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Side-by-side financial comparison of ALPHA PRO TECH LTD (APT) and WEST BANCORPORATION INC (WTBA). Click either name above to swap in a different company.
WEST BANCORPORATION INC is the larger business by last-quarter revenue ($26.9M vs $13.9M, roughly 1.9× ALPHA PRO TECH LTD). WEST BANCORPORATION INC runs the higher net margin — 39.2% vs 5.0%, a 34.2% gap on every dollar of revenue. On growth, WEST BANCORPORATION INC posted the faster year-over-year revenue change (16.6% vs 0.3%). WEST BANCORPORATION INC produced more free cash flow last quarter ($12.4M vs $51.0K). Over the past eight quarters, WEST BANCORPORATION INC's revenue compounded faster (17.3% CAGR vs 1.4%).
Alpha Pro Tech Ltd is a leading developer, manufacturer and marketer of disposable protective apparel, face masks, and building supply products including weather-resistant barriers. It primarily serves the healthcare, industrial, and construction sectors, with core operating markets concentrated in North America.
West Bancorporation Inc. is a regional financial holding company headquartered in the U.S. Midwest, primarily serving markets across Iowa and Minnesota. It provides a full suite of personal and commercial banking services, including deposit accounts, mortgage loans, business lending, and wealth management solutions for individual consumers, small-to-medium enterprises, and local organizational clients.
APT vs WTBA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $13.9M | $26.9M |
| Net Profit | $698.0K | $10.6M |
| Gross Margin | 37.1% | — |
| Operating Margin | 6.9% | 50.0% |
| Net Margin | 5.0% | 39.2% |
| Revenue YoY | 0.3% | 16.6% |
| Net Profit YoY | -17.6% | 34.8% |
| EPS (diluted) | $0.06 | $0.61 |
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 | — | $26.9M | ||
| Q4 25 | $13.9M | $24.2M | ||
| Q3 25 | $14.8M | $25.0M | ||
| Q2 25 | $16.7M | $23.8M | ||
| Q1 25 | $13.8M | $23.1M | ||
| Q4 24 | $13.8M | $20.9M | ||
| Q3 24 | $14.3M | $20.3M | ||
| Q2 24 | $16.3M | $19.6M |
| Q1 26 | — | $10.6M | ||
| Q4 25 | $698.0K | $7.4M | ||
| Q3 25 | $976.0K | $9.3M | ||
| Q2 25 | $1.2M | $8.0M | ||
| Q1 25 | $613.0K | $7.8M | ||
| Q4 24 | $847.0K | $7.1M | ||
| Q3 24 | $862.0K | $6.0M | ||
| Q2 24 | $1.6M | $5.2M |
| Q1 26 | — | — | ||
| Q4 25 | 37.1% | — | ||
| Q3 25 | 39.7% | — | ||
| Q2 25 | 36.8% | — | ||
| Q1 25 | 39.0% | — | ||
| Q4 24 | 37.6% | — | ||
| Q3 24 | 38.5% | — | ||
| Q2 24 | 42.0% | — |
| Q1 26 | — | 50.0% | ||
| Q4 25 | 6.9% | 39.6% | ||
| Q3 25 | 7.4% | 45.8% | ||
| Q2 25 | 8.0% | 43.4% | ||
| Q1 25 | 3.3% | 43.4% | ||
| Q4 24 | 4.9% | 30.9% | ||
| Q3 24 | 5.2% | 36.6% | ||
| Q2 24 | 10.5% | 32.6% |
| Q1 26 | — | 39.2% | ||
| Q4 25 | 5.0% | 30.7% | ||
| Q3 25 | 6.6% | 37.3% | ||
| Q2 25 | 7.5% | 33.5% | ||
| Q1 25 | 4.4% | 34.0% | ||
| Q4 24 | 6.1% | 34.0% | ||
