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Side-by-side financial comparison of NORTECH SYSTEMS INC (NSYS) and Quipt Home Medical Corp. (QIPT). Click either name above to swap in a different company.
Quipt Home Medical Corp. is the larger business by last-quarter revenue ($49.0M vs $30.3M, roughly 1.6× NORTECH SYSTEMS INC). NORTECH SYSTEMS INC runs the higher net margin — 3.0% vs -2.1%, a 5.1% gap on every dollar of revenue. On growth, Quipt Home Medical Corp. posted the faster year-over-year revenue change (32.3% vs 5.9%). Quipt Home Medical Corp. produced more free cash flow last quarter ($6.9M vs $5.5M).
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.
Quipt Home Medical Corp is a U.S.-based home medical equipment provider specializing in respiratory care, sleep therapy supplies, and chronic disease management products. It serves patients with long-term health conditions, partners with healthcare providers and insurance payers across operating regions to deliver accessible in-home medical solutions.
NSYS vs QIPT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $30.3M | $49.0M |
| Net Profit | $897.0K | $-1.1M |
| Gross Margin | 16.7% | 53.5% |
| Operating Margin | 3.0% | 2.1% |
| Net Margin | 3.0% | -2.1% |
| Revenue YoY | 5.9% | 32.3% |
| Net Profit YoY | 160.7% | 2.9% |
| EPS (diluted) | $0.32 | $-0.02 |
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 | $30.3M | $49.0M | ||
| Q3 25 | $30.5M | $39.8M | ||
| Q2 25 | $30.7M | $35.1M | ||
| Q1 25 | $26.9M | $33.3M | ||
| Q4 24 | $28.6M | $37.1M | ||
| Q3 24 | $31.4M | — | ||
| Q2 24 | $33.9M | — | ||
| Q1 24 | $34.2M | — |
| Q4 25 | $897.0K | $-1.1M | ||
| Q3 25 | $-146.0K | $-3.5M | ||
| Q2 25 | $313.0K | $-3.0M | ||
| Q1 25 | $-1.3M | $-3.0M | ||
| Q4 24 | $-1.5M | $-1.1M | ||
| Q3 24 | $-739.0K | — | ||
| Q2 24 | $157.0K | — | ||
| Q1 24 | $765.0K | — |
| Q4 25 | 16.7% | 53.5% | ||
| Q3 25 | 16.5% | 48.7% | ||
| Q2 25 | 15.8% | 57.6% | ||
| Q1 25 | 11.4% | 54.6% | ||
| Q4 24 | 9.9% | 52.1% | ||
| Q3 24 | 12.2% | — | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 15.9% | — |
| Q4 25 | 3.0% | 2.1% | ||
| Q3 25 | 3.1% | -3.6% | ||
| Q2 25 | 2.4% | -5.2% | ||
| Q1 25 | -6.0% | -3.0% | ||
| Q4 24 | -4.3% | 1.2% | ||
| Q3 24 | -1.5% | — | ||
| Q2 24 | 1.0% | — | ||
| Q1 24 | 3.4% | — |
| Q4 25 | 3.0% | -2.1% | ||
| Q3 25 | -0.5% | -8.9% | ||
| Q2 25 | 1.0% | -8.6% | ||
| Q1 25 | -4.9% | -9.1% | ||
| Q4 24 | -5.2% | -2.9% | ||
| Q3 24 | -2.4% | — | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 2.2% | — |
| Q4 25 | $0.32 | $-0.02 | ||
| Q3 25 | $-0.05 | $-0.07 | ||
| Q2 25 | $0.12 | $-0.07 | ||
| Q1 25 | $-0.48 | $-0.07 | ||
| Q4 24 | $-0.51 | $-0.03 | ||
| Q3 24 | $-0.27 | — | ||
| Q2 24 | $0.05 | — | ||
| Q1 24 | $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 | $1.7M | $10.5M |
