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Side-by-side financial comparison of Fastly, Inc. (FSLY) 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 $172.6M, roughly 1.0× Fastly, Inc.). Merchants Bancorp runs the higher net margin — 38.6% vs -9.0%, a 47.6% gap on every dollar of revenue. Over the past eight quarters, Fastly, Inc.'s revenue compounded faster (13.7% CAGR vs 4.8%).
Fastly, Inc. is an American company based in San Francisco, which describes itself as a cloud computing company. Fastly provides content delivery network services, image optimization, and load balancing services. Fastly's cloud security services include denial-of-service attack protection, bot mitigation, and a web application firewall.
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.
FSLY vs MBIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $172.6M | $175.2M |
| Net Profit | $-15.5M | $67.7M |
| Gross Margin | 61.4% | — |
| Operating Margin | -8.7% | — |
| Net Margin | -9.0% | 38.6% |
| Revenue YoY | 22.8% | — |
| Net Profit YoY | 52.9% | 16.3% |
| EPS (diluted) | $-0.10 | $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 | $172.6M | $185.3M | ||
| Q3 25 | $158.2M | $171.1M | ||
| Q2 25 | $148.7M | $179.2M | ||
| Q1 25 | $144.5M | $145.9M | ||
| Q4 24 | $140.6M | $193.8M | ||
| Q3 24 | $137.2M | $149.6M | ||
| Q2 24 | $132.4M | $159.5M |
| Q1 26 | — | $67.7M | ||
| Q4 25 | $-15.5M | — | ||
| Q3 25 | $-29.5M | $54.7M | ||
| Q2 25 | $-37.5M | $38.0M | ||
| Q1 25 | $-39.1M | $58.2M | ||
| Q4 24 | $-32.9M | — | ||
| Q3 24 | $-38.0M | $61.3M | ||
| Q2 24 | $-43.7M | $76.4M |
| Q1 26 | — | — | ||
| Q4 25 | 61.4% | — | ||
| Q3 25 | 58.4% | — | ||
| Q2 25 | 54.5% | — | ||
| Q1 25 | 53.2% | — | ||
| Q4 24 | 53.4% | — | ||
| Q3 24 | 54.5% | — | ||
| Q2 24 | 55.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | -8.7% | 39.9% | ||
| Q3 25 | -18.2% | 37.8% | ||
| Q2 25 | -24.8% | 27.3% | ||
| Q1 25 | -26.4% | 52.4% | ||
| Q4 24 | -24.4% | 66.0% | ||
| Q3 24 | -29.6% | 54.4% | ||
| Q2 24 | -35.3% | 62.2% |
| Q1 26 | — | 38.6% | ||
| Q4 25 | -9.0% | — | ||
| Q3 25 | -18.6% | 32.0% | ||
| Q2 25 | -25.2% | 21.2% | ||
| Q1 25 | -27.1% | 39.9% | ||
| Q4 24 | -23.4% | — | ||
| Q3 24 | -27.7% | 41.0% | ||
| Q2 24 | -33.0% | 47.9% |
| Q1 26 | — | $1.25 | ||
| Q4 25 | $-0.10 | $1.28 | ||
| Q3 25 | $-0.20 | $0.97 | ||
| Q2 25 | $-0.26 | $0.60 | ||
| Q1 25 | $-0.27 | $0.93 | ||
| Q4 24 | $-0.23 | $1.84 | ||
| Q3 24 | $-0.27 | $1.17 | ||
| Q2 24 | $-0.32 | $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 | $361.8M | $83.2M |
| Total DebtLower is stronger | — | $32.0M |
| Stockholders' EquityBook value | $929.6M | $2.3B |
| Total Assets | $1.5B | $20.3B |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $83.2M | ||
| Q4 25 | $361.8M | — | ||
| Q3 25 | $342.9M | — | ||
| Q2 25 | $321.2M | — | ||
| Q1 25 | $307.3M | — | ||
| Q4 24 | $295.9M | — | ||
| Q3 24 | $308.2M | — | ||
| Q2 24 | $311.8M | — |
| Q1 26 | — | $32.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $2.3B | ||
| Q4 25 | $929.6M | $2.3B | ||
| Q3 25 | $937.0M | $2.2B | ||
| Q2 25 | $942.6M | $2.2B | ||
| Q1 25 | $957.0M | $2.2B | ||
| Q4 24 | $965.3M | $2.2B | ||
| Q3 24 | $969.5M | $1.9B | ||
| Q2 24 | $981.2M | $1.9B |
| Q1 26 | — | $20.3B | ||
| Q4 25 | $1.5B | $19.4B | ||
| Q3 25 | $1.5B | $19.4B | ||
| Q2 25 | $1.5B | $19.1B | ||
| Q1 25 | $1.4B | $18.8B | ||
| Q4 24 | $1.5B | $18.8B | ||
| Q3 24 | $1.5B | $18.7B | ||
| Q2 24 | $1.5B | $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 | $22.4M | — |
| Free Cash FlowOCF − Capex | $12.2M | — |
| FCF MarginFCF / Revenue | 7.1% | — |
| Capex IntensityCapex / Revenue | 5.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $65.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $22.4M | $-341.2M | ||
| Q3 25 | $28.9M | $29.8M | ||
| Q2 25 | $25.8M | $-121.2M | ||
| Q1 25 | $17.3M | $148.0M | ||
| Q4 24 | $5.2M | $-835.3M | ||
| Q3 24 | $5.0M | $-492.6M | ||
| Q2 24 | $-4.9M | $51.1M |
| Q1 26 | — | — | ||
| Q4 25 | $12.2M | $-362.2M | ||
| Q3 25 | $22.9M | $24.0M | ||
| Q2 25 | $15.9M | $-125.7M | ||
| Q1 25 | $14.7M | $141.2M | ||
| Q4 24 | $251.0K | $-853.7M | ||
| Q3 24 | $3.0M | $-497.2M | ||
| Q2 24 | $-6.7M | $45.8M |
| Q1 26 | — | — | ||
| Q4 25 | 7.1% | -195.5% | ||
| Q3 25 | 14.5% | 14.0% | ||
| Q2 25 | 10.7% | -70.1% | ||
| Q1 25 | 10.2% | 96.8% | ||
| Q4 24 | 0.2% | -440.6% | ||
| Q3 24 | 2.2% | -332.4% | ||
| Q2 24 | -5.1% | 28.7% |
| Q1 26 | — | — | ||
| Q4 25 | 5.9% | 11.3% | ||
| Q3 25 | 3.8% | 3.4% | ||
| Q2 25 | 6.6% | 2.5% | ||
| Q1 25 | 1.8% | 4.7% | ||
| Q4 24 | 3.5% | 9.5% | ||
| Q3 24 | 1.5% | 3.0% | ||
| Q2 24 | 1.3% | 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
FSLY
| Network Services | $130.8M | 76% |
| Security | $35.4M | 21% |
| Other | $6.4M | 4% |
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