| Q3 24 | 6.0% | 29.3% | ||
| Q2 24 | 10.1% | 26.5% |
| Q1 26 | — | $0.61 | ||
| Q4 25 | $0.06 | $0.44 | ||
| Q3 25 | $0.09 | $0.55 | ||
| Q2 25 | $0.12 | $0.47 | ||
| Q1 25 | $0.06 | $0.46 | ||
| Q4 24 | $0.07 | $0.41 | ||
| Q3 24 | $0.08 | $0.35 | ||
| Q2 24 | $0.15 | $0.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $17.0M | $362.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $62.5M | $270.7M |
| Total Assets | $74.1M | $4.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $362.0M | ||
| Q4 25 | $17.0M | $471.1M | ||
| Q3 25 | $17.7M | $232.9M | ||
| Q2 25 | $14.5M | $345.2M | ||
| Q1 25 | $13.4M | — | ||
| Q4 24 | $18.6M | $243.5M | ||
| Q3 24 | $18.4M | — | ||
| Q2 24 | $16.2M | — |
| Q1 26 | — | $270.7M | ||
| Q4 25 | $62.5M | $266.0M | ||
| Q3 25 | $62.5M | $255.1M | ||
| Q2 25 | $62.2M | $240.9M | ||
| Q1 25 | $61.7M | $237.9M | ||
| Q4 24 | $62.2M | $227.9M | ||
| Q3 24 | $62.1M | $235.4M | ||
| Q2 24 | $62.0M | $223.9M |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $74.1M | $4.1B | ||
| Q3 25 | $73.9M | $4.0B | ||
| Q2 25 | $73.2M | $4.1B | ||
| Q1 25 | $72.2M | $4.0B | ||
| Q4 24 | $73.7M | $4.0B | ||
| Q3 24 | $73.3M | $4.0B | ||
| Q2 24 | $72.7M | $4.0B |
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 | $318.0K | $12.9M |
| Free Cash FlowOCF − Capex | $51.0K | $12.4M |
| FCF MarginFCF / Revenue | 0.4% | 46.0% |
| Capex IntensityCapex / Revenue | 1.9% | 1.8% |
| Cash ConversionOCF / Net Profit | 0.46× | 1.22× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $79.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.9M | ||
| Q4 25 | $318.0K | $46.5M | ||
| Q3 25 | $3.9M | $11.4M | ||
| Q2 25 | $2.1M | $13.5M | ||
| Q1 25 | $-4.0M | $9.7M | ||
| Q4 24 | $2.4M | $39.8M | ||
| Q3 24 | $5.3M | $12.9M | ||
| Q2 24 | $-873.0K | $10.0M |
| Q1 26 | — | $12.4M | ||
| Q4 25 | $51.0K | $43.2M | ||
| Q3 25 | $3.8M | $10.8M | ||
| Q2 25 | $1.9M | $12.8M | ||
| Q1 25 | $-4.1M | $8.3M | ||
| Q4 24 | $970.0K | $13.7M | ||
| Q3 24 | $3.2M | $7.0M | ||
| Q2 24 | $-1.0M | $2.7M |
| Q1 26 | — | 46.0% | ||
| Q4 25 | 0.4% | 178.3% | ||
| Q3 25 | 25.9% | 43.0% | ||
| Q2 25 | 11.7% | 53.6% | ||
| Q1 25 | -29.6% | 35.7% | ||
| Q4 24 | 7.0% | 65.6% | ||
| Q3 24 | 22.3% | 34.2% | ||
| Q2 24 | -6.2% | 14.0% |
| Q1 26 | — | 1.8% | ||
| Q4 25 | 1.9% | 13.7% | ||
| Q3 25 | 0.7% | 2.6% | ||
| Q2 25 | 0.8% | 3.2% | ||
| Q1 25 | 1.0% | 6.5% | ||
| Q4 24 | 10.4% | 125.3% | ||
| Q3 24 | 15.1% | 29.4% | ||
| Q2 24 | 0.8% | 37.1% |
| Q1 26 | — | 1.22× | ||
| Q4 25 | 0.46× | 6.26× | ||
| Q3 25 | 4.02× | 1.23× | ||
| Q2 25 | 1.68× | 1.70× | ||
| Q1 25 | -6.46× | 1.24× | ||
| Q4 24 | 2.85× | 5.61× | ||
| Q3 24 | 6.18× | 2.17× | ||
| Q2 24 | -0.53× | 1.93× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APT
| Other | $7.3M | 53% |
| Disposable Protective Apparel | $6.6M | 47% |
WTBA
Segment breakdown not available.
