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Side-by-side financial comparison of ANI PHARMACEUTICALS INC (ANIP) and ASSOCIATED BANC-CORP (ASB). Click either name above to swap in a different company.
ASSOCIATED BANC-CORP is the larger business by last-quarter revenue ($383.0M vs $247.1M, roughly 1.6× ANI PHARMACEUTICALS INC). ASSOCIATED BANC-CORP runs the higher net margin — 31.2% vs 11.1%, a 20.1% gap on every dollar of revenue. Over the past eight quarters, ANI PHARMACEUTICALS INC's revenue compounded faster (34.1% CAGR vs 9.1%).
ANI Pharmaceuticals Inc is a U.S.-based specialty pharmaceutical firm that develops, manufactures and sells generic and branded prescription drugs. Its key segments cover dermatology, oncology, CNS therapies and anti-infectives, primarily serving U.S. healthcare providers, retail pharmacies and institutional medical clients.
Associated Banc-Corp is a U.S. regional bank holding company providing retail banking, commercial banking, commercial real estate lending, private banking and specialized financial services. Headquartered in Green Bay, Wisconsin, Associated is a Midwest bank with from more than 220 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas.
ANIP vs ASB — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $247.1M | $383.0M |
| Net Profit | $27.5M | $119.6M |
| Gross Margin | — | — |
| Operating Margin | 14.1% | — |
| Net Margin | 11.1% | 31.2% |
| Revenue YoY | 29.6% | — |
| Net Profit YoY | 367.5% | 566.6% |
| EPS (diluted) | $1.14 | $0.70 |
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 | — | $383.0M | ||
| Q4 25 | $247.1M | $310.0M | ||
| Q3 25 | $227.8M | $305.2M | ||
| Q2 25 | $211.4M | $300.0M | ||
| Q1 25 | $197.1M | $285.9M | ||
| Q4 24 | $190.6M | $270.3M | ||
| Q3 24 | $148.3M | $329.7M | ||
| Q2 24 | $138.0M | $321.8M |
| Q1 26 | — | $119.6M | ||
| Q4 25 | $27.5M | $137.1M | ||
| Q3 25 | $26.6M | $124.7M | ||
| Q2 25 | $8.5M | $111.2M | ||
| Q1 25 | $15.7M | $101.7M | ||
| Q4 24 | $-10.3M | $-161.6M | ||
| Q3 24 | $-24.2M | $88.0M | ||
| Q2 24 | $-2.3M | $115.6M |
| Q1 26 | — | — | ||
| Q4 25 | 14.1% | 52.6% | ||
| Q3 25 | 15.9% | 50.5% | ||
| Q2 25 | 6.6% | 46.5% | ||
| Q1 25 | 13.3% | 42.3% | ||
| Q4 24 | -2.3% | -65.8% | ||
| Q3 24 | -13.8% | 32.8% | ||
| Q2 24 | 3.7% | 32.0% |
| Q1 26 | — | 31.2% | ||
| Q4 25 | 11.1% | 44.2% | ||
| Q3 25 | 11.7% | 40.9% | ||
| Q2 25 | 4.0% | 37.1% | ||
| Q1 25 | 8.0% | 35.6% | ||
| Q4 24 | -5.4% | -59.8% | ||
| Q3 24 | -16.3% | 26.7% | ||
| Q2 24 | -1.7% | 35.9% |
| Q1 26 | — | $0.70 | ||
| Q4 25 | $1.14 | $0.80 | ||
| Q3 25 | $1.13 | $0.73 | ||
| Q2 25 | $0.36 | $0.65 | ||
| Q1 25 | $0.69 | $0.59 | ||
| Q4 24 | $-0.45 | $-1.10 | ||
| Q3 24 | $-1.27 | $0.56 | ||
| Q2 24 | $-0.14 | $0.74 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $285.6M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $540.7M | $5.0B |
| Total Assets | $1.4B | $45.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $285.6M | — | ||
| Q3 25 | $262.6M | — | ||
| Q2 25 | $217.8M | — | ||
| Q1 25 | $149.8M | — | ||
| Q4 24 | $144.9M | — | ||
| Q3 24 | $145.0M | — | ||
| Q2 24 | $240.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $594.1M | ||
| Q2 25 | — | $593.5M | ||
| Q1 25 | — | $591.4M | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $844.3M | ||
| Q2 24 | — | $536.1M |
| Q1 26 | — | $5.0B | ||
| Q4 25 | $540.7M | $5.0B | ||
| Q3 25 | $505.8M | $4.9B | ||
| Q2 25 | $436.8M | $4.8B | ||
| Q1 25 | $418.6M | $4.7B | ||
| Q4 24 | $403.7M | $4.6B | ||
| Q3 24 | $405.9M | $4.4B | ||
| Q2 24 | $455.8M | $4.2B |
| Q1 26 | — | $45.6B | ||
| Q4 25 | $1.4B | $45.2B | ||
| Q3 25 | $1.4B | $44.5B | ||
| Q2 25 | $1.3B | $44.0B | ||
| Q1 25 | $1.3B | $43.3B | ||
| Q4 24 | $1.3B | $43.0B | ||
| Q3 24 | $1.3B | $42.2B | ||
| Q2 24 | $920.8M | $41.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.20× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.31× | ||
| Q3 24 | — | 0.19× | ||
| Q2 24 | — | 0.13× |
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 | $30.4M | — |
| Free Cash FlowOCF − Capex | $29.1M | — |
| FCF MarginFCF / Revenue | 11.8% | — |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | 1.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $171.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $30.4M | $218.1M | ||
| Q3 25 | $44.1M | $158.0M | ||
| Q2 25 | $75.8M | $141.5M | ||
| Q1 25 | $35.0M | $98.2M | ||
| Q4 24 | $15.9M | $207.1M | ||
| Q3 24 | $12.5M | $105.1M | ||
| Q2 24 | $17.4M | $113.5M |
| Q1 26 | — | — | ||
| Q4 25 | $29.1M | — | ||
| Q3 25 | $38.0M | — | ||
| Q2 25 | $71.8M | — | ||
| Q1 25 | $32.5M | — | ||
| Q4 24 | $13.5M | — | ||
| Q3 24 | $7.7M | — | ||
| Q2 24 | $13.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 11.8% | — | ||
| Q3 25 | 16.7% | — | ||
| Q2 25 | 34.0% | — | ||
| Q1 25 | 16.5% | — | ||
| Q4 24 | 7.1% | — | ||
| Q3 24 | 5.2% | — | ||
| Q2 24 | 9.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | — | ||
| Q3 25 | 2.7% | — | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 3.2% | — | ||
| Q2 24 | 3.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.10× | 1.59× | ||
| Q3 25 | 1.66× | 1.27× | ||
| Q2 25 | 8.87× | 1.27× | ||
| Q1 25 | 2.23× | 0.97× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.19× | ||
| Q2 24 | — | 0.98× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANIP
| Sales Of Cortrophin Gel | $111.4M | 45% |
| Sales Of Generic Pharmaceutical Products | $100.8M | 41% |
| Sales Of ILUVIEN And YUTIQ | $19.8M | 8% |
| Sales Of Established Brands | $12.3M | 5% |
| Unapproved Products | $6.5M | 3% |
| Sales Of Royalties And Other Pharmaceutical Services | $2.7M | 1% |
ASB
| Net Interest Income | $307.2M | 80% |
| Noninterest Income | $75.9M | 20% |
