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Side-by-side financial comparison of ASSOCIATED BANC-CORP (ASB) and MACH NATURAL RESOURCES LP (MNR). Click either name above to swap in a different company.
MACH NATURAL RESOURCES LP is the larger business by last-quarter revenue ($387.5M vs $383.0M, roughly 1.0× ASSOCIATED BANC-CORP). ASSOCIATED BANC-CORP runs the higher net margin — 31.2% vs 18.9%, a 12.4% gap on every dollar of revenue. Over the past eight quarters, MACH NATURAL RESOURCES LP's revenue compounded faster (27.3% CAGR vs 9.1%).
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.
MACH NATURAL RESOURCES LPMNREarnings & Financial Report
Mach Natural Resources LP is a US-based upstream energy enterprise focused on the exploration, development, and production of oil, natural gas, and natural gas liquids. Its core operations are located in onshore US hydrocarbon basins including the Permian Basin, prioritizing low-cost, high-yield assets to drive sustainable returns for stakeholders.
ASB vs MNR — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $383.0M | $387.5M |
| Net Profit | $119.6M | $73.1M |
| Gross Margin | — | — |
| Operating Margin | — | 26.1% |
| Net Margin | 31.2% | 18.9% |
| Revenue YoY | — | 65.0% |
| Net Profit YoY | 566.6% | 100.2% |
| EPS (diluted) | $0.70 | $0.47 |
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 | $310.0M | $387.5M | ||
| Q3 25 | $305.2M | $272.6M | ||
| Q2 25 | $300.0M | $288.5M | ||
| Q1 25 | $285.9M | $226.8M | ||
| Q4 24 | $270.3M | $234.9M | ||
| Q3 24 | $329.7M | $255.5M | ||
| Q2 24 | $321.8M | $240.0M |
| Q1 26 | $119.6M | — | ||
| Q4 25 | $137.1M | $73.1M | ||
| Q3 25 | $124.7M | $-35.7M | ||
| Q2 25 | $111.2M | $89.7M | ||
| Q1 25 | $101.7M | $15.9M | ||
| Q4 24 | $-161.6M | $36.5M | ||
| Q3 24 | $88.0M | $67.4M | ||
| Q2 24 | $115.6M | $39.5M |
| Q1 26 | — | — | ||
| Q4 25 | 52.6% | 26.1% | ||
| Q3 25 | 50.5% | -7.0% | ||
| Q2 25 | 46.5% | 38.6% | ||
| Q1 25 | 42.3% | 22.8% | ||
| Q4 24 | -65.8% | 24.9% | ||
| Q3 24 | 32.8% | 37.1% | ||
| Q2 24 | 32.0% | 29.4% |
| Q1 26 | 31.2% | — | ||
| Q4 25 | 44.2% | 18.9% | ||
| Q3 25 | 40.9% | -13.1% | ||
| Q2 25 | 37.1% | 31.1% | ||
| Q1 25 | 35.6% | 7.0% | ||
| Q4 24 | -59.8% | 15.5% | ||
| Q3 24 | 26.7% | 26.4% | ||
| Q2 24 | 35.9% | 16.5% |
| Q1 26 | $0.70 | — | ||
| Q4 25 | $0.80 | $0.47 | ||
| Q3 25 | $0.73 | $-0.28 | ||
| Q2 25 | $0.65 | $0.76 | ||
| Q1 25 | $0.59 | $0.14 | ||
| Q4 24 | $-1.10 | $0.34 | ||
| Q3 24 | $0.56 | $0.70 | ||
| Q2 24 | $0.74 | $0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $42.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $5.0B | — |
| Total Assets | $45.6B | $3.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $42.6M | ||
| Q3 25 | — | $53.6M | ||
| Q2 25 | — | $13.8M | ||
| Q1 25 | — | $7.8M | ||
| Q4 24 | — | $105.8M | ||
| Q3 24 | — | $184.5M | ||
| Q2 24 | — | $144.6M |
| 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 | $5.0B | — | ||
| Q3 25 | $4.9B | — | ||
| Q2 25 | $4.8B | — | ||
| Q1 25 | $4.7B | — | ||
| Q4 24 | $4.6B | — | ||
| Q3 24 | $4.4B | — | ||
| Q2 24 | $4.2B | — |
| Q1 26 | $45.6B | — | ||
| Q4 25 | $45.2B | $3.8B | ||
| Q3 25 | $44.5B | $3.8B | ||
| Q2 25 | $44.0B | $2.3B | ||
| Q1 25 | $43.3B | $2.2B | ||
| Q4 24 | $43.0B | $2.3B | ||
| Q3 24 | $42.2B | $2.3B | ||
| Q2 24 | $41.6B | $2.2B |
| 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 | — | $128.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 1.76× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $218.1M | $128.7M | ||
| Q3 25 | $158.0M | $105.5M | ||
| Q2 25 | $141.5M | $130.1M | ||
| Q1 25 | $98.2M | $142.5M | ||
| Q4 24 | $207.1M | $133.7M | ||
| Q3 24 | $105.1M | $110.8M | ||
| Q2 24 | $113.5M | $116.8M |
| Q1 26 | — | — | ||
| Q4 25 | 1.59× | 1.76× | ||
| Q3 25 | 1.27× | — | ||
| Q2 25 | 1.27× | 1.45× | ||
| Q1 25 | 0.97× | 8.97× | ||
| Q4 24 | — | 3.66× | ||
| Q3 24 | 1.19× | 1.64× | ||
| Q2 24 | 0.98× | 2.96× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASB
| Net Interest Income | $307.2M | 80% |
| Noninterest Income | $75.9M | 20% |
MNR
| Oil Gas And Natural Gas Liquids Net | $331.0M | 85% |
| Natural Gas Liquids Reserves | $44.8M | 12% |
| Natural Gas Midstream | $8.6M | 2% |
| Products | $6.3M | 2% |
