | $915.3K | ||
| Q1 25 | $-12.9M | $10.5M | ||
| Q4 24 | $-8.1M | $4.5M | ||
| Q3 24 | $-10.4M | $724.8K | ||
| Q2 24 | $-10.2M | $2.6M | ||
| Q1 24 | $-11.8M | $379.1K |
| Q4 25 | -61.3% | -34.1% | ||
| Q3 25 | -68.1% | 48.7% | ||
| Q2 25 | -59.2% | 9.5% | ||
| Q1 25 | -104.3% | 101.8% | ||
| Q4 24 | -52.5% | 33.0% | ||
| Q3 24 | -78.1% | 6.9% | ||
| Q2 24 | -86.3% | 22.2% | ||
| Q1 24 | -109.7% | 4.6% |
| Q4 25 | 0.4% | 10.9% | ||
| Q3 25 | 2.0% | 14.2% | ||
| Q2 25 | 0.8% | 19.3% | ||
| Q1 25 | 0.9% | 9.3% | ||
| Q4 24 | 0.3% | 6.5% | ||
| Q3 24 | 0.3% | 6.4% | ||
| Q2 24 | 3.0% | 5.7% | ||
| Q1 24 | 8.5% | 12.5% |
| Q4 25 | — | -1.00× | ||
| Q3 25 | — | 2.64× | ||
| Q2 25 | — | 0.95× | ||
| Q1 25 | — | 6.72× | ||
| Q4 24 | — | 2.82× | ||
| Q3 24 | — | 0.87× | ||
| Q2 24 | — | 1.71× | ||
| Q1 24 | — | 1.37× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CVRX
| US | $14.9M | 93% |
| Other | $1.1M | 7% |
ESP
| ASC606 | $11.3M | 93% |
| Other | $855.0K | 7% |