| Total DebtLower is stronger | — | $84.0M |
| Stockholders' EquityBook value | $34.5M | $113.0M |
| Total Assets | $71.9M | $280.7M |
| Debt / EquityLower = less leverage | — | 0.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7M | $10.5M | ||
| Q3 25 | $1.3M | $12.9M | ||
| Q2 25 | $652.0K | $11.3M | ||
| Q1 25 | $1.2M | $17.1M | ||
| Q4 24 | $916.0K | $15.5M | ||
| Q3 24 | $1.2M | — | ||
| Q2 24 | $1.5M | — | ||
| Q1 24 | $4.0M | — |
| Q4 25 | — | $84.0M | ||
| Q3 25 | — | $87.6M | ||
| Q2 25 | — | $66.0M | ||
| Q1 25 | — | $71.5M | ||
| Q4 24 | — | $70.6M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $34.5M | $113.0M | ||
| Q3 25 | $33.4M | $112.1M | ||
| Q2 25 | $33.4M | $102.5M | ||
| Q1 25 | $32.8M | $103.6M | ||
| Q4 24 | $34.0M | $106.3M | ||
| Q3 24 | $35.7M | — | ||
| Q2 24 | $36.1M | — | ||
| Q1 24 | $36.0M | — |
| Q4 25 | $71.9M | $280.7M | ||
| Q3 25 | $74.8M | $283.3M | ||
| Q2 25 | $74.8M | $236.1M | ||
| Q1 25 | $73.5M | $244.6M | ||
| Q4 24 | $72.4M | $242.8M | ||
| Q3 24 | $77.0M | — | ||
| Q2 24 | $76.3M | — | ||
| Q1 24 | $75.5M | — |
| Q4 25 | — | 0.74× | ||
| Q3 25 | — | 0.78× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $5.6M | $8.9M |
| Free Cash FlowOCF − Capex | $5.5M | $6.9M |
| FCF MarginFCF / Revenue | 18.0% | 14.0% |
| Capex IntensityCapex / Revenue | 0.5% | 4.2% |
| Cash ConversionOCF / Net Profit | 6.25× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.1M | $26.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.6M | $8.9M | ||
| Q3 25 | $-92.0K | $9.8M | ||
| Q2 25 | $157.0K | $9.7M | ||
| Q1 25 | $-2.9M | $8.9M | ||
| Q4 24 | $793.0K | $9.3M | ||
| Q3 24 | $-1.6M | — | ||
| Q2 24 | $-4.3M | — | ||
| Q1 24 | $2.8M | — |
| Q4 25 | $5.5M | $6.9M | ||
| Q3 25 | $-242.0K | $8.0M | ||
| Q2 25 | $58.0K | $4.4M | ||
| Q1 25 | $-3.2M | $7.3M | ||
| Q4 24 | $503.0K | $5.6M | ||
| Q3 24 | $-1.6M | — | ||
| Q2 24 | $-4.6M | — | ||
| Q1 24 | $2.1M | — |
| Q4 25 | 18.0% | 14.0% | ||
| Q3 25 | -0.8% | 20.0% | ||
| Q2 25 | 0.2% | 12.6% | ||
| Q1 25 | -11.9% | 22.0% | ||
| Q4 24 | 1.8% | 15.2% | ||
| Q3 24 | -5.2% | — | ||
| Q2 24 | -13.5% | — | ||
| Q1 24 | 6.1% | — |
| Q4 25 | 0.5% | 4.2% | ||
| Q3 25 | 0.5% | 4.6% | ||
| Q2 25 | 0.3% | 14.9% | ||
| Q1 25 | 1.0% | 4.8% | ||
| Q4 24 | 1.0% | 9.9% | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.8% | — | ||
| Q1 24 | 2.2% | — |
| Q4 25 | 6.25× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.50× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -27.30× | — | ||
| Q1 24 | 3.70× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NSYS
| Medical Imaging | $11.4M | 37% |
| Medical Device | $8.0M | 26% |
| Industrial | $7.3M | 24% |
| Aerospace And Defense | $3.7M | 12% |
QIPT
Segment breakdown not available.
