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Side-by-side financial comparison of ESPEY MFG & ELECTRONICS CORP (ESP) and Optex Systems Holdings Inc (OPXS). Click either name above to swap in a different company.
ESPEY MFG & ELECTRONICS CORP is the larger business by last-quarter revenue ($12.1M vs $9.1M, roughly 1.3× Optex Systems Holdings Inc). ESPEY MFG & ELECTRONICS CORP runs the higher net margin — 23.1% vs 2.6%, a 20.5% gap on every dollar of revenue. On growth, Optex Systems Holdings Inc posted the faster year-over-year revenue change (11.6% vs -10.8%). Optex Systems Holdings Inc produced more free cash flow last quarter ($-548.0K vs $-4.1M). Over the past eight quarters, ESPEY MFG & ELECTRONICS CORP's revenue compounded faster (21.3% CAGR vs 3.6%).
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.
Optex Systems Holdings Inc. designs, manufactures and supplies high-performance optical, optoelectronic components and integrated subsystems. Its core products include military sighting systems, laser protection solutions and precision optical assemblies, serving defense, aerospace and industrial manufacturing markets globally.
ESP vs OPXS — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $12.1M | $9.1M |
| Net Profit | $2.8M | $242.0K |
| Gross Margin | 34.7% | 22.9% |
| Operating Margin | 25.3% | 1.6% |
| Net Margin | 23.1% | 2.6% |
| Revenue YoY | -10.8% | 11.6% |
| Net Profit YoY | 47.0% | -71.3% |
| EPS (diluted) | $0.99 | $0.03 |
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 | $12.1M | $9.1M | ||
| Q3 25 | $9.1M | $11.3M | ||
| Q2 25 | $9.6M | $11.1M | ||
| Q1 25 | $10.3M | $10.7M | ||
| Q4 24 | $13.6M | $8.2M | ||
| Q3 24 | $10.4M | $9.4M | ||
| Q2 24 | $11.6M | $9.1M | ||
| Q1 24 | $8.3M | $8.5M |
| Q4 25 | $2.8M | $242.0K | ||
| Q3 25 | $2.2M | $1.0M | ||
| Q2 25 | $2.9M | $1.5M | ||
| Q1 25 | $1.7M | $1.8M | ||
| Q4 24 | $1.9M | $844.0K | ||
| Q3 24 | $1.6M | $1.0M | ||
| Q2 24 | $1.9M | $1.3M | ||
| Q1 24 | $1.0M | $1.1M |
| Q4 25 | 34.7% | 22.9% | ||
| Q3 25 | 35.4% | 30.1% | ||
| Q2 25 | 39.3% | 28.5% | ||
| Q1 25 | 28.6% | 31.3% | ||
| Q4 24 | 23.2% | 26.0% | ||
| Q3 24 | 26.8% | 25.5% | ||
| Q2 24 | 27.6% | 31.8% | ||
| Q1 24 | 25.0% | 30.0% |
| Q4 25 | 25.3% | 1.6% | ||
| Q3 25 | 22.7% | 18.3% | ||
| Q2 25 | 27.4% | 17.2% | ||
| Q1 25 | 17.0% | 20.8% | ||
| Q4 24 | 14.9% | 11.2% | ||
| Q3 24 | 16.5% | 13.7% | ||
| Q2 24 | 18.4% | 17.8% | ||
| Q1 24 | 13.2% | 15.9% |
| Q4 25 | 23.1% | 2.6% | ||
| Q3 25 | 23.9% | 9.1% | ||
| Q2 25 | 30.6% | 13.6% | ||
| Q1 25 | 16.5% | 16.5% | ||
| Q4 24 | 14.0% | 10.3% | ||
| Q3 24 | 15.3% | 10.7% | ||
| Q2 24 | 16.3% | 13.9% | ||
| Q1 24 | 12.5% | 12.5% |
| Q4 25 | $0.99 | $0.03 | ||
| Q3 25 | $0.76 | $0.14 | ||
| Q2 25 | $1.07 | $0.22 | ||
