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Side-by-side financial comparison of Merchants Bancorp (MBIN) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
Merchants Bancorp is the larger business by last-quarter revenue ($175.2M vs $124.7M, roughly 1.4× SMITH & WESSON BRANDS, INC.). Merchants Bancorp runs the higher net margin — 38.6% vs 1.5%, a 37.1% gap on every dollar of revenue. Over the past eight quarters, Merchants Bancorp's revenue compounded faster (4.8% CAGR vs -4.8%).
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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
MBIN vs SWBI — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $175.2M | $124.7M |
| Net Profit | $67.7M | $1.9M |
| Gross Margin | — | 24.3% |
| Operating Margin | — | 3.3% |
| Net Margin | 38.6% | 1.5% |
| Revenue YoY | — | -3.9% |
| Net Profit YoY | 16.3% | -53.6% |
| EPS (diluted) | $1.25 | $0.04 |
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 | $185.3M | $124.7M | ||
| Q3 25 | $171.1M | $85.1M | ||
| Q2 25 | $179.2M | $140.8M | ||
| Q1 25 | $145.9M | $115.9M | ||
| Q4 24 | $193.8M | $129.7M | ||
| Q3 24 | $149.6M | $88.3M | ||
| Q2 24 | $159.5M | $159.1M |
| Q1 26 | $67.7M | — | ||
| Q4 25 | — | $1.9M | ||
| Q3 25 | $54.7M | $-3.4M | ||
| Q2 25 | $38.0M | $8.6M | ||
| Q1 25 | $58.2M | $2.1M | ||
| Q4 24 | — | $4.5M | ||
| Q3 24 | $61.3M | $-1.9M | ||
| Q2 24 | $76.4M | $27.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | — | 27.4% | ||
| Q2 24 | — | 35.5% |
| Q1 26 | — | — | ||
| Q4 25 | 39.9% | 3.3% | ||
| Q3 25 | 37.8% | -3.5% | ||
| Q2 25 | 27.3% | 9.3% | ||
| Q1 25 | 52.4% | 4.1% | ||
| Q4 24 | 66.0% | 5.8% | ||
| Q3 24 | 54.4% | -1.7% | ||
| Q2 24 | 62.2% | 17.4% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | — | 1.5% | ||
| Q3 25 | 32.0% | -4.0% | ||
| Q2 25 | 21.2% | 6.1% | ||
| Q1 25 | 39.9% | 1.8% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | 41.0% | -2.1% | ||
| Q2 24 | 47.9% | 17.5% |
| Q1 26 | $1.25 | — | ||
| Q4 25 | $1.28 | $0.04 | ||
| Q3 25 | $0.97 | $-0.08 | ||
| Q2 25 | $0.60 | $0.19 | ||
| Q1 25 | $0.93 | $0.05 | ||
| Q4 24 | $1.84 | $0.10 | ||
| Q3 24 | $1.17 | $-0.04 | ||
| Q2 24 | $1.49 | $0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $83.2M | $22.4M |
| Total DebtLower is stronger | $32.0M | — |
| Stockholders' EquityBook value | $2.3B | $363.2M |
| Total Assets | $20.3B | $548.6M |
| Debt / EquityLower = less leverage | 0.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $83.2M | — | ||
| Q4 25 | — | $22.4M | ||
| Q3 25 | — | $18.0M | ||
| Q2 25 | — | $25.2M | ||
| Q1 25 | — | $26.7M | ||
| Q4 24 | — | $39.1M | ||
| Q3 24 | — | $35.5M | ||
| Q2 24 | — | $60.8M |
| Q1 26 | $32.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | $363.2M | ||
| Q3 25 | $2.2B | $364.4M | ||
| Q2 25 | $2.2B | $372.5M | ||
| Q1 25 | $2.2B | $366.9M | ||
| Q4 24 | $2.2B | $371.5M | ||
| Q3 24 | $1.9B | $380.0M | ||
| Q2 24 | $1.9B | $399.9M |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $19.4B | $548.6M | ||
| Q3 25 | $19.4B | $554.6M | ||
| Q2 25 | $19.1B | $559.6M | ||
| Q1 25 | $18.8B | $578.9M | ||
| Q4 24 | $18.8B | $587.4M | ||
| Q3 24 | $18.7B | $571.3M | ||
| Q2 24 | $18.2B | $577.4M |
| 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 | — | $27.3M |
| Free Cash FlowOCF − Capex | — | $16.3M |
| FCF MarginFCF / Revenue | — | 13.1% |
| Capex IntensityCapex / Revenue | — | 8.8% |
| Cash ConversionOCF / Net Profit | — | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-341.2M | $27.3M | ||
| Q3 25 | $29.8M | $-8.1M | ||
| Q2 25 | $-121.2M | $40.8M | ||
| Q1 25 | $148.0M | $-9.8M | ||
| Q4 24 | $-835.3M | $-7.4M | ||
| Q3 24 | $-492.6M | $-30.8M | ||
| Q2 24 | $51.1M | $43.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-362.2M | $16.3M | ||
| Q3 25 | $24.0M | $-12.4M | ||
| Q2 25 | $-125.7M | $33.5M | ||
| Q1 25 | $141.2M | $-16.1M | ||
| Q4 24 | $-853.7M | $-10.7M | ||
| Q3 24 | $-497.2M | $-35.5M | ||
| Q2 24 | $45.8M | $38.2M |
| Q1 26 | — | — | ||
| Q4 25 | -195.5% | 13.1% | ||
| Q3 25 | 14.0% | -14.6% | ||
| Q2 25 | -70.1% | 23.8% | ||
| Q1 25 | 96.8% | -13.9% | ||
| Q4 24 | -440.6% | -8.3% | ||
| Q3 24 | -332.4% | -40.2% | ||
| Q2 24 | 28.7% | 24.0% |
| Q1 26 | — | — | ||
| Q4 25 | 11.3% | 8.8% | ||
| Q3 25 | 3.4% | 5.0% | ||
| Q2 25 | 2.5% | 5.2% | ||
| Q1 25 | 4.7% | 5.4% | ||
| Q4 24 | 9.5% | 2.5% | ||
| Q3 24 | 3.0% | 5.3% | ||
| Q2 24 | 3.3% | 3.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.22× | ||
| Q3 25 | 0.54× | — | ||
| Q2 25 | -3.19× | 4.73× | ||
| Q1 25 | 2.54× | -4.68× | ||
| Q4 24 | — | -1.63× | ||
| Q3 24 | -8.04× | — | ||
| Q2 24 | 0.67× | 1.57× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
SWBI
Segment breakdown not available.
