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Side-by-side financial comparison of Gogo Inc. (GOGO) and Merchants Bancorp (MBIN). Click either name above to swap in a different company.
Gogo Inc. is the larger business by last-quarter revenue ($230.6M vs $175.2M, roughly 1.3× Merchants Bancorp). Merchants Bancorp runs the higher net margin — 38.6% vs -4.3%, a 43.0% gap on every dollar of revenue. Over the past eight quarters, Gogo Inc.'s revenue compounded faster (48.7% CAGR vs 4.8%).
Gogo Inc. is an American provider of in-flight broadband Internet service and other connectivity services for business aircraft, headquartered in Broomfield, Colorado. Through its Gogo LLC subsidiary, Gogo previously provided in-flight WiFi to 17 airlines until the Commercial Air business was sold to Intelsat for $400 million in December 2020. According to Gogo, over 2,500 commercial aircraft and 6,600 business aircraft have been equipped with its onboard Wi-Fi services. The company is the de...
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.
GOGO vs MBIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $230.6M | $175.2M |
| Net Profit | $-10.0M | $67.7M |
| Gross Margin | — | — |
| Operating Margin | 6.2% | — |
| Net Margin | -4.3% | 38.6% |
| Revenue YoY | 67.3% | — |
| Net Profit YoY | 64.6% | 16.3% |
| EPS (diluted) | $-0.08 | $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 | $230.6M | $185.3M | ||
| Q3 25 | $223.6M | $171.1M | ||
| Q2 25 | $226.0M | $179.2M | ||
| Q1 25 | $230.3M | $145.9M | ||
| Q4 24 | $137.8M | $193.8M | ||
| Q3 24 | $100.5M | $149.6M | ||
| Q2 24 | $102.1M | $159.5M |
| Q1 26 | — | $67.7M | ||
| Q4 25 | $-10.0M | — | ||
| Q3 25 | $-1.9M | $54.7M | ||
| Q2 25 | $12.8M | $38.0M | ||
| Q1 25 | $12.0M | $58.2M | ||
| Q4 24 | $-28.2M | — | ||
| Q3 24 | $10.6M | $61.3M | ||
| Q2 24 | $839.0K | $76.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 87.8% | — | ||
| Q1 25 | 87.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 6.2% | 39.9% | ||
| Q3 25 | 12.9% | 37.8% | ||
| Q2 25 | 15.9% | 27.3% | ||
| Q1 25 | 15.3% | 52.4% | ||
| Q4 24 | -17.5% | 66.0% | ||
| Q3 24 | 19.0% | 54.4% | ||
| Q2 24 | 21.2% | 62.2% |
| Q1 26 | — | 38.6% | ||
| Q4 25 | -4.3% | — | ||
| Q3 25 | -0.9% | 32.0% | ||
| Q2 25 | 5.7% | 21.2% | ||
| Q1 25 | 5.2% | 39.9% | ||
| Q4 24 | -20.5% | — | ||
| Q3 24 | 10.6% | 41.0% | ||
| Q2 24 | 0.8% | 47.9% |
| Q1 26 | — | $1.25 | ||
| Q4 25 | $-0.08 | $1.28 | ||
| Q3 25 | $-0.01 | $0.97 | ||
| Q2 25 | $0.09 | $0.60 | ||
| Q1 25 | $0.09 | $0.93 | ||
| Q4 24 | $-0.22 | $1.84 | ||
| Q3 24 | $0.08 | $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 | $125.2M | $83.2M |
| Total DebtLower is stronger | — | $32.0M |
| Stockholders' EquityBook value | $101.1M | $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 | $125.2M | — | ||
| Q3 25 | $133.6M | — | ||
| Q2 25 | $102.1M | — | ||
| Q1 25 | $70.3M | — | ||
| Q4 24 | $41.8M | — | ||
| Q3 24 | $176.7M | — | ||
| Q2 24 | $161.6M | — |
| Q1 26 | — | $32.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $2.3B | ||
| Q4 25 | $101.1M | $2.3B | ||
| Q3 25 | $107.0M | $2.2B | ||
| Q2 25 | $102.8M | $2.2B | ||
| Q1 25 | $82.9M | $2.2B | ||
| Q4 24 | $69.3M | $2.2B | ||
| Q3 24 | $52.7M | $1.9B | ||
| Q2 24 | $52.0M | $1.9B |
| Q1 26 | — | $20.3B | ||
| Q4 25 | $1.3B | $19.4B | ||
| Q3 25 | $1.3B | $19.4B | ||
| Q2 25 | $1.3B | $19.1B | ||
| Q1 25 | $1.2B | $18.8B | ||
| Q4 24 | $1.2B | $18.8B | ||
| Q3 24 | $810.7M | $18.7B | ||
| Q2 24 | $802.7M | $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 | $8.5M | — |
| Free Cash FlowOCF − Capex | $-25.4M | — |
| FCF MarginFCF / Revenue | -11.0% | — |
| Capex IntensityCapex / Revenue | 14.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $65.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $8.5M | $-341.2M | ||
| Q3 25 | $46.8M | $29.8M | ||
| Q2 25 | $36.7M | $-121.2M | ||
| Q1 25 | $32.5M | $148.0M | ||
| Q4 24 | $-38.3M | $-835.3M | ||
| Q3 24 | $25.1M | $-492.6M | ||
| Q2 24 | $24.9M | $51.1M |
| Q1 26 | — | — | ||
| Q4 25 | $-25.4M | $-362.2M | ||
| Q3 25 | $27.3M | $24.0M | ||
| Q2 25 | $33.5M | $-125.7M | ||
| Q1 25 | $29.7M | $141.2M | ||
| Q4 24 | $-42.6M | $-853.7M | ||
| Q3 24 | $20.7M | $-497.2M | ||
| Q2 24 | $21.6M | $45.8M |
| Q1 26 | — | — | ||
| Q4 25 | -11.0% | -195.5% | ||
| Q3 25 | 12.2% | 14.0% | ||
| Q2 25 | 14.8% | -70.1% | ||
| Q1 25 | 12.9% | 96.8% | ||
| Q4 24 | -30.9% | -440.6% | ||
| Q3 24 | 20.6% | -332.4% | ||
| Q2 24 | 21.1% | 28.7% |
| Q1 26 | — | — | ||
| Q4 25 | 14.7% | 11.3% | ||
| Q3 25 | 8.7% | 3.4% | ||
| Q2 25 | 1.4% | 2.5% | ||
| Q1 25 | 1.2% | 4.7% | ||
| Q4 24 | 3.1% | 9.5% | ||
| Q3 24 | 4.4% | 3.0% | ||
| Q2 24 | 3.3% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.54× | ||
| Q2 25 | 2.87× | -3.19× | ||
| Q1 25 | 2.70× | 2.54× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.36× | -8.04× | ||
| Q2 24 | 29.74× | 0.67× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GOGO
| Services | $191.9M | 83% |
| Products | $38.7M | 17% |
| Fcc Reimbursement Program | $2.0M | 1% |
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
