vs
Side-by-side financial comparison of IHS Holding Ltd (IHS) and Merchants Bancorp (MBIN). Click either name above to swap in a different company.
IHS Holding Ltd is the larger business by last-quarter revenue ($254.0M vs $175.2M, roughly 1.4× Merchants Bancorp). Over the past eight quarters, Merchants Bancorp's revenue compounded faster (4.8% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
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.
IHS vs MBIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $175.2M |
| Net Profit | — | $67.7M |
| Gross Margin | 83.6% | — |
| Operating Margin | — | — |
| Net Margin | — | 38.6% |
| Revenue YoY | 0.1% | — |
| Net Profit YoY | — | 16.3% |
| EPS (diluted) | — | $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 | $254.0M | $185.3M | ||
| Q3 25 | $455.1M | $171.1M | ||
| Q2 25 | $433.3M | $179.2M | ||
| Q1 25 | $439.6M | $145.9M | ||
| Q4 24 | $253.8M | $193.8M | ||
| Q3 24 | $420.3M | $149.6M | ||
| Q2 24 | $435.4M | $159.5M |
| Q1 26 | — | $67.7M | ||
| Q4 25 | — | — | ||
| Q3 25 | $147.4M | $54.7M | ||
| Q2 25 | $32.3M | $38.0M | ||
| Q1 25 | $30.7M | $58.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-205.7M | $61.3M | ||
| Q2 24 | $-124.3M | $76.4M |
| Q1 26 | — | — | ||
| Q4 25 | 83.6% | — | ||
| Q3 25 | 47.5% | — | ||
| Q2 25 | 51.3% | — | ||
| Q1 25 | 51.4% | — | ||
| Q4 24 | 72.1% | — | ||
| Q3 24 | 52.0% | — | ||
| Q2 24 | 52.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 39.9% | ||
| Q3 25 | 35.1% | 37.8% | ||
| Q2 25 | 33.8% | 27.3% | ||
| Q1 25 | 37.1% | 52.4% | ||
| Q4 24 | — | 66.0% | ||
| Q3 24 | 29.9% | 54.4% | ||
| Q2 24 | 34.0% | 62.2% |
| Q1 26 | — | 38.6% | ||
| Q4 25 | — | — | ||
| Q3 25 | 32.4% | 32.0% | ||
| Q2 25 | 7.5% | 21.2% | ||
| Q1 25 | 7.0% | 39.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | -48.9% | 41.0% | ||
| Q2 24 | -28.5% | 47.9% |
| Q1 26 | — | $1.25 | ||
| Q4 25 | — | $1.28 | ||
| Q3 25 | $0.44 | $0.97 | ||
| Q2 25 | $0.10 | $0.60 | ||
| Q1 25 | $0.10 | $0.93 | ||
| Q4 24 | — | $1.84 | ||
| Q3 24 | $-0.61 | $1.17 | ||
| Q2 24 | $-0.36 | $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 | $825.7M | $83.2M |
| Total DebtLower is stronger | $3.1B | $32.0M |
| Stockholders' EquityBook value | $-89.8M | $2.3B |
| Total Assets | $4.5B | $20.3B |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $83.2M | ||
| Q4 25 | $825.7M | — | ||
| Q3 25 | $647.6M | — | ||
| Q2 25 | $531.8M | — | ||
| Q1 25 | $629.0M | — | ||
| Q4 24 | $578.0M | — | ||
| Q3 24 | $397.5M | — | ||
| Q2 24 | $445.7M | — |
| Q1 26 | — | $32.0M | ||
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.6B | — |
| Q1 26 | — | $2.3B | ||
| Q4 25 | $-89.8M | $2.3B | ||
| Q3 25 | $38.1M | $2.2B | ||
| Q2 25 | $-98.4M | $2.2B | ||
| Q1 25 | $-184.4M | $2.2B | ||
| Q4 24 | $-314.4M | $2.2B | ||
| Q3 24 | $-284.7M | $1.9B | ||
| Q2 24 | $-308.3M | $1.9B |
| Q1 26 | — | $20.3B | ||
| Q4 25 | $4.5B | $19.4B | ||
| Q3 25 | $4.7B | $19.4B | ||
| Q2 25 | $4.5B | $19.1B | ||
| Q1 25 | $4.4B | $18.8B | ||
| Q4 24 | $4.2B | $18.8B | ||
| Q3 24 | $4.6B | $18.7B | ||
| Q2 24 | $4.5B | $18.2B |
| Q1 26 | — | 0.01× | ||
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| 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 | $246.9M | — |
| Free Cash FlowOCF − Capex | $178.6M | — |
| FCF MarginFCF / Revenue | 70.3% | — |
| Capex IntensityCapex / Revenue | 26.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $246.9M | $-341.2M | ||
| Q3 25 | $251.3M | $29.8M | ||
| Q2 25 | $237.7M | $-121.2M | ||
| Q1 25 | $200.3M | $148.0M | ||
| Q4 24 | $344.4M | $-835.3M | ||
| Q3 24 | $174.5M | $-492.6M | ||
| Q2 24 | $134.7M | $51.1M |
| Q1 26 | — | — | ||
| Q4 25 | $178.6M | $-362.2M | ||
| Q3 25 | $189.2M | $24.0M | ||
| Q2 25 | $197.7M | $-125.7M | ||
| Q1 25 | $153.2M | $141.2M | ||
| Q4 24 | $282.9M | $-853.7M | ||
| Q3 24 | $122.3M | $-497.2M | ||
| Q2 24 | $74.2M | $45.8M |
| Q1 26 | — | — | ||
| Q4 25 | 70.3% | -195.5% | ||
| Q3 25 | 41.6% | 14.0% | ||
| Q2 25 | 45.6% | -70.1% | ||
| Q1 25 | 34.8% | 96.8% | ||
| Q4 24 | 111.5% | -440.6% | ||
| Q3 24 | 29.1% | -332.4% | ||
| Q2 24 | 17.0% | 28.7% |
| Q1 26 | — | — | ||
| Q4 25 | 26.9% | 11.3% | ||
| Q3 25 | 13.6% | 3.4% | ||
| Q2 25 | 9.2% | 2.5% | ||
| Q1 25 | 10.7% | 4.7% | ||
| Q4 24 | 24.2% | 9.5% | ||
| Q3 24 | 12.4% | 3.0% | ||
| Q2 24 | 13.9% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.70× | 0.54× | ||
| Q2 25 | 7.36× | -3.19× | ||
| Q1 25 | 6.52× | 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
IHS
Segment breakdown not available.
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
