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Side-by-side financial comparison of Merchants Bancorp (MBIN) and WORKIVA INC (WK). Click either name above to swap in a different company.
WORKIVA INC is the larger business by last-quarter revenue ($238.9M vs $175.2M, roughly 1.4× Merchants Bancorp). Merchants Bancorp runs the higher net margin — 38.6% vs 4.9%, a 33.7% gap on every dollar of revenue. Over the past eight quarters, WORKIVA INC's revenue compounded faster (16.6% 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.
Workiva, Inc. is a global software-as-a-service (SaaS) company. It provides a cloud-based connected and reporting compliance platform that enables the use of connected data and automation of reporting across finance, accounting, risk, and compliance.
MBIN vs WK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $175.2M | $238.9M |
| Net Profit | $67.7M | $11.8M |
| Gross Margin | — | 80.7% |
| Operating Margin | — | 3.3% |
| Net Margin | 38.6% | 4.9% |
| Revenue YoY | — | 19.5% |
| Net Profit YoY | 16.3% | 234.0% |
| EPS (diluted) | $1.25 | $0.21 |
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 | $238.9M | ||
| Q3 25 | $171.1M | $224.2M | ||
| Q2 25 | $179.2M | $215.2M | ||
| Q1 25 | $145.9M | $206.3M | ||
| Q4 24 | $193.8M | $199.9M | ||
| Q3 24 | $149.6M | $185.6M | ||
| Q2 24 | $159.5M | $177.5M |
| Q1 26 | $67.7M | — | ||
| Q4 25 | — | $11.8M | ||
| Q3 25 | $54.7M | $2.8M | ||
| Q2 25 | $38.0M | $-19.4M | ||
| Q1 25 | $58.2M | $-21.4M | ||
| Q4 24 | — | $-8.8M | ||
| Q3 24 | $61.3M | $-17.0M | ||
| Q2 24 | $76.4M | $-17.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 80.7% | ||
| Q3 25 | — | 79.3% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 76.6% | ||
| Q4 24 | — | 77.1% | ||
| Q3 24 | — | 76.5% | ||
| Q2 24 | — | 76.8% |
| Q1 26 | — | — | ||
| Q4 25 | 39.9% | 3.3% | ||
| Q3 25 | 37.8% | -1.5% | ||
| Q2 25 | 27.3% | -10.3% | ||
| Q1 25 | 52.4% | -12.0% | ||
| Q4 24 | 66.0% | -6.7% | ||
| Q3 24 | 54.4% | -11.7% | ||
| Q2 24 | 62.2% | -13.0% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | — | 4.9% | ||
| Q3 25 | 32.0% | 1.2% | ||
| Q2 25 | 21.2% | -9.0% | ||
| Q1 25 | 39.9% | -10.4% | ||
| Q4 24 | — | -4.4% | ||
| Q3 24 | 41.0% | -9.2% | ||
| Q2 24 | 47.9% | -9.9% |
| Q1 26 | $1.25 | — | ||
| Q4 25 | $1.28 | $0.21 | ||
| Q3 25 | $0.97 | $0.05 | ||
| Q2 25 | $0.60 | $-0.35 | ||
| Q1 25 | $0.93 | $-0.38 | ||
| Q4 24 | $1.84 | $-0.15 | ||
| Q3 24 | $1.17 | $-0.31 | ||
| Q2 24 | $1.49 | $-0.32 |
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 | $338.8M |
| Total DebtLower is stronger | $32.0M | — |
| Stockholders' EquityBook value | $2.3B | $-5.4M |
| Total Assets | $20.3B | $1.5B |
| Debt / EquityLower = less leverage | 0.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $83.2M | — | ||
| Q4 25 | — | $338.8M | ||
| Q3 25 | — | $315.9M | ||
| Q2 25 | — | $284.3M | ||
| Q1 25 | — | $242.0M | ||
| Q4 24 | — | $301.8M | ||
| Q3 24 | — | $248.2M | ||
| Q2 24 | — | $267.9M |
| 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 | $-5.4M | ||
| Q3 25 | $2.2B | $-36.9M | ||
| Q2 25 | $2.2B | $-66.5M | ||
| Q1 25 | $2.2B | $-75.7M | ||
| Q4 24 | $2.2B | $-41.7M | ||
| Q3 24 | $1.9B | $-50.8M | ||
| Q2 24 | $1.9B | $-77.7M |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $19.4B | $1.5B | ||
| Q3 25 | $19.4B | $1.4B | ||
| Q2 25 | $19.1B | $1.3B | ||
| Q1 25 | $18.8B | $1.3B | ||
| Q4 24 | $18.8B | $1.4B | ||
| Q3 24 | $18.7B | $1.3B | ||
| Q2 24 | $18.2B | $1.2B |
| 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 | — | $51.0M |
| Free Cash FlowOCF − Capex | — | $50.7M |
| FCF MarginFCF / Revenue | — | 21.2% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | 4.31× |
| TTM Free Cash FlowTrailing 4 quarters | — | $138.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-341.2M | $51.0M | ||
| Q3 25 | $29.8M | $46.2M | ||
| Q2 25 | $-121.2M | $50.3M | ||
| Q1 25 | $148.0M | $-7.4M | ||
| Q4 24 | $-835.3M | $44.0M | ||
| Q3 24 | $-492.6M | $18.9M | ||
| Q2 24 | $51.1M | $-14.0K |
| Q1 26 | — | — | ||
| Q4 25 | $-362.2M | $50.7M | ||
| Q3 25 | $24.0M | $46.1M | ||
| Q2 25 | $-125.7M | $49.3M | ||
| Q1 25 | $141.2M | $-8.1M | ||
| Q4 24 | $-853.7M | $43.2M | ||
| Q3 24 | $-497.2M | $18.7M | ||
| Q2 24 | $45.8M | $-122.0K |
| Q1 26 | — | — | ||
| Q4 25 | -195.5% | 21.2% | ||
| Q3 25 | 14.0% | 20.5% | ||
| Q2 25 | -70.1% | 22.9% | ||
| Q1 25 | 96.8% | -3.9% | ||
| Q4 24 | -440.6% | 21.6% | ||
| Q3 24 | -332.4% | 10.1% | ||
| Q2 24 | 28.7% | -0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 11.3% | 0.1% | ||
| Q3 25 | 3.4% | 0.0% | ||
| Q2 25 | 2.5% | 0.5% | ||
| Q1 25 | 4.7% | 0.4% | ||
| Q4 24 | 9.5% | 0.4% | ||
| Q3 24 | 3.0% | 0.1% | ||
| Q2 24 | 3.3% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.31× | ||
| Q3 25 | 0.54× | 16.57× | ||
| 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% |
WK
| License And Service | $219.3M | 92% |
| XBRL Professional Services | $16.4M | 7% |
| Other Services | $3.2M | 1% |
