vs
Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and Merchants Bancorp (MBIN). Click either name above to swap in a different company.
APOGEE ENTERPRISES, INC. is the larger business by last-quarter revenue ($348.6M vs $175.2M, roughly 2.0× Merchants Bancorp). Merchants Bancorp runs the higher net margin — 38.6% vs 4.7%, a 33.9% gap on every dollar of revenue. Over the past eight quarters, Merchants Bancorp's revenue compounded faster (4.8% CAGR vs -1.9%).
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
Ameris Bancorp is an American bank holding company headquartered in Atlanta, Georgia. Through its bank subsidiary, Ameris Bank, the company operates full-service branches in Georgia, Alabama, Florida, North Carolina and South Carolina, and mortgage-only locations in Georgia, Alabama, Florida, North Carolina, South Carolina, Virginia, Maryland, and Tennessee. The company offers online and mobile banking options for both consumers and businesses.
APOG vs MBIN — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $348.6M | $175.2M |
| Net Profit | $16.5M | $67.7M |
| Gross Margin | 23.8% | — |
| Operating Margin | 7.1% | — |
| Net Margin | 4.7% | 38.6% |
| Revenue YoY | 2.1% | — |
| Net Profit YoY | -21.2% | 16.3% |
| EPS (diluted) | $0.77 | $1.25 |
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 | — | $175.2M | ||
| Q4 25 | $348.6M | $185.3M | ||
| Q3 25 | $358.2M | $171.1M | ||
| Q2 25 | $346.6M | $179.2M | ||
| Q1 25 | $345.7M | $145.9M | ||
| Q4 24 | $341.3M | $193.8M | ||
| Q3 24 | $342.4M | $149.6M | ||
| Q2 24 | $331.5M | $159.5M |
| Q1 26 | — | $67.7M | ||
| Q4 25 | $16.5M | — | ||
| Q3 25 | $23.6M | $54.7M | ||
| Q2 25 | $-2.7M | $38.0M | ||
| Q1 25 | $2.5M | $58.2M | ||
| Q4 24 | $21.0M | — | ||
| Q3 24 | $30.6M | $61.3M | ||
| Q2 24 | $31.0M | $76.4M |
| Q1 26 | — | — | ||
| Q4 25 | 23.8% | — | ||
| Q3 25 | 23.1% | — | ||
| Q2 25 | 21.7% | — | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 26.1% | — | ||
| Q3 24 | 28.4% | — | ||
| Q2 24 | 29.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 7.1% | 39.9% | ||
| Q3 25 | 7.5% | 37.8% | ||
| Q2 25 | 2.0% | 27.3% | ||
| Q1 25 | 1.8% | 52.4% | ||
| Q4 24 | 8.4% | 66.0% | ||
| Q3 24 | 12.3% | 54.4% | ||
| Q2 24 | 12.5% | 62.2% |
| Q1 26 | — | 38.6% | ||
| Q4 25 | 4.7% | — | ||
| Q3 25 | 6.6% | 32.0% | ||
| Q2 25 | -0.8% | 21.2% | ||
| Q1 25 | 0.7% | 39.9% | ||
| Q4 24 | 6.1% | — | ||
| Q3 24 | 8.9% | 41.0% | ||
| Q2 24 | 9.4% | 47.9% |
| Q1 26 | — | $1.25 | ||
| Q4 25 | $0.77 | $1.28 | ||
| Q3 25 | $1.10 | $0.97 | ||
| Q2 25 | $-0.13 | $0.60 | ||
| Q1 25 | $0.12 | $0.93 | ||
| Q4 24 | $0.96 | $1.84 | ||
| Q3 24 | $1.40 | $1.17 | ||
| Q2 24 | $1.41 | $1.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $41.3M | $83.2M |
| Total DebtLower is stronger | — | $32.0M |
| Stockholders' EquityBook value | $512.3M | $2.3B |
| Total Assets | $1.1B | $20.3B |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $83.2M | ||
| Q4 25 | $41.3M | — | ||
| Q3 25 | $39.5M | — | ||
| Q2 25 | $32.8M | — | ||
| Q1 25 | $41.4M | — | ||
| Q4 24 | $43.9M | — | ||
| Q3 24 | $51.0M | — | ||
| Q2 24 | $30.4M | — |
| Q1 26 | — | $32.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $285.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $2.3B | ||
| Q4 25 | $512.3M | $2.3B | ||
| Q3 25 | $500.2M | $2.2B | ||
| Q2 25 | $481.8M | $2.2B | ||
| Q1 25 | $487.9M | $2.2B | ||
| Q4 24 | $522.1M | $2.2B | ||
| Q3 24 | $506.4M | $1.9B | ||
| Q2 24 | $480.0M | $1.9B |
| Q1 26 | — | $20.3B | ||
| Q4 25 | $1.1B | $19.4B | ||
| Q3 25 | $1.2B | $19.4B | ||
| Q2 25 | $1.2B | $19.1B | ||
| Q1 25 | $1.2B | $18.8B | ||
| Q4 24 | $1.2B | $18.8B | ||
| Q3 24 | $917.1M | $18.7B | ||
| Q2 24 | $889.0M | $18.2B |
| Q1 26 | — | 0.01× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $29.3M | — |
| Free Cash FlowOCF − Capex | $22.9M | — |
| FCF MarginFCF / Revenue | 6.6% | — |
| Capex IntensityCapex / Revenue | 1.9% | — |
| Cash ConversionOCF / Net Profit | 1.77× | — |
| TTM Free Cash FlowTrailing 4 quarters | $67.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $29.3M | $-341.2M | ||
| Q3 25 | $57.1M | $29.8M | ||
| Q2 25 | $-19.8M | $-121.2M | ||
| Q1 25 | $30.0M | $148.0M | ||
| Q4 24 | $31.0M | $-835.3M | ||
| Q3 24 | $58.7M | $-492.6M | ||
| Q2 24 | $5.5M | $51.1M |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | $-362.2M | ||
| Q3 25 | $52.4M | $24.0M | ||
| Q2 25 | $-26.9M | $-125.7M | ||
| Q1 25 | $19.1M | $141.2M | ||
| Q4 24 | $22.0M | $-853.7M | ||
| Q3 24 | $50.2M | $-497.2M | ||
| Q2 24 | $-1.8M | $45.8M |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | -195.5% | ||
| Q3 25 | 14.6% | 14.0% | ||
| Q2 25 | -7.8% | -70.1% | ||
| Q1 25 | 5.5% | 96.8% | ||
| Q4 24 | 6.4% | -440.6% | ||
| Q3 24 | 14.7% | -332.4% | ||
| Q2 24 | -0.5% | 28.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 11.3% | ||
| Q3 25 | 1.3% | 3.4% | ||
| Q2 25 | 2.1% | 2.5% | ||
| Q1 25 | 3.2% | 4.7% | ||
| Q4 24 | 2.6% | 9.5% | ||
| Q3 24 | 2.5% | 3.0% | ||
| Q2 24 | 2.2% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.41× | 0.54× | ||
| Q2 25 | — | -3.19× | ||
| Q1 25 | 12.08× | 2.54× | ||
| Q4 24 | 1.48× | — | ||
| Q3 24 | 1.92× | -8.04× | ||
| Q2 24 | 0.18× | 0.67× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APOG
| Transferred At Point In Time | $163.0M | 47% |
| Architectural Services Segment | $105.2M | 30% |
| Performance Surfaces | $53.0M | 15% |
| UW Interco LLC | $27.9M | 8% |
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
