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Side-by-side financial comparison of Merchants Bancorp (MBIN) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Wheels Up Experience Inc. is the larger business by last-quarter revenue ($183.8M vs $175.2M, roughly 1.0× Merchants Bancorp). Merchants Bancorp runs the higher net margin — 38.6% vs -15.7%, a 54.4% gap on every dollar of revenue. Over the past eight quarters, Merchants Bancorp's revenue compounded faster (4.8% CAGR vs -3.4%).
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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
MBIN vs UP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $175.2M | $183.8M |
| Net Profit | $67.7M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | — | -0.9% |
| Net Margin | 38.6% | -15.7% |
| Revenue YoY | — | -10.2% |
| Net Profit YoY | 16.3% | 67.0% |
| 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 | $183.8M | ||
| Q3 25 | $171.1M | $185.5M | ||
| Q2 25 | $179.2M | $189.6M | ||
| Q1 25 | $145.9M | $177.5M | ||
| Q4 24 | $193.8M | $204.8M | ||
| Q3 24 | $149.6M | $193.9M | ||
| Q2 24 | $159.5M | $196.3M |
| Q1 26 | $67.7M | — | ||
| Q4 25 | — | $-28.9M | ||
| Q3 25 | $54.7M | $-83.7M | ||
| Q2 25 | $38.0M | $-82.3M | ||
| Q1 25 | $58.2M | $-99.3M | ||
| Q4 24 | — | $-87.5M | ||
| Q3 24 | $61.3M | $-57.7M | ||
| Q2 24 | $76.4M | $-97.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.3% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 13.9% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 2.3% |
| Q1 26 | — | — | ||
| Q4 25 | 39.9% | -0.9% | ||
| Q3 25 | 37.8% | -33.1% | ||
| Q2 25 | 27.3% | -31.4% | ||
| Q1 25 | 52.4% | -45.5% | ||
| Q4 24 | 66.0% | -26.0% | ||
| Q3 24 | 54.4% | -21.6% | ||
| Q2 24 | 62.2% | -40.3% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | — | -15.7% | ||
| Q3 25 | 32.0% | -45.1% | ||
| Q2 25 | 21.2% | -43.4% | ||
| Q1 25 | 39.9% | -55.9% | ||
| Q4 24 | — | -42.7% | ||
| Q3 24 | 41.0% | -29.8% | ||
| Q2 24 | 47.9% | -49.4% |
| Q1 26 | $1.25 | — | ||
| Q4 25 | $1.28 | $-0.04 | ||
| Q3 25 | $0.97 | $-0.12 | ||
| Q2 25 | $0.60 | $-0.12 | ||
| Q1 25 | $0.93 | $-0.14 | ||
| Q4 24 | $1.84 | $-0.13 | ||
| Q3 24 | $1.17 | $-0.08 | ||
| Q2 24 | $1.49 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | $32.0M | $671.3M |
| Stockholders' EquityBook value | $2.3B | $-392.1M |
| Total Assets | $20.3B | $968.8M |
| Debt / EquityLower = less leverage | 0.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $83.2M | — | ||
| Q4 25 | — | $133.9M | ||
| Q3 25 | — | $125.3M | ||
| Q2 25 | — | $107.0M | ||
| Q1 25 | — | $171.8M | ||
| Q4 24 | — | $216.4M | ||
| Q3 24 | — | $115.9M | ||
| Q2 24 | — | $141.5M |
| Q1 26 | $32.0M | — | ||
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M |
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | $-392.1M | ||
| Q3 25 | $2.2B | $-374.5M | ||
| Q2 25 | $2.2B | $-347.8M | ||
| Q1 25 | $2.2B | $-288.1M | ||
| Q4 24 | $2.2B | $-202.1M | ||
| Q3 24 | $1.9B | $-117.7M | ||
| Q2 24 | $1.9B | $-72.2M |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $19.4B | $968.8M | ||
| Q3 25 | $19.4B | $973.0M | ||
| Q2 25 | $19.1B | $1.0B | ||
| Q1 25 | $18.8B | $1.1B | ||
| Q4 24 | $18.8B | $1.2B | ||
| Q3 24 | $18.7B | $1.0B | ||
| Q2 24 | $18.2B | $1.1B |
| 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 | — | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-58.3M |
| FCF MarginFCF / Revenue | — | -31.7% |
| Capex IntensityCapex / Revenue | — | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-341.2M | $-18.4M | ||
| Q3 25 | $29.8M | $-37.1M | ||
| Q2 25 | $-121.2M | $-62.9M | ||
| Q1 25 | $148.0M | $-47.9M | ||
| Q4 24 | $-835.3M | $37.9M | ||
| Q3 24 | $-492.6M | $-16.9M | ||
| Q2 24 | $51.1M | $-25.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-362.2M | $-58.3M | ||
| Q3 25 | $24.0M | $-60.4M | ||
| Q2 25 | $-125.7M | $-78.6M | ||
| Q1 25 | $141.2M | $-62.6M | ||
| Q4 24 | $-853.7M | $-70.2M | ||
| Q3 24 | $-497.2M | $-21.9M | ||
| Q2 24 | $45.8M | $-30.8M |
| Q1 26 | — | — | ||
| Q4 25 | -195.5% | -31.7% | ||
| Q3 25 | 14.0% | -32.6% | ||
| Q2 25 | -70.1% | -41.5% | ||
| Q1 25 | 96.8% | -35.3% | ||
| Q4 24 | -440.6% | -34.3% | ||
| Q3 24 | -332.4% | -11.3% | ||
| Q2 24 | 28.7% | -15.7% |
| Q1 26 | — | — | ||
| Q4 25 | 11.3% | 21.7% | ||
| Q3 25 | 3.4% | 12.5% | ||
| Q2 25 | 2.5% | 8.3% | ||
| Q1 25 | 4.7% | 8.3% | ||
| Q4 24 | 9.5% | 52.8% | ||
| Q3 24 | 3.0% | 2.6% | ||
| Q2 24 | 3.3% | 2.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.54× | — | ||
| Q2 25 | -3.19× | — | ||
| Q1 25 | 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
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
UP
Segment breakdown not available.
