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Side-by-side financial comparison of EVERSPIN TECHNOLOGIES INC. (MRAM) and WEST BANCORPORATION INC (WTBA). Click either name above to swap in a different company.
WEST BANCORPORATION INC is the larger business by last-quarter revenue ($26.9M vs $14.9M, roughly 1.8× EVERSPIN TECHNOLOGIES INC.). WEST BANCORPORATION INC runs the higher net margin — 39.2% vs -2.0%, a 41.2% gap on every dollar of revenue. On growth, WEST BANCORPORATION INC posted the faster year-over-year revenue change (16.6% vs 13.2%). Over the past eight quarters, EVERSPIN TECHNOLOGIES INC.'s revenue compounded faster (18.2% CAGR vs 17.3%).
Everspin Technologies, Inc. is a publicly traded semiconductor company headquartered in Chandler, Arizona, United States. It develops and manufactures discrete magnetoresistive RAM or magnetoresistive random-access memory (MRAM) products, including Toggle MRAM and Spin-Transfer Torque MRAM (STT-MRAM) product families. It also licenses its technology for use in embedded MRAM (eMRAM) applications, magnetic sensor applications as well as performs backend foundry services for eMRAM.
West Bancorporation Inc. is a regional financial holding company headquartered in the U.S. Midwest, primarily serving markets across Iowa and Minnesota. It provides a full suite of personal and commercial banking services, including deposit accounts, mortgage loans, business lending, and wealth management solutions for individual consumers, small-to-medium enterprises, and local organizational clients.
MRAM vs WTBA — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $14.9M | $26.9M |
| Net Profit | $-296.0K | $10.6M |
| Gross Margin | 52.7% | — |
| Operating Margin | 29.0% | 50.0% |
| Net Margin | -2.0% | 39.2% |
| Revenue YoY | 13.2% | 16.6% |
| Net Profit YoY | — | 34.8% |
| EPS (diluted) | $-0.01 | $0.61 |
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 | $14.9M | $26.9M | ||
| Q4 25 | $14.8M | $24.2M | ||
| Q3 25 | $14.1M | $25.0M | ||
| Q2 25 | $13.2M | $23.8M | ||
| Q1 25 | $13.1M | $23.1M | ||
| Q4 24 | $13.2M | $20.9M | ||
| Q3 24 | $12.1M | $20.3M | ||
| Q2 24 | $10.6M | $19.6M |
| Q1 26 | $-296.0K | $10.6M | ||
| Q4 25 | $1.2M | $7.4M | ||
| Q3 25 | $54.0K | $9.3M | ||
| Q2 25 | $-670.0K | $8.0M | ||
| Q1 25 | $-1.2M | $7.8M | ||
| Q4 24 | $1.2M | $7.1M | ||
| Q3 24 | $2.3M | $6.0M | ||
| Q2 24 | $-2.5M | $5.2M |
| Q1 26 | 52.7% | — | ||
| Q4 25 | 50.8% | — | ||
| Q3 25 | 51.3% | — | ||
| Q2 25 | 51.3% | — | ||
| Q1 25 | 51.4% | — | ||
| Q4 24 | 51.3% | — | ||
| Q3 24 | 49.2% | — | ||
| Q2 24 | 49.0% | — |
| Q1 26 | 29.0% | 50.0% | ||
| Q4 25 | -7.2% | 39.6% | ||
| Q3 25 | -11.0% | 45.8% | ||
| Q2 25 | -14.9% | 43.4% | ||
| Q1 25 | -14.7% | 43.4% | ||
| Q4 24 | -11.8% | 30.9% | ||
| Q3 24 | -17.5% | 36.6% | ||
| Q2 24 | -26.5% | 32.6% |
| Q1 26 | -2.0% | 39.2% | ||
| Q4 25 | 8.1% | 30.7% | ||
| Q3 25 | 0.4% | 37.3% | ||
| Q2 25 | -5.1% | 33.5% | ||
