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Side-by-side financial comparison of JFrog Ltd (FROG) and Merchants Bancorp (MBIN). Click either name above to swap in a different company.
Merchants Bancorp is the larger business by last-quarter revenue ($175.2M vs $145.3M, roughly 1.2× JFrog Ltd). Merchants Bancorp runs the higher net margin — 38.6% vs -10.5%, a 49.1% gap on every dollar of revenue. Over the past eight quarters, JFrog Ltd's revenue compounded faster (20.4% CAGR vs 4.8%).
JFrog Ltd is a global DevOps technology provider that delivers end-to-end software release, artifact management, and security solutions. It serves clients across tech, finance, retail, and manufacturing sectors, helping teams streamline development and delivery workflows for cloud, on-premises, and hybrid infrastructure.
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.
FROG vs MBIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $145.3M | $175.2M |
| Net Profit | $-15.2M | $67.7M |
| Gross Margin | 77.9% | — |
| Operating Margin | -14.7% | — |
| Net Margin | -10.5% | 38.6% |
| Revenue YoY | 25.2% | — |
| Net Profit YoY | 34.4% | 16.3% |
| EPS (diluted) | $-0.13 | $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 | $145.3M | $185.3M | ||
| Q3 25 | $136.9M | $171.1M | ||
| Q2 25 | $127.2M | $179.2M | ||
| Q1 25 | $122.4M | $145.9M | ||
| Q4 24 | $116.1M | $193.8M | ||
| Q3 24 | $109.1M | $149.6M | ||
| Q2 24 | $103.0M | $159.5M |
| Q1 26 | — | $67.7M | ||
| Q4 25 | $-15.2M | — | ||
| Q3 25 | $-16.4M | $54.7M | ||
| Q2 25 | $-21.7M | $38.0M | ||
| Q1 25 | $-18.5M | $58.2M | ||
| Q4 24 | $-23.2M | — | ||
| Q3 24 | $-22.9M | $61.3M | ||
| Q2 24 | $-14.3M | $76.4M |
| Q1 26 | — | — | ||
| Q4 25 | 77.9% | — | ||
| Q3 25 | 77.4% | — | ||
| Q2 25 | 76.3% | — | ||
| Q1 25 | 75.3% | — | ||
| Q4 24 | 75.4% | — | ||
| Q3 24 | 75.0% | — | ||
| Q2 24 | 78.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | -14.7% | 39.9% | ||
| Q3 25 | -15.8% | 37.8% | ||
| Q2 25 | -20.4% | 27.3% | ||
| Q1 25 | -18.8% | 52.4% | ||
| Q4 24 | -21.9% | 66.0% | ||
| Q3 24 | -27.4% | 54.4% | ||
| Q2 24 | -18.6% | 62.2% |
| Q1 26 | — | 38.6% | ||
| Q4 25 | -10.5% | — | ||
| Q3 25 | -12.0% | 32.0% | ||
| Q2 25 | -17.0% | 21.2% | ||
| Q1 25 | -15.1% | 39.9% | ||
| Q4 24 | -20.0% | — | ||
| Q3 24 | -21.0% | 41.0% | ||
| Q2 24 | -13.9% | 47.9% |
| Q1 26 | — | $1.25 | ||
| Q4 25 | $-0.13 | $1.28 | ||
| Q3 25 | $-0.14 | $0.97 | ||
| Q2 25 | $-0.19 | $0.60 | ||
| Q1 25 | $-0.16 | $0.93 | ||
| Q4 24 | $-0.21 | $1.84 | ||
| Q3 24 | $-0.21 | $1.17 | ||
| Q2 24 | $-0.13 | $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 | $704.4M | $83.2M |
| Total DebtLower is stronger | — | $32.0M |
| Stockholders' EquityBook value | $887.4M | $2.3B |
| Total Assets | $1.3B | $20.3B |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $83.2M | ||
| Q4 25 | $704.4M | — | ||
| Q3 25 | $651.1M | — | ||
| Q2 25 | $611.7M | — | ||
| Q1 25 | $563.5M | — | ||
| Q4 24 | $522.0M | — | ||
| Q3 24 | $467.8M | — | ||
| Q2 24 | $591.3M | — |
| Q1 26 | — | $32.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $2.3B | ||
| Q4 25 | $887.4M | $2.3B | ||
| Q3 25 | $859.4M | $2.2B | ||
| Q2 25 | $826.5M | $2.2B | ||
| Q1 25 | $800.0M | $2.2B | ||
| Q4 24 | $773.5M | $2.2B | ||
| Q3 24 | $756.2M | $1.9B | ||
| Q2 24 | $721.4M | $1.9B |
| Q1 26 | — | $20.3B | ||
| Q4 25 | $1.3B | $19.4B | ||
| Q3 25 | $1.3B | $19.4B | ||
| Q2 25 | $1.2B | $19.1B | ||
| Q1 25 | $1.2B | $18.8B | ||
| Q4 24 | $1.1B | $18.8B | ||
| Q3 24 | $1.1B | $18.7B | ||
| Q2 24 | $1.0B | $18.2B |
| Q1 26 | — | 0.01× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| 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 | $50.7M | — |
| Free Cash FlowOCF − Capex | $49.9M | — |
| FCF MarginFCF / Revenue | 34.3% | — |
| Capex IntensityCapex / Revenue | 0.6% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $142.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $50.7M | $-341.2M | ||
| Q3 25 | $30.2M | $29.8M | ||
| Q2 25 | $36.1M | $-121.2M | ||
| Q1 25 | $28.8M | $148.0M | ||
| Q4 24 | $49.1M | $-835.3M | ||
| Q3 24 | $27.6M | $-492.6M | ||
| Q2 24 | $16.7M | $51.1M |
| Q1 26 | — | — | ||
| Q4 25 | $49.9M | $-362.2M | ||
| Q3 25 | $28.8M | $24.0M | ||
| Q2 25 | $35.5M | $-125.7M | ||
| Q1 25 | $28.1M | $141.2M | ||
| Q4 24 | $48.5M | $-853.7M | ||
| Q3 24 | $26.7M | $-497.2M | ||
| Q2 24 | $16.0M | $45.8M |
| Q1 26 | — | — | ||
| Q4 25 | 34.3% | -195.5% | ||
| Q3 25 | 21.0% | 14.0% | ||
| Q2 25 | 27.9% | -70.1% | ||
| Q1 25 | 23.0% | 96.8% | ||
| Q4 24 | 41.8% | -440.6% | ||
| Q3 24 | 24.5% | -332.4% | ||
| Q2 24 | 15.5% | 28.7% |
| Q1 26 | — | — | ||
| Q4 25 | 0.6% | 11.3% | ||
| Q3 25 | 1.0% | 3.4% | ||
| Q2 25 | 0.5% | 2.5% | ||
| Q1 25 | 0.5% | 4.7% | ||
| Q4 24 | 0.5% | 9.5% | ||
| Q3 24 | 0.9% | 3.0% | ||
| Q2 24 | 0.7% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.54× | ||
| Q2 25 | — | -3.19× | ||
| Q1 25 | — | 2.54× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -8.04× | ||
| Q2 24 | — | 0.67× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FROG
Segment breakdown not available.
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
