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Side-by-side financial comparison of FGI Industries Ltd. (FGI) and NORTECH SYSTEMS INC (NSYS). Click either name above to swap in a different company.
FGI Industries Ltd. is the larger business by last-quarter revenue ($30.5M vs $30.3M, roughly 1.0× NORTECH SYSTEMS INC). NORTECH SYSTEMS INC runs the higher net margin — 3.0% vs -8.6%, a 11.6% gap on every dollar of revenue. On growth, NORTECH SYSTEMS INC posted the faster year-over-year revenue change (5.9% vs -14.4%). NORTECH SYSTEMS INC produced more free cash flow last quarter ($5.5M vs $2.3M). Over the past eight quarters, FGI Industries Ltd.'s revenue compounded faster (-0.5% CAGR vs -5.9%).
FGI Industries Ltd is a global designer, manufacturer and distributor of kitchen and bath products, home organization solutions, and home improvement goods. It serves major retail chains, home specialty stores and e-commerce platforms across North America, Europe and the Asia-Pacific region.
Nortech Systems Inc is a global electronics manufacturing services provider. It delivers end-to-end solutions covering product design, prototyping, full-scale production, and supply chain management for clients operating in medical technology, industrial automation, aerospace and defense, and transportation sectors. It specializes in high-reliability, regulatory-compliant electronic components and assemblies tailored to strict industry standards.
FGI vs NSYS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.5M | $30.3M |
| Net Profit | $-2.6M | $897.0K |
| Gross Margin | 26.7% | 16.7% |
| Operating Margin | -2.2% | 3.0% |
| Net Margin | -8.6% | 3.0% |
| Revenue YoY | -14.4% | 5.9% |
| Net Profit YoY | -553.1% | 160.7% |
| EPS (diluted) | $-1.63 | $0.32 |
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 | $30.5M | $30.3M | ||
| Q3 25 | $35.8M | $30.5M | ||
| Q2 25 | $31.0M | $30.7M | ||
| Q1 25 | $33.2M | $26.9M | ||
| Q4 24 | $35.6M | $28.6M | ||
| Q3 24 | $36.1M | $31.4M | ||
| Q2 24 | $29.4M | $33.9M | ||
| Q1 24 | $30.8M | $34.2M |
| Q4 25 | $-2.6M | $897.0K | ||
| Q3 25 | $-1.7M | $-146.0K | ||
| Q2 25 | $-1.2M | $313.0K | ||
| Q1 25 | $-629.1K | $-1.3M | ||
| Q4 24 | $-402.3K | $-1.5M | ||
| Q3 24 | $-550.1K | $-739.0K | ||
| Q2 24 | $163.6K | $157.0K | ||
| Q1 24 | $-412.2K | $765.0K |
| Q4 25 | 26.7% | 16.7% | ||
| Q3 25 | 26.5% | 16.5% | ||
| Q2 25 | 28.1% | 15.8% | ||
| Q1 25 | 26.8% | 11.4% | ||
| Q4 24 | 24.6% | 9.9% | ||
| Q3 24 | 25.8% | 12.2% | ||
| Q2 24 | 30.5% | 13.6% | ||
| Q1 24 | 27.4% | 15.9% |
| Q4 25 | -2.2% | 3.0% | ||
| Q3 25 | 1.0% | 3.1% | ||
| Q2 25 | -2.7% | 2.4% | ||
| Q1 25 | -3.9% | -6.0% | ||
| Q4 24 | -3.5% | -4.3% | ||
| Q3 24 | -0.2% | -1.5% | ||
| Q2 24 | -1.5% | 1.0% | ||
| Q1 24 | -1.0% | 3.4% |
| Q4 25 | -8.6% | 3.0% | ||
| Q3 25 | -4.6% | -0.5% | ||
| Q2 25 | -4.0% | 1.0% | ||
| Q1 25 | -1.9% | -4.9% | ||
| Q4 24 | -1.1% | -5.2% | ||
| Q3 24 | -1.5% | -2.4% | ||