| Q1 25 | -8.9% | 34.0% | ||
| Q4 24 | 9.2% | 34.0% | ||
| Q3 24 | 18.8% | 29.3% | ||
| Q2 24 | -23.5% | 26.5% |
| Q1 26 | $-0.01 | $0.61 | ||
| Q4 25 | $0.05 | $0.44 | ||
| Q3 25 | $0.00 | $0.55 | ||
| Q2 25 | $-0.03 | $0.47 | ||
| Q1 25 | $-0.05 | $0.46 | ||
| Q4 24 | $0.07 | $0.41 | ||
| Q3 24 | $0.10 | $0.35 | ||
| Q2 24 | $-0.12 | $0.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $40.5M | $362.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $70.2M | $270.7M |
| Total Assets | $83.2M | $4.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $40.5M | $362.0M | ||
| Q4 25 | $44.5M | $471.1M | ||
| Q3 25 | $45.3M | $232.9M | ||
| Q2 25 | $45.0M | $345.2M | ||
| Q1 25 | $42.2M | — | ||
| Q4 24 | $42.1M | $243.5M | ||
| Q3 24 | $39.6M | — | ||
| Q2 24 | $36.8M | — |
| Q1 26 | $70.2M | $270.7M | ||
| Q4 25 | $68.9M | $266.0M | ||
| Q3 25 | $65.8M | $255.1M | ||
| Q2 25 | $64.1M | $240.9M | ||
| Q1 25 | $63.0M | $237.9M | ||
| Q4 24 | $62.6M | $227.9M | ||
| Q3 24 | $59.3M | $235.4M | ||
| Q2 24 | $55.4M | $223.9M |
| Q1 26 | $83.2M | $4.0B | ||
| Q4 25 | $84.6M | $4.1B | ||
| Q3 25 | $80.3M | $4.0B | ||
| Q2 25 | $78.9M | $4.1B | ||
| Q1 25 | $80.2M | $4.0B | ||
| Q4 24 | $77.8M | $4.0B | ||
| Q3 24 | $72.6M | $4.0B | ||
| Q2 24 | $64.6M | $4.0B |
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 | $570.0K | $12.9M |
| Free Cash FlowOCF − Capex | — | $12.4M |
| FCF MarginFCF / Revenue | — | 46.0% |
| Capex IntensityCapex / Revenue | — | 1.8% |
| Cash ConversionOCF / Net Profit | — | 1.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | $79.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $570.0K | $12.9M | ||
| Q4 25 | $2.6M | $46.5M | ||
| Q3 25 | $881.0K | $11.4M | ||
| Q2 25 | $5.0M | $13.5M | ||
| Q1 25 | $1.4M | $9.7M | ||
| Q4 24 | $3.8M | $39.8M | ||
| Q3 24 | $2.8M | $12.9M | ||
| Q2 24 | $1.7M | $10.0M |
| Q1 26 | — | $12.4M | ||
| Q4 25 | $-975.0K | $43.2M | ||
| Q3 25 | $543.0K | $10.8M | ||
| Q2 25 | $3.0M | $12.8M | ||
| Q1 25 | $527.0K | $8.3M | ||
| Q4 24 | $2.1M | $13.7M | ||
| Q3 24 | $2.8M | $7.0M | ||
| Q2 24 | $1.7M | $2.7M |
| Q1 26 | — | 46.0% | ||
| Q4 25 | -6.6% | 178.3% | ||
| Q3 25 | 3.9% | 43.0% | ||
| Q2 25 | 22.9% | 53.6% | ||
| Q1 25 | 4.0% | 35.7% | ||
| Q4 24 | 15.8% | 65.6% | ||
| Q3 24 | 22.9% | 34.2% | ||
| Q2 24 | 15.9% | 14.0% |
| Q1 26 | — | 1.8% | ||
| Q4 25 | 24.3% | 13.7% | ||
| Q3 25 | 2.4% | 2.6% | ||
| Q2 25 | 15.1% | 3.2% | ||
| Q1 25 | 6.9% | 6.5% | ||
| Q4 24 | 13.2% | 125.3% | ||
| Q3 24 | 0.5% | 29.4% | ||
| Q2 24 | 0.3% | 37.1% |
| Q1 26 | — | 1.22× | ||
| Q4 25 | 2.19× | 6.26× | ||
| Q3 25 | 16.31× | 1.23× | ||
| Q2 25 | — | 1.70× | ||
| Q1 25 | — | 1.24× | ||
| Q4 24 | 3.16× | 5.61× | ||
| Q3 24 | 1.25× | 2.17× | ||
| Q2 24 | — | 1.93× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MRAM
| Product sales | $14.1M | 95% |
| Licensing, royalty, patent, engineering services and other revenue | $772.0K | 5% |
WTBA
Segment breakdown not available.
