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Side-by-side financial comparison of GRID DYNAMICS HOLDINGS, INC. (GDYN) 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 $106.2M, roughly 1.7× GRID DYNAMICS HOLDINGS, INC.). Merchants Bancorp runs the higher net margin — 38.6% vs 0.3%, a 38.4% gap on every dollar of revenue. Over the past eight quarters, GRID DYNAMICS HOLDINGS, INC.'s revenue compounded faster (15.3% CAGR vs 4.8%).
Escape Dynamics, Inc. was a Colorado-based technology company that operated 2010–2015 focused on bringing to market single-stage-to-orbit reusable electromagnetically powered spaceplanes.
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.
GDYN vs MBIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $106.2M | $175.2M |
| Net Profit | $306.0K | $67.7M |
| Gross Margin | 34.0% | — |
| Operating Margin | 0.5% | — |
| Net Margin | 0.3% | 38.6% |
| Revenue YoY | 5.9% | — |
| Net Profit YoY | -93.2% | 16.3% |
| EPS (diluted) | $0.01 | $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 | $106.2M | $185.3M | ||
| Q3 25 | $104.2M | $171.1M | ||
| Q2 25 | $101.1M | $179.2M | ||
| Q1 25 | $100.4M | $145.9M | ||
| Q4 24 | $100.3M | $193.8M | ||
| Q3 24 | $87.4M | $149.6M | ||
| Q2 24 | $83.0M | $159.5M |
| Q1 26 | — | $67.7M | ||
| Q4 25 | $306.0K | — | ||
| Q3 25 | $1.2M | $54.7M | ||
| Q2 25 | $5.3M | $38.0M | ||
| Q1 25 | $2.9M | $58.2M | ||
| Q4 24 | $4.5M | — | ||
| Q3 24 | $4.3M | $61.3M | ||
| Q2 24 | $-817.0K | $76.4M |
| Q1 26 | — | — | ||
| Q4 25 | 34.0% | — | ||
| Q3 25 | 33.3% | — | ||
| Q2 25 | 34.1% | — | ||
| Q1 25 | 36.8% | — | ||
| Q4 24 | 36.9% | — | ||
| Q3 24 | 37.4% | — | ||
| Q2 24 | 35.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 39.9% | ||
| Q3 25 | -0.2% | 37.8% | ||
| Q2 25 | -0.1% | 27.3% | ||
| Q1 25 | -2.0% | 52.4% | ||
| Q4 24 | 1.3% | 66.0% | ||
| Q3 24 | 2.4% | 54.4% | ||
| Q2 24 | 0.0% | 62.2% |
| Q1 26 | — | 38.6% | ||
| Q4 25 | 0.3% | — | ||
| Q3 25 | 1.1% | 32.0% | ||
| Q2 25 | 5.2% | 21.2% | ||
| Q1 25 | 2.9% | 39.9% | ||
| Q4 24 | 4.5% | — | ||
| Q3 24 | 4.9% | 41.0% | ||
| Q2 24 | -1.0% | 47.9% |
| Q1 26 | — | $1.25 | ||
| Q4 25 | $0.01 | $1.28 | ||
| Q3 25 | $0.01 | $0.97 | ||
| Q2 25 | $0.06 | $0.60 | ||
| Q1 25 | $0.03 | $0.93 | ||
| Q4 24 | $0.06 | $1.84 | ||
| Q3 24 | $0.05 | $1.17 | ||
| Q2 24 | $-0.01 | $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 | $342.1M | $83.2M |
| Total DebtLower is stronger | — | $32.0M |
| Stockholders' EquityBook value | $542.1M | $2.3B |
| Total Assets | $612.9M | $20.3B |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $83.2M | ||
| Q4 25 | $342.1M | — | ||
| Q3 25 | $338.6M | — | ||
| Q2 25 | $336.8M | — | ||
| Q1 25 | $325.5M | — | ||
| Q4 24 | $334.7M | — | ||
| Q3 24 | $231.3M | — | ||
| Q2 24 | $256.0M | — |
| Q1 26 | — | $32.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $2.3B | ||
| Q4 25 | $542.1M | $2.3B | ||
| Q3 25 | $537.7M | $2.2B | ||
| Q2 25 | $532.2M | $2.2B | ||
| Q1 25 | $517.4M | $2.2B | ||
| Q4 24 | $517.8M | $2.2B | ||
| Q3 24 | $400.2M | $1.9B | ||
| Q2 24 | $388.4M | $1.9B |
| Q1 26 | — | $20.3B | ||
| Q4 25 | $612.9M | $19.4B | ||
| Q3 25 | $613.2M | $19.4B | ||
| Q2 25 | $608.9M | $19.1B | ||
| Q1 25 | $590.9M | $18.8B | ||
| Q4 24 | $592.2M | $18.8B | ||
| Q3 24 | $477.3M | $18.7B | ||
| Q2 24 | $443.6M | $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 | $9.9M | — |
| Free Cash FlowOCF − Capex | $6.1M | — |
| FCF MarginFCF / Revenue | 5.7% | — |
| Capex IntensityCapex / Revenue | 3.6% | — |
| Cash ConversionOCF / Net Profit | 32.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $25.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $9.9M | $-341.2M | ||
| Q3 25 | $7.0M | $29.8M | ||
| Q2 25 | $14.4M | $-121.2M | ||
| Q1 25 | $9.4M | $148.0M | ||
| Q4 24 | $7.1M | $-835.3M | ||
| Q3 24 | $9.2M | $-492.6M | ||
| Q2 24 | $10.7M | $51.1M |
| Q1 26 | — | — | ||
| Q4 25 | $6.1M | $-362.2M | ||
| Q3 25 | $2.9M | $24.0M | ||
| Q2 25 | $10.2M | $-125.7M | ||
| Q1 25 | $6.0M | $141.2M | ||
| Q4 24 | $4.4M | $-853.7M | ||
| Q3 24 | $5.9M | $-497.2M | ||
| Q2 24 | $8.0M | $45.8M |
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | -195.5% | ||
| Q3 25 | 2.8% | 14.0% | ||
| Q2 25 | 10.1% | -70.1% | ||
| Q1 25 | 6.0% | 96.8% | ||
| Q4 24 | 4.4% | -440.6% | ||
| Q3 24 | 6.8% | -332.4% | ||
| Q2 24 | 9.7% | 28.7% |
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | 11.3% | ||
| Q3 25 | 3.9% | 3.4% | ||
| Q2 25 | 4.1% | 2.5% | ||
| Q1 25 | 3.3% | 4.7% | ||
| Q4 24 | 2.6% | 9.5% | ||
| Q3 24 | 3.7% | 3.0% | ||
| Q2 24 | 3.2% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 32.34× | — | ||
| Q3 25 | 5.92× | 0.54× | ||
| Q2 25 | 2.73× | -3.19× | ||
| Q1 25 | 3.21× | 2.54× | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 2.15× | -8.04× | ||
| Q2 24 | — | 0.67× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GDYN
| Other | $30.6M | 29% |
| Technology Media And Telecom | $30.1M | 28% |
| Financial Service | $24.3M | 23% |
| Manufactured Product Other | $10.8M | 10% |
| Related Party | $7.6M | 7% |
| Health Care | $2.8M | 3% |
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
