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Side-by-side financial comparison of Merchants Bancorp (MBIN) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Merchants Bancorp is the larger business by last-quarter revenue ($175.2M vs $100.0M, roughly 1.8× Latham Group, Inc.). Merchants Bancorp runs the higher net margin — 38.6% vs -7.0%, a 45.7% gap on every dollar of revenue. Over the past eight quarters, Merchants Bancorp's revenue compounded faster (4.8% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
MBIN vs SWIM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $175.2M | $100.0M |
| Net Profit | $67.7M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | — | -10.7% |
| Net Margin | 38.6% | -7.0% |
| Revenue YoY | — | 14.5% |
| Net Profit YoY | 16.3% | 76.0% |
| EPS (diluted) | $1.25 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $171.1M | $161.9M | ||
| Q2 25 | $179.2M | $172.6M | ||
| Q1 25 | $145.9M | $111.4M | ||
| Q4 24 | $193.8M | $87.3M | ||
| Q3 24 | $149.6M | $150.5M | ||
| Q2 24 | $159.5M | $160.1M |
| Q1 26 | $67.7M | — | ||
| Q4 25 | — | $-7.0M | ||
| Q3 25 | $54.7M | $8.1M | ||
| Q2 25 | $38.0M | $16.0M | ||
| Q1 25 | $58.2M | $-6.0M | ||
| Q4 24 | — | $-29.2M | ||
| Q3 24 | $61.3M | $5.9M | ||
| Q2 24 | $76.4M | $13.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% |
| Q1 26 | — | — | ||
| Q4 25 | 39.9% | -10.7% | ||
| Q3 25 | 37.8% | 13.3% | ||
| Q2 25 | 27.3% | 14.3% | ||
| Q1 25 | 52.4% | -4.4% | ||
| Q4 24 | 66.0% | -14.9% | ||
| Q3 24 | 54.4% | 8.9% | ||
| Q2 24 | 62.2% | 12.5% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | — | -7.0% | ||
| Q3 25 | 32.0% | 5.0% | ||
| Q2 25 | 21.2% | 9.3% | ||
| Q1 25 | 39.9% | -5.4% | ||
| Q4 24 | — | -33.4% | ||
| Q3 24 | 41.0% | 3.9% | ||
| Q2 24 | 47.9% | 8.3% |
| Q1 26 | $1.25 | — | ||
| Q4 25 | $1.28 | $-0.06 | ||
| Q3 25 | $0.97 | $0.07 | ||
| Q2 25 | $0.60 | $0.13 | ||
| Q1 25 | $0.93 | $-0.05 | ||
| Q4 24 | $1.84 | $-0.24 | ||
| Q3 24 | $1.17 | $0.05 | ||
| Q2 24 | $1.49 | $0.11 |
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 | — |
| Total DebtLower is stronger | $32.0M | $279.8M |
| Stockholders' EquityBook value | $2.3B | $405.9M |
| Total Assets | $20.3B | $823.2M |
| Debt / EquityLower = less leverage | 0.01× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $83.2M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $32.0M | — | ||
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M |
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | $405.9M | ||
| Q3 25 | $2.2B | $408.4M | ||
| Q2 25 | $2.2B | $398.4M | ||
| Q1 25 | $2.2B | $381.1M | ||
| Q4 24 | $2.2B | $387.2M | ||
| Q3 24 | $1.9B | $416.6M | ||
| Q2 24 | $1.9B | $408.1M |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $19.4B | $823.2M | ||
| Q3 25 | $19.4B | $844.4M | ||
| Q2 25 | $19.1B | $822.1M | ||
| Q1 25 | $18.8B | $824.6M | ||
| Q4 24 | $18.8B | $794.2M | ||
| Q3 24 | $18.7B | $853.4M | ||
| Q2 24 | $18.2B | $830.0M |
| Q1 26 | 0.01× | — | ||
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× |
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 | — | $23.3M |
| Free Cash FlowOCF − Capex | — | $14.1M |
| FCF MarginFCF / Revenue | — | 14.1% |
| Capex IntensityCapex / Revenue | — | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-341.2M | $23.3M | ||
| Q3 25 | $29.8M | $51.0M | ||
| Q2 25 | $-121.2M | $36.0M | ||
| Q1 25 | $148.0M | $-46.9M | ||
| Q4 24 | $-835.3M | $6.2M | ||
| Q3 24 | $-492.6M | $37.2M | ||
| Q2 24 | $51.1M | $52.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-362.2M | $14.1M | ||
| Q3 25 | $24.0M | $45.2M | ||
| Q2 25 | $-125.7M | $29.1M | ||
| Q1 25 | $141.2M | $-50.3M | ||
| Q4 24 | $-853.7M | $-98.0K | ||
| Q3 24 | $-497.2M | $33.2M | ||
| Q2 24 | $45.8M | $47.9M |
| Q1 26 | — | — | ||
| Q4 25 | -195.5% | 14.1% | ||
| Q3 25 | 14.0% | 27.9% | ||
| Q2 25 | -70.1% | 16.8% | ||
| Q1 25 | 96.8% | -45.2% | ||
| Q4 24 | -440.6% | -0.1% | ||
| Q3 24 | -332.4% | 22.1% | ||
| Q2 24 | 28.7% | 29.9% |
| Q1 26 | — | — | ||
| Q4 25 | 11.3% | 9.2% | ||
| Q3 25 | 3.4% | 3.6% | ||
| Q2 25 | 2.5% | 4.0% | ||
| Q1 25 | 4.7% | 3.1% | ||
| Q4 24 | 9.5% | 7.2% | ||
| Q3 24 | 3.0% | 2.7% | ||
| Q2 24 | 3.3% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.54× | 6.29× | ||
| Q2 25 | -3.19× | 2.25× | ||
| Q1 25 | 2.54× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -8.04× | 6.32× | ||
| Q2 24 | 0.67× | 3.95× |
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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
