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Side-by-side financial comparison of FTC Solar, Inc. (FTCI) and HORIZON BANCORP INC (HBNC). Click either name above to swap in a different company.
HORIZON BANCORP INC is the larger business by last-quarter revenue ($63.5M vs $32.9M, roughly 1.9× FTC Solar, Inc.). HORIZON BANCORP INC runs the higher net margin — 42.4% vs -110.7%, a 153.2% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs 19.5%). HORIZON BANCORP INC produced more free cash flow last quarter ($74.3M vs $-8.4M). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs 9.2%).
FTC Solar, Inc. is a leading global provider of advanced solar tracker systems, associated components, and supporting software for solar projects. It serves utility-scale, commercial, and industrial solar segments across key global markets, helping customers boost energy generation efficiency and lower overall project costs.
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
FTCI vs HBNC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $32.9M | $63.5M |
| Net Profit | $-36.4M | $26.9M |
| Gross Margin | 14.9% | — |
| Operating Margin | -17.2% | 51.5% |
| Net Margin | -110.7% | 42.4% |
| Revenue YoY | 148.9% | 19.5% |
| Net Profit YoY | -197.4% | 347.4% |
| EPS (diluted) | $-2.31 | $0.44 |
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.
| Q4 25 | $32.9M | $63.5M | ||
| Q3 25 | $26.0M | $58.4M | ||
| Q2 25 | $20.0M | $66.3M | ||
| Q1 25 | $20.8M | $68.8M | ||
| Q4 24 | $13.2M | $53.1M | ||
| Q3 24 | $10.1M | $58.4M | ||
| Q2 24 | $11.4M | $55.8M | ||
| Q1 24 | $12.6M | $53.2M |
| Q4 25 | $-36.4M | $26.9M | ||
| Q3 25 | $-23.9M | $-222.0M | ||
| Q2 25 | $-15.4M | $20.6M | ||
| Q1 25 | $-3.8M | $23.9M | ||
| Q4 24 | $-12.2M | $-10.9M | ||
| Q3 24 | $-15.4M | $18.2M | ||
| Q2 24 | $-12.2M | $14.1M | ||
| Q1 24 | $-8.8M | $14.0M |
| Q4 25 | 14.9% | — | ||
| Q3 25 | 6.1% | — | ||
| Q2 25 | -19.6% | — | ||
| Q1 25 | -16.6% | — | ||
| Q4 24 | -29.1% | — | ||
| Q3 24 | -42.5% | — | ||
| Q2 24 | -20.5% | — | ||
| Q1 24 | -16.7% | — |
| Q4 25 | -17.2% | 51.5% | ||
| Q3 25 | -29.6% | -490.4% | ||
| Q2 25 | -57.5% | 36.8% | ||
| Q1 25 | -50.8% | 40.8% | ||
| Q4 24 | -101.7% | -41.3% | ||
| Q3 24 | -147.8% | 31.0% | ||
| Q2 24 | -104.3% | 28.5% | ||
| Q1 24 | -99.3% | 28.8% |
| Q4 25 | -110.7% | 42.4% | ||
| Q3 25 | -92.0% | -380.2% | ||
| Q2 25 | -77.2% | 31.1% | ||
| Q1 25 | -18.4% | 34.8% | ||
| Q4 24 | -92.7% | -20.5% | ||
| Q3 24 | -151.5% | 31.1% | ||
| Q2 24 | -107.1% | 25.4% | ||
| Q1 24 | -69.7% | 26.3% |
| Q4 25 | $-2.31 | $0.44 | ||
| Q3 25 | $-1.61 | $-4.69 | ||
| Q2 25 | $-1.18 | $0.47 | ||
| Q1 25 | $-0.58 | $0.54 | ||
| Q4 24 | $-0.95 | $-0.25 | ||
| Q3 24 | $-1.21 | $0.41 | ||
| Q2 24 | $-0.97 | $0.32 | ||
| Q1 24 | $-0.70 | $0.32 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $21.1M | $139.5M |
