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Side-by-side financial comparison of Merchants Bancorp (MBIN) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Merchants Bancorp is the larger business by last-quarter revenue ($175.2M vs $92.9M, roughly 1.9× Vericel Corp). Merchants Bancorp runs the higher net margin — 38.6% vs 25.0%, a 13.6% gap on every dollar of revenue. Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
MBIN vs VCEL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $175.2M | $92.9M |
| Net Profit | $67.7M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | — | 24.1% |
| Net Margin | 38.6% | 25.0% |
| Revenue YoY | — | 23.3% |
| Net Profit YoY | 16.3% | 17.3% |
| EPS (diluted) | $1.25 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $171.1M | $67.5M | ||
| Q2 25 | $179.2M | $63.2M | ||
| Q1 25 | $145.9M | $52.6M | ||
| Q4 24 | $193.8M | $75.4M | ||
| Q3 24 | $149.6M | $57.9M | ||
| Q2 24 | $159.5M | $52.7M |
| Q1 26 | $67.7M | — | ||
| Q4 25 | — | $23.2M | ||
| Q3 25 | $54.7M | $5.1M | ||
| Q2 25 | $38.0M | $-553.0K | ||
| Q1 25 | $58.2M | $-11.2M | ||
| Q4 24 | — | $19.8M | ||
| Q3 24 | $61.3M | $-901.0K | ||
| Q2 24 | $76.4M | $-4.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% |
| Q1 26 | — | — | ||
| Q4 25 | 39.9% | 24.1% | ||
| Q3 25 | 37.8% | 5.1% | ||
| Q2 25 | 27.3% | -3.2% | ||
| Q1 25 | 52.4% | -24.3% | ||
| Q4 24 | 66.0% | 24.5% | ||
| Q3 24 | 54.4% | -4.3% | ||
| Q2 24 | 62.2% | -11.5% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | — | 25.0% | ||
| Q3 25 | 32.0% | 7.5% | ||
| Q2 25 | 21.2% | -0.9% | ||
| Q1 25 | 39.9% | -21.4% | ||
| Q4 24 | — | 26.3% | ||
| Q3 24 | 41.0% | -1.6% | ||
| Q2 24 | 47.9% | -8.9% |
| Q1 26 | $1.25 | — | ||
| Q4 25 | $1.28 | $0.46 | ||
| Q3 25 | $0.97 | $0.10 | ||
| Q2 25 | $0.60 | $-0.01 | ||
| Q1 25 | $0.93 | $-0.23 | ||
| Q4 24 | $1.84 | $0.40 | ||
| Q3 24 | $1.17 | $-0.02 | ||
| Q2 24 | $1.49 | $-0.10 |
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 | $137.5M |
| Total DebtLower is stronger | $32.0M | — |
| Stockholders' EquityBook value | $2.3B | $354.6M |
| Total Assets | $20.3B | $488.0M |
| Debt / EquityLower = less leverage | 0.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $83.2M | — | ||
| Q4 25 | — | $137.5M | ||
| Q3 25 | — | $135.4M | ||
| Q2 25 | — | $116.9M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | — | $116.2M | ||
| Q3 24 | — | $101.7M | ||
| Q2 24 | — | $102.5M |
| 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 | $354.6M | ||
| Q3 25 | $2.2B | $321.9M | ||
| Q2 25 | $2.2B | $306.8M | ||
| Q1 25 | $2.2B | $295.5M | ||
| Q4 24 | $2.2B | $292.0M | ||
| Q3 24 | $1.9B | $257.5M | ||
| Q2 24 | $1.9B | $243.0M |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $19.4B | $488.0M | ||
| Q3 25 | $19.4B | $453.3M | ||
| Q2 25 | $19.1B | $435.6M | ||
| Q1 25 | $18.8B | $424.6M | ||
| Q4 24 | $18.8B | $432.7M | ||
| Q3 24 | $18.7B | $390.4M | ||
| Q2 24 | $18.2B | $376.8M |
| 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 | — | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-341.2M | $15.0M | ||
| Q3 25 | $29.8M | $22.1M | ||
| Q2 25 | $-121.2M | $8.2M | ||
| Q1 25 | $148.0M | $6.6M | ||
| Q4 24 | $-835.3M | $22.2M | ||
| Q3 24 | $-492.6M | $10.2M | ||
| Q2 24 | $51.1M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | $-362.2M | $12.8M | ||
| Q3 25 | $24.0M | $19.5M | ||
| Q2 25 | $-125.7M | $81.0K | ||
| Q1 25 | $141.2M | $-7.6M | ||
| Q4 24 | $-853.7M | $8.5M | ||
| Q3 24 | $-497.2M | $-9.2M | ||
| Q2 24 | $45.8M | $1.8M |
| Q1 26 | — | — | ||
| Q4 25 | -195.5% | 13.8% | ||
| Q3 25 | 14.0% | 28.8% | ||
| Q2 25 | -70.1% | 0.1% | ||
| Q1 25 | 96.8% | -14.5% | ||
| Q4 24 | -440.6% | 11.2% | ||
| Q3 24 | -332.4% | -15.9% | ||
| Q2 24 | 28.7% | 3.4% |
| Q1 26 | — | — | ||
| Q4 25 | 11.3% | 2.4% | ||
| Q3 25 | 3.4% | 3.9% | ||
| Q2 25 | 2.5% | 12.9% | ||
| Q1 25 | 4.7% | 27.0% | ||
| Q4 24 | 9.5% | 18.3% | ||
| Q3 24 | 3.0% | 33.5% | ||
| Q2 24 | 3.3% | 31.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | 0.54× | 4.35× | ||
| Q2 25 | -3.19× | — | ||
| Q1 25 | 2.54× | — | ||
| Q4 24 | — | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