| Q1 25 | $0.63 | $0.26 | ||
| Q4 24 | $0.71 | $0.12 | ||
| Q3 24 | $0.61 | $0.15 | ||
| Q2 24 | $0.73 | $0.18 | ||
| Q1 24 | $0.40 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $17.8M | $5.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $53.2M | $24.7M |
| Total Assets | $85.2M | $30.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.8M | $5.8M | ||
| Q3 25 | $22.2M | $6.4M | ||
| Q2 25 | $18.9M | $4.9M | ||
| Q1 25 | $13.9M | $3.5M | ||
| Q4 24 | $8.0M | $2.5M | ||
| Q3 24 | $4.8M | $1.0M | ||
| Q2 24 | $4.4M | $486.0K | ||
| Q1 24 | $5.6M | $321.0K |
| Q4 25 | $53.2M | $24.7M | ||
| Q3 25 | $51.0M | $24.3M | ||
| Q2 25 | $50.8M | $23.1M | ||
| Q1 25 | $46.3M | $21.6M | ||
| Q4 24 | $44.8M | $19.7M | ||
| Q3 24 | $42.5M | $18.8M | ||
| Q2 24 | $41.3M | $17.7M | ||
| Q1 24 | $39.3M | $16.5M |
| Q4 25 | $85.2M | $30.2M | ||
| Q3 25 | $84.8M | $30.1M | ||
| Q2 25 | $79.1M | $29.2M | ||
| Q1 25 | $72.8M | $27.5M | ||
| Q4 24 | $60.2M | $24.8M | ||
| Q3 24 | $57.6M | $25.5M | ||
| Q2 24 | $56.5M | $24.9M | ||
| Q1 24 | $53.1M | $23.8M |
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 | $-2.8M | $-92.0K |
| Free Cash FlowOCF − Capex | $-4.1M | $-548.0K |
| FCF MarginFCF / Revenue | -34.1% | -6.0% |
| Capex IntensityCapex / Revenue | 10.9% | 5.0% |
| Cash ConversionOCF / Net Profit | -1.00× | -0.38× |
| TTM Free Cash FlowTrailing 4 quarters | $11.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $-92.0K | ||
| Q3 25 | $5.7M | $1.6M | ||
| Q2 25 | $2.8M | $1.4M | ||
| Q1 25 | $11.5M | $1.2M | ||
| Q4 24 | $5.4M | $2.8M | ||
| Q3 24 | $1.4M | $753.0K | ||
| Q2 24 | $3.2M | $50.0K | ||
| Q1 24 | $1.4M | $-1.3M |
| Q4 25 | $-4.1M | $-548.0K | ||
| Q3 25 | $4.4M | $1.5M | ||
| Q2 25 | $915.3K | — | ||
| Q1 25 | $10.5M | $1.1M | ||
| Q4 24 | $4.5M | $2.5M | ||
| Q3 24 | $724.8K | $545.0K | ||
| Q2 24 | $2.6M | $-256.0K | ||
| Q1 24 | $379.1K | $-1.4M |
| Q4 25 | -34.1% | -6.0% | ||
| Q3 25 | 48.7% | 13.5% | ||
| Q2 25 | 9.5% | — | ||
| Q1 25 | 101.8% | 9.8% | ||
| Q4 24 | 33.0% | 30.3% | ||
| Q3 24 | 6.9% | 5.8% | ||
| Q2 24 | 22.2% | -2.8% | ||
| Q1 24 | 4.6% | -16.3% |
| Q4 25 | 10.9% | 5.0% | ||
| Q3 25 | 14.2% | 0.4% | ||
| Q2 25 | 19.3% | 0.0% | ||
| Q1 25 | 9.3% | 1.2% | ||
| Q4 24 | 6.5% | 3.9% | ||
| Q3 24 | 6.4% | 2.2% | ||
| Q2 24 | 5.7% | 3.4% | ||
| Q1 24 | 12.5% | 1.3% |
| Q4 25 | -1.00× | -0.38× | ||
| Q3 25 | 2.64× | 1.52× | ||
| Q2 25 | 0.95× | 0.92× | ||
| Q1 25 | 6.72× | 0.67× | ||
| Q4 24 | 2.82× | 3.32× | ||
| Q3 24 | 0.87× | 0.74× | ||
| Q2 24 | 1.71× | 0.04× | ||
| Q1 24 | 1.37× | -1.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESP
| ASC606 | $11.3M | 93% |
| Other | $855.0K | 7% |
OPXS
| Optex Systems OPX Richardson Texas | $5.3M | 58% |
| Applied Optics Center AOC Dallas | $4.0M | 44% |