| Q2 24 | 0.6% | 0.5% | ||
| Q1 24 | -1.3% | 2.2% |
| Q4 25 | $-1.63 | $0.32 | ||
| Q3 25 | $-0.86 | $-0.05 | ||
| Q2 25 | $-0.64 | $0.12 | ||
| Q1 25 | $-0.07 | $-0.48 | ||
| Q4 24 | $-0.38 | $-0.51 | ||
| Q3 24 | $-0.29 | $-0.27 | ||
| Q2 24 | $0.08 | $0.05 | ||
| Q1 24 | $-0.04 | $0.26 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9M | $1.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $17.3M | $34.5M |
| Total Assets | $69.5M | $71.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9M | $1.7M | ||
| Q3 25 | $1.9M | $1.3M | ||
| Q2 25 | $2.5M | $652.0K | ||
| Q1 25 | $1.2M | $1.2M | ||
| Q4 24 | $4.6M | $916.0K | ||
| Q3 24 | $3.0M | $1.2M | ||
| Q2 24 | $1.3M | $1.5M | ||
| Q1 24 | $3.3M | $4.0M |
| Q4 25 | $17.3M | $34.5M | ||
| Q3 25 | $19.7M | $33.4M | ||
| Q2 25 | $21.3M | $33.4M | ||
| Q1 25 | $21.8M | $32.8M | ||
| Q4 24 | $22.3M | $34.0M | ||
| Q3 24 | $23.5M | $35.7M | ||
| Q2 24 | $23.8M | $36.1M | ||
| Q1 24 | $23.9M | $36.0M |
| Q4 25 | $69.5M | $71.9M | ||
| Q3 25 | $73.0M | $74.8M | ||
| Q2 25 | $71.7M | $74.8M | ||
| Q1 25 | $68.5M | $73.5M | ||
| Q4 24 | $75.5M | $72.4M | ||
| Q3 24 | $74.7M | $77.0M | ||
| Q2 24 | $69.9M | $76.3M | ||
| Q1 24 | $68.6M | $75.5M |
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 | $2.3M | $5.6M |
| Free Cash FlowOCF − Capex | $2.3M | $5.5M |
| FCF MarginFCF / Revenue | 7.5% | 18.0% |
| Capex IntensityCapex / Revenue | 0.2% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 6.25× |
| TTM Free Cash FlowTrailing 4 quarters | $-212.5K | $2.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3M | $5.6M | ||
| Q3 25 | $-1.9M | $-92.0K | ||
| Q2 25 | $7.6M | $157.0K | ||
| Q1 25 | $-7.4M | $-2.9M | ||
| Q4 24 | $617.4K | $793.0K | ||
| Q3 24 | $-915.0K | $-1.6M | ||
| Q2 24 | $862.1K | $-4.3M | ||
| Q1 24 | $-8.0M | $2.8M |
| Q4 25 | $2.3M | $5.5M | ||
| Q3 25 | $-2.1M | $-242.0K | ||
| Q2 25 | $7.4M | $58.0K | ||
| Q1 25 | $-7.7M | $-3.2M | ||
| Q4 24 | $-214.1K | $503.0K | ||
| Q3 24 | $-1.1M | $-1.6M | ||
| Q2 24 | $281.5K | $-4.6M | ||
| Q1 24 | $-8.6M | $2.1M |
| Q4 25 | 7.5% | 18.0% | ||
| Q3 25 | -5.9% | -0.8% | ||
| Q2 25 | 23.8% | 0.2% | ||
| Q1 25 | -23.3% | -11.9% | ||
| Q4 24 | -0.6% | 1.8% | ||
| Q3 24 | -3.0% | -5.2% | ||
| Q2 24 | 1.0% | -13.5% | ||
| Q1 24 | -28.0% | 6.1% |
| Q4 25 | 0.2% | 0.5% | ||
| Q3 25 | 0.7% | 0.5% | ||
| Q2 25 | 0.7% | 0.3% | ||
| Q1 25 | 1.1% | 1.0% | ||
| Q4 24 | 2.3% | 1.0% | ||
| Q3 24 | 0.5% | 0.1% | ||
| Q2 24 | 2.0% | 0.8% | ||
| Q1 24 | 2.0% | 2.2% |
| Q4 25 | — | 6.25× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.27× | -27.30× | ||
| Q1 24 | — | 3.70× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FGI
| Sanitaryware | $19.1M | 63% |
| Shower System | $5.8M | 19% |
| Kitchen And Bath Other | $3.3M | 11% |
| Bath Furniture Products | $2.3M | 7% |
NSYS
| Medical Imaging | $11.4M | 37% |
| Medical Device | $8.0M | 26% |
| Industrial | $7.3M | 24% |
| Aerospace And Defense | $3.7M | 12% |