| Total DebtLower is stronger | $9.9M | $248.6M |
| Stockholders' EquityBook value | $-43.0M | $688.3M |
| Total Assets | $111.8M | $6.4B |
| Debt / EquityLower = less leverage | — | 0.36× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $139.5M | ||
| Q3 25 | $24.4M | $458.3M | ||
| Q2 25 | $3.5M | $137.9M | ||
| Q1 25 | $5.9M | $169.7M | ||
| Q4 24 | $11.2M | $293.4M | ||
| Q3 24 | $8.3M | $234.8M | ||
| Q2 24 | $10.8M | $146.1M | ||
| Q1 24 | $14.0M | — |
| Q4 25 | $9.9M | $248.6M | ||
| Q3 25 | $16.6M | — | ||
| Q2 25 | $10.9M | — | ||
| Q1 25 | $10.2M | — | ||
| Q4 24 | $9.5M | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-43.0M | $688.3M | ||
| Q3 25 | $-13.7M | $660.8M | ||
| Q2 25 | $9.0M | $790.9M | ||
| Q1 25 | $15.5M | $776.1M | ||
| Q4 24 | $19.0M | $763.6M | ||
| Q3 24 | $30.4M | $754.8M | ||
| Q2 24 | $44.2M | $726.7M | ||
| Q1 24 | $55.2M | $721.3M |
| Q4 25 | $111.8M | $6.4B | ||
| Q3 25 | $111.5M | $6.7B | ||
| Q2 25 | $83.0M | $7.7B | ||
| Q1 25 | $84.1M | $7.6B | ||
| Q4 24 | $89.9M | $7.8B | ||
| Q3 24 | $91.7M | $7.9B | ||
| Q2 24 | $100.3M | $7.9B | ||
| Q1 24 | $115.0M | $7.9B |
| Q4 25 | — | 0.36× | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.50× | 1.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $-8.0M | $79.2M |
| Free Cash FlowOCF − Capex | $-8.4M | $74.3M |
| FCF MarginFCF / Revenue | -25.7% | 117.0% |
| Capex IntensityCapex / Revenue | 1.3% | 7.8% |
| Cash ConversionOCF / Net Profit | — | 2.94× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.6M | $115.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $79.2M | ||
| Q3 25 | $-14.6M | $10.9M | ||
| Q2 25 | $-2.3M | $19.5M | ||
| Q1 25 | $-8.5M | $15.2M | ||
| Q4 24 | $-16.7M | $6.4M | ||
| Q3 24 | $-2.4M | $32.3M | ||
| Q2 24 | $-3.8M | $15.9M | ||
| Q1 24 | $-11.9M | $6.5M |
| Q4 25 | $-8.4M | $74.3M | ||
| Q3 25 | $-15.1M | $9.4M | ||
| Q2 25 | $-2.5M | $18.1M | ||
| Q1 25 | $-8.6M | $14.1M | ||
| Q4 24 | $-17.0M | $1.3M | ||
| Q3 24 | $-2.6M | $31.0M | ||
| Q2 24 | $-4.5M | $15.1M | ||
| Q1 24 | $-12.3M | $5.4M |
| Q4 25 | -25.7% | 117.0% | ||
| Q3 25 | -57.9% | 16.1% | ||
| Q2 25 | -12.4% | 27.3% | ||
| Q1 25 | -41.2% | 20.5% | ||
| Q4 24 | -128.6% | 2.4% | ||
| Q3 24 | -25.6% | 53.1% | ||
| Q2 24 | -39.2% | 27.1% | ||
| Q1 24 | -97.6% | 10.1% |
| Q4 25 | 1.3% | 7.8% | ||
| Q3 25 | 1.7% | 2.6% | ||
| Q2 25 | 0.9% | 2.1% | ||
| Q1 25 | 0.4% | 1.6% | ||
| Q4 24 | 2.2% | 9.6% | ||
| Q3 24 | 2.2% | 2.2% | ||
| Q2 24 | 6.1% | 1.5% | ||
| Q1 24 | 3.4% | 2.2% |
| Q4 25 | — | 2.94× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.94× | ||
| Q1 25 | — | 0.64× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.78× | ||
| Q2 24 | — | 1.13× | ||
| Q1 24 | — | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FTCI
| Products | $26.2M | 80% |
| Services | $6.7M | 20% |
HBNC
Segment breakdown not available.
