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Side-by-side financial comparison of Tecnoglass Inc. (TGLS) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
Tecnoglass Inc. is the larger business by last-quarter revenue ($245.3M vs $209.6M, roughly 1.2× Varex Imaging Corp). Tecnoglass Inc. runs the higher net margin — 10.6% vs 1.1%, a 9.5% gap on every dollar of revenue. On growth, Varex Imaging Corp posted the faster year-over-year revenue change (4.9% vs 2.4%). Tecnoglass Inc. produced more free cash flow last quarter ($11.4M vs $-26.8M). Over the past eight quarters, Tecnoglass Inc.'s revenue compounded faster (12.8% CAGR vs 0.8%).
Tecnoglass Inc. is a leading manufacturer of high-performance architectural glass, aluminum windows, doors, and associated building components. It primarily caters to residential and commercial construction sectors across North America and Latin America, offering custom, energy-efficient solutions for new construction and renovation projects.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
TGLS vs VREX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $245.3M | $209.6M |
| Net Profit | $26.1M | $2.3M |
| Gross Margin | 40.0% | 33.3% |
| Operating Margin | 18.3% | 7.3% |
| Net Margin | 10.6% | 1.1% |
| Revenue YoY | 2.4% | 4.9% |
| Net Profit YoY | -44.5% | 866.7% |
| EPS (diluted) | $0.57 | $0.05 |
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.
| Q1 26 | — | $209.6M | ||
| Q4 25 | $245.3M | $228.9M | ||
| Q3 25 | $260.5M | $203.0M | ||
| Q2 25 | $255.5M | $212.9M | ||
| Q1 25 | $222.3M | $199.8M | ||
| Q4 24 | $239.6M | — | ||
| Q3 24 | $238.3M | $205.7M | ||
| Q2 24 | $219.7M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $26.1M | $12.2M | ||
| Q3 25 | $47.2M | $-89.1M | ||
| Q2 25 | $44.1M | $6.9M | ||
| Q1 25 | $42.2M | $-300.0K | ||
| Q4 24 | $47.0M | — | ||
| Q3 24 | $49.5M | $-51.1M | ||
| Q2 24 | $35.0M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | 40.0% | 34.0% | ||
| Q3 25 | 42.7% | 33.3% | ||
| Q2 25 | 44.7% | 36.0% | ||
| Q1 25 | 43.9% | 34.3% | ||
| Q4 24 | 44.5% | — | ||
| Q3 24 | 45.8% | 32.6% | ||
| Q2 24 | 40.8% | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 18.3% | 8.6% | ||
| Q3 25 | 25.1% | -39.8% | ||
| Q2 25 | 24.0% | 10.4% | ||
| Q1 25 | 26.7% | 5.6% | ||
| Q4 24 | 28.0% | — | ||
| Q3 24 | 28.4% | 5.3% | ||
| Q2 24 | 23.3% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 10.6% | 5.3% | ||
| Q3 25 | 18.1% | -43.9% | ||
| Q2 25 | 17.3% | 3.2% | ||
| Q1 25 | 19.0% | -0.2% | ||
| Q4 24 | 19.6% | — | ||
| Q3 24 | 20.8% | -24.8% | ||
| Q2 24 | 15.9% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.57 | $0.29 | ||
| Q3 25 | $1.01 | $-2.15 | ||
| Q2 25 | $0.94 | $0.17 | ||
| Q1 25 | $0.90 | $-0.01 | ||
| Q4 24 | $1.00 | — | ||
| Q3 24 | $1.05 | $-1.25 | ||
| Q2 24 | $0.75 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $104.1M | $125.6M |
| Total DebtLower is stronger | $174.4M | $367.6M |
| Stockholders' EquityBook value | $713.1M | $476.9M |
| Total Assets | $1.3B | $1.1B |
| Debt / EquityLower = less leverage | 0.24× | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $104.1M | $155.1M | ||
| Q3 25 | $127.1M | $152.6M | ||
| Q2 25 | $140.9M | $223.0M | ||
| Q1 25 | $160.2M | $212.6M | ||
| Q4 24 | $137.5M | — | ||
| Q3 24 | $124.8M | $200.5M | ||
| Q2 24 | $129.5M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | $174.4M | $367.5M | ||
| Q3 25 | $114.7M | $367.5M | ||
| Q2 25 | $110.6M | $567.2M | ||
| Q1 25 | $110.6M | $567.0M | ||
| Q4 24 | $111.1M | — | ||
| Q3 24 | $126.8M | $443.4M | ||
| Q2 24 | $144.7M | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $713.1M | $472.6M | ||
| Q3 25 | $764.0M | $455.3M | ||
| Q2 25 | $736.0M | $549.7M | ||
| Q1 25 | $685.1M | $540.2M | ||
| Q4 24 | $631.2M | — | ||
| Q3 24 | $613.3M | $529.1M | ||
| Q2 24 | $574.8M | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $1.3B | $1.1B | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $996.3M | $1.2B | ||
| Q2 24 | $942.5M | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | 0.24× | 0.78× | ||
| Q3 25 | 0.15× | 0.81× | ||
| Q2 25 | 0.15× | 1.03× | ||
| Q1 25 | 0.16× | 1.05× | ||
| Q4 24 | 0.18× | — | ||
| Q3 24 | 0.21× | 0.84× | ||
| Q2 24 | 0.25× | 0.76× |
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 | $31.0M | $-16.1M |
| Free Cash FlowOCF − Capex | $11.4M | $-26.8M |
| FCF MarginFCF / Revenue | 4.7% | -12.8% |
| Capex IntensityCapex / Revenue | 8.0% | 5.1% |
| Cash ConversionOCF / Net Profit | 1.19× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $34.5M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $31.0M | $7.9M | ||
| Q3 25 | $40.0M | $7.7M | ||
| Q2 25 | $17.9M | $16.6M | ||
| Q1 25 | $46.9M | $9.5M | ||
| Q4 24 | $61.1M | — | ||
| Q3 24 | $41.5M | $25.9M | ||
| Q2 24 | $34.5M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $11.4M | $2.3M | ||
| Q3 25 | $21.2M | $1.4M | ||
| Q2 25 | $-14.7M | $9.8M | ||
| Q1 25 | $16.5M | $5.3M | ||
| Q4 24 | $35.4M | — | ||
| Q3 24 | $17.8M | $19.9M | ||
| Q2 24 | $14.2M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | 4.7% | 1.0% | ||
| Q3 25 | 8.2% | 0.7% | ||
| Q2 25 | -5.7% | 4.6% | ||
| Q1 25 | 7.4% | 2.7% | ||
| Q4 24 | 14.8% | — | ||
| Q3 24 | 7.5% | 9.7% | ||
| Q2 24 | 6.5% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 8.0% | 2.4% | ||
| Q3 25 | 7.2% | 3.1% | ||
| Q2 25 | 12.7% | 3.2% | ||
| Q1 25 | 13.7% | 2.1% | ||
| Q4 24 | 10.7% | — | ||
| Q3 24 | 9.9% | 2.9% | ||
| Q2 24 | 9.2% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | 1.19× | 0.65× | ||
| Q3 25 | 0.85× | — | ||
| Q2 25 | 0.41× | 2.41× | ||
| Q1 25 | 1.11× | — | ||
| Q4 24 | 1.30× | — | ||
| Q3 24 | 0.84× | — | ||
| Q2 24 | 0.98× | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
